NEWS
Macrostrat Urges Fiscal Reforms as CBN Holds Rates Steady After 306th MPC Meeting
By David Torough, Abuja
Macrostrat Nigeria Limited has called for stronger fiscal reforms and closer coordination between monetary and fiscal authorities following the Central Bank of Nigeria’s decision to retain all key monetary policy parameters at its 306th Monetary Policy Committee (MPC) meeting.
The recommendation emerged from a national policy webinar titled “The CBN Decides: July 2026 MPC Decision,” hosted by Macrostrat on July 22, 2026, where leading economists and policy experts assessed the implications of the apex bank’s decision to maintain its tight monetary stance.
The CBN on July 21 voted unanimously to retain the Monetary Policy Rate (MPR) at 26.5 percent, while leaving the Cash Reserve Ratio at 45 percent for Deposit Money Banks and 16 percent for Merchant Banks, maintaining the liquidity ratio at 30 percent, and keeping the asymmetric corridor at +50/-450 basis points.
According to Macrostrat, the decision reflects the CBN’s commitment to price and exchange rate stability amid easing inflation, global geopolitical uncertainties, volatile commodity markets, and anticipated election-related fiscal spending.
However, experts at the webinar warned that while the policy pause may help stabilize market expectations in the short term, persistently high interest rates continue to constrain private sector investment, job creation and economic expansion.
They argued that inflation in Nigeria remains largely driven by structural factors—including food supply disruptions, insecurity, high logistics costs, rising energy prices and infrastructure deficiencies—rather than excessive consumer demand, limiting the effectiveness of monetary tightening alone.
The panel also highlighted a disconnect between the official policy rate and prevailing money market rates, noting that high Cash Reserve Ratio requirements have locked significant banking sector liquidity at the CBN, reducing credit available to businesses and encouraging banks to invest in government securities instead of lending to the real sector.
Macrostrat called on the Federal Government and the CBN to adopt a coordinated policy approach by aligning fiscal and monetary measures, reforming the Cash Reserve Ratio framework, expanding targeted intervention funds for agriculture and manufacturing, and investing in power, transport and food supply infrastructure to tackle the structural drivers of inflation.
The firm further recommended narrowing the gap between official policy rates and market rates, improving debt issuance coordination, and establishing a joint macroeconomic policy coordination council involving the CBN, Ministry of Finance, Budget Office and Ministry of Industry, Trade and Investment.
For businesses, Macrostrat advised companies to improve working capital management, optimize supply chains and hedge foreign exchange risks, while investors were encouraged to take advantage of elevated yields on Nigerian Treasury Bills and other short-term fixed-income instruments while closely monitoring global geopolitical developments.
Speaking through the policy brief, Macrostrat Managing Director and Chief Executive Officer, Dr. Justin Amase, said sustainable economic growth would require moving beyond monetary tightening to comprehensive structural reforms that address insecurity, energy shortages, logistics bottlenecks and domestic food production.
The webinar featured economists and policy experts including Dr. Ayo Teriba, Prof. Evans Osabuohien, Dr. Faith Iyoha, Prof. Comfort Amire, Dr. Adedeji Adeniran, Dr. Rislanudeen Mohammad, and Prof. Likita Ogba, who collectively agreed that lasting macroeconomic stability would depend on effective monetary-fiscal coordination rather than interest rate policy alone.
NEWS
The Man Behind ‘The Ultimate Commander’: A Birthday Tribute to Ambassador Osita Offor
By David Torough, Abuja
Ambassador Osita Offor, popularly known as “The Ultimate Commander,” is being celebrated today for his vision, entrepreneurial drive, philanthropy, mentorship and commitment to building people and communities.
In a birthday tribute issued on behalf of the Management Team of Aba Commercial Smart City (ACSC), Engr.
Mazen Kalassina and Mr. David Okoro described Offor as a man whose influence extends beyond his business and public engagements to the people and relationships he has built throughout his journey.The tribute noted that the title “The Ultimate Commander” has become closely associated with Offor, reflecting what it described as his determination, courage, resilience and ability to pursue ambitious visions despite challenges.
According to the tribute, Offor is a visionary who sees possibilities beyond present circumstances and continually seeks opportunities to develop businesses, institutions and projects capable of creating lasting impact.
He was also described as a fighter, not because he seeks conflict, but because he refuses to surrender in the face of obstacles.
“Once Ambassador Osita believes in something, he pursues it with extraordinary determination,” the tribute stated, highlighting his persistence in the face of uncertainty, resistance and setbacks.
