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“Why I Had No Personal Contact With Pope Leo XIV” – Peter Obi

May 19, 2025

Peter Obi and Kayode Fayemi at Pope's Inauguration

By Adesina Soyooye

Peter Obi, a Papal Knight and Presidential Candidate of the Labour Party in the 2023 Election has opted not to allow his critics wallow in ignorance over why he did not personally meet with Pope Leo XIV during the Pontiff’s inauguration at the Vatican.

Obi had retuned to the Vatican after he came back from same Vatican where he had attended the funeral of the immediate past Pontiff, Late Pope Francis.

Having just returned from that funeral, he had no plans of going back for the inauguration of the new Pope. But a phone call from the Vatican which insisted on his presence at the inauguration changed all that. He went, witnessed the high Profile event from a vantage position, and even had a one-on-one with President Bola Tinubu, leader of the Nigerian Delegation who was personally invited by the Pope.

Since his return, critics, ignorant of protocol, have been taunting him because he did not, like President Bola Tinubu, shake hands with the Pope.

Ignorant as that was, Obi has patiently tutored them as to why. In a statement title:

“Back from the Vatican”, Obi wrote:

“I have just returned from the Vatican, and it was a deeply solemn and reflective visit. My participation in the inauguration ceremony was in line with my previous witnessing of inaugurations, swearing-ins, and official ceremonies across the world. This was no exception.

“Such occasions carry profound moral and spiritual significance. This was never a political event and should remain untouched by politics. Some moments are best reserved for quiet contemplation.

“After the inaugural Mass, I did not attend the Papal Audience and, therefore, did not have the opportunity to meet the Holy Father personally.

“That honour was reserved for Heads of States and accredited diplomats.

“For those who desire such an encounter, the Papal Audience continues traditionally.

“What should truly command our attention, however, is the content and moral force contained in the Pope’s homily, particularly his urgent call to fight poverty and promote a spirit of brotherhood that transcends ethnic, political, and religious boundaries. The deeper meaning of the gathering lies not in ceremonial gestures, but in whether those present internalised his message and will return with the resolve to act.

“The fight against corruption is the essential first step toward building societies where resources are directed to what truly matters – education, healthcare, poverty alleviation, and infrastructure. These should be our major concern and the lasting message we carry home from the Vatican. May we, in whatever station we occupy, rise to the task of building a more just, compassionate, and prosperous nation.”

Edo Assembly Elects Atu New Deputy Speaker As Edeko Resigns

Ayodele Oni

May 19, 2025

By Ayodele Oni

The defection of Lawmakers in Edo State House of Assembly which has given the All Progressives Congress, (APC), majority in the House has led to the resignation of the Deputy Speaker, Maria Edeko.

Rather than joining her colleagues to defect, and dump the party that gave her the platform on which she contested and won election, Edeko, on Monday toed the path of honour and integrity, and voluntarily resigned her position.

Edeko, who represents Esan North-East II, in the Assembly, was elected on the platform of the Peoples Democratic Party (PDP).

She resigned her position due to the current minority status of the PDP, in the Assembly, after some of the lawmakers dumped the party for the ruling All Progressives Congress (APC).

In her resignation speech, Edeko, who was elected Deputy Speaker of the 8th Assembly on June 16, 2023, said she resigned her position to allow for justice, fairness, and equity for all the constituencies.

She thanked the leaders and members of the PDP for finding her worthy to represent her constituency in the assembly.

Following the announcement of her resignation, other lawmakers in the House took turns to shower accolades on Edeko.

They praised her unwavering dedication, passion for public service, and the high level of integrity she consistently demonstrated throughout her tenure.

They described her as a committed leader whose contributions left a lasting impact on the legislative process during her tenure as Deputy Speaker.

The Majority Leader, Jonathan Aigbokhan (APC-Esan West), moved a motion that all the entitlements due to the office of the Deputy Speaker be accorded the well-respected woman of integrity, a thing that has never happened before.

The motion which was seconded by the Minority Leader, Charity Airobarueghian (PDP, Ovia North East 1), was supported by other lawmakers, and was finally adopted.

Following her exit, the APC lawmaker representing Orhionmwon East, Osamwonyi Atu, was unanimously voted as the new Deputy Speaker.

LP: Abure’s Faction Celebrates As George Moghalu’s Name Is Published By INEC

Adesina Soyooye

May 19, 2025

By Adesina Soyooye

Unless there is a dramatic change in the crisis-ridden Labour Party, LP, the Julius Abure Faction seems to have carried the day.

Here is why.

