News

By Salmanu Isah Darazo

The decision by the Central Bank of Nigeria to retain the Monetary Policy Rate (MPR) at 26.5 per cent reflects a carefully calibrated policy direction aimed at balancing inflation control, exchange rate stability and economic growth amid mounting global uncertainties.

At the end of its 305th Monetary Policy Committee (MPC) meeting held on May 19 and 20, 2026, the apex bank chose to maintain all key monetary parameters, signaling a continuation of its tight monetary policy stance despite moderating inflation indicators and improving macroeconomic fundamentals.

The decision comes at a time when Nigeria’s economy is navigating both domestic recovery and external shocks arising from geopolitical tensions, particularly the ongoing Middle East crisis, which has triggered increases in global energy prices and logistics costs.

For policymakers at the Central Bank of Nigeria, the challenge is not merely reducing inflation, but ensuring that the gains achieved through recent economic reforms are not reversed by premature policy loosening.

Inflation Still the Primary Concern

Although headline inflation rose marginally from 15.38 per cent in March to 15.69 per cent in April 2026, the MPC viewed the increase as temporary and largely imported. Food inflation climbed to 16.06 per cent due to rising transportation and logistics costs, while core inflation moderated to 15.86 per cent.

More significantly, month-on-month inflation slowed sharply to 2.13 per cent from 4.18 per cent, while the 12-month average inflation rate declined for the sixth consecutive month.

These indicators suggest that the aggressive monetary tightening pursued by the Central Bank of Nigeria over the past two years is gradually yielding results.

However, the MPC’s decision to hold rates rather than begin easing indicates that the apex bank remains cautious about declaring victory over inflation too early. Monetary authorities appear concerned that loosening rates prematurely could reignite inflationary pressures, weaken investor confidence and place renewed strain on the foreign exchange market.

By retaining the benchmark rate, the Central Bank of Nigeria is attempting to anchor inflation expectations while preserving confidence in the broader macroeconomic framework.

Reform Gains Influencing Monetary Confidence

A key message from the MPC meeting is that Nigeria’s recent policy reforms are beginning to strengthen economic resilience.

The committee repeatedly referenced exchange rate stability, stronger external reserves, improved monetary policy transmission and fiscal consolidation as evidence that the economy is better positioned to withstand external shocks than in previous years.

Gross external reserves increased to $49.49 billion as of mid-May 2026, enough to cover more than nine months of imports. This represents a major buffer against exchange rate volatility and external market pressures.

The committee also highlighted the successful completion of the banking recapitalisation exercise, which produced 33 stronger and better-capitalised banks capable of supporting economic growth and financial stability.

Taken together, these developments appear to have reinforced the confidence of the Central Bank of Nigeria in maintaining a steady policy stance rather than resorting to emergency tightening measures.

Growth Versus Tight Monetary Policy

One of the recurring criticisms of high interest rates is their impact on private sector borrowing, investment and overall economic growth.

At 26.5 per cent, Nigeria’s benchmark interest rate remains one of the highest in Africa, raising concerns among manufacturers and businesses about the cost of credit.

Nevertheless, recent economic data suggest that growth has remained relatively resilient despite the tight monetary environment. Nigeria’s economy expanded by 4.07 per cent in the fourth quarter of 2025, supported by growth in agriculture, industry and services sectors.

The oil sector also recorded stronger performance due to improved refining activities.

For the MPC, these growth figures may have strengthened the argument that the economy can still withstand elevated interest rates while inflation is being brought under control.

This reflects the classic central banking dilemma: tightening monetary policy may slow borrowing and spending in the short term, but policymakers believe such measures are necessary to restore long-term macroeconomic stability.

Global Uncertainty Shaping Domestic Decisions

Another important factor behind the MPC’s cautious approach is the uncertain global economic outlook.

The committee warned that geopolitical tensions, energy market disruptions and tighter financial conditions could slow global growth and sustain inflationary pressures across many economies.

Around the world, major central banks are increasingly adopting a cautious and data-driven approach, slowing or pausing monetary easing despite signs of moderating inflation.

The Central Bank of Nigeria appears to be aligning with this global trend by prioritising stability over rapid policy adjustments.

This approach is particularly important for emerging economies like Nigeria, where investor sentiment, exchange rate movements and external financing conditions are highly sensitive to monetary policy signals.

Implications for Nigerians

For ordinary Nigerians, the decision means borrowing costs are likely to remain high in the near term. Commercial bank lending rates may continue to constrain access to affordable credit for businesses and households.

However, the MPC believes maintaining policy discipline is necessary to prevent a return to severe inflationary pressures that could further erode purchasing power and destabilise the economy.

