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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
Police officer dies, 17 injured in auto crash along Potiskum–Bauchi road
By: Zagazola Makama
A senior police officer has died while 17 other passengers sustained injuries following a road accident along the Potiskum–Bauchi highway in Yobe State.
Sources said the crash occurred at about 3:15 p.m. on Feb. 21 near the bye-pass roundabout area of PKM on the outskirts of Potiskum.
The vehicle, a Toyota Hummer Bus belonging to Borno Express and conveying 18 passengers from Kaduna to Maiduguri, reportedly lost control after the rear tyre rim on the passenger side suddenly detached.
According to the sources , the driver veered off the road into a bush, resulting in fatal and multiple injuries.
One of the passengers, ACP Abubakar Ibrahim Balteh, 45, attached to the Borno State Police Command, sustained a severe head injury and died on the spot.
Two male and two female passengers escaped unhurt, while 13 others suffered serious injuries of varying degrees.
The injured victims and the deceased were evacuated to the General Hospital Potiskum for treatment and autopsy.
Police officer dies, 17 injured in auto crash along Potiskum–Bauchi road
Troops of Operation FANSAN YANMA humiliate Lakurawa terrorists
By: Zagazola Makama
Troops of Operation FANSAN YANMA have neutralised several of suspected Lakurawa terrorist elements following a failed attack on Dadinkowa community in Kebbi State.
Local intelligence sources said the armed group attempted to raid a local market in the early hours of Sunday and blocked a major access road into the community to facilitate the operation.
The sources disclosed that security forces responded swiftly after receiving distress alerts and engaged the attackers in a fierce gun battle, forcing them to retreat.
According to the sources, several of the assailants were neutralised during the encounter, while others escaped with suspected gunshot wounds.
The attempted market raid was successfully foiled, preventing potential civilian casualties and destruction of property.
Troops have since intensified patrols and clearance operations around Dadinkowa and adjoining areas to track fleeing elements and stabilise the security environment.
Troops of Operation FANSAN YANMA humiliate Lakurawa terrorists
One killed as suspected IPOB/ESN militants attack Ogbakoba Market in Anambra
By: Zagazola Makama
A 15-year-old boy was killed while security operatives repelled an attack by suspected members of the proscribed IPOB/ESN militia at Ogbakoba Market Arena in Anambra State.
Sources said the incident occurred on Feb. 21 at about 1:40 p.m., when a group of armed hoodlums emerged from a dense forest camp at Amiyi and opened sporadic fire at market-goers, apparently attempting to kidnap or rob residents.
A joint task force patrol team stationed at Amiyi responded swiftly, engaging the attackers in a fierce gun duel that forced them to retreat into the forest with bullet wounds. The injured boy was rushed to the village hospital but was confirmed dead on arrival. His body was deposited in the morgue for autopsy and preservation.
The sources added that later the same day at about 8:30 p.m., the armed group resurfaced near the community, snatching a shuttle bus with registration number HAL 987 XA and a GSM phone belonging to one Mr. Kinsley Iwunze of Okpotuno Odekpe, Ogbaru LGA.
Security operatives immediately dispatched teams to the scene, but the hoodlums had fled. Authorities said an aggressive manhunt was ongoing to apprehend the fleeing suspects.
One killed as suspected IPOB/ESN militants attack Ogbakoba Market in Anambra
Police officer dies, 17 injured in auto crash along Potiskum–Bauchi road
Troops of Operation FANSAN YANMA humiliate Lakurawa terrorists
One killed as suspected IPOB/ESN militants attack Ogbakoba Market in Anambra
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