NEWS
CBN Raises Interest Rate by 150 Basis Points to 26.25% from 24.75%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has raised the country’s baseline interest rate by 150 basis points to 26.25 per cent from 24.75 per cent.
Mr Yemi Cardoso, the Governor of CBN, said this on Tuesday in Abuja, while reading the communique from the 295th meeting of the MPC.
Cardoso, however, said that the committee decided to hold all other parameters constant.
The Cash Reserve Ratio (CRR) was thus, retained at 45 per cent, the Liquidity Ratio of 30 per cent was retained and Asymmetric Corridor of +100/-300 basis points around the MPR was also retained.
Cardoso said that all 12 members of the committee were present at the meeting.
According to him, the key focus of the committee at the meeting remained to achieve price stability by effectively using tools available to the monetary authority to reign in inflation.
He said that members observed that while year-on-year headline inflation in April rose moderately, the month-on-month measures of headline, food, and core inflation all declined significantly.
“This follows a decline month-on-month of headline and food measures in March, suggesting that the recent tight monetary policy stance of the CBN is beginning to yield the desired outcome,” he said.
He said that the MPC, however, noted that inflationary pressure continues to be driven largely by food inflation.
“The committee, thus, reiterated several challenges confronting the effective moderation of food inflation.
“They include rising cost of transportation of farm produce, infrastructure related constraints along the line of distribution network, and security challenges in some food producing areas,” he said.
Cardoso said that “exchange rate pass-through” to domestic prices for imported food items was also an impediment to taming food inflation.
According to him, the MPC urged that more be done to improve the security of farming communities to guarantee improved food production in these areas,” he said.
Reports says that this is the third consecutive tightening of the baseline interest rate, known as the Monetary Policy Rate (MPR) by the MPC under Cardoso.
At its 293rd meeting in February, the committee increased the MPR by 400 basis points from 18.75 per cent to 22.85 per cent, and also increased it by 200 basis points, to 24.75 per cent from 22.75 per cent in March.
Meanwhile, an economist, Dr Chijioke Ekechukwu, reacting to the decision of the MPC, urged stakeholders to give the committee the benefit of the doubt.
” Although, a continuous increase of MPR in my opinion, is not going to control inflation. It is rather going to continue to increase it, as the cost of funds will rise.
“This will ultimately be borne by consumers through higher prices of goods and services.
“There are other drivers of inflation, which are not within the control of the monetary policy.
” If a sickness needs a combined doses of two drugs to heal, and you use only one drug, that sickness will remain with the patient,” Ekechukwu said.
Uche Uwaleke, a professor of Capital Market and the president of the Association of Capital Markets Academics of Nigeria, said that the hike in the MPR by a further 150 basis points would most likely have an adverse consequence on the equities market.
According to Uwaleke, this is given the inverse relationship between interest rates and equities market returns.
“It has the potential of triggering portfolio rebalancing in favour of fixed income securities.
“If I were a member of the MPC, I would have voted for a hold position as the aggressive policy rate hike is taking a toll on output.
” Production is stiffled because of very high cost of funds.
“Moreover, the seeming over reliance on the MPR as a tool to tame inflation does not appear to be making any meaningful impact due to the significant non-monetary factors driving inflation in Nigeria,” he said.
He listed such factors to include high cost of energy, transport as well as insecurity in the food-belt regions of the country. (NAN)
NEWS
Tinubu Honors Buhari, Renames University of Maiduguri after Late President

