The Central Bank of Nigeria (CBN) has, once again, kept its key lending rate, known as the Monetary Policy Rate (MPR), at 27.5 percent.The Governor of CBN, Yemi Cardoso announced the decision yesterday in Abuja, following the 301st Monetary Policy Committee (MPC) meeting.Cardoso said that all 12 MPC members voted unanimously to hold all key monetary parameters.

The committee, thus, retained the cash reserve ratio at 50 percent for deposit money banks and 16 per cent for merchant banks. It also retained a liquidity ratio at 30 per cent, and the asymmetric corridor was held at +500/-100 basis points around the MPR.With this decision, the MPC has retained the rates for three consecutive meetings. (NAN)

By Eze Okechukwu, Abuja

Security operatives at the National Assembly yesterday prevented suspended Senator Natasha Akpoti-Uduaghan from gaining entry into the complex, sparking heated confrontations between her supporters and guards.Akpoti-Uduaghan, who represents Kogi Central, had arrived at the Assembly premises accompanied by supporters, insisting on resuming legislative duties based on a Federal High Court advisory, which urged the Senate to reconsider her suspension.

However, security personnel at the gate blocked her access, maintaining that the Senate had not authorized her return.Also barred was human rights activist Aisha Yesufu, who arrived ahead of the senator to show support. The presence of security reinforcements heightened the tension as exchanges grew heated between the senator’s camp and Assembly operatives.Addressing reporters at the scene, Akpoti-Uduaghan reiterated her stance that her six-month suspension was unjust and politically motivated. She vowed to pursue further legal action, stating:“My suspension is wrong. And such injustice will not be sustained. The recommendation itself is faulty. I’ll consult my legal team and likely proceed to the appellate court to seek interpretation. I am a law-abiding citizen.”Her suspension, handed down on March 6 over alleged misconduct and refusal to comply with a new seat assignment during plenary, was expected to last six months. The Senate had offered to lift the suspension earlier if she submitted a formal apology—a step she is yet to take.The controversy deepened after Senator Akpoti-Uduaghan declared her intention to resume legislative duties, citing a ruling by Justice Binta Nyako, which advised the Senate to amend its Standing Orders and review the disciplinary action against her. The court, however, did not issue an enforceable order mandating her reinstatement.Reacting to her attempted return, the Chairman of the Senate Committee on Media and Public Affairs, Senator Yemi Adaramodu, dismissed her claims, stating there was no valid court order compelling the Senate to recall her.“The court gave a non-binding advisory and did not find the Senate in breach of any constitutional provision. It even imposed a N5 million fine on Senator Akpoti-Uduaghan for contempt and demanded a public apology—conditions she has yet to fulfill,” Adaramodu noted.He warned that any attempt to “forcefully storm the Senate” would be considered disruptive and a violation of legislative protocols.“The Senate will, at the appropriate time, consider the court’s advisory on her suspension and communicate its decision. Until then, she is advised to stay away and allow due process to prevail,” he added.The senator’s suspension followed a plenary incident in which she refused to take her reassigned seat, claiming the move violated her legislative privileges. Her refusal led to a motion of disciplinary action, which was adopted by majority vote.With legal battles still unfolding, Senator Natasha’s political standoff with the Senate leadership continues to generate public interest and legal scrutiny.

By Eze Okechukwu, Abuja

The senate has approved President Bola Tinubu’s external borrowing plan of $21.5 billion for the 2025–2026 period, paving the way for the funding of key national development projects by the Federal Government.The approval followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko (APC, Sokoto) during plenary yesterday.

