The Central Bank of Nigeria, CBN, through its Monetary Policy Committee (MPC), has retained the Monetary Policy Rate at 27.5 per cent. The MPR is used to benchmark interest rates in the country and the decision is the third time the regulator is retaining the MPR in 2025. The Governor of the apex bank, Olayemi Cardoso, announced this on Tuesday at the end of the committee’s 301st meeting in Abuja. Cardoso also disclosed that the CBN retained the asymmetric corridor around the MPR at +500/-100 basis and other parameters. He said the Committee voted to retain Monetary Policy Rates at…
Author: Reporter
The Universal Basic Education Commission (UBEC) is worried that the N250 billion intervention funds disbursed to state governments are still being retained as unutilized in the coffers of the 36 States Universal Basic Education Boards (SUBEBS) & Federal Capital Territory (FCT-UBEB). It said the basic challenge is still not only accessing the UBE matching grant, but failure of some of the state governments to properly utilize the fund for the purpose of development of infrastructure and improvement on the teaching and learning conditions in schools across the country. The Executive Secretary of the Commission, Aisha Garba, disclosed this yesterday while declaring…
ABUJA The Nigerian senate has approved the 2025-2026 external borrowing plan of $21.5 billion presented by President Bola Tinubu for consideration. Also approved was a loan request of 15 billion Japanese Yen and 65 million Euros grant. The Senate also approved the issuance of Federal Government Bond of N757 billion for payment of accrued rights pension arrears as at December 2023 for the Contributory Pension Scheme (CPS). The Upper Chamber also approved President Tinubu’s request for capital raising of up to $2 billion through a foreign-currency-denominated instrument in the domestic market. The approval yesterday was sequel to the presentation and…
The National Assembly complex in Abuja became a movie theatre today, July 22, 2025, as Senator Natasha Akpoti-Uduaghan was barred from entering the premises despite a court ruling in her favour purportedly. There are however discordant opinion on the veracity of that ruling if it indeed instructed the Senate to readmit the legislator or merely expressed and opinion which may not be legally binding. Akpoti-Uduaghan, representing Kogi Central Senatorial District, had announced her intention to resume plenary, citing a Federal High Court judgment that described her six-month suspension as excessive and unconstitutional. Upon her arrival at the National Assembly, Akpoti-Uduaghan…
No doubt, despite going through many reviews, the 1999 Constitution of the Federal Republic of Nigeria has often been criticized as an instrument bequeathed to Nigeria by the military. Notwithstanding, the National Assembly has not relented at getting the task of delivering a new constitution done for the country, with a focus on addressing various issues, including federal structure and power devolution, local government autonomy, and strengthening the electoral process. Interestingly, in a bold move, Governors Lucky Aiyedatiwa of Ondo, Ademola Adeleke of Osun, and Biodun Oyebanji of Ekiti have jointly advocated the need for true federalism and state police…
Super Falcons coach Justine Madugu and his South African counterpart Desiree Ellis are fired up ahead of their Women’s Africa Cup of Nations semi-final showdown at the Stade Larbi Zaouli in Casablanca on Tuesday. The highly anticipated clash pits nine-time champions Nigeria against defending champions South Africa in what promises to be a titanic battle. Nigeria have dominated the historical head-to-head record, winning eight of their previous 11 WAFCON encounters against South Africa and outscoring Banyana Banyana 16-5. However, the reigning champions are no longer the underdogs they once were, having memorably beaten Nigeria in the group stage of the…
Actor Malcolm-Jamal Warner, who played the son in the smash-hit sitcom “The Cosby Show,” has drowned in Costa Rica, authorities in the country said Monday. He was 54. Warner played the loveable Theo Huxtable for all eight seasons of the show, helmed by disgraced comic actor Bill Cosby. “We received a report of an adult male who died of drowning asphyxiation at Cocles Beach in Cahuita” on Sunday afternoon, said a statement from investigating police. “When the victim entered the sea he was apparently pulled out by a current. “The man was assisted by bystanders on the beach, but was…
Presidential Fiscal Policy and Tax Reforms Committee Chairman, Mr. Tayo Oyedele, yesterday said if Nigeria had adopted the current reforms 10 years ago, it would have achieved the $1 trillion economy. Speaking at PwC’s “Executive Summit on Nigeria’s Tax Reform” in Lagos, Oyedele stated that Nigeria before May 2023 had problems with the exchange rate management. He maintained that if the federal government had sustained fuel subsidy payment, Nigerians could have found it difficult to buy a litre of Premium Motor Spirit. (PMS) with N10,000, and the system could have collapsed. Oyedele said the Nigerian economy was on the road…
Tension rose to feverish conditions on Monday after some angry youths took to the streets to protest the killing of a bystander, Jide Oyeleke, by a hit-and-run driver on Ewusi Road, Sagamu Local Government Area of Ogun State. The accident occurred at about 9 pm on Sunday after the driver of a Toyota Camry vehicle, who was said to be driving at top speed, lost control and rammed into Oyeleke. The impact of the collision reportedly led to the death of Oyeleke at the spot of the accident. Confirming the incident, the spokesperson for the Ogun State Traffic Compliance Agency,…
Several states have announced plans to reduce electricity tariffs in their jurisdictions after the Enugu Electricity Regulatory Commission issued a new tariff order to MainPower Electricity Distribution Limited, revising the electricity cost for Band A customers from N209 per kilowatt-hour to N160/kWh, effective August 1, 2025. This was, however, vehemently opposed by power generation and distribution companies, who claimed that the move may cripple the sector, as the Gencos declared that the industry is indebted to power producers to the tune of over N5tn. As the Gencos and Discos attacked Enugu State over its move on Monday, the state insisted…