UPDATED: MPC Retains Interest Rate At 27.5%

The first-quarter’s economic parameters, including the interest rate of 27.50 percent, have been kept by the Central Bank of Nigeria’s Monetary Policy Committee.

After the committee meeting on May 19 and 20, CBN Governor Olayemi Cardoso made the announcement.

The committee decided to keep the MPR at 27.50% and the asymmetric corridor at + 500/-100 basis points at its 299th and 20th February 2025 meeting.

The deposit money bank cash reserve ratio was 50.0 percent and the merchant bank’s ratio was 16%, while the liquidity ratio was 30.0 percent, respectively.

Read more about CBN’s non-resident BVN for Nigerians living in the diaspora here.

Cardoso made reference to the National Bureau of Statistics (NBS) inflation rate of 23.71 per cent while revealing the MPC’s decision on Tuesday.

The annual inflation rate for April 2025 decreased from 24.23% in the previous month to 23.71%, according to the NBS.

The inflation rate for the largest portion of the inflation basket, food inflation, increased slightly from 21.9 per cent in March to 21.26, primarily as a result of the price of some commodities like maize, wheat, yam, and wheat.

Cardoso, CBN Governor,

The CBN governor praised the Federal Government for putting forth measures to boost food supply and intensify the fight against insecurity, especially in rural communities, while stating that food inflation remained moderate in April.

The MPC urges security organizations to maintain the momentum while the government offers farmers the protection they need to boost local food production, he said.

Inflationary Pressures

However, the committee acknowledged that legacy structure factors, such as rising electricity prices, persistent foreign exchange demand pressure, and other, contributed to inflationary pressures. &nbsp,

READ MORE: TCN’s Re-Erecting Three Towers Along the 330kV Kainji-Birnin Kebbi Line

The Federal Government’s new policies were also reviewed by the MPC to boost local production, lessen foreign exchange demand pressure, and lessen domestic prices’ effects from higher rates.

Daura Emir Dethrones Village Head For Alleged Kidnapping, Rape

In the Baure Local Government Area of Katsina State, the Emir of Daura, Alhaji Umar Faruq Umar, has taken Iliya Mantau, the village head of Mantau, to the top of the list of people who allegedly participated in the kidnapping and rape of a married woman.

Beginning on May 19, 2025, the emir announced that Iliya Mantau would no longer serve as the village head of Mantau. A new representative will soon be appointed to ensure justice and integrity.

Following a string of complaints from Yarmaulu residents last week, which led protesters accused the deposed village head of being involved in the abduction of Zulaihatu and her baby, the decision was made on Monday.

Read more about Bandits abducting several others in Katsina and killing 19 people there.

After receiving a ransom of N20 million, the woman allegedly committed rape.

Despite the fact that the incident was being heard in court, the emirate’s delay in taking action almost a year later also sparked public concern.

However, when Umar Faruq Umar announced the village’s removal, the Daura Emirate emphasized that it would not tolerate any form of abuse of the populace.

He added that all citizens who wish to report injustices or file complaints should remain informed about the emirate.

However, the emir cautioned the general public against spreading unfounded rumors, urging them to keep abiding by the law and pursue legal remedies.

People should come forward and report their complaints to the Emirate if they feel wronged, even if it is my child. This is the people’s emirate.

We will never condone the abuse of anyone because this Emirate has previously removed a traditional leader it had appointed, he said. Sarki Abdurrahman once ordered his son’s imprisonment for wrongdoing, and that is why we will never condone it.

2025 UTME: South-East Reps Call For Oloyede’s Resignation

Ishaq Oloyede, the Registrar of the Joint Admissions and Matriculation Board, has been requested by the South-East Caucus of the 10th House of Representatives due to the technical glitch found in the 2025 Unified Tertiary Matriculation Exam.

Additionally, it demanded that the entire examination be completely canceled and a new start date for the nationwide exercise.

The lawmakers referred to the outcome of the exam as a “national shame” in a statement signed by the caucus leader, Igariwey Iduma Enwo.

They urged the immediate suspension of those in the JAMB’s digital operations and examination logistics in response.

UPDATED: JAMB Registrar Fights Tears, Apologises For Errors In 2025 UTME

The JAMB registrar is portrayed as a good man, but then leadership has to have consequences. We therefore urge Professor Ishaq Oloyede, the JAMB’s Registrar, to do the necessary by stepping down in order to allow for a thorough investigation and remediation of this national embarrassment.