Tinubu had asked the National Assembly to endorse the borrowing to finance critical sectors including infrastructure, security, education, health, agriculture and human capital development. Also approved were a ¥15 billion Japanese loan, a €65 million grant, and additional domestic borrowing of N757 billion through federal bonds to offset pension arrears as of December 2023.The senate further gave the nod to the President’s request to raise up to $2 billion through foreign-currency denominated instruments in the domestic market.Senator Wamakko said the loan request aligns with the already approved Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2025 budget cycle.“The Committee recommends approval, as the borrowing plan is within the framework passed by the National Assembly,” Senator Wamakko said.Backing the motion, Senator Solomon Adeola (APC-Ogun) noted that the loans were embedded in the 2025 Appropriation Act, adding, “With this approval, all revenue sources, including loans are now in place to fund the budget.”Senator Sani Musa (APC, Niger East) stressed that the loans would be disbursed over six years and assured that Nigeria had not defaulted on its debt obligations.“No economy grows without borrowing. This follows global best practices,” Senator Musa said.Senator Adetokunbo Abiru (APC, Lagos East) said the facilities complied with the Fiscal Responsibility Act and the Debt Management Act, explaining, “These are long-term, concessional loans with favourable terms, some spanning up to 35 years.”However, Senator Abdul Ningi (PDP, Bauchi Central) raised concerns over the absence of repayment details and how the loans would directly impact constituents.“We must tell Nigerians exactly how much is borrowed in their name and for what purpose,” Ningi said.Senator Victor Umeh (LP, Anambra Central) threw his weight behind the plan, commending the $3 billion earmarked for the eastern rail corridor.“For the first time, I’ve seen such allocation for the eastern rail line—this alone justifies my support,” Umeh said.Deputy Senate President Jibrin Barau (APC, Kano North) who presided over the session, praised the Committee’s work and assured that the plan reflects national inclusiveness.“With this approval, implementation of the 2025 budget can begin in full. The funds must be strictly used for capital and development projects,” Barau said.Senate Summons NNPCL Boss to Appear within 24HrsThe Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPCL), Bayo Ojulari for the fourth consecutive time failed to appear before the Senate Committee on Public Accounts to respond to questions from the audit report of the organization.Ojulari who said his non-appearance yesterday to honour the invitation was sequel to his sudden invitation by President Bola Tinubu Tuesday sent the Chief Financial Officer (CFO) Dapo Segun of the National Oil Company to represent him during the session with the senate.The Senate, through its Committee on Public Accounts which is investigating queries raised against the National Oil Company in the audit reports of 2017 to 2023 however expressed their concerns following the non-appearance of the NNPCL Boss physically to answer relevant questions in connection with the audit report of the organization and gave him 3:00pm prompt today as ultimatum to show up or face the resultant effect.The Committee Chaired by Senator Aliyu Wadada Ahmed (Nasarawa West), had after three earlier invitations sent to Ojulari to appear before it for explanation on N210 trillion unaccounted from 2017 to 2023 extended the fourth invitation to him penultimate Thursday.But at its sitting on Tuesday when the Committee’s Chairman asked the Clerk, Mohammed Sani Abdullahi whether NNPCL ‘s GCEO was around, the Clerk responded that he sent a letter for explanation on his absence.Ojulari as contained in the letter dated 22nd July 2025 and read by the Committee’s clerk said an urgent invitation he got from President Bola Tinubu at about 1:00pm prevented him from honouring the Committee’s invitation.However, being the fourth time, the NNPCL’s GCEO failed to appear before them, members of the Committee one after the other in their separate comments expressed reservations on the sincerity of the reason given by Ojulari.Specifically , Senator Victor Umeh (LP , Anambra Central) in his remarks said though intervention of Presidential call , reduces his anger against the NNPCL boss but using Tinubu as an excuse for failing to appear before the Committee should not be allowed to continue.Senator Joel Thomas Onowakpo (Delta South) in his comment, accused Ojulari of not taking the invitation of the Committee as a priority.”To me , the NNPCL boss thinks that he is bigger than this committee and will not need a soothsayer to tell us that he will never honour our invitation except we invoke our powers to compel him “, he said .Similarly, Senator Aminu Abbas of Adamawa Central said Ojulari was disrespectful to the Committee, forgetting that no GCEO is bigger than the National Assembly.”For failing to honour invitations of this Committee four different times, he should be ordered to appear before it tomorrow unfailingly”, he said.Accordingly, the Committee as declared by its Chairman, senators Wadada, resolved that Ojulari should appear before it today by 3:00pm prompt or risk an issuance of a warrant of arrest against him.Reps Approve N105bn RMAFC 2025 Budget ProposalThe House of Representatives Committee on Finance on Tuesday approved the sum of N105.14 billion for Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) operations for the 2025 fiscal year.The Committee adopted the RMAFC 2025 budget proposal during the budget defence session with the management of RMAFC led by the Chairman, Mohammed Shehu.Presenting the RMAFC 2025 budget proposal earlier, Shehu said that of the N105.14 billion, the sum of N20.6 billion is for personnel, while the sum of N8.9 billion is for overhead.According to the document made available to the Committee, projected sources of income from January to June 2025 from 0.5 per cent non-oil Federation revenue stands at N37,203,901,732.52, while the projected income from July to December 2025 stands at N67,937,025,011.56.The RMAFC helmsman said that the sum of N75.5 billion, which represented 71.8 per cent of the total budget, was earmarked for capital estimates.He commended the committee for championing the recent amendment of the RMAFC Act, saying that it had positioned the commission to function better.The Chairman of the committee, Rep. James Faleke (APC-Lagos), said that the committee had gone through the budget and was satisfied with the estimates.He said that the committee, through its oversight function, will ensure full implementation of the budget.Faleke said that the assembly will be going on its annual recess within the week, saying that the committee, upon return, expects between 30 to 40 percent implementation.Following the adoption, the bill will be presented to the Committee of the Whole for third reading and onward transmission to the President for assent.