The Independent National Electoral Commission, INEC, has published the name of Chief George Moghalu as the Governorship Candidate of the LP in the upcoming Governorship election in Anambra State. The election is scheduled for November 2025.

Moghalu was produced by the Abure faction of the Party in a Primary election that was either boycotted or dismissed as no event by other aspirants. And he is now the one officially recognised by the INEC. This has thrown the Abure faction into a celebratory mood.

The Abure LP disclosed Moghalu’s recognition in a post on its official X handle and noted that by so doing INEC has endorsed its leadership and legitimacy.

The post reads: “INEC has officially published the name of Chief Dr. George Moghalu as the Labour Party’s gubernatorial candidate for the upcoming Anambra State election.

“This development has reaffirmed the Labour Party under Barr Julius Abure’s leadership as the officially recognized party by INEC, endorsing its leadership and legitimacy.

“Heartfelt congratulations to Chief Dr. George Moghalu on this historic victory!

May your leadership and vision propel Anambra State to new heights. Congratulations also to the good people of Anambra State on this development! Kudos to Barr Julius Abure and his entire team for this victory. The Labour Party is marching forward with strength and determination.”

The Party has been embroiled in unprecedented crisis for months. It resulted in its balkanisation into three factions. However, the Senator (Dr) Nenadi Usman-led Interim Committee is backed by most stakeholders, including the Party’s Presidential Candidate in the 2019 Election, Mr Peter Obi, its only State Governor, Dr Alex Otti, Members of the National Assembly and the Nigeria Labour Congress, NLC.

Missing Daughter Of Veteran Actress Jumoke George, To Return Home Today From Mali

Akinwale Kasali

May 19, 2025

By Akinwale Kasali

The Federal Government has facilitated the return of Adeola, daughter of bedridden Veteran Nollywood Actress, Jumoke George.

George had cried out in an interview with Biola Adebayo in a Podcast that her Daughter was missing. Her daughter travelled to Mali four years ago, and had made no contact with her mother.

Adeolais arrived Nigeria from Mali today, Monday, May 19, 2025.

Her rescue from Mali by the Federal Government followed the unearthing of her mother’s condition by actress, Biola Adebayo through her podcast.

During one of the editions of her podcast, titled: “Talk to B,” Adebayo featured George, who lamented her condition.

The bedridden and homeless veteran actress had revealed that she had been staying in a church for over six years and bedridden since January 2025, and Adeola missing for over four years, thus saddling her with taking care of her two children.

In a further move, Adebayo, who is also a Nollywood actress, got in touch with Adeola, who revealed that she had been in Mali since the last four years.

She said she wished to return home but could not because she does not have valid documents again.

In a further step, Adebayo contacted the Nigerian Embassy in Mali and Nigeria in Diaspora Commission, NIDCOM, headed by Hon. Abike Dabiri-Erewa, Chairman/Chief Executive Officer.

As at Friday, all arrangements had been concluded for Adeola to return home.

She was initially expected on Sunday May 18, but the journey was rescheduled to Monday.

It was gathered from Sources at NiDCOM that she would be received at the Lagos Office of NiDCOM by Dabiri-Erewa.

NiDCOM has, over the years, facilitated the return of several stranded Nigerians all over the world.

The latest was the return of 13 ladies from Ghana and Mali last week Thursday.

Adebayo has received applause for her role and intervention in Adeola’s case.

Saraki Dismisses Leadership Of NASS After Him As Subservient To Executive

Adesina Soyooye

May 19, 2025

By Adesina Soyooye

“The Executive (under President Buhari) deliberately frustrated the passage of good laws, initiatives and recommendations that would have been highly beneficial to our society”

A former Senate President, Dr Bukola Saraki, has lamented what he literally described as the weak Leadership of the of Nigeria’s National Assembly, NASS.

Saraki, also, a former two-term Governor of Kwara State, bemoaned a situation where the NASS Leadership has become nothing but a rubber stamp in the affairs of the country.

Dr Saraki, a medical doctor-turned politician spoke in Houston, USA at the 2025 Reunion Gala Celebration of the Kings College Old Boys Association (KCOBA). The theme of the Reunion was “Empowering the Future from Legacy to Infinity.”

Speaking on his tenure as Senate President in the first term of the President Muhammadu Buhari Administration, Saraki disclosed that he was hounded and harassed and intimidated because of his opposition to Buhari’s penchant for borrowing. What pained him most, he disclosed, was that while he suffered all that humiliation for the sake of Nigeria and Nigerians, most Nigerians – the elite, the ordinary – were aloof; nobody raised a voice in his support.