If inflation continues to moderate and exchange rate stability persists over the coming months, the Central Bank of Nigeria may eventually consider gradual monetary easing.

For now, however, the central bank appears determined to consolidate recent macroeconomic gains before making any major policy shift.

The overall message from the MPC meeting is clear: stability remains the priority, and the Central Bank of Nigeria is unwilling to risk reversing the fragile progress achieved through recent reforms.

Salmanu Isah Darazo is a publisher and policy analyst. He can be reached via Salmanudrz@gmail.com

By Sabiu Abdullahi

The Nigeria Customs Service (NCS) has introduced a new digital declaration platform aimed at speeding up passenger clearance, improving transparency in duty collection and modernising operations at international airports across the country.

The platform, known as the Simplified Customs Advanced Declaration System (SCADS), was unveiled on Monday at the International Wing of the Nnamdi Azikiwe International Airport in Abuja.

The Service said the initiative forms part of its broader digital reform programme under the leadership of the Comptroller-General of Customs, Adewale Adeniyi.

Deputy Comptroller-General of Customs in charge of ICT and Modernisation, Oluyomi Adebakin, said the development followed challenges encountered with the previous passenger declaration system earlier in the year.

“When the earlier platform experienced operational challenges, we chose not to see it as a setback. We saw it as an opportunity to build something better, stronger and more efficient,” Adebakin said.

According to her, the SCADS platform will enable inbound international passengers to declare baggage and dutiable goods before arriving in Nigeria. She said the process is expected to reduce delays and ease congestion at airport terminals.

Adebakin explained that the platform would automate revenue assessment by relying on the quantity, category and actual value of goods declared by passengers.

“For passengers, this system creates the opportunity for advance declaration before arrival. It means faster clearance, easier compliance and smoother movement through our airports,” she stated.

She also said the system would improve accountability in Customs revenue generation through data-based assessments.

“When we talk about revenue collection, it is not about collecting more or less. It is about collecting the right revenue. With this system, assessment will now be more objective, accurate and driven by data,” she added.

Customs Area Controller of the FCT Area Command, Comptroller Victoria Alibo, said the choice of Abuja for the pilot phase reflected confidence in the command’s operational capacity.

She explained that the new system integrates passenger baggage and e-commerce declarations into a single digital structure designed to meet international operational standards.

“SCADS is designed to simplify declarations, reduce clearance time, eliminate manual bottlenecks and align our operations with international standards,” Alibo noted.

Alibo disclosed that the pilot phase of the initiative would run from May 18 to May 22, 2026. She said the period would allow Customs officers and technical teams to test the system before its deployment across the country.

Senior Customs officers, representatives of the Federal Airports Authority of Nigeria (FAAN), government agencies and stakeholders in the aviation sector attended the launch ceremony in Abuja.

By Uzair Adam

A 46-year-old man, identified as Olaniyi Fakeye, has been arraigned before a Mapo Grade ‘A’ Customary Court in Ibadan over the alleged stabbing of his former wife.

Fakeye was brought before the court on Tuesday on a two-count charge bordering on assault and breach of peace. He, however, pleaded not guilty to the allegations.

According to the prosecutor, Insp. Ayodele Ayeni, the incident occurred on March 25 at about 9:30 p.m. at the staff quarters of the University College Hospital (UCH), Ibadan.

Ayeni told the court that the defendant allegedly attacked his ex-wife, Bosede, with a broken bottle, inflicting injuries on her shoulder.

The prosecutor added that the alleged offences contravene Sections 249 and 355 of the Criminal Code Cap. 38 Vol. II, Laws of Oyo State, 2000.

Presiding over the matter, Mrs. S. M. Akintayo granted the defendant bail in the sum of N200,000 with two sureties in like amount.

She further directed that the sureties must provide valid means of identification before the bail conditions can be fulfilled.

The case was adjourned until June 11 for hearing.

By Uzair Adam

Iran’s Revolutionary Guards on Wednesday warned that any renewed attacks by the United States and Israel on the Islamic Republic could trigger a wider conflict extending beyond the Middle East.

In a statement published on the Guards’ official website, Sepah News, the force said, “If aggression against Iran is repeated, the promised regional war will spread far beyond the region, and our devastating blows will crush you.”

The warning followed remarks by US President Donald Trump, who said Washington could launch fresh strikes on Iran if both sides fail to reach a long-term settlement within the next few days.

Tensions have continued to rise as both sides exchange threats alongside diplomatic proposals aimed at ending the conflict, which erupted on February 28. A ceasefire has been in effect since April 8.

“The American-Zionist enemy must understand that despite the offensive carried out against us with the full capabilities of the world’s two most expensive armies, we have not yet deployed the full strength of the Islamic revolution,” the Revolutionary Guards added.

