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Peter Obi Criticizes CBN’s Decision To Increase Interest Rate

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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.

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.

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.

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2027 Power Struggle: Nwebonyi Rubbishes Rumors Of Single-Term Zoning For Ebonyi North.

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Senator Onyekachi Nwebonyi, the Deputy Chief Whip of the Senate, has rejected assertions that he is breaching a zoning agreement that would supposedly limit Ebonyi North senators to one term. Addressing claims from his APGA challenger, Chief Chikadoli Ojimba, who recently called for him to step down, Senator Nwebonyi stated there is no constitutional or political mandate requiring him to abandon his 2027 reelection bid.....KINDLY READ THE FULL STORY HERE▶

Speaking to the press in Abakaliki on Sunday, the Senator pointed to the precedent set by former Governor Sam Egwu, who successfully served two terms in the Senate, to argue that the alleged one-term policy lacks binding authority. Highlighting his own constituency initiatives and record, Nwebonyi stated he faces no serious competition for his seat and emphasized that public service should be defined by sacrifice rather than personal gain.

Additionally, the Senator expressed strong support for the APC’s prospects in Ebonyi State and lauded President Bola Tinubu for prioritizing infrastructure development in the South-East. He further praised Governor Francis Nwifuru as a unifying leader, dismissing rumors of friction within the Izzi clan and calling on stakeholders to prioritize the state’s collective development over divisive politics.

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High-Stakes Rescue Mission: Tinubu Dispatches Security Chiefs And CoS To Oyo Over Mass Abduction.

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Following the kidnapping of 46 teachers and pupils from Baptist Nursery and Primary schools in Oyo State, a high-level presidential delegation has arrived in Ogbomoso. The officials are currently en route to the affected villages of Esiele and Yawota, located within the Orire Local Government Area.....KINDLY READ THE FULL STORY HERE▶

The mission is headed by Chief of Staff Femi Gbajabiamila, National Security Adviser Mallam Nuhu Ribadu, and Inspector General of Police Tunde Disu.                                                                                                                                                                                                                                                                                                                                                                               The team also includes Minister of Defence General Christopher Musa, Minister of Power Joseph Tegbe, and Special Adviser on Public Communications Sunday Dare. According to Sunday Dare, President Tinubu has initiated coordinated operations to ensure the victims are safely released and the kidnappers are apprehended.

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London Turns Red: Arsenal Fans And Players Party Through The Night Despite European Exit [Photos].

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On Sunday, May 31, 2026, thousands of Arsenal fans flooded the streets of north London to celebrate the club’s first Premier League title since 2004, successfully shifting the focus from their Champions League final loss the previous day. Adorned in red and white, supporters lined the route through Islington, waving flags and lighting flares as an open-top bus parade moved through the area.....KINDLY READ THE FULL STORY HERE▶

The festivities, which began after 2 p.m. at the Emirates Stadium, wound through Highbury, Canonbury, and Upper Street before concluding back at the stadium. This parade honored a league victory confirmed on May 19, ending a 22-year championship drought. During the event, fans were seen climbing trees and rooftops to see Mikel Arteta’s squad as the players showcased the Premier League trophy. The procession included four buses, one of which carried the Arsenal Women’s team, winners of the inaugural Women’s Champions Cup this past February.

This celebration followed a heartbreaking 1-1 draw against Paris Saint-Germain in the Champions League final in Budapest on Saturday, where Arsenal ultimately fell in a penalty shootout after misses by Eberechi Eze and Gabriel Magalhaes. Despite the European defeat, the Premier League title held immense significance for the team, coming after three consecutive seasons as runners-up. Reflecting on the massive turnout, journalist Matt Graveling described the celebration as the largest sporting event he had witnessed in his 15-year career.

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