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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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Karai-Karai, Ngizimawa tribes unit to support APC in Yobe
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Karai-Karai, Ngizimawa tribes unit to support APC in Yobe
By: Yahaya Wakili
The meeting of unity between the Karai-karai and Ngizimawa tribes of Mamudo constituents (alias Yanki Shida) ended with a promise to continue supporting the APC present administration in the state under the able leadership of Governor Mai Mala Buni CON, Chiroman Gujba.
The meeting was held under the leadership of Alhaji Adamu Abdu Chillariye, a leader, stakeholder, and adviser on governmental affairs to Governor Mai Mala Buni CON, Chiroman Gujba, at his residence in Potiskum.
Alhaji Adamu Abdu Chillariye calls on the people to shun what is happening in the past and solicit their support and cooperation for Governor Buni’s administration in the state. Adding that, in the past, we know Karai-karai and Ngizim are brothers and sisters; we are moving together; we are doing everything together, but recently some people come and divide us.
“Let us build a solid concrete foundation for our children and our grandchildren, and as we are suffering now, don’t allow our children and our grandchildren to suffer; let us unite ourselves and develop our area.” Chillariye added.
Also speaking, Hon. Saidu Arjale said in the past we know Karai-karai and Ngizimawa are one thing; nobody will separate them; they are doing everything together; they are moving together, but some people, because of their selfish interest, come and divide us.
He calls on the members to be straightforward; don’t be afraid, put fear aside, face the reality, unite ourselves, and live a good legacy for our children and our grandchildren in the future.
Also contributing, Mallam Ibrahim Bogocho said we are claiming that we are good politicians, but from us some people will come and use us to achieve their political aim, noting that since we wake up from sleeping, let us unite ourselves because without unity, nothing will go normal.
In his own contribution, the former chairman of the Nangere local government area, Alhaji Adamu Yahaya (alias Adamu Alabura), revealed that today I am very happy as I saw Karai-karai and Ngizimawa meeting to unite themselves and move together in politics.
He said you can’t differentiate between Karai-karai and Ngizim; they are one entity, and politics is a game of choice. Let us forget about being afraid since we come out with these good initiatives. Now that we have a credible leader who can lead us, please let us give him maximum support to achieve our goal.
Earlier speaking at the meeting, the state chairman of Mayina Kara, Alhaji Sha’aibu Shamshi, said, Since we got crises among us, but now we are ready to resolve it by the grace of God.
“My message to Karai-karai and Ngizimawa people is to unite ourselves and support the government; let us always be loyal to the government and support our leader, Alhaji Adamu Abdu Chillariye. I know him for quite a long time; he is a straightforward person; he doesn’t want to lie.
Karai-Karai, Ngizimawa tribes unit to support APC in Yobe
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Transforming Agriculture and Food Security in Nigeria: President Bola Ahmed Tinubu’s Vision
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Transforming Agriculture and Food Security in Nigeria: President Bola Ahmed Tinubu’s Vision
By: Amb. Musa Tsoken
It could be recalled that on the 13th of March, 2023, President Bola Ahmed Tinubu GCFR had raised concerns regarding the devastating hunger that had bedeviled Nigeria and the world at large. However, it was a global threat that needed to be tackled to leverage the negative trend to save humanity.
The vision and mission of Senator Abubakar Kyari in his political sojourn was that of humanity first, which tallies with the agenda of President Bola Ahmed Tinubu GCFR.
No wonder Kyari, who sees his ministry as a savior and a place of succor to Nigeria, did not relent in putting up his best to ensure that the declaration of a state of emergency on food security yields positive results as a major critical area of concern for the nation’s development in terms of providing efficient and essential food for local consumption and generating substantial revenue for both individuals and government.
Agricultural growth is definitely a channel of countering insecurity by providing job opportunities as well as increasing the GDP of Nigeria.
President Bola Ahmed Tinubu’s administration has made significant strides in reforming the Ministry of Agriculture and Food Security, with the Honourable Minister Senator Abubakar Kyari at the helm. This publication highlights the government’s efforts to address food security challenges, as emphasized by the President and reinforced by the Vice President, Kashim Shettima.
In response to the growing concerns about food insecurity, President Tinubu declared a state of emergency, underscoring the need for urgent action. This declaration has been reinforced by the circular issued by the Secretary to the Government of the Federation, Sen. Dr. George Akume, which emphasizes the importance of focusing on critical areas of the economy, including agriculture.
Under the leadership of Hon. Minister Senator Abubakar Kyari, the ministry has embarked on several reform initiatives, including:
Increasing funding and inputs for farmers to enhance productivity and ensure food security.
Revitalizing Agriculture: Implement policies to increase agricultural production, reduce insecurity, and promote sustainable development.
Food Security as a National Priority: Recognizing food security as an integral component of national security, the administration is working tirelessly to ensure every Nigerian has access to nutritious food.
The government is committed to collaborating with local and international partners to achieve its food security goals. This includes working with the private sector, development organizations, and other stakeholders to leverage expertise, resources, and funding.
President Bola Ahmed Tinubu’s administration is committed to transforming the agricultural sector and ensuring food security for all Nigerians. With the Honourable Minister Senator Abubakar Kyari at the helm, the Ministry of Agriculture and Food Security is driving reforms and initiatives that will have a lasting impact on the country’s food security landscape. Kudos to Sen. Kyari for his tireless effort to ensure transformation, innovation, and advanced technology in agricultural development in Nigeria.
Transforming Agriculture and Food Security in Nigeria: President Bola Ahmed Tinubu’s Vision.
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Armed Bandits Attack Niger Villages, Kill One, Kidnap Several Others
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Armed Bandits Attack Niger Villages, Kill One, Kidnap Several Others
By: Zagazola Makama
Armed bandits have attacked several villages in Shiroro and Munya Local Government Areas of Niger State, killing one person, kidnapping several others, and rustling an unconfirmed number of cattle.
Intelligence sources told Zagazola Makama that the attack in Shiroro LGA occurred at about 2:15 p.m. on Feb. 22, when bandits on motorcycles invaded Kutako Makera and Galadiman-Kogo villages.
The assailants shot dead a 75-year-old resident, Bansi Kutako, before abducting multiple villagers and stealing cattle.
In a separate incident, bandits stormed Hayin-Dogo village in Munya LGA around 3:50 a.m. on Feb. 23, kidnapping five residents, including two women.
The victims have been identified as: Adamu Danfulani, Umar Sanda, Murtala Tailor, Aisha Rabiu, and Ramatu Murtala, 26
Joint security forces, including the military, police, vigilantes, and DSS special hunters, have been deployed to track the criminals, rescue the abducted persons, and recover stolen livestock.
The command urged residents to remain vigilant and report any suspicious movements to security agencies.
Armed Bandits Attack Niger Villages, Kill One, Kidnap Several Others
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