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ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions

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ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions

By: Michael Mike

ActionAid Nigeria acknowledges the Central Bank of Nigeria’s (CBN) recent decision to raise the Monetary Policy Rate (MPR) to 26.25%, as announced by Governor Yemi Cardoso during the 295th Monetary Policy Committee (MPC) meeting. This marks the third consecutive increase aimed at curbing the surging inflation, which currently stands at 33.69%.

Speaking at its head office in Abuja, ActionAid Nigeria’s Country Director, Andrew Mamedu, noted that, “While the decision to adjust the MPR demonstrates a proactive approach to achieving price and economic stability, it is important to acknowledge its broader implications. We recognise that although inflation is still rising, the month-on-month rate increase is reducing. In the other hand, the increased MPR will inevitably lead to higher borrowing costs for businesses and individuals. Small and Medium-sized Enterprises (SMEs), which are the backbone of our economy, will face heightened challenges in accessing affordable credit. This could stifle innovation, growth, and job creation within this vital sector.

For vulnerable populations, the rising cost of living and food prices, exacerbated by higher interest rates, will further strain their already limited financial resources. This becomes a case of double jeopardy of high inflation and high interest rates. As the cost of borrowing increases, so does the difficulty in securing loans for essential needs, pushing many deeper into poverty.”

To mitigate the impacts of the increase in interest rates and inflation, ActionAid Nigeria proposes that the Federal and State Governments must immediately step-up social protection programs to support the most vulnerable populations. This includes expanding food assistance initiatives, providing targeted financial aid to low-income families, and offering more support to other social sectors, including education, health, and housing.

Andrew Mamedu also reiterated that “It is only fair for the CBN to increase special credit facilities with lower interest rates for SMEs at this crucial time to ensure they can continue to operate and grow. Providing technical and financial support to these businesses will help them sustain their contributions to the economy. Additionally, not many people understand the implications of this hike in interest rates. It is very important for the CBN to collaborate with the National Orientation Agency (NOA) to engage with the public and stakeholders to explain the rationale behind these economic policies. This will foster understanding and patience and enhance transparent communication from the government to manage expectations and build trust and get the citizens to hold greedy businesses and individuals accountable from exploiting the system.

The country director concluded that the fiscal aspects of the economy need to complement the CBN’s efforts in managing monetary policy. This includes improving the ease of doing business, implementing progressive taxation, and ensuring effective budgeting and budget utilisation.

ActionAid Nigeria remains committed to working with the government, private sector, and civil society to address these challenges and promote a more inclusive and resilient economy.

ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions

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Zulum’s Special Adviser Laid to Rest in Anambra State

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Zulum’s Special Adviser Laid to Rest in Anambra State

…Governor Zulum Sends High-Powered Delegation to Burial

By: Our Reporter

The late Special Adviser on Community Relations to the Governor of Borno State, Hon. Chief Kester Kenechukwu Ogualili (Aguiyi), who passed away on May 9, 2024 in Maiduguri after a brief illness, was buried in his hometown of Umueze-Umudioka town in Anambra State on Friday. The burial was attended by a 5-man high-powered delegation representing Governor Babagana Umara Zulum.

Speaking on behalf of Governor Zulum at the burial, Tarpaya Asarya, leader of the delegation and Hon. Commissioner of Trade, Tourism and Investments, described Kester as a perfect gentleman, loyal, hard-working, and a dependable bridge builder between the government and the non-indigene community in Borno State.

Meanwhile, the delegation stopped in Abuja on their way back from Anambra State to also convey their condolences to Vice President Kashim Shettima over the demise of Kester, whom he had mentored, and the loss of his mother-in-law. The Vice President expressed gratitude to Governor Zulum for sending a delegation to attend Kester’s burial.

According to Vice-President Kashim Shettima, Kester was the longest-serving Special Adviser in the history of Borno State, having been first appointed in 2011 and reappointed in 2015 and 2019. Governor Zulum retained him as Special Adviser in 2023.