The result, Saraki revealed, is that since after him, his successors in office have been embarrassingly subservient to the Presidency; they never disagree on anything; they simply became rubber stamp to the Executive arm of Government. Because of his ordeal, Saraki said, none of them wanted to go through same route.

For his “strong-headedness”, Saraki was denied another term as a Senator and has since not been able to re-enact the magic that made the Saraki family the ultimate political power house in Kwara State. He has not won any other election since then, something that was unheard of in Kwara before.

His immediate successor in office was Dr Ahmad Lawan, then President Buhari and APC’s preferred occupant of the office before Saraki outwitted them. Senator Lawan was succeeded by the current Senate President, Godswill Akpabio.

Saraki: “The legislature under my leadership was silenced, harassed, assaulted, bullied, and blackmailed, and the executive deliberately frustrated the passage of good laws, initiatives, and recommendations that would have been highly beneficial to our society.

“We were like orphans. The elite and ordinary people kept quiet, were nonchalant, and stayed aloof. Now, years after we left office, subsequent leadership of the National Assembly would rather be a rubber stamp and play dumb because they do not want to go through the harrowing experience that Saraki went through.

“I could have agreed with everything the Presidency under Buhari wanted and cut deals with them all the way. I would have been a good ally. Thus, when I read posts on social media or stories in the traditional media criticising the current National Assembly and praising our tenure, I just shrug my shoulders and feel unconcerned.

“This is a big failure of followership, and it is an enabler for the continuous failure of leadership. These sad developments are indications that our institutions are weak. Instead of building institutions, we are building strong men and women.

“We should decide that from today, we will no longer keep quiet while our country is being misgoverned. We must always intervene when we see a wrong candidate being fielded, a wrong policy being implemented, or a wrong project being sited.

“We must leave our comfort zone. With the level of education, experience, and exposure available to those of you present here, Nigeria needs your involvement in her governance.

“You can participate by either contesting elections or supporting the emergence of those you believe are capable and can make a difference. Your voice and resources can push good candidates into offices. All of you here must play key roles at the various levels.”

Saraki was Senate President from June 2015 to June 2019. He was of the PDP, but along with others, including former Vice President, Atiku Abubakar, decamped to the APC. Both men later re-decamped to the PDP when they were sidelined by the APC. Saraki himself faced a lot of fights including being dragged to Court in a bid to remove him as Senate President.

Saraki, Atiku and Co. are held responsible by not a few for the falk of the PDP since 2015.

LP Reps Caucus Leader: “We’re Vindicated”, As Attorney General Recommends Abure’s Prosecution For Fraud

James Orji

May 19, 2025

…urge the Police authorities to stop shielding Abure and his co-travellers

Labour Party caucus leader in the House of Representatives, Hon. Afam Ogene, said he’s vindicated by the recent recommendation by the Attorney General of the Federation for the prosecution of former LP National Chairman, Julius Abure, over alleged crimes including criminal conspiracy, perjury, and forgery.

The federal lawmaker has consistently questioned the embattled former national LP chairman’s moral authority to lead the party, particularly following the recent Supreme Court pronouncement and numerous allegations of malfeasance against him.

The Attorney General made the recommendation for Abure’s prosecution by the Nigeria Police on March 7, 2025, according to a letter from the office of the Director of Public Prosecutions of the Federation to the Inspector General of Police. This follows a petition by the party’s governorship candidate in Ebonyi State, which was substantiated by investigations. Both the police and the Attorney General’s office, according to a letter to the IGP, dated March 7, 2025 and signed by M.B. Abubakar, Director, Public Prosecutions of the Federation, found merit in the petition, leading to the recommendation for prosecution. His words: “Consequently, I am directed to transmit the case file back to the Nigeria Police Force for prosecution…”

But more than two months after the clear instructions of the Attorney General of the Federation for the prosecution of the accused, the Police appears to be foot-dragging in carrying out it’s constitutional responsibility.

This lethargic disposition appears to be in tandem with the handling of the matter since it was instituted over three years ago. In fact, in a March 9, 2023 investigation report authored by Assistant Commissioner of Police, Junaid Bukar, the Police rued the fact that “some of the suspects have vehemently refused to report in order to exercise their right to fair hearing, despite writing them four different letters.

“This in itself is an affront to constituted authority, as well as blatant disregard to law and order,” ACP Bukar said.

