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Interest Rate Rises to 17.5%

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Fidelity acquires Union Bank

The regulatory authorities have increased the benchmark interest rate in Nigeria to 17.5 percent. This is an increase of 100 basis points up from the 16.5 percent where it was.

Governor, Central Bank of Nigeria, Godwin Emefiele, said in Abuja on Tuesday that the decision was reached at the maiden Monetary Policy Committee (MPC) meeting of 2023.

It is worthy of note that this is the fifth time the CBN would increase the interest rate despite agitations relevant constituencies, including the real sector.

However, the apex bank maintained that the previous increases were beginning to yield results, citing the indication that the inflation rate slowed down in December 2022.

According to Emefiele this points to the need to keep tightening the fiscal policy.

He added that the CBN has retained the asymmetric corridor at +100/-700 basis points around the MPR.

The CBN also retained the CRR at 32.5 per cent while the liquidity ratio was kept at 30 percent.

Biztellers reports that the CBN in 2022 increased the MPR four times, which saw it shift from 11.5 percent to 16.5 percent.

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‘What Does 4% Growth Mean to Hungry Nigerians?’ — Dalung Slams Tinubu’s Speech

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Former Minister of Youth and Sports, Solomon Dalung, has criticised President Bola Tinubu’s 66th Independence Day address, describing it as “rhetorical, wishful, ambitious” and “very, very disappointing and empty.”

Dalung made the remarks on Channels Television’s The Morning Brief on Thursday, shortly after the President addressed Nigerians to mark the country’s 66th Independence anniversary.

The former minister said Tinubu’s speech should have focused more on concrete achievements recorded by his administration since assuming office in 2023.

SEE ALSO: INEC’s Objections Can’t Stop ADC From 2027 Elections — Dalung

According to him, the President should have addressed critical issues affecting Nigerians, including insecurity, agriculture, the economy, unemployment, hunger, poverty and foreign policy.

“But all that the president has done was to tell Nigeria the same stories: ‘Oh, be patient and expect our reforms will yield,’” Dalung said.

He also questioned the impact of the economic growth figures cited by the administration, arguing that such statistics should translate into improved living conditions for ordinary Nigerians.

“So if we have recorded 4% economic growth, how has that been able to affect an average Nigerian? Because it has to be translated into putting something before the ordinary Nigerians.
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“How does that 4% affect the cost of transportation and the purchasing power of Nigerians?” he asked.

Dalung said the government should move beyond presenting economic statistics and demonstrate how its reforms are affecting citizens.

He also criticised the President’s reference to Nigeria as a cancer patient when he assumed office, asking when Nigerians would begin to see the results of the treatment.

“The question is, when shall the cancer victim recover? Because it does appear that the surgery has put him in a coma,” he said.
The former minister further faulted Tinubu for what he described as inadequate attention to insecurity, particularly the plight of Nigerians in captivity.

“The president completely abandoned Nigerians who are in captivity,” Dalung said, adding that Plateau State was experiencing what he described as “a full-blown war” due to recurring attacks and mass burials.

He also recalled how an Independence Day address he heard in 1977 gave him hope because he could directly connect government policies with the support he received, including transportation, instructional materials, food and bedding.

Dalung argued that Tinubu’s address failed to create a similar connection with Nigerians.

He concluded that the speech was “more or less very rhetorical and ambitious” rather than practical and reflective of the realities confronting citizens.

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Nigeria@66: ‘You Wrecked Livelihoods’ — Sowore Fires Back at Tinubu

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Omoyele Sowore, the African Action Congress (AAC) presidential candidate for the 2027 election, has criticised President Bola Ahmed Tinubu over the impact of the Federal Government’s economic reforms, particularly the removal of petrol subsidy.

Sowore reacted to Tinubu’s Independence Day address to Nigerians on Thursday, in which the President defended his administration’s economic reforms while acknowledging the hardship associated with them.

In a post on X, Sowore accused Tinubu’s “subsidy is gone” policy of worsening the economic situation for millions of Nigerians.

ALSO READ: DSS Makes U-Turn On Sowore Trial, Orders Resumption Of Prosecution

“Of course, your ‘subsidy is gone’ policy brought millions of Nigerians to their knees,” Sowore wrote.

He alleged that the policy had “wrecked livelihoods” and driven up the cost of transportation, food and other basic necessities.

“You wrecked livelihoods, drove up the cost of transportation, food, and basic necessities, and deepened an already devastating cost-of-living crisis,” he said.

Sowore further argued that economic reforms should not be described as progress if they leave Nigerians facing hunger and poverty.

“You cannot reform people into hunger, poverty, and desperation and call it progress,” he added.
His post ended with the hashtag #TinubuMustGo.

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Nigeria @66: Mutfwang Pardons 130 Inmates, Commutes Four Death Sentences

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Plateau State Governor Caleb Manasseh Mutfwang has granted absolute pardon to 130 inmates and commuted the death sentences of four others to life imprisonment as part of activities marking Nigeria’s 66th Independence Anniversary.

Mutfwang announced the decision on Thursday while felicitating with Plateau citizens and Nigerians at home and in the Diaspora on the October 1 anniversary.

ALSO SEE: ‘Another Speech to Tell Us, It Is Well’ — Oseni Rufai Reacts to Tinubu’s Address

The governor, in a goodwill message signed by his Director of Press and Public Affairs, Dr Gyang Bere, described the anniversary as an opportunity for Nigerians to reflect on the country’s journey since independence, honour the sacrifices of past leaders, acknowledge its challenges, celebrate its achievements and renew faith in a stronger, united and prosperous Nigeria.

He urged Nigerians to preserve the country’s unity, sovereignty and territorial integrity, stressing the responsibility of nation-building across generations.

Mutfwang also said Nigeria’s strength depends on citizens rising above their differences and working towards a country where everyone has a sense of belonging and an opportunity to fulfil their aspirations.

He acknowledged President Bola Tinubu’s efforts towards sustaining national unity and stability and advancing the Nigerian project, particularly in the areas of national cohesion, peace and economic development.

The governor reaffirmed his administration’s commitment to building a Plateau State where citizens can pursue their aspirations in an atmosphere of peace, security, justice and inclusive development.

He also commended the people of Plateau for their resilience, patience, patriotism and contributions to the development of the state and the nation.

According to the statement, Mutfwang exercised the powers conferred on him by the Constitution, as amended, after consulting the State Advisory Council on the Prerogative of Mercy.

The four inmates whose death sentences were commuted to life imprisonment are Zuhumnan Musa, Jeremiah Aese, Pam Lang and Thoma Danboyi.

Others granted absolute pardon include Kamshine Gomerep, Maju Sajen, Jan Thomas, Gody Victor, Imran Maikasuwa, Biplang Emmanuel, Peace Sunday, Salisu Usman, Geoffrey John and Shwarpo Luka, among others.

Mutfwang wished Nigerians at home and in the Diaspora a peaceful and meaningful 66th Independence Anniversary and urged citizens to continue contributing to the development of the country.

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