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CBN Holds Benchmark Interest Rate at 26.5% Amid Inflation Concerns

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CBN Holds Benchmark Interest Rate at 26.5% Amid Inflation Concerns
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By Rukevwe Odeh

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has maintained the country’s benchmark Monetary Policy Rate (MPR) at 26.5 per cent, citing persistent inflationary pressures and growing uncertainty in the global economy.

Announcing the outcome of the committee’s meeting in Abuja, CBN Governor Olayemi Cardoso said policymakers opted to keep the rate unchanged after reviewing both domestic and international economic conditions. He explained that renewed geopolitical tensions in the Middle East, which have raised concerns over global energy prices, influenced the committee’s cautious stance.

The MPC also retained the asymmetric corridor around the MPR at +500/-100 basis points. In addition, the Cash Reserve Ratio (CRR) remains at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, while the liquidity ratio was left unchanged.

According to Cardoso, Nigeria’s headline inflation eased slightly in June, falling to 15.91 per cent from 15.93 per cent recorded in May. Although the decline is modest, the committee believes it is too early to begin relaxing monetary policy because external developments could reverse recent gains in price stability.

He noted that rising tensions in the Middle East could trigger higher crude oil prices and increase the cost of imported goods, posing fresh inflation risks for Nigeria and other emerging economies.

The CBN governor stressed that the apex bank will continue to monitor economic indicators closely and remains committed to policies aimed at safeguarding price stability, strengthening investor confidence, and supporting sustainable economic growth.

Financial analysts say the decision reflects the central bank’s preference to maintain a tight monetary stance until inflation shows a more consistent downward trend despite expectations in some quarters for an interest-rate cut.


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Otuaro Credits Tinubu’s Support as 16 PAP Scholars Complete Overseas Master’s Degrees

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Otuaro Credits Tinubu’s Support as 16 PAP Scholars Complete Overseas Master’s Degrees
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By Rukevwe Odeh

The Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, has praised President Bola Ahmed Tinubu for his continued support of the programme, following the successful graduation of 16 beneficiaries sponsored for postgraduate studies abroad.

The graduates completed master’s degree programmes at universities in the United Kingdom and the United States, with four of them earning distinctions in their respective fields. The outstanding graduates are Nina Orubebe (Financial Management), Tonbra Tonlagha (International Hospitality and Tourism), Kemien Egbekun (Law), and Simon Douye (Construction Engineering Management).

The scholars studied a wide range of disciplines, including Software Engineering, Oil and Gas, Data Science and Engineering, Financial Management, Law, Construction Engineering Management, and Global Public Health. They graduated from respected institutions such as the University of Cambridge, Coventry University, Manchester Metropolitan University, Aston University, Northumbria University, Carnegie Mellon University, and several others.

Reacting to the achievement, Otuaro congratulated the graduates for their dedication and successful completion of their programmes. He noted that their accomplishments demonstrate the positive impact of the Federal Government’s investment in education and human capital development in the Niger Delta.

According to him, the expansion of the scholarship scheme aligns with President Tinubu’s Renewed Hope Agenda, which seeks to improve educational opportunities and equip young people in the region with the skills needed to contribute meaningfully to national development.

Otuaro stated that since assuming office in March 2024, the Presidential Amnesty Programme has produced 111 master’s and doctoral degree holders, comprising 57 graduates from foreign universities and 54 from institutions within Nigeria. He added that the programme has awarded about 9,000 undergraduate and postgraduate scholarships in Nigerian universities, alongside 247 scholarships for higher education abroad.

The PAP administrator also expressed appreciation to President Tinubu and the National Security Adviser, Mallam Nuhu Ribadu, for their continued support, saying their commitment has strengthened the programme’s efforts to promote peace, education, and sustainable development across the Niger Delta.

He reaffirmed the agency’s resolve to continue expanding access to educational opportunities for qualified youths despite criticism, stressing that investment in education remains one of the most effective ways to secure lasting peace and economic growth in the region.


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Hammandikko Calls on Nigerians to Unite Behind Tinubu’s Administration

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Hammandikko Calls on Nigerians to Unite Behind Tinubu’s Administration
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By Rukevwe Odeh

A prominent All Progressives Congress (APC) figure, Hon. Dahiru Hammandikko, has appealed to Nigerians to continue supporting the administration of President Bola Ahmed Tinubu, stating that the country’s progress depends on collective commitment and national unity.

Hammandikko said the current administration is implementing policies aimed at repositioning Nigeria’s economy, strengthening institutions, and improving the welfare of citizens. According to him, while the reforms may present temporary challenges, they are intended to create long-term economic stability and sustainable development.

He urged Nigerians to remain patient and avoid actions capable of undermining the government’s efforts, stressing that meaningful transformation requires time, cooperation, and sacrifice from all stakeholders.

The APC chieftain also encouraged citizens to promote peace, national cohesion, and constructive dialogue, noting that political differences should not stand in the way of the country’s development.

Hammandikko expressed confidence in President Tinubu’s leadership, saying the administration remains committed to delivering on its Renewed Hope agenda through reforms designed to improve infrastructure, expand economic opportunities, and strengthen governance. He urged Nigerians to continue offering prayers and support for the President as the government pursues its development objectives.


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Economic Growth Now Depends on States as FG Pushes Governors to Drive Investments

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Economic Growth Now Depends on States as FG Pushes Governors to Drive Investments
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By Rukevwe Odeh

Senior government officials, economic experts and business leaders have urged Nigeria’s state governments to take a more active role in driving economic development, arguing that the country’s recent economic reforms can only deliver meaningful benefits if states attract investments, expand local industries and create employment opportunities.

The call was made during the 2026 Delta State Economic and Investment Summit in Asaba, where participants stressed that while the Federal Government has introduced reforms aimed at stabilising the economy, sub-national governments must now translate those gains into improved living standards for citizens.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said macroeconomic stability alone would not guarantee economic prosperity. According to him, state and local governments are best positioned to unlock development by promoting industries, encouraging investment and supporting businesses based on their comparative advantages.

He noted that recent reforms, including the unification of the foreign exchange market, fuel subsidy removal and tax policy changes, have increased revenue allocations to states and local councils, giving them greater capacity to fund infrastructure, settle salary and pension obligations, and improve public services.

Also speaking at the summit, Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, encouraged Nigeria and other African countries to take advantage of changes in global trade patterns. She said businesses around the world are diversifying supply chains, creating opportunities for African economies that can provide stable investment environments.

Okonjo-Iweala further highlighted the benefits of the African Continental Free Trade Area (AfCFTA), describing it as a major opportunity for Nigeria to attract manufacturers and investors seeking access to a large regional market.

Vice President Kashim Shettima reaffirmed the Federal Government’s commitment to supporting states pursuing economic reforms under President Bola Tinubu’s administration. He described Delta State as a strategic investment destination with strong potential in agriculture, manufacturing, logistics, energy and the blue economy.

Shettima said Nigeria’s long-term prosperity cannot rely solely on crude oil revenues, stressing the need for economic diversification. He pointed to Delta State’s coastline, ports, gas resources and entrepreneurial population as assets capable of attracting both domestic and foreign investors.

Delta State Governor Sheriff Oborevwori unveiled a 100-million-dollar investment fund designed to stimulate business growth and attract new investments into the state, while other speakers called for greater collaboration between governments and the private sector to improve infrastructure, electricity supply and industrial development.

Participants agreed that sustained economic growth will depend on how effectively state governments leverage ongoing reforms to expand productive sectors, create jobs and improve the welfare of citizens.


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