The monetary policy committee of the Central Bank of Nigeria (CBN) has announced its decision to maintain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent.
Addressing journalists on Friday after the committee’s two-day meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the committee applauded the fifth decreased in inflation in the month of August 2021.
According to Emefiele, the committee unanimously voted to maintain the key lending rate at 11.5 percent, with the asymmetric corridor of +100 and -700 basis points around the MPR.
The CBN MPC noted that holding stance would allow current recovery in output and decline inflation continue.
It urged the fiscal authority not to relent in its infrastructure initiatives, including diaspora bonds to increase investment in critical infrastructure.
On Wednesday, the National Bureau of Statistics (NBS) said the consumer price index (CPI), which measures the rate of change in prices of goods and services, declined for the fifth consecutive time to 17.01 percent in August from 17.38 recorded in July.
This rate is 0.37 percent points lower than 17.38 percent recorded last month.
Since March 2021, Nigeria’s inflation rate has been on downward trends as the Central Bank of Nigeria (CBN) projected it may drop to 13 percent this year and a single-digit rate by 2022.
On exchange rates, Emefiele said the committee also applauded the banks on meeting forex demands and that all demands must be necessarily conducted at the Importer and Exporter (I&E) window to ensure stability.
He said operators must adhere to stipulated guidelines as the apex bank strive to eliminate illegal fx dealers in the country.
Nnamdi Kanu: I lectured Abaribe on how to live in prison – Shehu Sani
Shehu Sani, a former Kaduna Central Senator, has recalled lecturing Senate Minority Leader, Senator Eyinnaya Abaribe on how to live in prison.
Sani said he used to lecture Abaribe on how to live in prison in case he gets prosecuted over his Biafra agitation.
He disclosed this while sharing a throwback photo of himself having a discussion with Abaribe on the floor of the Upper Chamber.
In a post on his Facebook page on Wednesday, the former lawmaker disclosed that Abaribe also tried to convert him into believing in the Biafra ideology.
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He wrote: “My good friend Senator Abaribe was trying to convert my citizenship to Biafra while I used to give him lectures on how to live in prison when they come for him, using my years of experience in Kiri Kiri, Port Harcourt and Aba Prisons in the 90s.”
Abaribe had stood as one of the sureties for Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB, in 2017.
But Kanu jumped bail and fled Nigeria after regaining his freedom, following a ruling by Justice Binta Nyako of an Abuja Federal High Court.
Following Kanu’s action, it was believed that the Nigerian government would go after Abaribe as he risked imprisonment.
However, Kanu was rearrested in July and is currently facing trial.
Plateau lawmakers fight over mace, impeach speaker
There was a rancorous situation on Thursday at Plateau State House Assembly as the legislators fought over the mace, the symbol of authority, leading to the impeachment of the Speaker, Abok Ayuba Nuhu.
Nuhu was promptly replaced with Sanda Yakubu, who from Pingana constituency of the Bassa Local Government Area of the state.
It was leant that as early as 5.30am on Thursday, members of the assembly had started arriving at the chamber of the house.
The rumours about the impeachment of Abok had started a week ago when press releases and write-ups went viral on social media over his clash with the state governor, Solomon Lalong.
The lawmakers almost exchanged blows when the issue of the impeachment was tabled in the house on Thursday. The Peoples Democratic Party members, who were loyal to the speaker, took the mace to prevent the impeachment.
But the All Progressives Congress members, who were in the majority insisting on the impeachment, dragged the mace and placed it in its position, and went ahead with the process.
It was learnt that before the state lawmakers converged on the house, the road leading to the assembly was blocked by security operatives.
There had been grudges between Governor Simon Lalong and the impeached speaker following the attack in Yelwan Zagam, the community of Jos North, where people were killed.
After the attack, the speaker started criticising the governor openly. He also stopped attending public functions in the state.
Ogun gives land encroachers 1 month grace to process titles
Ogun State Governor Dapo Abiodun has announced a one-month moratorium for residents and entrepreneurs who have encroached on the state government-acquired land.
He announced this at the launch of an online portal, Ogun State Land Administration and Revenue Management System (OLARMS), at the Tech Hub in Abeokuta.
The governor gave them up till November 30 to apply for ratification of their documents.
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In his address, the Chief Economic Adviser and Commissioner for Finance, Dapo Okubadejo, said the portal will also offer those who have encroached on the state government land in different parts of the state an opportunity to get title documents via the Property Registration Programme (PRP) for only a defined period.
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