The birthday message further celebrated Offor as a builder, emphasizing that his contributions go beyond businesses and physical structures to include people, relationships, opportunities and legacies.
His role as a mentor was equally highlighted, with the tribute noting his ability to encourage others to think bigger, work harder and believe in their own potential. It credited him with sharing experience, opening doors and offering guidance to those around him.
Beyond his professional and public life, Offor was celebrated as a father and family man, with the message stressing the importance of responsibility, sacrifice, protection and commitment in defining his character.
His philanthropic activities also received special recognition. The tribute observed that his giving extends beyond financial support to include introductions, opportunities, advice and encouragement.
“True philanthropy is the willingness to look beyond oneself and ask: ‘What can I do to make another person’s journey better?’” the message stated.
As an entrepreneur and businessman, Offor was praised for understanding business as more than buying and selling. The tribute described his entrepreneurial philosophy as one centered on creating value, solving problems, taking calculated risks, generating employment and building sustainable opportunities.
They described him as a friend and a man of relationships, emphasizing his appreciation for trust, loyalty, partnerships and collaboration.
According to the tribute, his leadership philosophy is rooted not in commanding people, but in inspiring them to voluntarily identify with and pursue a worthwhile vision.
“That is why ‘The Ultimate Commander’ is more than a name,” the tribute stated. “It represents the man who commands his vision, his courage, his determination and his capacity to dream.”
They expressed optimism that Offor’s most significant achievements may still lie ahead, pointing to more businesses to build, people to inspire, communities to impact and lives to touch.
The management team of Aba Commercial Smart City also offered prayers for greater wisdom, strength, favour, accomplishments and impact in the years ahead. They prayed for the preservation of his health, the strengthening of his family and continued blessings upon his work.
The tribute saluted Offor in his various roles as businessman, philanthropist, mentor, father, friend, visionary, fighter and builder, while emphasizing that, above all, the celebration was about the man behind the title.
“Happy Birthday, Sir,” the message concluded, expressing the hope that his vision would continue to inspire, his courage would continue to lead and his legacy would continue to speak long after the birthday celebration.
NEWS
Peace on Paper, Peril in Practice: Why 2027’s Elections Remain at Risk
By Dakuku Peterside
There is something reassuring about the ritual of political rivals gathering beneath the same roof and signing their names to a common promise of peace. In a country where elections have too often been accompanied by intimidation, inflammatory rhetoric and violence, the symbolism matters.
It says that political competition need not become warfare; that opponents are adversaries, not enemies; and that the pursuit of power must remain subordinate to the survival of the republic.That is why the National Peace Accord signed in Abuja on August 18, 2026, deserves to be welcomed.
Facilitated by the National Peace Committee in partnership with The Kukah Centre, it commits political actors to peaceful, credible, free, and fair elections, rejects violence and hate speech, and calls for impartiality from the electoral commission and professionalism from security agencies.But Nigeria must be careful not to mistake a declaration of good intentions for an architecture of credible elections.
A peace accord can moderate political behaviour, establish a moral baseline and give citizens a standard by which to judge candidates. What it cannot do is neutralise structural inequalities embedded in the electoral environment.
The greatest threat to the next general election may be quieter than spectacular fraud or election-day violence: the gradual tilting of the political field before voters reach polling units.
An opposition rally denied access to a stadium. A campaign permit delayed without explanation. Billboard charges raised beyond reasonable reach. State-owned media giving disproportionate attention to incumbents. Government events becoming indistinguishable from campaign appearances. Security regulations applied rigorously to one political group and indulgently to another.
Each incident may appear administrative. Taken together, they can alter the character of an election.
This is the danger of electoral tilting: democracy may preserve the rituals of competition while weakening substantive equality. Candidates remain on the ballot, campaigns continue and votes are counted, yet the conditions under which those votes are sought may already be distorted.
The lesson is uncomfortable but essential: elections are not made fair on Election Day alone.
It begins with who may campaign freely, access public facilities, receive reasonable media exposure and advertise without arbitrary obstruction—and whether the government respects the boundary between public office and partisan advantage.
Once participation becomes dependent on administrative discretion, democracy risks becoming a permissioned economy in which those who control the state also influence the conditions under which they are challenged.
A level ballot cannot fully compensate for an uneven field.
The same concern applies to the institution entrusted with managing elections. INEC cannot be expected to command public confidence merely because the Constitution describes it as independent. Independence must be visible in its finances, operations, technology, staffing, and decision-making.
