Nation
CBN Interest Rate Rises To 26.75%
The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark lending rate to 26.75 per cent.
The hike in the Monetary Policy Rate was disclosed by the Governor of the CBN, Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja yesterday.
The MPC had maintained a hawkish stance to tame inflation since it resumed meeting this year and thus far, it has hiked rate by more than 500 points.
The rate was raised to 26.25 per cent in May.
However, with inflation moving to 34.19 per cent in June, according to the National Bureau of Statistics, the headline inflation increased by 0.24 per cent relative to the May 2024 headline inflation rate which was 33.95 per cent.
On a year-on-year basis, the headline inflation rate was 11.40 per cent points higher than that of June 2023 (22.79 per cent).
Also, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 per cent, which was 0.17 per cent higher than the rate recorded in May 2024 (2.14 per cent) meaning that the rate of increase in the average price level was higher in June than in May.
Repeatedly, the CBN governor has maintained that the MPC members were committed to price stability and were willing to keep tightening until inflation is tamed.
Multiple reports from investment houses had projected that the MPR would be hiked,
Cowry Asset Management, in its weekly report, projected a 25bps to 50bps hike in interest rates, while the Meristem report anticipates “a 100 basis point increase in the monetary policy rate to 27.25 per cent while likely keeping other parameters unchanged. Overall, we anticipate that the committee will prioritize inflation control and capital inflow sustainability, crucial for maintaining a stable exchange rate system, and accordingly, implement a rate hike to achieve these objectives.”
Nation
MAN Begs FG To Slash Interest Rates On Loans
The Manufacturers Association of Nigeria (MAN) has appealed to the Federal Government to urgently direct the Central Bank of Nigeria to drastically reduce interest rates on industrial loans.
Speaking at the 10th Annual General Meeting of Kwara/Kogi axis of the Association held in Ilorin, Kwara State, yesterday, the outgone chairman, Ramon Bioku, lamented the present interest rate on business loans given to its members by banks
He stated the rate should be further reduced to one per cent.
The theme of the meeting was “Tackling the Challenges of Manufacturing Sector: A Win-Win for Government and Local Manufacturers.
“The CBN should also direct DMBs (Commercial Banks) to reduce interest rates on industrial loans. The Interest rates charged on Industrial Loans and other loans released as COVID-19 palliatives should be significantly reduced further to one per cent,” Bioku said.
He also urged the Bank of industry to approve and urgently roll out further reductions in its lending rates to industries, asking the CBN to wave many conditions for its foreign exchange policies to local manufacturers.
“CBN should widen the window of Foreign Exchange to Local Industries”, he said.
In his speech, read by the state commissioner for Business, Innovation and Technology, Damilola Yusuf Adelodun, Kwara State Governor declared the state’s continual support for MAN to boost the economy of the state.
The governor promised that the state government would continue to create a conducive environment for the manufacturers in the state.
Nation
Angry Youths Attack Rep In Bauchi Accuse Lawmaker Of Poor Representation
The member representing Ningi/Warji Federal Constituency of Bauchi State in the House of Representatives, Adamu Hashimu Ranga, narrowly escaped being mobbed by angry youths who allegedly attacked his convoy in Ningi.
The Tide’s source reports that Ranga, who was elected in 2023 under the Peoples Democratic Party, PDP, had attended the burial of the late Emir of Ningi, Muhammadu Yunusa Danyaya, last Sunday along with other prominent figures from the Ningi Emirate Council.
However, during the event, some youths of his constituency expressed their displeasure with his representation, accusing him of neglecting them since his election and relocation to Abuja.
The youths began chanting “Ba mu yi, ba mu yi” in Hausa, which translates to ‘We don’t want you’, while throwing sand and stones at the lawmaker as he was leaving the late Emir’s palace around 5:42 pm.
The Tide’s source gathered that all efforts to calm the youths proved futile as the attack continued. The attack escalated as the lawmaker approached his vehicle, resulting in severe damage to the car, with the windows, windscreen and rear mirrors shattered.
An eyewitness, in a phone interview with newsmen, described the incident as unfortunate.
He said, “I came out of the palace deeply saddened by the Emir’s demise, only to see youths throwing sand and stones at a car. When I moved closer, I realised it was our representative being attacked.”
He added that the youths had mobilised upon seeing the lawmaker, positioning themselves near his car and starting the attack as soon as he was leaving the palace.
It was further gathered that it took the intervention of security operatives for the lawmaker to be driven away from the scene.
Efforts to reach the Rep, Adamu Hashim Ranga, for comments were unsuccessful as at the time of writing this report.
Recall that the lawmaker’s constituents had also attempted to recall him from the National Assembly. It took the intervention of the late Emir of Ningi and others for them to stop collecting signatures to that effect.
Nation
Philanthropist Bags UN Peace Award
An Omuma-based philanthropist in Rivers State, Chief Obed Ndukwu has been bestowed with an award of Eminent Peace Ambassador by the International Association of World Peace Advocates.
Chief Ndukwu is the Och. Ala Umunwaka and Girigiri Bu Ugwu Eze 1 of Omuma.
Speaking during the presentation of the award, Amb. George Ojade explained that the Award of Eminent Peace Ambassador presented to a traditional ruler, is an appointment for him to continue his humanitarian services to his people and foster peace in the global community and among the traditional council in the society.
Also speaking, Dr. Emeka Okanu, who represented the world peace spokesperson of the association, Emmanuel Nkweke, said the prestigious title was bestowed upon Chief Ndukwu in recognition of his unwavering commitment to promoting peace and harmony both locally and internationally. “As a well-respected figure in his community and beyond, he has dedicated his life to fostering understanding and cooperation among diverse groups,” he said.
During the ceremony, Chief Ndukwu seized the opportunity to address the youths, emphasising the importance of peaceful protests and dialogue in addressing global issues.
He encouraged the younger generation to come together under one umbrella to work towards positive change, rather than resorting to violence or divisiveness.
Dr Okanu also commended Chief Ndukwu for his good works and recognition of the global system.
“His Eminence Chief Ndukwu’s words of wisdom and call for unity have resonated with many, inspiring hope and optimism for a brighter future. As a global diplomat and peace ambassador, he continues to lead by example, demonstrating the power of compassion, empathy, and cooperation in building a more harmonious world,” he said.
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