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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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Zulum Flags off Distribution of Renewed Hope Sallah Palliative

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Zulum Flags off Distribution of Renewed Hope Sallah Palliative

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has flagged off the distribution of palliatives under the Renewed Hope Initiative to vulnerable residents across the state ahead of the Eid al-Adha celebration.

The governor launched the exercise at the Conference Hall of Prime Lodge in Maiduguri.

Governor Zulum commended Nigeria’s First Lady, Senator Oluremi Tinubu, for supporting widows, orphans, internally displaced persons (IDPs), and other vulnerable groups through the Renewed Hope Initiative.

“On behalf of the Government and good people of Borno State, I sincerely appreciate Her Excellency, Senator Oluremi Tinubu, CON, First Lady of the Federal Republic of Nigeria and Founder of the Renewed Hope Initiative, for this compassionate intervention aimed at supporting vulnerable Nigerians and restoring hope to families facing economic hardship,” Zulum said.

The governor also praised the resilience and patience of the people of Borno despite years of insurgency and insecurity, reaffirming his administration’s commitment to improving the welfare of citizens through people-oriented policies and programmes.

“Despite the challenges our state has faced over the years, our people have continued to demonstrate resilience, patience, and courage. As a government, we remain committed to implementing programmes and policies that directly improve the lives of our citizens,” he stated.

Zulum noted that the distribution exercise forms part of the federal and state governments broader social support programme aimed at cushioning economic hardship and strengthening community resilience.

“The distribution exercise we are flagging off today is therefore part of our broader social support programme designed to cushion economic difficulties and strengthen community resilience. I commend members of the Distribution Committee for their efforts and urge them to ensure transparency, fairness, and accountability throughout the exercise so that the support will reach the rightful beneficiaries,” he added.

The governor urged beneficiaries to make proper use of the items distributed while also appreciating security agencies, traditional rulers, religious leaders, and development partners for their continued support towards peacebuilding and humanitarian interventions in the state.

Earlier in his remarks, Chairman of the Distribution Committee, Dr Abba Bashir Dankellori, expressed gratitude to Senator Oluremi Tinubu for the timely intervention, describing it as a relief that would enable many Muslim families to celebrate the forthcoming Sallah with ease.

“I wish to, on behalf of the committee, thank the First Lady Senator Oluremi Tinubu for the kind gesture. We also appreciate Borno State Governor, Professor Babagana Umara Zulum, for the selfless leadership, commitment and service to the people of the state,” Dankellori stated.

According to him, beneficiaries of the intervention include Qur’anic and Sangaya school teachers, as well as religious organisations that contribute to the moral upbringing of society.

Governor Zulum was accompanied to the event by the Secretary to the State Government, Bukar Tijani; Acting Chief of Staff, Dr Babagana Mustapha Malumbe; Coordinator of Renewed Hope Ambassadors, Engr Baba Bukar Gujbawu; Permanent Secretary, Government House, Barr. Mustapha Busuguma, among other top government officials.

Zulum Flags off Distribution of Renewed Hope Sallah Palliative

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Security forces Conduct Show of Force In Jos, Bukuru During Church Services

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Security forces Conduct Show of Force In Jos, Bukuru During Church Services

By: Zagazola Makama

Joint Security forced in Plateau State on Sunday conducted a joint show of force across major flashpoints within Jos metropolis and the Bukuru general area to ensure peaceful church services and strengthen public confidence.

The operation involved troops of Operation Enduring Peace, personnel of the Nigerian Air Force 551 Station, Operation Keystone, the Nigeria Security and Civil Defence Corps (NSCDC), and other security agencies.

Security sources said the exercise commenced at about 7:30 a.m. and was aimed at denying criminal elements freedom of action while providing adequate security coverage during church services.

The coordinated patrols and visibility operations covered identified vulnerable areas and strategic locations within Jos and Bukuru.

According to the sources, the operation was conducted without any security breach or incident, while religious activities across the affected areas remained peaceful.

The security agencies reaffirmed their commitment to sustaining collaborative operations aimed at maintaining law and order as well as protecting lives and property in Plateau State.

Security forces Conduct Show of Force In Jos, Bukuru During Church Services

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Teenage Sensations Rosemary, Miracle Win Gold for Nigeria, Secure World Championship Spot

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Teenage Sensations Rosemary, Miracle Win Gold for Nigeria, Secure World Championship Spot

Nigeria recorded a major triumph at the 24th CAA Senior Athletics Championship in Accra, Ghana, as teenage athletes Rosemary and Miracle delivered a stunning performance to win gold for the country in the women’s 4x100m relay event.

The young stars, both students of NTIC Secondary School, helped Team Nigeria clinch the gold medal with an impressive time of 42.94 seconds, further underlining the country’s growing strength in athletics.

Their victory also secured Nigeria a ticket to the World Championships in Gaborone, while guaranteeing qualification for the 2027 World Championship in China.

The feat was particularly remarkable for Rosemary, who was making her senior debut for Nigeria at the continental championship.

Sports enthusiasts have since praised the duo for proving that age is no barrier to excellence, with many describing their performance as a glimpse into the bright future of Nigerian athletics.

Teenage Sensations Rosemary, Miracle Win Gold for Nigeria, Secure World Championship Spot

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