Other members of the delegation included Hon. Alhaji Hassan Alao Yusuf, Special Adviser on Community Relations; Hon. Christopher Godwin Akaba, Senior Technical Assistant on Jobs Creation and Youth Empowerment; Hon. Lanre Obadiah, Senior Special Assistant on Publicity; and Chief Udechukwu Oko Ike (Go Easy), Chairman of Ohaneze APC support group.

Zulum’s Special Adviser Laid to Rest in Anambra State

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Fika Emir commissions a mosque in Potiskun

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Fika Emir commissions a mosque in Potiskun

By: Yahaya Wakili

His Royal Highness, the Emir of Fika, and the Chairman of the of the Yobe State Council of Chiefs, Alhaji (Dr) Abali Muhammadu Ibn Muhammadu Idrissa, CON, CFR, are today commissioning the mosque, Malaysia Masjid, and Alminnah International Academy, Tandari Potiskum, Yobe State.

The royal father was ably represented by the Shettima of the Fika emirate council, Alhaji Bukar Abubakar, and the representative of His Royal Highness, the Emir of Pataskum. Alhaji Umaru Bubaram Ibn Wurwa Bauya.

In his welcome address, the Director of School, Dr. Muhammed Ahmed, said that Alminnah International Academy started temporarily at Masjid Arrazaq last two years with only two classes, and the school now has ten classes. The response from parents was overwhelming, and demand for more space and classes grew rapidly.

“Recognizing the need to provide quality education to more students, we decided to expand the school to accommodate more students and meet the community’s educational needs.

“Our mission is rooted in three core pillars: memorizing the Holy Qur’an, studying Arabic and Islamic sciences, and acquiring western education. We believe that a harmonious blend of these elements will provide our students with a holistic educational experience,” he said.

He revealed that by integrating the memorization of the Holy Qur’an with rigorous academic studies. Note that we aim to instill in our students a profound connection to their faith and culture while equipping them with the necessary skills to thrive in a globalized world.

“Our vision at Alminnah International Academy is to create well-rounded students who excel in their studies and live by strong values. We want our students to be knowledgeable, ethical, and ready to make a positive impact on society,” Dr. Ahmed said.

He pointed out that we are not just building a school; we are building a community, a community where students, parents, and teachers work together to create a positive and enriching educational experience. We will also cultivate a culture of respect, integrity, and excellence together.

“As we start this exciting journey, I want to thank everyone who has helped make this school a reality. Your support and dedication have been essential in bringing our vision to life. Together, we will strive to make Alminnah International Academy a place of excellence in education, where young minds are nurtured, dreams are achieved, and futures are built.

Dr. Muhammed Ahmed then appealed to the authorities to provide electricity and a road to this area; additionally, we also requested the installation of solar boreholes and streetlights around the school and its surroundings to enhance security.

Fika Emir commissions a mosque in Potiskun

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Nigeria: UN condemns attack in Gwoza

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Nigeria: UN condemns attack in Gwoza

The United Nations strongly condemns the suicide bomb attacks on civilian populations in the Gwoza Local Government Area of Borno State, northeast Nigeria.

UN said the exact number of people killed and injured remains unknown, but it appears that dozens of people have reportedly been killed and others seriously injured.

“On 29 June, members of a non-state armed group allegedly attacked a wedding party in Gwoza town with a person-borne improvised explosive device. Dozens of people were reportedly killed in this attack, including children, women and men. Reportedly, this was followed by another two attacks later the same day.

“I am horrified by this attack on civilian populations and condemn such acts in the strongest terms. I stand in solidarity with the Government of Nigeria, and the families and communities of all those affected.

“On behalf of the United Nations, I remind all parties to the conflict to adhere to their obligations under international humanitarian law to protect civilians from harm.

“I have reached out to the Borno State Government to express my condolences and offer any support that the United Nations and the humanitarian community can provide to aid the victims of the attack.” United Nations Resident and Humanitarian Coordinator in Nigeria, Mr Mohamed Malick Fall said in a Statement on Attacks in Gwoza, Borno State

Nigeria: UN condemns attack in Gwoza

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