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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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Suspected cultists kill 12 in attack on Jos community, Plateau govt imposes curfew

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Suspected cultists kill 12 in attack on Jos community, Plateau govt imposes curfew

By: Zagazola Makama

Suspected cultists on Sunday night attacked Angwan Rukuba community in Jos North Local Government Area of Plateau State, leaving 12 persons dead, in a fresh outbreak of violence that has prompted authorities to impose a 48-hour curfew in the area.

Security sources said the incident occurred at about 8:00 p.m. when residents of the community came under sporadic gunfire from unidentified armed men, suspected to be cultists, who stormed the area and shot indiscriminately.

Troops of Sector 1, Operation Enduring Peace (OPEP), were immediately mobilised to the scene following a distress call and moved to restore order and prevent further escalation.

A security report indicated that 12 persons were confirmed dead, while several others sustained varying degrees of injuries. The injured victims were said to have been evacuated to nearby medical facilities for treatment.

The troops subsequently cordoned off major access routes to the community and ordered residents to remain indoors while a coordinated search operation was launched to track down the attackers.

Military sources added that clearance operations were ongoing to apprehend the perpetrators and prevent further breakdown of law and order in the area.

In response to the attack, the Plateau State Government, in collaboration with security agencies, announced the imposition of a 48-hour curfew on Jos North Local Government Area with immediate effect.

The curfew, which took effect from midnight of March 29 to April 1, 2026, was aimed at restoring calm and enabling security agencies to carry out intensified operations.

In a statement issued by the Commissioner for Information and Communication, Rt. Hon. Joyce Lohya Ramnap, the government condemned the attack, describing it as “barbaric and unprovoked.”

The statement assured residents that security agencies had been directed to ensure the arrest and prosecution of those responsible, while urging the public to remain calm and cooperate with ongoing investigations.

Security patrols were still ongoing across affected communities as authorities moved to forestall possible reprisal attacks and restore normalcy.

Suspected cultists kill 12 in attack on Jos community, Plateau govt imposes curfew

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Troops arrest suspected kidnapper in Damboa LGA of Borno

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Troops arrest suspected kidnapper in Damboa LGA of Borno

By: Zagazola Makama

Troops of Operation Hadin Kai have arrested a suspected kidnapper in Azir community, Damboa Local Government Area of Borno State.

Sources told Zagazola Malama that the suspect was apprehended at about 5:00 p.m. on March 28 by troops of 25 Brigade and 19 Battalion (Mechanised) deployed at a Forward Operating Base in Azir.

The source disclosed that the suspect was alleged to have been involved in kidnapping activities within the Damboa and Azir general areas.

“During preliminary investigation, the suspect claimed to be a cattle courier operating within Damboa and its environs,” the source said.

He added that one bicycle was recovered from the suspect at the point of arrest.

The suspect and the recovered item are currently in troops’ custody for further investigation and necessary action.

Troops arrest suspected kidnapper in Damboa LGA of Borno

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Troops arrest 58 illegal miners in Edo state

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Troops arrest 58 illegal miners in Edo state

By: Zagazola Makama

Troops of Operation MESA have arrested 58 suspected illegal miners at an illegal gold mining site in Ososo general area, Akoko-Edo Local Government Area of Edo State.

A security source disclosed that the suspects were apprehended at about 1:00 p.m. on March 28 during a fighting patrol conducted by troops of 195 Battalion (Rear).

According to the source, the troops stormed the mining site and arrested the suspects without resistance.

“The suspects are currently in troops’ custody for further action,” the source said.

He noted that the operation forms part of ongoing efforts to curb illegal mining activities and other criminal enterprises within Edo State and its environs.

Troops arrest 58 illegal miners in Edo state

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