Financial dependence creates vulnerability. Delayed funding can become delayed logistics. Delayed logistics can become disenfranchisement. Administrative weakness may achieve what crude manipulation once required.
The legal framework matters just as much.
Nigeria entered the post-2023 electoral cycle with unresolved questions about electronic transmission, collation and the evidentiary burden on petitioners challenging disputed outcomes. Where the law permits uncertainty between polling-unit results, electronic records and subsequent collation, mistrust grows.
When petitions are extraordinarily difficult to prove because litigants must assemble vast volumes of polling-unit documents and technological evidence, citizens may wonder whether legal remedies are genuinely accessible or merely theoretical.
This is why electoral reform cannot stop at purchasing machines.
Technology can strengthen elections, but technology does not abolish politics.
BVAS and IReV are important efforts to improve accreditation and results transparency. Yet technology is only as credible as the rules, safeguards and audit trails surrounding it. Systems can fail, networks disappear and records be contested. Disinformation can exploit technical uncertainty faster than official explanations can restore confidence.
Artificial intelligence has lowered the cost of convincing falsehoods. Deepfakes, fabricated audio, manipulated images and coordinated disinformation can sweep through political communities before fact-checkers or regulators respond. Digital campaigns can seek not merely to persuade voters, but to confuse, provoke or convince them that voting is pointless.
In such an environment, transparency is no longer an administrative virtue. It is a democratic necessity.
Election technology must therefore be resilient, independently auditable and supported by clear legal rules. Procedures for electronic transmission should not remain open to endless interpretation. Technology must reduce uncertainty, not become another arena in which uncertainty is weaponised.
Security agencies face an equally important test.
The Peace Accord properly asks candidates to restrain their supporters. But restraint loses moral force if enforcement itself becomes selective.
When one rally receives protection while another faces disruption; when organisers fear harassment; or when journalists, donors and campaign workers believe association with certain candidates carries personal risk, democratic space contracts.
A citizen who fears attending a rally may soon fear displaying a poster. Communities may stop reporting intimidation; volunteers and donors may withdraw; journalists may self-censor. Participation narrows without any formal suspension of democratic rights.
That is how democracies can weaken while their institutions remain outwardly intact.
Security neutrality must therefore be enforceable, not ceremonial. Rules of engagement during campaigns and elections should be publicly known. Complaints must be independently monitored. Violations should attract consequences. No commander should be permitted to convert state coercive power into partisan advantage.
Then there is the more familiar problem of incumbency.
Office naturally confers visibility, access to information, public recognition and a record to showcase. These advantages become dangerous when the line between governing and campaigning disappears.
Public advertising may begin to resemble partisan propaganda. Government programmes may be launched to maximise electoral impact. Official travel can become political mobilisation. Public procurement and social interventions may be influenced by campaign timing. State infrastructure can quietly become campaign infrastructure.
The answer is not to freeze government during election season, but to separate legitimate governance from partisan exploitation.
Nigeria needs an enforceable incumbency code because public office must never confer ownership of public resources.
The same discipline is required in political speech.
Hate speech is often dismissed as the excess of heated campaigning. That is a mistake. In a country where political identities frequently intersect with ethnicity, religion and region, reckless rhetoric can turn ordinary political competition into an existential confrontation.
Once voters are persuaded that an election is not merely about policies or competence but about the survival of their community, electoral defeat becomes harder to accept, and political compromise becomes more difficult.
The Peace Accord condemns hate speech. But presidential signatures cannot control thousands of candidates, party officials, influencers, and supporters across the federation. Its principles must therefore travel downwards—from national party leadership to states, local governments, wards, and communities.
Political parties must discipline their own members. Technology companies must take coordinated manipulation seriously. Civil society, religious institutions, traditional leaders, youth organisations, and the media must strengthen early-warning mechanisms to identify and defuse dangerous rhetoric before it acquires a life of its own.
Failure will resonate far beyond the declaration of a winner.
Repeatedly tilted elections deepen regional suspicion, increase alienation and weaken attachment to constitutional processes. Electoral uncertainty raises political risk, discourages investment and complicates economic planning. A society that repeatedly doubts its elections may eventually doubt democracy itself.
Nigeria’s democratic standing has never depended simply on its capacity to organise elections. As one of Africa’s largest democracies, it carries a heavier responsibility: to demonstrate that political competition can be meaningful, that rules can constrain power, and that electoral legitimacy can survive intense rivalry.