By David Torough, Abuja
President Bola Tinubu has approved the renaming of the University of Maiduguri, Borno State as Muhammadu Buhari University.
“May we now adopt the University of Maduguri as the Muhammadu Buhari University,” Tinubu said at the close of a special session of the Federal Executive Council held to honour Buhari at the Aso Rock Villa, Abuja on Thursday.
The President paid a glowing tribute to Buhari, describing him as “a good man, a decent man, an honourable man” whose legacy of discipline, patriotism and moral uprightness would endure for generations.
Tinubu said although the late president was not without flaws, his unwavering commitment to national service set him apart.
“President Buhari was not a perfect man, no leader is, but he was, in every sense of the word, a good man, a decent man, an honourable man.
“His record will be debated, as all legacies are, but the character he brought to public life, the moral force he carried, the incorruptible standard he represented, will not be forgotten.
“His was a life lived in full service to Nigeria, and in fidelity to God,” he said.
Reflecting on Buhari’s time in office and his long military and civil service, Tinubu praised the late leader’s simplicity, humility, and stoic resistance to the trappings of power.
He said, “He stood, always, ramrod straight; unmoved by the temptation of power, unseduced by applause and unafraid of the loneliness that often visits those who do what is right, rather than what is popular.
“His was a quiet courage, a righteousness that never announced itself. His patriotism lived more in action than in words.”
Tinubu also recounted their political alliance, which culminated in the historic 2015 elections that marked Nigeria’s first democratic transfer of power from one ruling party to another.
“We stood together, he and I. Alongside others drawn from across the political spectrum, regions and tongues, we formed an alliance that enabled Nigeria to experience its first true democratic transfer of power from one ruling party to another.
“When he was sworn in as our party’s first elected President, he led with restraint, governed with dignity, and bore the burdens of leadership without complaint,” he said.
The President expressed admiration for Buhari’s post-office modesty, noting that he returned to his hometown, Daura, without seeking to wield influence behind the scenes.
“When his tenure ended, he returned to Daura; not to command from the shadows or to hold court, but to live as he always had, never seeking to impose his will but content to let others carry the nation forward.
“Even in death, he maintained the serenity that defined him in life: not a sigh, not a groan, just a quiet submission to the will of God. Such was the man Nigeria has lost. Such was the man for whom our nation now mourns,” he added.
Tinubu thanked the Inter-Ministerial Committee and Katsina State Governor, Dikko Radda, for organising a befitting state funeral within 48 hours, describing it as a “profound honour” to lead the burial procession in Daura.
He concluded his tribute with a prayer: “Mai Gaskiya, the People’s General, the Farmer President, your duty is done. May Almighty Allah forgive his shortcomings and grant him Aljannah Firdaus. May his life continue to inspire generations of Nigerians to serve with courage, conviction, and selflessness. President Buhari, thank you. Nigeria will remember you.”
Buhari died on Sunday, July 13, at the age of 82.
NEWS
C’River First Female NUJ Chairman Describes Tenure as Trial Period

The first female Chairman of the Nigeria Union of Journalists (NUJ) in Cross River, Archibong Bassey has said that her first tenure in office was a trial period.
Bassey, who was returned unopposed in council’s election, made the assertion in an interview on Thursday in Calabar.
The Bassey- led executive was first elected on 9th May 2025, to complete the tenure of Nsa Gill, who was then appointed as Chief Press Secretary to Gov.
Bassey Otu.The chairman, who thanked the members for keeping faith in her and her team, said that she would improve on her achievements while correcting any mistakes she might have made in her first tenure.
She pleaded that any member who she must have offended in the course of her leadership should forgive her as she was not perfect and called for unity among members.
“Let’s leave any form of rancour behind, I need all your support;push me from the back, support me as you can.
‘’Tell me your ideas of moving the council forward and not what someone told you about me; I am asking God for the spirit of humility and love, to enable me lead the council well.’’
Earlier in his goodwill message, Dr Erasmus Ekpang, Cross River’s Commissioner for Information, had commended the union’s unity in electing its new executives.
According to Ekpang, they will continue as a government to give the Cross River Council of NUJ what it needs and all the necessary support to enable it carry out its functions objectively.
“I want to thank you for your unity, it’s better to come unopposed, I believe one day, the Cross River Council will emerge as the best in the nation,” he said.
Other executive members who were returned unopposed are Mr Sunday Inah of the Cross River Broadcasting Corporation (CRBC) as Vice Chairman, Michael Abang of Business Day as Secretary.
Others are Kingsley Agim of the Cross River Ministry of Information as Assistant Secretary, Mrs Achiane Adams of the Ministry of Information, Treasurer, and Benedine Tete Anam of the Federal Radio Corporation of Nigeria (FRCN), Auditor.
NEWS
Gov Makinde Confered With Prestigious Chieftaincy Title of Aare Omoluabi of Akure Land by Akure Kingdom

The Akure Kingdom will today bestow a prestigious chieftaincy title, Aare Omoluabi of Akure Land, meaning President of the Respectable People, upon His Excellency, Governor Seyi Makinde of Oyo State.
The conferment ceremony, which will take place in Akure, Ondo State, marks a significant recognition of Governor Makinde’s exemplary leadership, integrity, and contributions to the advancement of Yoruba culture and national development.
The title, one of the highest honors in the Akure Kingdom, celebrates individuals who embody the virtues of respect, dignity, and service to humanity.
Governor Makinde’s conferment reflects his outstanding commitment to good governance, infrastructural development, and fostering unity across Nigeria.
The ceremony will be attended by traditional rulers, dignitaries, and government officials, underscoring the significance of this historic event.
This honor further strengthens the bond between Oyo and Ondo States, fostering mutual respect and cooperation for the progress of the Yoruba nation and Nigeria at large.