We anticipate no less than that in any civilized democracy.
During a press briefing on May 14, Oloyede acknowledged that errors had an impact on candidates’ performance at the country’s 2025 Unified Tertiary Matriculation Examination, which was held at various locations throughout the country.

As Oloyede wiped the tears from his eyes with a white handkerchief, he said, “We are human and we are not perfect. It is our culture.”

Following widespread complaints of technical issues, unusually low scores, and alleged irregularities in the questions and answers during the exercise, he also announced that about 379, 997 candidates would retake the test.

157 out of the 887 centers were affected by a technical glitch, according to JAMB, which led to the candidates’ general poor performance in all other areas.

However, the lawmakers from the South-East claimed that “JAMB’s so-called “score distortions” were having an immediate impact on the five southeastern states they represent, “with no exception”.

They claim that the situation “has clearly shaken the trust and confidence of students and families across the country” due to “a catastrophic and catastrophic institutional failure.”

The lawmakers also argued that making amends for the 2025 UTME examination’s implications was insufficient.

The tainted and flawed results of the UTME exam, according to them, “have clearly stripped and denied them of any “equal and adequate educational opportunities” for the thousands of students across the five South Eastern states of Nigeria.”

Nigeria-First Policy Can Aid Local Industries, Attract Investments – Innoson

Innocent Chukwuma, the founder of Innoson Vehicle Manufacturing (IVM), has expressed hope that the Federal Government’s recently approved “Nigeria First” policy will resurrect the country’s struggling local industries and draw in foreign investors.

According to Chukwuma, who spoke on The Morning Brief, a Channels Television breakfast program, the policy, which places a premium on using locally produced goods and services in all government procurement procedures, could be a turning point for Nigeria’s industrial growth.

Chukwuma, who has long advocated for indigenous manufacturing, highlighted the potential benefits of this policy for entice both domestic and foreign investors to establish businesses in Nigeria.

He claimed that more people will start businesses if the country’s policy on local manufacturing is strong. But it detertes investors when they learn that we, the producers, have endured a lot just to survive. More people will invest with this strategy. People from all over the world have been calling me to discuss how to use this opportunity in partnership.

When I learned about this policy, I was so happy. Because telling ourselves the truth is a good thing, Nigeria has now found a way forward. Nigeria will become great if we start being truthful with ourselves. This administration stands out from other ones because a lot of truth is being exposed, particularly when it is urging consumers to buy locally produced goods, he said.

How is it possible to work for an Innoson company in Nigeria while earning money there? You are paying their workers when you import. However, you are supporting your fellow Nigerian when you purchase locally produced goods. Nigeria provides for Nigeria.

READ MORE: “Nigeria First” Policy to Contribute 3trn to the Economy – Minister

A Manufacturing Hub in Africa

As long as the right conditions are created, the IVM founder noted that Nigeria has the potential to become a leading hub for African automotive production.

“I don’t believe Innoson should be the only one to do this,” I said. More people should join, please. The industry of industries is the motor manufacturing industry, with its many components. Some companies can start producing components, and Nigeria could be Africa’s center for motor manufacturing. That will aid our country,” he said.

He continued, “We’re not doing this for personal gain alone.” It’s about continuing to support our nation until it is great. There will come a point when you have enough money and stop working, as would be the case with money. However, we are creating a future for Nigeria.

Chukwuma confirmed that the plans are already being worked out when asked whether Innoson is considering listing on the Nigerian Stock Exchange to raise capital and scale operations.

He stated that the “we are 97% through the process of going public.” You don’t just enter and do it; it’s a process that’s almost finished. You’ll soon learn that Innoson is listed on the stock market.

According to him, there is growing international interest in the business as both foreign automakers and Nigerian investors express interest in partnering with IVM.

“Some foreign auto factories want to work with me because they like what I produce. I’m now in the position of deciding which partners are best for me because Nigerians want to invest as well. He said, “I’ve worked hard for this, so I have to make the right choice.”

Nigeria-First Approaches

The Federal Executive Council (FEC) gave the government’s “Nigeria-First” policy its approval on May 5 and places indigenous production first in public sector contracts.

Mohammed Idris, the minister of information and national orientation, stated that an executive order would soon support the policy.

“Without this policy, Nigeria always comes first in all procurement procedures,” he says. Without giving a clear and compelling reason, Idris told reporters at the State House in Abuja, “No foreign goods or devices that are already being produced locally will be purchased.”

He added that the policy is intended to “foster a new business culture that is bold, confident, and very Nigerian” and to encourage government investment in local industries.

Idris added that new guidelines that will favor local manufacturers and service providers have been directed to the Bureau of Public Procurement (BPP).

