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CBN keeps MPR at 11.5%, others despite rising inflammation

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Godwin Emefiele - CBN Governor
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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday, retained Monetary Policy Rates (MPR) at 11.5 per cent despite growing inflationary pressure in the economy.

The Committee also kept asymmetric corridor of +100/-700 basis points around the MPR, Cash Reserve Ratio (CRR} at 27.5 per cent, while Liquidity Ratio was also kept at 30 per cent.

Nigeria’s inflation rate rose to 15.7 per cent in February 2022, largely attributed to the uptick in core inflation from 13.87 per centrecorded in January 2022 to 14.01 per cent in the review month. The rise of the core inflation was due to the surge in energy prices, which was exacerbated by the electricity blackout across the country.

Briefing journalists immediately after the 141th MPC meeting in Abuja, the CBN Governor, Godwin Emefiele, suggested that inflation is expected to be on the rise, on the back of continuous rise in energy prices and could only be contained if the Russia-Ukraine war can be addressed as soon as possible.

Emefiele said: The Committee noted the impact that the global price increase in and other products is having practically on all economies.

“The MPC also noted that this has resulted in imported inflation on the Nigerian economy and believes that specific actions need to be taken to ensure that this trend does not continue given the adverse consequences and aggressive rising price level could have on the cost of living and purchasing power of Nigerians.

“Although MPC is relieved that food inflation declined marginally due to good harvest, with some scarcity expected as we approach the planting season, the Committee is optimistic that with the high level of strategic grain reserves of the CBN, it is relieved that food prices would remain relatively moderated.

“While growth has continued to improve, members noted that inflation was confronted with upward pressure due to emerging risks within the domestic and external environment.

“The MPC, however, noted that the substantial upward push to price levels continued to be influenced by supply persisting insecurity and side factors such as the scarcity of PMS, persisting insecurity and backlash from the Russia-Ukraine war. These require a careful and focused policy intervention to address and resolve.

“The Committee decided to adopt a hold stance as it would indicate a precautionary and consistent policy stance with the prevailing economic conditions particularly as further economic and financial shocks are exerted from the ongoing Russia-Ukraine war”.

On the lingering fuel scarcity, Emefiele, blamed the high energy prices been experienced in the country on the Russia-Ukraine was and disclosed that the management of the CBN would soon meet with the Nigerian National Petroleum Company Limited (NNPC) and the Ministry of Finance Budget and National Planning to work out necessary steps to address the petroleum product supply problems.

“The MPC is worried about global shortage of petroleum products. This has led to inflation. MPC is seeking ways to address this. “Nigeria exports crude oil and imports refined and this means we have to pay for imports. The committee noted the reduction in foreign reserves. The committee is also worried about oil theft and its effects on the economy. But we’re hopeful that the coming into operations of Dangote Refinery will help in ensuring fuel availability. The coming into operations of the entire Dangote complex will save Nigeria 30 per cent of the cost of importing the items produced in the complex.

“We were told that the Finance Ministry and NNPC are holding a meeting on the scarcity challenge. We too will be engaging the NNPC as well to see ways of making it easy for them to end fuel shortage which has led to arbitrary pricing.

“The rising price of diesel has led to poor electricity. We are working to put things under control,” Emefiele said.

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Abducted Oyo Pupils, Teachers Regain Freedom After Security Operation – Presidency

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The School Children and Teachers
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The Presidency has confirmed the release of the schoolchildren and teachers who were abducted by suspected bandits in Oriire Local Government Area of Oyo State.

The victims regained their freedom following coordinated efforts by Nigeria’s security agencies, according to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

Onanuga said the successful rescue operation underscores the commitment of the Federal Government and security agencies to ensuring the safety of citizens and tackling criminal activities across the country.

Although details of the rescue operation were not immediately disclosed, the presidential spokesperson commended the security personnel involved for their professionalism and dedication in securing the release of the abducted pupils and their teachers.

The victims were kidnapped in Oriire Local Government Area, an incident that sparked widespread concern and renewed calls for stronger security measures to protect schools and communities from criminal attacks.

The Presidency reaffirmed the administration’s resolve to intensify efforts against kidnapping, banditry and other forms of insecurity, while assuring Nigerians that security agencies will continue to pursue those responsible for the abduction and bring them to justice.

The release of the pupils and teachers has been welcomed as a significant relief for their families, the affected community and the Oyo State Government. Authorities are expected to provide further details on the rescue operation and the condition of the freed victims.

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Senate Passes Bill to Establish State Police Across Nigeria

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Senate in Session
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The Senate on Wednesday passed a constitutional amendment bill seeking to establish state police services across the federation, marking a significant step in ongoing efforts to reform Nigeria’s security architecture.

The bill, titled the Constitution of the Federal Republic of Nigeria (Alteration) (State Police) Bill, 2026, was considered and approved after extensive debate by lawmakers during plenary.

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INEC Declares Oyebanji Winner of Ekiti Governorship Election, Secures Landslide Re-election

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Ekiti State Governor,Biodun Abayomi Oyebanji
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Governor Biodun Oyebanji of the All Progressives Congress (APC) has been declared the winner of the 2026 Ekiti State governorship election by the Independent National Electoral Commission (INEC), securing a decisive victory across the state’s 16 local government areas.

The official declaration was made in the early hours of Sunday by the Returning Officer for the election, Professor Adenike Oladiji, Vice-Chancellor of the Federal University of Technology, Akure, at the state collation centre.

Announcing the final results at about 3:13 a.m., Oladiji stated that Oyebanji polled a total of 319,224 votes to emerge victorious, defeating other contenders in the keenly contested election.

According to the results released by INEC, the candidate of the Peoples Democratic Party (PDP), Oluwole Oluyede, garnered 40,543 votes to finish second, while Dare Bejide of the African Democratic Congress (ADC) secured 12,872 votes.

The Returning Officer disclosed that 384,940 voters were accredited for the election conducted across the state on Saturday. She added that 375,777 valid votes were recorded, while 6,332 votes were rejected, bringing the total number of votes cast to 382,109.

“That Biodun Abayomi Oyebanji, having satisfied the requirements of the law and scored the highest number of votes cast, is hereby declared the winner and returned elected,” Oladiji announced.

Oyebanji’s victory marks a significant endorsement of his administration by the electorate, as the incumbent governor secured an overwhelming majority of votes across the state.

The governorship election attracted widespread attention, with political stakeholders and observers closely monitoring the process. Voting generally proceeded peacefully across most parts of Ekiti State, although there were reports of technical challenges and allegations of irregularities in some locations during the exercise.

Security agencies maintained a strong presence throughout the election period, while election officials worked to ensure the smooth conduct of the poll.

The declaration officially concludes the 2026 governorship election process in Ekiti State and paves the way for Oyebanji to continue in office for another term as governor.

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