The nearly 40-day conflict claimed the lives of several top Iranian officials, including Supreme Leader Ayatollah Ali Khamenei, and prompted retaliatory missile and drone attacks by Tehran across the region.

On Tuesday, Trump suggested a deadline of only a few days before possible military action could resume if negotiations fail.

“I’m saying two or three days, maybe Friday, Saturday, Sunday, maybe early next week — a limited period of time,” he said.

Trump had earlier revealed that Gulf Arab leaders urged him at the last minute to avoid launching another attack on Iran.

Meanwhile, Iran’s Foreign Minister Abbas Araghchi wrote on X that any “return to war will feature many more surprises.”

By Uzair Adam

The United Nations has expressed concern over the recurring attacks on schools by terrorist groups in Nigeria.

UN Spokesperson, Stéphane Dujarric, stated this while responding to questions from the News Agency of Nigeria (NAN) regarding the recent coordinated assaults on schools across the country.

According to NAN, armed groups attacked schools in Oyo State over the weekend, with dozens of students and teachers reportedly abducted during the incident.

Two teachers were also said to have been killed by the attackers.

“We are, of course, very concerned. We have continued to witness attacks on children and educational institutions in Nigeria by extremist groups,” Dujarric said.

He noted that the attacks continue to have devastating effects on affected communities.

Dujarric further disclosed that the UN Secretary-General, António Guterres, is also worried about the growing activities of terrorist groups in parts of Nigeria, especially following recent joint U.S.-Nigerian military strikes targeting ISIS hideouts.

The UN spokesperson added that the organisation, through its country team in Nigeria, has been supporting efforts aimed at improving the safety of schools and protecting students from repeated attacks.

“The UN country team in Nigeria, across its various agencies, has been working closely with the government in affected areas to strengthen school safety and ensure better protection for students,” he said.

He added that the UN would continue collaborating with authorities to address the security challenges facing schools in the country.

By Muhammad Abubakar

Germany’s new multi-billion-euro electric-vehicle subsidy program officially launched today, with the Federal Office for Economic Affairs and Export Control (BAFA) opening its digital application portal.

The initiative aims to revive domestic EV sales by offering private buyers between €1,500 and €6,000 in direct state funding. Under the new guidelines, fully electric vehicles are eligible for the maximum tier of support, while select plug-in hybrids can receive up to €4,500. Buyers can claim the subsidies retroactively for any qualifying vehicle registered on or after January 1, 2026.

Unlike previous incentive schemes, this program introduces strict social scaling based on household income. Individual buyers must have a taxable annual income under €80,000 to qualify, while the cap increases to €90,000 for families with two children.

The federal government has allocated a total of three billion euros to fund the initiative, which is projected to run through 2029 or until the budget is fully exhausted.

By Sabiu Abdullahi

Former Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, has pulled out of the All Progressives Congress (APC) governorship primary election in Gombe State.

Pantami announced his withdrawal on Tuesday through a statement issued by Barrister Ibrahim M. Attahir on behalf of the Pantamiyya Movement.

The former minister said his decision followed alleged violations of the Electoral Act 2026 and what he described as the APC leadership’s failure to provide information needed for a transparent and credible primary election.

According to the statement, Pantami joined the race after pressure from political leaders, women, youths and other stakeholders in the state. It added that he complied with the party’s guidelines and fulfilled all requirements expected of aspirants.

The statement also noted that Pantami was the only APC governorship aspirant who sent a representative to the Peace Accord meeting organised by the Nigeria Police Force, Gombe State Command, on May 14, 2026. It said his representative was also the only one who signed the agreement during the meeting.

Pantami, however, accused the party of denying him access to important details concerning the conduct of the direct primaries.

The statement said letters written by his solicitors to party officials over concerns surrounding the exercise were neither acknowledged nor answered.

“In a democracy, the law must guide the process. Non-compliance with the Electoral Act 2026 and the party guidelines renders the exercise unsafe and illegitimate,” the statement said.

It further alleged that irregularities marred the APC National Assembly direct primaries conducted in the state on May 16 and 18.

“The people of Gombe State witnessed what transpired during the direct primary ‘elections’ for the National Assembly held on 16 and 18 May 2026,” the statement added.

Pantami maintained that many grassroots party members, especially women and youths who form the bulk of his support base, were excluded from the process.

The statement said the former minister decided to withdraw after consultations with stakeholders across the state.

“After extensive consultations with stakeholders and careful reflection on the developments in Gombe State, Prof. Pantami has taken the difficult decision to withdraw from the APC governorship primary election scheduled for 21 May 2026, under protest. Peaceful protest is a fundamental pillar of democracy,” it stated.

