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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
Nigeria Commiserates with Catholic Church Over Demise of Pope Francis
By: Michael Mike
The Federal Government has expressed profound sorrow at the passing of His Holiness Pope Francis, who died on Monday, 21 April 2025, at the age of 88 years.
The departed Holy Father, the political head of Vatican City and the head of the Catholic Church, was described in the statement as a global moral leader whose papacy was marked by humility, compassion, and an unwavering commitment to peace, social justice, and the dignity of all people.
The statement read: “Nigeria commiserates with the teaming population of the catholic church in the country and joins the international community, particularly the Catholic faithful worldwide, in mourning this immense loss. Pope Francis’ deep concern for the marginalized; including refugees, the poor, and victims of conflict, resonated strongly in Nigeria, where his calls for interreligious harmony and solidarity were a beacon of hope amid challenges.
“His historic 2022 apology for the Church’s role in colonial injustices, including the suffering of Indigenous peoples, indeed set a powerful example of reconciliation. Also worthy of commendation is his advocacy for peace in Africa, and other conflict areas in the world, reflecting his universal pastoral mission.”
The statement further read that: “In this moment of grief, therefore, Nigeria extends heartfelt condolences to the Vatican, the Catholic Church, and the Argentine people, who gifted the world this extraordinary pontiff.
“We pray for the repose of his soul and trust that his legacy of mercy, dialogue, and care for our common home will endure.”
Nigeria Commiserates with Catholic Church Over Demise of Pope Francis
Bandit Attack in Kajuru LGA Leaves One Dead, Several Kidnapped
By: Zagazola Makama
Armed bandits attacked the Ruga Fulani settlement in Iburu Village, Kajuru LGA, on the night of April 18, 2025, resulting in the death of a 70-year-old man and the kidnapping of several individuals.
Sources told Zagazola Makama that the attack occurred around 10:20 PM when the bandits opened fire on the residents. Alhaji Ahmadu Adamu, who was shot in the chest, was rushed to the General Hospital in Kajuru but was confirmed dead by the doctor on duty.
The family of the deceased requested that his body be released for burial according to Islamic rites without a post-mortem examination.
Efforts are underway by security agencies, to locate and rescue the kidnapped victims and apprehend the perpetrators of the attack.
Bandit Attack in Kajuru LGA Leaves One Dead, Several Kidnapped
Security forces Restore Calm After Farmer–Herder Clash in Guma, Benue
By: Zagazola Makama
Security forces have restored normalcy to Tse-Ukough village in Baye-Yandev Council Ward of Guma Local Government Area following a violent clash between a Tiv farmer and a Fulani herder that left both men severely injured.
Intelligence sources told Zagazola Makama that the incident occurred on Sunday morning at about 10:30 a.m. and was triggered by a disagreement over the use of a local well.
Ushahemba Usula, a Tiv farmer, was molding blocks beside his well when a herder, Saleh Hassan, reportedly brought his cattle to drink from the same water source. Ushahemba objected, stating that the well was meant for drinking water, and asked Saleh to move his cattle away.
The argument escalated, leading Saleh to allegedly attack Ushahemba with a cutlass, inflicting deep wounds on his head and hand. In retaliation, Ushahemba reportedly overpowered Saleh, seized the cutlass, and struck him, severing his hand.
Both individuals sustained grievous injuries and were rushed to the Benue State University Teaching Hospital (BSUTH), Makurdi, for emergency treatment.
The confrontation heightened tensions between the Tiv and Fulani communities in the area, raising fears of a possible communal conflict.
However, combined troops deployed to the scene successfully restored calm and are currently conducting confidence-building patrols to prevent further escalation.
Security urged both communities to remain calm and cooperate with security agencies in maintaining peace.
Security forces Restore Calm After Farmer–Herder Clash in Guma, Benue
Nigeria Commiserates with Catholic Church Over Demise of Pope Francis
Bandit Attack in Kajuru LGA Leaves One Dead, Several Kidnapped
Security forces Restore Calm After Farmer–Herder Clash in Guma, Benue
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