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Retain 24.75% lending rate, experts advise CBN

Some financial and economic experts have advised the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to retain the lending rate of 24.75 per cent.
The experts, who gave the advice in separate interviews with the News Agency of Nigeria (NAN) in Abuja spoke against the backdrop of the MPC meeting scheduled for Monday and Tuesday.
A renowned economist, Prof. Ken Ife, said that the seeming success of aggressive tightening in the last two meetings might propel the committee to further tighten the rates.
Ife, Lead Consultant on Private Sector Development to the ECOWAS Commission,
however, advised the committee to retain the prevailing rates.
“They might want to increase it. The worst case scenario is for them to retain.
“This is because the policy is working to tighten the grip on inflation. It is actually yielding results.
” Even though, relative to last year, inflation is increasing, when you look at month on month inflation, all the five inflation indices are decreasing.
“Headline inflation, which is the composite price index, food basket index, core inflation, urban inflation, and rural inflation. They all went up in the last 12 months, but month on month, between March and April, they all started going down.
” So, the aggressive tightening is working, but it needs more time for the growth to become significant and reflect on the next months,” he said.
According to Ife, the MPR, being less than inflation, is a major challenge for investors.
” Inflation is 33.1 per cent while the lending rate is 24.75 per cent. This does not encourage investment.
” So, the MPR could continue to rise while inflation continues to decline until one gets higher than the other.
“In the prevailing circumstance, private sector investment could be crowded out because if banks are forced to borrow at a high level, their lending rates will also get higher.
” It is advisable to retain the rates but I know that they are minded to increase it,” he said.
Another economist, and past president of the Abuja Chamber of Commerce and Industry (ACCI), Dr Chijioke Ekechukwu, also urged the MPC to halt further tightening of the lending rate
“At the inception of the new MPC, it has been about tightening. Tightening became necessary because of the amount of money in circulation, which needed to be mopped up.
“This has resulted in a high MPR, which has equally led to a high interest rate in the financial sector.
“Having reached this far, instead of tightening further, they should hold on to the existing rates to be able to see the impact of the tightening that has been done already.
“The more tightening that we have, the more the inflation rate. Today, there is a positive correlation between high MPR and high inflation rate,” he said.
According to him, it is not supposed to be so, but our economic situation is peculiar because there are other factors outside the purview of the monetary policy that also contribute to a high inflation rate.
“For example, food inflation has nothing to do with monetary policy. It is a security challenge.
“Also, the increase in the pump price of PMS has nothing to do with monetary policy,” he said.
Uche Uwaleke, a professor of Capital Market and the president of Capital Market Academics of Nigeria, urged the MPC to retain the prevailing rates to mitigate the impact of its aggressive policy tightening on Nigerians.
According to Uwaleke, if I were a member of the MPC, I would vote for a hold position as the aggressive policy rate hike is taking a toll on output.
“Production is stifled because of the 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.
“This is due to the significant non-monetary factors driving inflation in Nigeria, such as high cost of energy, transport as well as insecurity in the food-belt regions of the country,” he said. (NAN)
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Easter Celebration: Hon. Laria Distributes Rice To Residents

By Tambaya Julius, Abuja
In a powerful display of compassion and community spirit, Honourable Larai Sylvia Ishaku, Executive Chairperson of Jaba Local Government Area (LGA) in Kaduna State, spearheaded the distribution of rice to residents across all 10 electoral wards for Easter Celebration.
The well-organised event took place at the H.R.H Danladi Gyet Maude Secretariat in Kwoi, where crowds of grateful beneficiaries gathered to receive vital support from Hon. Laria Sylvia Ishaku.
Also in attendance were Hon. Mustapha Danladi Babaladi, the Executive Vice Chairman of Jaba LGA, and Comrade Abashiya Sahjury, Chief of Staff to Hon. Laria and other key political Leaders, which demonstrate strong leadership presence and a united front in delivering relief to the people.
The rice distribution reached a broad section of society, including former unit executives, recent political decampers, market women and traders, healthcare personnel, Okada riders (commercial motorcyclists), people living with disabilities, security personnel, and representatives from religious and community-based organisations such as the Christian Association of Nigeria (CAN) and others.
During her speech, Hon. Larai Sylvia Ishaku reaffirmed that the initiative was part of the broader support structure provided by Governor Uba Sani and All Progressives Congress (APC) for the people of Jaba LGA in Kaduna State.
She emphasised that her administration’s intention is to continue delivering practical benefits and genuine support to the masses (grassroots). “We are committed to ensuring every resident of Jaba LGA experiences the dividends of good governance. By the end of 2026 and beyond, no one will be left out,” she assured.
“Easter symbolises love, sacrifice and the joy of giving, such effort is a way of saying thank to you people while fostering peace and unity within our communities in Jaba LGA.”
Addressing the political atmosphere, Hon. Ishaku urged residents to stay vigilant and not fall prey to deceptive political tactics. “Be cautious of those who seek to mislead you for selfish political gain. Where were they when they held power? They forgot you,” she declared boldly.
In an appreciation for the gesture, One of the beneficiary, Mr. Dennis Iliya, expressed deep thanks on behalf of the beneficiaries. “We thank the APC government for standing by the people of Jaba. May the kindness shown by Governor Sani and Hon. Larai Sylvia Ishaku. Their kindness has brought relief during these difficult times. May God continue to bless them and the APC leadership,” he stated joyfully.
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NCSP DG: Nigeria, China Will Soon Sign Digital Currency Deal 59 Reduce Dollar Reliance

