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.

By Tambaya Julius, Abuja 

A senior finance operative of the Islamic State West Africa Province (ISWAP), identified as Musa Usman, has surrendered to troops of Operation Hadin Kai in Borno State, marking another significant development in the military’s ongoing efforts to weaken terrorist networks in the North-East.

Usman, who is alleged to have played a key role in managing the finances of the terrorist group, surrendered alongside his two sons amid a fresh wave of defections from ISWAP camps.

According to Mohammed Gomi, Acting Military Information Officer, Headquarters Joint Task Force (North-East), Operation Hadin Kai, the surrender followed sustained land and air offensives carried out by troops to destroy terrorist hideouts and disrupt their operations across the region.

Gomi said the continued military pressure has forced several insurgents to abandon their camps and embrace the Federal Government’s non-kinetic initiatives aimed at encouraging terrorists to surrender and reintegrate into society.

Military sources told counter-insurgency publication Zagazola Makama that intelligence gathered through human sources alerted troops of the 24 Task Force Brigade about the planned surrender of the high-profile ISWAP operative along the Ladari–Jegarawaji–Tunokalia corridor on the Gamboru–Wulgo main supply route.

Following the intelligence report, troops of 3 Battalion (Mechanised), working with members of the Civilian Joint Task Force (CJTF) and Hybrid Forces, mobilised and intercepted the suspect at about 6:45 a.m. on July 25.

The surrendered insurgent was identified as Musa Usman, 40, who arrived with his two sons, Abubakar Musa, 10, and Awwali Musa, 15.

Preliminary investigations by the military revealed that Usman served as the chief finance officer of the ISWAP enclave in Jubillaram, where he was responsible for coordinating financial activities, logistics support and resource management for the terrorist group.

Security forces recovered several items from him, including one AK-47 rifle, four AK-47 magazines, 101 rounds of 7.62mm special ammunition, one motorcycle and ₦40,000 in cash.

The military stated that Musa Usman and his children are currently undergoing detailed profiling and interrogation to obtain intelligence that could support ongoing operations against remaining ISWAP fighters and their support networks within the theatre.

Operation Hadin Kai reaffirmed its commitment to restoring lasting peace and security in the North-East, urging other terrorists still operating in the region to surrender and take advantage of the government’s non-kinetic measures.

The military also appealed to members of the public to continue providing credible and timely information to security agencies to strengthen counter-terrorism operations and enhance security across affected communities.

By Tambaya Julius, Abuja

The Nigeria Customs Service (NCS) has dismissed a purported recruitment update circulating on social media, describing it as false and not originating from the Service.

The Service, in a statement, urged members of the public to disregard the misleading information and refrain from sharing unverified content capable of misleading prospective applicants and the general public.

The NCS advised Nigerians to rely solely on information published through its official communication channels for accurate updates on recruitment exercises and other activities of the Service.

It reiterated that its verified social media platforms remain the authentic sources of information and urged the public to always verify recruitment-related announcements before acting on them or sharing them with others.