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3rd time in a row CBN raises lending rate to rein in inflammation

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The Central Bank of Nigeria (CBN) on Tuesday raised its main lending rate by 150 basis points to 15.50%, its highest level yet and more than forecast, forging ahead with efforts to rein in inflation and ease pressure on the currency.

The lending rate decision comes after annual inflation rose for a seventh straight month in August, to 20.52% from 19.64% in July.

The decision by the CBN’s Monetary Policy Committee (MPC) was the third time in a row the Apex bank would raise its interest rate.

With the inflation at its highest in 17 years, the CBN Governor Godwin Emefiele at the end of the meeting said the Committee had to continue with an aggressive stance.

According to the CBN governor, using the interest rate hike is the easiest and most preferred option, stressing that the option has been adopted globally.

“If you want to rein in inflation, the option is to raise the interest rate to a level that is equal or possibly higher than the inflation rate, so that inflation rate must lag policy rate,” Emefiele told a news conference

He further stated that if the inflation rate does not lag the interest rate, it becomes a negative interest rate and a disincentive to investors.

The Apex bank Governor is of the view that as long as inflation keeps rising, not raising interest rates will retard growth and leave the people poorer than they could have been.

“Therefore it is imperative that you must raise interest rate in order to rein in inflation,” Emefiele further said.

He, however, admitted that though raising interest rates may retard growth all the same but the reason for raising interest rates is not to help slow down inflation but compensate for an aggressive rise in inflation.

According to him, if the CBN does not raise the rate, consumption and expenditure would be affected because the purchasing power of individuals would be eroded or dissipated.

He added that the quantity of goods people will be able to buy would also shrink and this will invariably increase the level of poverty.

He, therefore, concluded thus: “You don’t have a choice but to raise interest rates.”

The Apex Bank adjusted Asymmetric Corridor at +100 & -200 basis points around the MPR (interest rate), raised the Liquidity Ratio to 30 per cent and also increased the Cash Reserve Ratio (CRR) of banks to a minimum of 32.5 per cent and stressed that commercial banks will be debited from their reserves by Thursday at the most.

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INEC Brings Forward 2027 Polls, Fixes January 16 for Presidential Election

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The Independent National Electoral Commission (INEC) has rescheduled Nigeria’s 2027 general elections, fixing January 16, 2027, for the presidential and National Assembly polls.

The commission also announced that February 6, 2027, will now hold the governorship and State Houses of Assembly elections across the country.

The new timetable was disclosed on Thursday by Mohammed Haruna, National Commissioner and Chairman of the Information and Voter Education Committee, in an official statement.

Why the Shift?

INEC had earlier slated the presidential and National Assembly elections for February 20, 2027, while governorship and state assembly polls were scheduled for March 6, 2027.

However, the commission said it was compelled to adjust the schedule following the repeal of the Electoral Act, 2022 and the enactment of the Electoral Act, 2026, which introduced new legal and administrative frameworks guiding the conduct of elections.

According to the commission, aligning the electoral calendar with the provisions of the new law became necessary to ensure compliance, adequate preparation, and seamless implementation of reforms embedded in the 2026 legislation.

Implications for Political Parties

The revised dates effectively shorten the timeline for political parties, aspirants, and stakeholders preparing for the 2027 race. Parties are now expected to recalibrate their primary elections, campaign strategies, and logistics to meet the updated electoral window.

Political observers say the earlier schedule may also intensify early mobilization efforts, fundraising drives, and coalition talks among major contenders ahead of what is expected to be a fiercely contested general election.

INEC Assures Readiness

INEC reiterated its commitment to conducting free, fair, and credible elections under the new legal framework. The commission urged political actors and the electorate to take note of the revised timetable and cooperate to ensure a smooth electoral process.

With the 2027 general election cycle officially recalibrated, attention now shifts to how political parties and key stakeholders will navigate the compressed timeline under the new Electoral Act regime.

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Ibom Air Passenger Who Slapped Crew Lands in Kirikiri!

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In a dramatic twist to an in–flight scandal, Comfort Emmanson — the passenger accused of assaulting airline staff during an Uyo–Lagos Ibom Air flight — has traded her trip for prison bars.

The incident, which shocked fellow passengers, has now culminated in her being charged to court and remanded at the notorious Kirikiri Correctional Centre in Lagos.

Tunde Moshood, Special Adviser on Media and Communications to Aviation Minister Festus Keyamo, SAN, broke the news on Monday via his official X handle.

“The more reason the flying public should be more careful… the unruly passenger on the Uyo–Lagos bound Ibom Air, Miss Comfort Emmanson, has been charged to court and she’s now cooling off in Kirikiri,” Moshood revealed.

Witnesses say the altercation left crew members shaken, sparking renewed calls for stricter penalties for in-flight misconduct.

 

 

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NASS Passes ₦54.99trn 2025 Budget

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National Assembly Complex Abuja.
National Assembly Complex Abuja.
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The National Assembly on Thursday passed the ₦54.99trn 2025 Appropriation Bill.

The bill was passed separately by the Senate and the House of Representatives.

A breakdown of the budget showed N3.645trn for statutory transfers, N14.317trn for debt servicing, N13.64trn for recurrent expenditure and N23.963trn capital expenditure (development fund), with fiscal deficit put at N13.08trn.

The Deficit-to-Gross domestic product (GDP) Ratio was put at 1.52%.

Last Week, President Bola Tinubu increased the 2025 fiscal year budget from an initial N49.7trn to N54.2trn, seeking approval from the Senate and the House of Representatives.

The Chairman of the House Committee on Appropriations, Abubakar Bichi, while presenting the bill for consideration, stated that the committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.

According to him, the 2025 Appropriation Bill was presented late, compared to that of 2024.

He urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year, to maintain the January to December budget cycle.

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