Joseph Tegbe, director-general (DG) of the Nigeria-China Strategic Partnership (NCSP), says Nigeria will soon sign a deal on ‘Digital RMB’ with China to enable a direct conversion of naira to Chinese Yuan.
The digital renminbi (RMB) is a central bank digital currency issued by China’s central bank, the People’s Bank of China.
Speaking at the digital asset markets strategy masterclass series held recently in Lagos, Tegbe said the agreement is expected to reduce Nigeria’s dependence on the United States dollar.
He described the pact as a major step in Nigeria’s transition from a trade relationship with China to a mutually-beneficial development partnership.
The NCSP DG also said Nigeria has secured over $30 billion in investment commitments and 300 expressions of interest from Chinese companies within the last five months.
Tegbe also noted the importance of leveraging Chinese technology, particularly in the digital asset market and knowledge transfer, adding that the NCSP remains committed to supporting the globalisation of Nigeria’s capital market.
The director-general outlined the objectives of the partnership, which include driving infrastructure development, scaling up Chinese investments, strengthening trade and economic ties, promoting transparency, and advancing cultural exchange between both countries.
Also speaking at the event, Babajide Sanwo-Olu, governor of Lagos, said the state is developing a securitisation policy to monetise idle assets and raise green bonds to fund infrastructure needs.
Sanwo-Olu, who was represented by Abayomi Oluyomi, the commissioner for finance, said Lagos will become the first sub-national in the country to implement such a policy.
In his remarks, Nicholas Okoye, convener of the masterclass and a global investment advisor, said the digital transformation ushered in by the fourth industrial revolution has impacted all sectors and will open new frontiers of wealth for investors, institutions, nations, and sub-nationals.
“The most strategic ecosystem of this digital transformation has got to be ‘Digital Asset Markets’, which includes investment in cryptocurrencies as well as the tokenisation (digitisation) of traditional asset classes,” Okoye said.
“The proposed full adoption of ‘Digital Asset Markets’ in Nigeria’s capital markets and subsequently across Africa is going to be a game changer for wealth creation and economic growth sustainability.
“In addition, it will completely redefine the future of African finance, investment and capital market industries.”
Okoye said the digital assets present a unique opportunity for Africans to build wealth regardless of location or profession, providing for the first time, an accurate reflection of Nigeria and Africa’s true wealth position.
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Taraba NUJ Honour Chief DSK as the philanthropist Man of the year

By Nahum Sule, Jalingo
Making the event that marked the Nigeria Union of Journalists at 70, the Taraba State chapter of the NUJ Honour chief David Sabo Kente as the philanthropist man of the year
The award presentation was held in Jalingo, the state capital, at the grand finale of the NUJ Press Week celebration.
Speaking at the ceremony, the state chairman of NUJ, Mr Eliud Jen, noted that the awards were carefully chosen base on concrete evidence of performance in various categories and meant to spur the awardees to do more.
Chief Kente, who was the governorship aspirants of the All Progressives Congress APC, in 2023, has used his foundation, The DSK foundation, to help thousands of Taraban through scholarship, Small Medium Enterprises and lot more.
While congratulating the union for attaining 70 years, Kente called on government investors and everyone to give the union a support hand to enable its members to continue discharging their duties effectively.
Others who were awarded for outstanding performance are His Excellency Dr, Agbu Kefas the governor of Taraba State, Alhaji Yakubu Jafaru Chiroma, member representing Bali/Gassol Federal constituency, Dr Aisha Adamu, the CMD of Federal Medical Centre Jalingo, Hon. Aminu Hassan, ALGON chairman in the State, Professor Joseph Albasu Kunini, former Speaker of Taraba State and Professor Sunday Bako, Vice Chancellor Taraba State University Jalingo, the state Commissioner of Women Affairs and Child Development Mrs Mary Sinjen, Commandant 6 Brigade Jalingo Gen. Kinsley Uwa and several others were also given recognition as friends of the press.
Kente further appreciated journalists for finding him worthy to be honour, emphasizing that the award will spur him to do more.