Connect with us

latest

Peter Obi Criticizes CBN’s Decision To Increase Interest Rate

Published

on

Peter Obi Criticizes CBN’s Decision To Increase Interest Rate....KINDLY READ THE FULL STORY HERE▶

Peter Obi, the Labour Party’s presidential candidate in the previous general election, has denounced the recent move by the Monetary Policy Committee (MPC) to raise the Monetary Policy Rate (MPR) to 22.5% and the Cash Reserve Ratio (CRR) to 45%. He warned that such measures would worsen economic conditions and lead to increased job losses, particularly in sectors reliant on bank loans and credit facilities………CONTINUE READING

The Central Bank of Nigeria (CBN) announced the decision to raise the MPR by four hundred basis points to 22.75% from 18.75% after the first Monetary Policy Committee meeting for the year.

In a statement shared on Thursday via his social media handle, Obi argued that tightening liquidity in the financial system does not enhance productivity, especially in food production, which he identified as a significant contributor to inflation in Nigeria. He expressed concern that the measure would not effectively manage the money supply, as a significant portion of the money in circulation remains outside the banking system.

Gov Abiodun Enacts Three Executive Orders In Ogun State

Obi highlighted the potential adverse effects of the rate hike on the economy, particularly on the real sector, manufacturing, and small and medium-sized enterprises (SMEs). He cautioned that the increased interest rates on loans, expected to exceed 30%, would strain the ability of businesses to repay, leading to a rise in bad loans and further deteriorating the nation’s economic situation.

Peter Obi Demands Action: 'Our Fallen Heroes’ Fight For Better Governance Must Not Be In Vain'

Instead of focusing solely on monetary policy measures, Obi urged the government to address insecurity, which he identified as a crucial factor influencing food and crude oil production. He emphasized that improving security would boost overall production, making products more affordable and attracting foreign direct investments (FDIs) and foreign portfolio investments (FPIs) back to the country.

In conclusion, Obi emphasized the need for practical solutions to the economic challenges facing Nigeria, cautioning against relying solely on classical economic theories. He called for a holistic approach that addresses both monetary and security concerns to effectively revive the economy and restore investor confidence.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google

latest

Don’t Burn Tyres On New Roads — FERMA Begs Abia Residents.

Published

on

The Federal Road Maintenance Agency (FERMA) has appealed to residents of Abia State and other road users along the Aba–Azumini highway to protect the newly completed road from activities that could damage it.....KINDLY READ THE FULL STORY HERE▶

FERMA’s South-East 2 Zonal Director, Suleiman Mohammed Omonowo, issued the warning during an inspection of the project, cautioning against the burning of tyres during celebrations, which he said could damage the road surface.

He noted that destructive practices by some youths and community members often contribute to the early failure of road projects across the country.

Former Edo Commissioner Charles Idahosa Explains Defection From PDP To APC

“Our advice to road users, especially indigenes, is to protect the road from destruction. Let nobody come and destroy it or burn tyres in the name of celebration,” he said.

Omonowo said the Aba–Azumini highway was previously in a very bad condition before FERMA intervened, describing it as a death trap for commuters and residents.

He also expressed satisfaction with the quality of work done on the project, adding that drainage structures such as catch pits would help prevent flooding and extend the lifespan of the road.

Peter Obi Urges Increased Health Sector Investment Under Tinubu Administration

According to him, the highway serves as a major link between Aba, several Abia communities, and Cross River State, carrying heavy traffic daily.

He urged local construction firms to improve on quality delivery to compete effectively with foreign contractors.

Meanwhile, the Federal Roads Maintenance Engineer in Abia State, Festus Okafor, said FERMA workers have not faced harassment or violence from residents during operations in the state.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

Correctional Service Declares Escaped Yobe Inmate Wanted Nationwide.

Published

on

The Nigerian Correctional Service (NCS), Yobe State Command, has declared a 30-year-old inmate wanted after he escaped following a road accident involving a prison transport vehicle.....KINDLY READ THE FULL STORY HERE▶

The incident reportedly occurred on April 13, 2026, while inmates were being conveyed from the Medium Security Custodial Centre in Potiskum to Damaturu.

In a statement issued in Damaturu, the Command’s Public Relations Officer, DSC Abdullahi Adamu, said the vehicle conveying the inmates was involved in a crash during the journey.

Delta Police Hunt Community Chief After Shocking Murder Of Three Youths.

He said the accident happened while efforts were ongoing to rescue those affected.

The escaped inmate was identified as Dahiru Mohammed, with prison number J/1539/24, who was admitted into custody on November 29, 2024.

The Correctional Service described him as dangerous and warned members of the public not to have any form of contact with him.

Former Edo Commissioner Charles Idahosa Explains Defection From PDP To APC

It urged residents to report any useful information that could lead to his re-arrest to the nearest security agency.

Authorities also cautioned that harbouring a fugitive is a criminal offence punishable under the law.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

Court Orders UI To Reinstate Students Suspended Over Fee Hike Protest.

Published

on

The Federal High Court sitting in Ibadan, Oyo State, has ordered the University of Ibadan (UI) to reinstate three students suspended over their participation in a protest against tuition fee hikes.....KINDLY READ THE FULL STORY HERE▶

Delivering judgment on Wednesday, Justice Nkeonye Maha set aside the decision of the university’s Central Student Disciplinary Committee, ruling that the students were denied fair hearing during the disciplinary process.

The court held that the failure to allow the students call witnesses and present evidence violated their constitutional right to fair hearing, rendering the sanctions against them invalid.

Former Labour Party Presidential Candidate Peter Obi Open to Vice-Presidential Role in 2027

The affected students — Aduwo Ayodele, Mide Gbadegesin, and Nice Linus — were suspended on July 14, 2025, after taking part in a protest against increased school fees approved by the university’s governing council.

Dissatisfied with the suspension, they approached the court, arguing that the disciplinary proceedings breached their fundamental rights and due process.

They asked the court to quash the suspension, reinstate their studentship, and award damages for alleged rights violations.

In her ruling, Justice Maha agreed with their arguments, stating that the university’s actions failed to meet the standards of natural justice.

Delta Police Hunt Community Chief After Shocking Murder Of Three Youths.

Following the judgment, rights group CAPPA hailed the decision, urging the university to comply fully, reinstate the students, and issue an apology.

The group said the ruling reinforces constitutional protections for freedom of expression and serves as a warning against the suppression of student protests in tertiary institutions.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

Trending

Copyright © 2023 NIVONEWS

×