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
Troops engage armed bandits in heavy gun battle during raid on suspected hideout in Zamfara
By: Zagazola Makama
Troops of Operation FANSAN YANMA have reportedly engaged armed bandits in a heavy gun battle during a clearance operation at Yankuzo area in Tsafe Local Government Area of Zamfara state.
Security sources said the operation followed aggressive fighting patrol on armed groups into the area, believed to be a stronghold used by suspected bandit elements operating within the axis.
According to the sources, troops advanced into deep into the terrorists enclave of Ado Allero in the early hours of the day and made contact with the armed men, leading to an exchange of fire that lasted for several minutes.
Residents reported heavy gunfire during the confrontation.
Although details of casualties were still being assessed at the time of filing this report, security sources confirmed that troops maintained dominance of the general area and continued pursuit of fleeing armed elements.
Troops engage armed bandits in heavy gun battle during raid on suspected hideout in Zamfara
Troops rescue three kidnapped victims during operation in Niger State
By: Zagazola Makama
Troops of Operation FANSAN YAMMA have rescued three kidnapped victims during a swift response to a distress call in Kusheri village area of Niger state.
Security sources told Zagazola Makama that the incident occurred on April 21, 2026, when armed bandits invaded the community and abducted three civilians identified as Abdullahi, Saidu Julfe and Kamilu Joddi.
According to the sources, troops deployed at Forward Operating Base Dokan Karji immediately mobilised after receiving the distress alert and advanced towards the area of operation.
On arrival, the troops discovered that the attackers had already fled the scene with the abducted victims towards the Kafin Gora axis.
The troops subsequently launched a pursuit operation, engaging the fleeing suspects in intermittent contact before successfully rescuing all three hostages unharmed.
The rescued victims were later handed over for medical evaluation and debriefing, while troops withdrew to base after securing the general area.
Security sources confirmed that the situation within the area of responsibility remains calm but unpredictable, adding that patrols and surveillance operations have been intensified to prevent further incidents.
They further noted that troop morale and combat effectiveness remain high as operations continue across vulnerable communities within the state.
Troops rescue three kidnapped victims during operation in Niger State
Troops kill suspected Boko Haram fighter in Yobe, recover rifle, motorcycles
By: Zagazola Makama
Troops of Operation Hadin Kai have killed a suspected Boko Haram insurgent during a confrontation in Lotori-Garbiya village, Tarmuwa Local Government Area of Yobe state.
Sources said the incident occurred on April 20 at about 7:00 p.m. after gunmen suspected to be Boko Haram elements stormed the community and imposed illegal levies on residents.
According to the sources, security forces were swiftly mobilised following a distress call and engaged the attackers in a gun battle.
One of the suspected insurgents was killed during the encounter, while others reportedly fled into surrounding bushes.
The sources said an AK-47 rifle and two Kasea motorcycles were recovered at the scene.
Security authorities confirmed that the area had been placed under close surveillance, while patrols were intensified to prevent further attacks.
They added that efforts were ongoing to track down fleeing members of the group.
Troops kill suspected Boko Haram fighter in Yobe, recover rifle, motorcycles
Earth Day 2026: HOMEF Calls for Urgent Climate Action as Nigeria’s Environmental Crises Deepen
Troops engage armed bandits in heavy gun battle during raid on suspected hideout in Zamfara
Troops rescue three kidnapped victims during operation in Niger State
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
FAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years ago
THE PLIGHT OF FARIDA
-
News1 year agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