The movement also accused party leaders of ignoring directives by President Bola Ahmed Tinubu on the need for free and credible direct primaries.

According to the statement, details relating to accreditation of agents and observers, voting procedures and collation centres were not provided to aspirants before the exercise.

“Even though President Bola Ahmed Tinubu insisted on the necessity of free, fair, and credible direct primaries, his directives were, unfortunately, not implemented,” the statement said.

Pantami also expressed appreciation to supporters who contributed money for the purchase of his nomination and expression of interest forms through crowdfunding.

The statement disclosed that donations ranged from ₦5,000 to ₦4 million and were publicly acknowledged online.

He thanked youths, women, campaign coordinators, elders and members of his media and campaign teams for their support.

Pantami urged his supporters to remain peaceful and law-abiding despite the development.

“Democracy rests on the rule of law, peace, and security,” the statement added.

The Pantamiyya Movement said it would announce its next political steps in due course.

By Uzair Adam

Vice-President Kashim Shettima has revealed that certain individuals allegedly attempted to create mistrust between him and President Bola Ahmed Tinubu shortly after they assumed office.

Speaking during the launch of My Life of Duty and Allegiance, the autobiography of former Head of State, Yakubu Gowon, Shettima said the unnamed persons told Tinubu that he was planning to assassinate him and seize power.

According to the Vice-President, the incident happened barely three months after their inauguration.

“Three months after we were sworn in, some people went to the President and claimed I was planning to kill him and take over government,” Shettima said.

He explained that Tinubu later invited him and mentioned how the individuals also advised him against wearing clothes gifted to him by Shettima.

“The President told me, ‘Your people came to me and said I should stop wearing the clothes you gave me.’

But he said their claims did not make sense because at the time I gave him those clothes, I was only an aspirant,” he added.

Shettima noted that Tinubu dismissed the allegations and continued wearing the clothes because he did not believe in fetish claims.

He also urged Nigerians to promote unity and avoid actions capable of causing division among citizens.

By Sabiu Abdullahi

The Kebbi State Hisbah Board has arrested a man who was allegedly discovered hiding inside a “Ghana Must-Go” bag at the home of a married woman in the Badariya area of Birnin Kebbi.

The board, which operates under the Kebbi State Ministry of Religious Affairs, said residents alerted officials after they reportedly noticed the man entering the woman’s residence late at night.

The Director of Sharia at the board, Sirajo Kamba, confirmed the incident in a statement issued on Tuesday in Birnin Kebbi.

Kamba said the report reached the agency around 12:15 a.m. on Monday, May 18.

“The residents suspected an illicit affair contrary to Islamic teachings, hence their decision to formally notify the authority.

“Upon receiving the report, the Kebbi Hisbah Board swiftly deployed officers to investigate.

“When officers arrived, they requested permission to search the house, but the woman initially denied that anyone was inside,” he said.

According to him, the woman later permitted officials to conduct a search of the house. Officers subsequently found the suspect concealed inside a “Ghana Must-Go” bag.

Kamba stated that preliminary findings pointed to an alleged romantic relationship between the suspect and the married woman.

He added that the two individuals allegedly admitted to the accusation during questioning.

The Hisbah official also disclosed that the suspects would face legal proceedings in line with Islamic law.

In a related development, the Kano State Hisbah Board recently arrested two women and a fish seller over allegations of immoral conduct.

The Director of Public Enlightenment of the Kano Hisbah Board, Auwalu Sheshe, had said, “The personnel found a 35-year-old fish seller identified as Ali Abubakar, from the Kano Cooperative area, together with his female companion, Fatima Abubakar, a 28-year-old woman from Niger Republic, inside one of the rooms, allegedly preparing to engage in immoral conduct.”

By Uzair Adam

The chairman of Ungogo Local Government Area in Kano State, Tijjani Amiru Bilyaminu, has directed the closure of Al-Hadeed Private School following allegations involving one of the school’s teachers.

The action followed the arraignment of a teacher, popularly known as Uncle Kamal, before a magistrate’s court over allegations of sexually abusing four pupils.

Speaking on the development, the council chairman said the closure would remain in effect pending further investigations and legal proceedings.

He stated that the measure was aimed at ensuring justice and protecting the rights of children.

He also reaffirmed the commitment of the local government to safeguarding children against all forms of abuse, warning that anyone found violating such rights would face legal consequences.

During the court session on Monday, the prosecution counsel, Badamasi Gandu, told the court that medical examinations conducted on the children confirmed evidence of assault.

The court subsequently ordered that the suspect be remanded in a correctional facility and adjourned the matter until June 6 for further hearing.