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
21 passengers rescued by troops as bandits attack multiple vehicles on Kogi highways, 2 security personnel killed
21 passengers rescued by troops as bandits attack multiple vehicles on Kogi highways, 2 security personnel killed
By: Zagazola Makama
At least twenty-one passengers were rescued unhurt following coordinated attacks by armed bandits on multiple vehicles along Kogi State highways on Thursday, while two security personnel were confirmed dead during the ensuing rescue operations.
Sources reported that about 100 armed bandits attacked a Toyota Siena with registration number YAB 968 AX traveling from Oshogbo to Kaduna, a Toyota Hiace bus (7BGT-78LG) conveying passengers from Owo, Ondo State to Abuja.
Another Toyota Hiace (GKP 178 XA) from Abuja to Ekiti State, a Toyota Carina (JMU 648 AA) from Lokoja to Kabba, a Dangote truck transporting 900 bags of cement, and a J5 bus (FTA 313 XV) carrying bags of pepper from Kano to Lagos.
The attacks occurred around 2:00 p.m., leaving passengers vulnerable to abduction.
A joint rescue operation involving the 12 Brigade of the Nigerian Army, Quick Response Units (QRU), Nigeria Security and Civil Defence Corps vigilantes, local hunters, and other security operatives swiftly engaged the bandits in a gun duel.
The operation successfully secured the release of 21 passengers, including men, women, and infants. Rescued passengers include Moses Oladimeji, Adele Jacob, Obed Onche, Babayemi Ajayi, Funmilayo Ajayi, Samuel Olawoyin, Samuel Job, Jemima Joseph, Nanko Joseph, Enenche Paulina, Bright Enenche, Rachael Enenche, Deborah Enenche (9 days old), Bukola Clement, Toyin Clement, Glory Clement, Faith Clement, Peter Olawale, and the drivers of the Dangote truck and J5 bus.
Tragically, one soldier attached to the Oshokoshoko sector and one vigilante from Odoape lost their lives during the exchange of fire. Their identities are yet to be confirmed.
Rescue operations are ongoing to track down any remaining abducted victims and apprehend the perpetrators.
Communities along the highways remain on high alert following the attacks, highlighting the continued threat of organized banditry in Kogi State.
The operation demonstrates the effectiveness of coordinated efforts between military, vigilante, and local security forces in responding to large-scale armed bandit attacks, although the loss of personnel underscores the dangers faced by security operatives during such missions.
21 passengers rescued by troops as bandits attack multiple vehicles on Kogi highways, 2 security personnel killed
News
Kogi communities reeling as fleeing bandits from Kwara kill four
Kogi communities reeling as fleeing bandits from Kwara kill four
By: Zagazola Makama
Residents of several Kogi State communities are counting their losses after fleeing armed bandits from Kwara State, displaced by ongoing military clearance operations, stormed the area on Thursday morning, leaving four men dead.
According to local sources, the attackers, travelling on motorcycles, entered Kogi through bush paths from Patigi in Kwara State and moved through Bunu and Kiri communities, firing indiscriminately.
The victims included Dare Olorunfemi, 34, of Ihale community; John (surname unknown), 33, of Taki area; Abdul Siworo, 33, of Ike area; and Oladele Samuel, 25, of Ayetoro-Kiri community.
Eyewitnesses reported that the bandits, heavily armed and in large numbers, continued towards the Kakanda/Ankumi forest in Obajana, Lokoja Local Government Area, leaving the communities in shock and fear.
intelligence sources suggesting that the attackers have taken refuge around Masalacin Boka area.
Residents described the tension as “palpable,” urging urgent intervention to dislodge the bandits before they consolidate in the forests.
The incident illustrated the ripple effect of security operations in neighbouring states, as armed groups displaced by military offensives migrate and wreak havoc on adjacent communities, threatening livelihoods and local stability.
Efforts to safeguard the affected communities and prevent further attacks are ongoing by security forces.
Kogi communities reeling as fleeing bandits from Kwara kill four
News
Police arrested four suspected kidnappers arrested, identified accomplices
Police arrested four suspected kidnappers arrested, identified accomplices
By: Zagazola Makama
The Police have reportedly arrested four suspected kidnappers and their informants following the abduction of ten persons between Koso Likoro and Soba villages in Mashegu Local Government Area, Niger State.
Sources said the suspects were traced to a hideout around Ibbi Forest, where a joint operation led to the arrest of Sanda Dan, Mallam Wantau, and Atiku.
During interrogation, the suspects reportedly confessed and implicated Buba Maiyara, Mantile Alh Majo, and Bilya Musa Baushe, all from Koso village, as their accomplices.
In a subsequent operation, Manu Malami Shehu Maiyara was also arrested and admitted that his son, Buba Maiyara, together with his associates, were responsible for the abductions and cattle rustling in the area.
Sources said that the case remains under investigation.
Police arrested four suspected kidnappers arrested, identified accomplices
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