The months ahead should therefore be devoted not merely to election preparation but to building an architecture of electoral fairness.
INEC should make preparedness more visible through transparent reporting on logistics, technology, and election-related compliance. Governments should guarantee equal access to public facilities and state-owned media while separating official functions from partisan campaigning.
Security agencies should publish neutrality protocols and submit election-related conduct to credible oversight. Political parties should appoint compliance officers and accept responsibility for supporters who violate agreed standards. Civil society and the media should systematically monitor venue access, airtime, security conduct, campaign financing, and digital integrity, and publish regular election-readiness scorecards for citizens.
None of this diminishes the Peace Accord.
It gives it meaning.
Democracies need rituals. Handshakes matter. Signatures matter. Public promises matter. They express the standards a society expects its leaders to observe.
But the deeper lesson of Nigerian electoral history is that peace cannot rest on goodwill alone.
A peaceful election is not necessarily a credible election. There may be no gunshots at polling stations and yet citizens may still conclude that the field was unfair. Ballots may be accurately counted, and yet confidence may remain weak because the conditions preceding the vote were unequal.
Electoral legitimacy is cumulative.
It is built from the confidence that candidates were free to compete, citizens were free to choose, institutions acted independently, security agencies remained neutral, technology worked transparently, and the same rules applied regardless of who held power.
That is the real test before Nigeria in 2027.
Dakuku Peterside is the author of Leading in a Storm and Beneath the Surface.
NEWS
2027: Bawa Urges APC Leaders, Supporters on Unity
By Tambaya Julius, Abuja
The Senior Special Assistant (SSA) to the Nasarawa State Governor on Greater Karu Development Control Agency (KAPDA), Hon. Bawa Rabo, has urged APC polling unit chairmen, executive committee members (EXCOs), local government appointees and other grassroots leaders in Tattara/Kondoro and Gitata Wards to remain united, committed and loyal to the party ahead of the 2027 general elections.
Rabo made the call during an engagement with APC supporters and grassroots leaders in Tattara and Gitata, Karu Local Government Area of Nasarawa State.
He urged party members to take their responsibilities seriously, stressing that their current positions, no matter how modest they may appear, could provide a pathway to greater opportunities in the future.
According to him, commitment to small assignments can eventually open the door to bigger responsibilities.
“This is a key given to you to open the door for yourself tomorrow. If you do well in the little one, the Bible says, he who is faithful in the little, a bigger responsibility shall be added unto him,” Rabo said.
He recalled that he started at the local government level, where he accepted an appointment despite the relatively low salary attached to the position.
He said he decided to focus on serving his community and carrying out his responsibilities diligently instead of allowing the financial reward attached to the job to determine his commitment.
“I told myself that if this is what I can render to my community and this is what my local government wants me to do, I will do it gladly and joyfully. I did it, and God has helped me,” he said.
Rabo said his dedication to the assignment eventually led to greater responsibilities, culminating in his current position.
“Today, I am an aide to the Governor. If I had rejected that appointment at that time, I wouldn’t have known where God was taking me to,” he stated.
He advised the grassroots leaders not to underestimate their current roles or allow the status of their offices to affect their commitment to the party and their communities.
“Don’t limit your responsibility. Don’t look down on the office you have today. God can use this office and open you another bigger one tomorrow,” he added.
The SSA also called for greater unity among APC members, particularly at the polling unit and ward levels.
He said the party could only achieve its objectives if members worked together, identified challenges in their respective areas and sought collective solutions.
“We cannot achieve what we want except we are united. Please, we must be united,” Rabo stressed.
He urged them not to be distracted by the activities of opposition parties as the 2027 elections draw closer.
“None of you should be detached. None of you should be worried or carried away with the wave of the opposition,” he said.
He expressed confidence in the APC’s prospects in the 2027 elections, urging members to remain focused on the party’s achievements and grassroots mobilisation efforts.
Speaking during the engagement, the Councillor representing Tatta/Kondoro Ward in Karu LGA, Barr. Ninda Yona, urged women to remain united and keep faith in the APC-led government.
Yona said women had received increased attention through political appointments and empowerment programmes, adding that several women in her ward had benefited from government interventions.
She described women as an important force in elections, citing their numerical strength and active participation in the electoral process.
She urged women to remain united and continue supporting the administration as the country approaches the 2027 general elections.
“I know that in every election, once women are behind you, you win your election because they keep true to their promise and come out in masses to vote,” Yona said.


