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Concerns Mount Over CBN Interest Rate Hike Amid Hardship

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Financial experts are not at ease with some of the economic policies of President Bola Ahmed Tinubu.
From fuel subsidy removal to Naira floating and the current Monetary policy rates hike from 18.5 per cent to 18.75 per cent, Nigerians groan amid the biting hardship.
For over six months, the Central Bank of Nigeria’s Monetary Policy Committee has continued to increase interest rates in a bid to tackle inflationary pressures, which stood at 22.79 per cent in June, according to the National Bureau of Statistics.
The CBN acting Governor, Mr Folashodun Shonubi said the modest increase in the benchmark interest rate curtailed a potential uptick in inflationary pressures resulting from the policy changes.
But despite the apex banks’ efforts, the inflation pressures have remained unabated in the past six months.
From 16.50 per cent in December 2022, CBN had increased the interest rates to 18.75 per cent.
Stakeholders within the economic sector had not hidden their discontent with the number of policies by the Tinubu-led administration in the face of the hardship Nigerians face.
Nigeria’s organised private sector, OPS, the Lagos Chamber of Commerce and Industry, LCCI, and the Nigeria Employers’ Consultative Assembly, NECA, described the recent hike in the Monetary Policy Rate, MPR, by CBN as a complete contradiction to Tinubu’s pledged commitment to make credit available to businesses and individuals at an affordable rate.
The Tide source recalls that Tinubu promised on May 29 during his presidential inaugural address that “monetary policy needs a thorough house cleaning. Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.”
However, the turn of events have continued to threaten the already bleak hope in the minds of Nigerians.
Experts say one of the significant implications of interest rate hike is that businesses, especially Small and Medium Scale Enterprises, must pay more to access finances.
Accordingly, they urged the government to consider growth-focused interventions.
An accounting and financial development don at Lead City University, Ibadan, Prof Godwin Oyedokun, told newsmen in an interview last Monday that the decision of the government to hike interest rates does not make sense.
According to him, it is improper for the CBN to keep repeating the same thing that has failed over time and expect improved results.
He said what the government should do at this moment is to provide adequate infrastructure and stabilise the prices of goods and services with proper regulatory policies and other growth-driven interventions.

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FRSC To Begin 24-Hour Patrol To Curb Crashes

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The Corps Marshal of the Federal Road Safety Corps, Shehu Mohammed, yesterday lamented the spate of fatal road crashes in September.
He specifically raised concerns about the accidents that occurred on September 8 in Niger; September 12 in Sabon Wuse, and September 15 in Kaduna State.
These three incidents, according to him, resulted in the tragic loss of at least 91 lives. Speaking during a meeting with fleet operators and other stakeholders in Abuja, Mohammed expressed frustration that despite the government’s efforts to provide and maintain transport facilities according to global standards, many drivers continue to undermine these efforts with reckless behavior on the roads.
“In the last month or thereabouts, the corps witnessed three landmark crashes that were caused by negligence, fatigue, speeding, night trips, and dangerous driving.
“These three landmark crashes include that of Niger State, which occurred on September 8, 2024, and killed 48 people; that of September 12, 2024, which killed 18 people in Sabon Wuse; and that of September 15, 2024, which happened in Kaduna State and led to the death of 25 people. These three crashes alone, which proved to have been obviously avoidable, claimed the lives of 91 people. This is alarming and it calls for concern.”
Mohammed ordered commanding officers to ensure round-the-clock enforcement of traffic laws.
He also disclosed that a special operation would be conducted to address the incessant accidents recorded across the country.
Mohammed said, “I am compelled to state that the spate of crashes recently recorded is, however, very disturbing, and every step must be taken to avert continued future occurrences. It is against this backdrop that I have directed Commanding Officers to ensure round-the-clock enforcement of traffic offenses to mitigate these excesses. A special patrol operation will be instituted, and enforcement will be carried out nationwide.”

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Jubilation As Rivers Community Gets New Paramount Ruler

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There was jubilation in Kpean community in Khana Local Government Area of Rivers State following the installation of Engr Lucky Ewoh as the new paramount ruler of the community.
Sources from the community had it that Lucky who is from the Gbene-Ewoh royal family of Kpean succeeded Chief Nwineh Bariyiramue who was allegedly deposed by the community.
Speaking in an interview with newsmen during the installation ceremony, former chairman of the governing council of Kpean community Prof Patrick Nwinyokpugi said the people are happy over the emergence of Engr. Lucky Gbene-Ewoh as their new paramount ruler.
Prof. Nwinyokpugi said this can be seen from the massive turnout of both men and women for the installation as well as the celebration across the community.
He alleged that the former paramount ruler was deposed following his inability to restore peace to Kpean as well as check the incessant cult killings in the community.
“Some years ago, we got a judgment in favour of the deposed chief, but four years down the line, lots of atrocities have happened. Just last month a young boy was murdered and his head severed off his body, heart and private part taken away and the matter was not reported to the police by the deposed chief”, he said.
Prof. Nwinyokpugi said the community has confidence that the new chief will not derail and describe it as a new dawn in the community.
Also speaking, the youth leader of Kpean Community, Comrade Lemii D. Petaba said the installation of Chief Lucky Ewoh at the community sacred square , shows its acceptability not only by the people by also by the gods of the land.
According to him, “today the Gene-Ewoh royal family is introducing a new paramount ruler to us and the people are happy”
He said the occasion was to officially install him and to do the traditional rights that follows.
Speaking later with newsmen, the new paramount ruler, Chief Lucky Gbene-Ewoh thanked his people for the confidence reposed on him, promising not to fail them.
He also pledged to ensure the returns of peace to the community.
Meanwhile, efforts made to reach the alleged former paramount ruler proved abortive as neither his phone contact nor his residential address in Portharcourt could be reached.

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Kano Dissolves 44 LG Caretaker Excos

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The Kano State Governor, Abba Yusuf, has dissolved the caretaker chairmen of all the 44 Local Government Areas in the State.
The governor announced the dissolution at a special meeting held at the Government House, Kano, on Wednesday.
This was disclosed in a statement by the Governor’s spokesperson, Sanusi Bature.
This comes a week after the state House of Assembly approved a two-month extension for the caretaker chairmen, as their tenure expired on September 8, 2024.
The extension, slated to run from September 9 to November 9, 2024, was to ensure continuity in local governance.
The governor, however, dissolved the council, as the council election had been slated for October 26, 2024.
“With local government elections scheduled for October 26, 2024, Governor Abba Yusuf has directed the caretaker chairmen to hand over leadership of the councils to their respective Directors of Personnel Management.
“This dissolution applies to all chairmen, vice chairmen, secretaries, and councillors,” the statement read.
The governor thanked the caretaker chairmen for their contributions to the development of their areas and hinted at potential future collaborations.
However, he warned the DPMs against political interference and asked them to discharge their duties as required by law.
“We are warning the DPMs to make sure they do not interfere in any political activities as respected civil servants but to discharge their duties as required by the law.
“I have directed the anti-corruption commission to arrange a seminar for them to enhance their capacity,” the governor said.
The caretaker chairmen also thanked the governor for the opportunity to serve their communities.

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