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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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FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems

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FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems

By: Michael Mike

The Federal Government has reaffirmed its commitment to comprehensive reforms in Nigeria’s correctional system, the deployment of technology to strengthen border security, and the entrenchment of financial integrity across public institutions.

The Minister of Interior, Olubunmi Tunji-Ojo, made this known on Wednesday in Abuja while receiving the President and Chairman of Council of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Yahaya, who led a delegation on a courtesy visit.

Tunji-Ojo emphasized that reforming the nation’s correctional system remains a top priority, stressing that the focus must extend beyond incarceration to rehabilitation and reintegration of inmates into society.

“Government has a duty of care to its citizens. Even where freedom is restricted by law, those in custody must be treated with dignity and given opportunities to return to society better than they came,” he said.

He noted that the shift from the Prisons Act to the Nigerian Correctional Service Act marked a deliberate transition toward a system that prioritizes reformation over mere detention.

On border management and internal security, the Minister disclosed that the Correctional Information Management System (CIMS) now contains over 50 million records compiled from operations at seaports and airports, with ongoing integration of land border data.

According to him, the system enhances the government’s ability to detect irregularities and prevent unauthorized entry, aligning with modern security strategies that prioritize proactive measures over reactive responses.

“We are building systems that can stop problems before they happen, not just respond after the damage is done,” he added.

Addressing financial governance, Tunji-Ojo stressed the importance of strengthening internal controls across government institutions, noting that preventive mechanisms are more effective than post-incident audits.

“It is not enough to detect issues after they occur. The goal is to build systems that make such issues difficult to happen in the first place,” he said.

He called on professional bodies such as ICAN to deepen their collaboration with government, particularly in areas of revenue assurance, transparency, and institutional accountability, while also encouraging stronger public-private partnerships to enhance efficiency and boost investor confidence.

On infrastructure, the Minister highlighted the need to expand fire and rescue services nationwide, pointing out that innovative funding models, including private sector participation, would be crucial to achieving this goal.

Tunji-Ojo also congratulated ICAN on its leadership and its upcoming West Africa Accountants Conference 2026 scheduled for December 2026, assuring the institute of government support. He further commended the increasing representation of women in professional leadership, describing it as a positive sign for the future.

Earlier, ICAN President Haruna Yahaya applauded the Ministry’s ongoing reforms and proposed the creation of a Joint ICAN–Ministry Financial Integrity and Revenue Assurance Task Force.

He explained that the initiative would target key areas including revenue assessment within the Nigeria Immigration Service, payroll analysis across uniformed services, and procurement risk review, with the aim of reducing leakages and strengthening accountability across government operations.

FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems

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Security forces foil rustling, recover 22 animals in Katsina

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Security forces foil rustling, recover 22 animals in Katsina

By: Zagazola Makama

Security operatives in Katsina State have foiled a livestock rustling attempt and recovered 22 stolen animals in Jibia Local Government Area.

Police sources said the incident occurred in the early hours of April 12 following a distress call received at about 12:45 a.m. that suspected armed bandits had rustled livestock from neighbouring Niger Republic.

According to the sources, the Divisional Police Officer (DPO) of Jibia swiftly mobilised a joint team comprising police, military and community watch personnel to the area.

They added that the operatives strategically blocked the escape routes of the suspects and engaged them in a gun duel.

“The superior firepower of the security team forced the bandits to abandon the rustled animals and flee into the bush,” the sources said.

The sources disclosed that all 22 sheep and goats were recovered intact during the operation.

They noted that the area has been cordoned off, while aggressive clearance operations are ongoing to apprehend the fleeing suspects.

Further developments will be communicated as investigations continue, the sources added.

Security forces foil rustling, recover 22 animals in Katsina

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Troops neutralise several terrorists in ambush operation in Borno

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Troops neutralise several terrorists in ambush operation in Borno

By: Zagazola Makama

Troops of the Joint Task Force, North-East, Operation Hadin Kai, have neutralised several Boko Haram terrorists during an ambush operation in Bama Local Government Area of Borno State.

Security sources said the incident occurred at about 2:33 a.m. on April 13 when an ambush team of 202 Battalion deployed at Bravo Kilo sighted a terrorist crossing the parapet at a defensive company location.

According to the sources, the troops engaged and neutralised five of the suspect on sight.

The sources added that the operation is part of ongoing clearance and ambush missions aimed at denying terrorists freedom of movement in the North-East theatre.

Troops neutralise several terrorists in ambush operation in Borno

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