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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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Military Airstrikes neutralized ISWAP Commanders, others in precision strike on Sambisa hideouts

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Military Airstrikes neutralized ISWAP Commanders, others in precision strike on Sambisa hideouts

By: Zagazola Makama

The Air Component of Operation Hadin Kai has neutralised two senior terrorist commanders, Saddam and Saleh Garin Kago, alongside other fighters, in a precision air interdiction (AI) mission at Yuwe in the Sambisa general area of Borno.

Sources who disclosed this to Zagazola said that the early morning strike also eliminated Hussaini Ubaida and Ba Alayi Benbem, while destroying identified terrorist command hideouts and logistics warehouses.

The sources said the mission was executed at about 6:08 a.m. on Friday following confirmatory Intelligence, Surveillance and Reconnaissance (ISR) on structures suspected to be terrorists’ commanders’ hideouts and storage facilities within the Yuwe axis.

“Upon confirmation of the targets, various military aircraft and platform, departed base to prosecute the mission. On reaching the objective area, the aircraft acquired and engaged the selected targets with precision-guided stores onboard,” he said.

The sources noted that post-strike battle damage assessment indicated that the identified command hubs and warehouses were effectively destroyed, significantly degrading the operational capacity of the terrorists in the Sambisa corridor.

According to the source, efforts were ongoing to confirm the identities of additional casualties resulting from the strike.

The military high command of Operation Hadin Kai has reaffirmed its commitment to sustain intelligence-driven operations aimed at dismantling terrorist leadership structures, disrupting supply chains and denying insurgents safe havens.

They stressed that the theartre command will continue to work in synergy with the Air component and other security agencies, to intensify its operations to consolidate recent gains and restore lasting peace in the North-East.

Military Airstrikes neutralized ISWAP Commanders, others in precision strike on Sambisa hideouts

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Four die, 18 injured in zakkat distribution stampede in Katsina

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Four die, 18 injured in zakkat distribution stampede in Katsina

By: Zagazola Makama

Four persons have died while 18 others sustained injuries following a stampede during the distribution of annual Ramadan Zakkat (alms) at a residence in Katsina metropolis.

Sources told Zagazola that the incident occurred at about 9:00 p.m. on Feb. 26 at the residence of Alhaji Dahiru Usman Sarki, located in Kofar Guga Quarters.

According to the sources, a large crowd had gathered at the residence to receive Ramadan alms when some individuals allegedly forced their way into the compound, triggering a stampede.

The Divisional Police Officer (DPO), Central Police Station (CPS) Katsina, swiftly mobilised to the scene and was able to bring the situation under control.

As a result of the stampede, 18 persons sustained varying degrees of injuries and were rushed to the General Hospital, Katsina, for medical attention.

Four persons were later certified dead by a medical doctor. They were identified as Bilkisu Mamman, 40, of Kerau Quarters; Ihsan Musbahu, 40, of Abattoir Quarters; Aisha Sani, 16, of Kofar Sauri Quarters; and Salamatu Kabir, 45, of Sabuwar Unguwa Quarters.

Another victim, Hafsat Zubairu, 15, of Masanawa Quarters, was referred to the Federal Teaching Hospital for further medical evaluation.

Police authorities said the organisers of the Zakkat distribution had been invited for questioning, while investigation into the incident was ongoing.

Four die, 18 injured in zakkat distribution stampede in Katsina

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Troops neutralise terrorists’ structures, arrest two logistics suppliers in Sabon Garin Fishingo in Borno

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Troops neutralise terrorists’ structures, arrest two logistics suppliers in Sabon Garin Fishingo in Borno

By: Zagazola Makama

Troops of Operation Hadin Kai, Sector 2, have destroyed terrorist life-support structures and arrested two suspected Boko Haram logistics suppliers during clearance operations around Sabon Gari Fishingo in Borno State.

Security sources told Zagazola that the troops, in conjunction with quasi-security forces, conducted the operation at about 8:30 p.m. on Feb. 28.

The troops reportedly made contact with terrorists at Kayawa and engaged them with superior firepower, forcing the insurgents to flee in disarray.

The fleeing terrorists abandoned two motorcycles and five bicycles at the scene. No casualty was recorded among the troops.

Following the encounter, the troops set ablaze structures believed to be used as life-support bases by the terrorists.

The operation later extended to Sabon Gari Fishingo, where troops conducted a cordon-and-search exercise.

During the operation, two suspected Boko Haram logistics suppliers identified as Dahiru Haruna and Salele Lawali were arrested.

Items recovered from the suspects included a large quantity of drugs, medical consumables and one tricycle, popularly known as “Jega.”

Sources said the suspects were in custody for further investigation, while the recovered items were being documented.

The operation is part of sustained offensive actions under Operation Desert Sanity aimed at dismantling terrorist enclaves and disrupting their logistics networks in the North-East.

Troops neutralise terrorists’ structures, arrest two logistics suppliers in Sabon Garin Fishingo in Borno

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