PHOTOS: Workers Protest At Finance Ministry Over Welfare

The Federal Ministry of Finance is being criticized by members of the Trade Union Congress of Nigeria (TUC).

The Ministry’s gate has been locked, preventing vehicles entering and leaving the building, thanks to the red T-shirt workers.

Read more about the rollout of N3. 3tn Fibre Lines and 7, 000 Telecom Towers starting in Q4 2025.

The protesters’ placards raise issues regarding allowance arrears and other emoluments, despite the fact that none of them have spoken to the media.

Details coming soon…

‘I’d Rather Be Imprisoned Than Obey A Compulsory Voting Law’ — Agbakoba

Olisa Agbakoba, a senior advocate for Nigeria and a human rights lawyer, said he would rather be imprisoned than follow the proposed bill’s requirements.

Agbakoba criticized the National Assembly’s attempt to impose compulsory voting in a statement released on Monday’s edition of Channels Television’s Politics Today, arguing that it fails to address the root causes of voter apathy in the nation.

“Look at the ridiculous National Assembly voter-requirement apprehension. Agbakoba, we will not obey that bill if it were to pass. Conscientious objection is what I’ll make. He said he would rather not follow the law and spend six months there.

He questioned the justification for the bill, stating, “Why would the National Assembly want to make mandatory voting mandatory? Why don’t they respond to the question and say, “Why are Nigerians not interested? ” What causes the apathy, exactly?

Exclusion, Unfulfilled Promises&nbsp

Agbakoba argued that voter disengagement is not a result of a lack of civic responsibility but rather from years of exclusion and unfulfilled political promises.

They don’t get anything, according to Apathy. People will turn out to vote if I know I’m going to get something—there’s an aspiration, there’s an interest. However, the same old trick is then seen by others. You show up, you vote, and you’ll be gone for four more years. He predicted that there would be apathy.

The senior lawyer believes that the country’s democratic failure is at the root of exclusion.

“We currently have a significant issue with a system that excludes,” said. You’ll find that exclusion is the biggest issue facing Nigeria, in my opinion. That is, in my opinion, the biggest issue with exclusion. He noted that no one is participating in the process.

He warned that democracy in Nigeria cannot succeed if it continues to serve only a select elite as he prepared for the 2027 general elections.

“Suddenly, you have a significant issue of coalitions and defections.” Why? Politicians rarely engage in conversation about people’s well-being, suffering, or lack of opportunities. That is not what I’ve heard.

Every four years, politicians jump up and become active, as I’ve heard them say. They vanish once they are in possession. Therefore, “Agbakoba stated, I believe we need to look for a new model.”

Agbakoba reiterated that Nigeria’s political failure is the main factor in the low voter turnout debate, arguing whether the real issue is public office attractiveness and the consistent failure of leadership.

He said, “We’ve had some strong leaders, I must admit. However, overall, the leadership is not very good. Nigerians are not currently where they want to be because of their leadership qualities.

“It’s because of the fact that there is voter disinterest and apathy.” We won’t get this right, therefore, unless we ask ourselves and inquire as to why this lack of interest in voting.

“I can tell you that Nigerians are uninterested because they don’t see anything,” I said. You ought to explore Nigeria. By the way, Lagos is not Nigeria because some residents of this country, like us, believe otherwise.

Bills for Mandatory Voting Face Criticism 

The House of Representatives passed the contentious bill, Bill for an Act to amend the Electoral Act of 2002, for second reading. All Nigerians of eligible age may cast a mandate ballot in state and national elections.

Speaker Tajudeen Abbas and member of the Labour Party Daniel Asama Ago are both co-sponsoring the bill. Go argued in the plenary on Thursday that mandated voting would reduce voter apathy and encourage voter purchasing, noting that other nations have successfully implemented similar measures like Australia.

The bill was also endorsed by Deputy Speaker Benjamin Kalu, who called it “a step in the right direction.”

However, Femi Falana, a second senior advocate of Nigeria, who on Monday criticized the measure as unconstitutional and impractical, has received some strong criticism for the legislation.

The proposed law, according to Falana in a statement titled “Compulsory Voting Is Not Enough,” goes against provisions of the 1999 Constitution that protect the freedom of thought, freedom of speech, and freedom of conscience.

He stated, “It is doubtful whether the Speaker and his colleagues have given the relevant constitutional provisions enough thought.” Otherwise, they would have realized that compulsory voting violates Sections 37, 38, 77 (2), 135 (3), and 178(5) of the Constitution in every way.

He warned that if mandatory voting were to be implemented, it would be unlawful.