News
ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions
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
News
ISWAP kills 10 JAS fighters in Kukawa as rivalry clashes escalates
ISWAP kills 10 JAS fighters in Kukawa as rivalry clashes escalates
By: Zagazola Makama
No fewer than 10 fighters of the Jama’atu Ahlis Sunna Lidda’awati wal-Jihad (JAS) were killed on Jan. 8 during a night attack by the rival Islamic State West Africa Province (ISWAP) at Dabar Ledda, within the Doron Naira axis of Kukawa Local Government Area (LGA) of Borno State.
Security sources told Zagazola Makama that ISWAP fighters launched a surprise assault on a JAS checkpoint, locally referred to as an Irasa, in the Dabar Ledda area, overwhelming the position after a brief but intense clash.
Sources familiar with developments in the area told Zagazola Makama that the attack ended decisively in ISWAP’s favour, with about 10 JAS fighters killed. Following the operation, ISWAP elements were said to have withdrawn swiftly to their major stronghold located between Kangarwa and Dogon Chuku, also within Kukawa LGA.
Both group has, in recent years, focused on degrading each other’s capabilities in an attempt to consolidate control over key corridors around Lake Chad as well as Sambisa Forest.
However, the latest clash is expected to trigger a violent response. Intelligence reports suggest that JAS leadership, acting on directives allegedly issued by Abu Umaima, has ordered mobilisation of fighters across the northern and central parts of the Lake Chad region of Borno (LCRBA) in preparation for retaliatory attacks.
The planned counter-offensive could lead to an upsurge in large-scale attacks in the days and weeks ahead, particularly around the Kangarwa–Dogon Chuku corridor, an area that has witnessed repeated factional battles due to its strategic value for logistics, recruitment and access routes.
While the infighting has historically weakened Boko Haram/ISWAP overall cohesion, Zagazola caution that intensified clashes often come at a heavy cost to civilians, as armed groups raid communities for supplies, conscripts and intelligence. Kukawa LGA, already battered by years of insurgency, remains highly vulnerable whenever such rivalries escalate.
ISWAP kills 10 JAS fighters in Kukawa as rivalry clashes escalates
News
Troops foiled bandit attack in Sokoto, recovered rustled livestock in Gudu
Troops foiled bandit attack in Sokoto, recovered rustled livestock in Gudu
By: Zagazola Makama
A bandit attack on Karfen Chana village in Gudu Local Government Area of Sokoto State was successfully thwarted on Saturday evening, with security forces recovering all rustled domestic animals.
Zagazola report that the attack occurred at about 5:00 p.m. when armed bandits, described as Lakurawa, invaded the village and opened fire sporadically, stealing an unspecified number of livestock.
The troops of Operation FANSAN YANMA engaged the bandits in a gun duel, forcing the attackers to retreat towards the Niger border.
All the rustled animals were recovered and returned to their rightful owners. Fortunately, no casualties or injuries were reported among the security personnel.
The troops have continued to maintain rigorous patrols in the area to ensure sustained security and prevent further attacks.
End
News
APC commits to free, fair primary election in Adamawa
APC commits to free, fair primary election in Adamawa
The leadership of All Progressives Congress (APC) in Adamawa in partnership with the party’s Unity Forum is committed to conducting a free, fair and credible primary election in the state ahead of 2027 general elections.
Mr Abubakar Hamma-Girei, Director General of the Forum stated this at a press conference in Yola.
He said that the forum would ensure that all Party members have an equal opportunity to participate in the process, and that the outcome reflects the will of the party faithful.
He expressed gratitude to President Bola Tinubu and all stakeholders for the remarkable achievement recorded in the country that makes opposition to join the party
“We understand the importance of maintaining the trust and confidence of our members, and we are working tirelessly to ensure that the Primary Election is conducted in a transparent and accountable manner.
“Let me assure you that there will be no imposition of the candidate, and that will be free from any form of manipulation or interference.
“We will uphold the principles of internal Democracy and ensure that the best candidate emerges to fly our Party’s flag in the forthcoming elections”, he said.
The DG urged all party members to participate actively in the primary election and to report any irregularities or concern to the relevance authorities.
“Together we build a stronger more united Party that will deliver for our great nation.
“We are calling on all Nigerians who are passionate about positive change and good governance we invite you to join the All Progress Congress (APC) family”, he said.
According to him,, the ongoing membership revalidation exercise is a unique opportunity for shaping the future of the great nation.
Hamma further said that the forum also resolved to support all APC candidates in the forthcoming Local Government election in the state.
“We are directed to intimate all our members across 21 LGA to give them adequate support they deserve”, he said.
APC commits to free, fair primary election in Adamawa
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