An aggrieved governorship candidate in the 2023 general elections, Splendour Oko Eze, had accused Abure, Farouk Umar Ibrahim, Nkwegu Edward Okereke, and Ojukwu Clement of criminally substituting his name at the Independent National Electoral Commission (INEC), after he lawfully won the governorship primary election in Ebonyi State. Specifically, he alleged that they forged his signature and party registration card to support a purported affidavit claiming his withdrawal from the race.

Hon. Ogene stated that this development vindicates his stance that Abure’s leadership of the party was marred by corruption and unfair manipulation of internal election processes for selfish reasons. He, therefore, urged the Inspector General of Police to ensure that the suspects are brought to justice, to serve as a deterrent to other political leaders with similar intentions that undermine democracy.

The lawmaker said that the document was very explicit in paragraph 2 (i) which stated thusly: “The investigation report concludes that the four suspects conspired and participated in commiting the alleged offences, thereby establishing a prima facie case of criminal conspiracy, forgery, using as genuine a false document, giving false evidence and false declaration.”

Paragraph three of the letter also requested that they be prosecuted and periodic report about the prosecution provided to the office of the Attorney General by the Police.

The Attorney General’s directive conveyed in the letter titled “RE: REQUEST FOR HARMONIZATION OF THE INTERIM INVESTIGATION REPORTS AND ONE LEGAL ADVICE

“RE: FORWARDING OF THE DUPLICATE CASE DIARY FOR PROSECUTION OF THE CASE OF FORGERY, PERJURY AND CRIMINAL CONSPIRACY,” read in parts:

“2. Following a careful review of the case file, we found that:
a) Based on the “Brief” from your office, there is a prima facie evidence against the suspects, namely Julius Abure, Farouk Umar Ibrahim, Nkwegu Edward Okereke and Ojukwu Clement, to support the offences of the Criminal conspiracy, Forgery, Using as genuine a false document, Giving False evidence and False declaration contrary to sections 97, 362 & 363, 364, 156 & 158, and 164 of the Penal Code respectively.

“b) According to the detailed findings of the investigation report, Mr. Splendour Oko Eze, a registered member of the Labour Party (LP), participated in and won the gubernatorial primaries for Ebonyi held on the 9th of June 2022, in accordance with the Electoral Act 2022.

“c) Subsequent to the aforementioned primaries, Mr. Splendour Oko Eze’s name was submitted to and published by the Independent National Electoral Commission (INEC), as the Labour Party Governorship candidate for Ebonyi State in the 2023 elections.

“d) On the 3rd of August 2022, Mr. Julius Abure(National Chairman of the LP) submitted a notice of withdrawal and substitution of candidate form EC 11B and EC9 respectively to INEC, thereby replacing Mr. Splendour as the candidate of LP.

“e) The investigation report indicates that the withdrawal letter attributed to Mr. Splendour Oko Eze and the signature on the LP membership card, which were used by the suspects to substitute Mr. Splendour’s nomination, were forged.

“f) A forensic analysis comparing Mr. Splendour Oko Eze’s verified signature with the disputed signatures on the purported letter of withdrawal and membership card indicate that the signatures do not match.

“g) Although the suspects deny forging the letter of withdrawal and membership card, investigation indicates they had the most significant motive to commit the act. Additionally, it is reasonable to infer that the forged documents were obtained by the suspects, considering that they did not deny utilizing these same documents in replacing Mr. Splendour Oko Eze’s name via the INEC forms EC 11B and EC9, thereby establishing intent and overt acts in furtherance of a criminal design.

“h) It was further established that the affidavit used in supporting the notice of withdrawal was not deposed to by Mr. Splendour Oko Eze.”

Signed:

Hon. Afam Victor Ogene,
Leader, Labour Party Caucus, House of Representatives.

“Our Father’s Life At Grave Risk” – Family Of Kidnapped Kogi Monarch

Suleiman Anyalewechi

May 19, 2025

By Suleiman Anyalewechi

“The abductors have refused N25m we raised so far while everybody has abandoned us to our fate”

The family of the abducted Kogi State first class Monarch, Dada James Ogunyanda, has sent a distressed appeal to Senator Natasha Akpoti-Uduaghan,Dino Melaye, Senator Sunday Karim, Hon James Falake,and other prominent and public spirited sons and daughters of Kogi West Senatorial District and Kogi State in general to urgently assist in the rescue efforts of the Royal Father.

This is just as it debunked claims that the kidnappers of the elderly traditional ruler have scaled down the ransom to N12 million.

Pa Ogunyanda, the Obalohun of Okoloke Autonomous Community in Yagba West Local Council, who was kidnapped in the wee hours of Thursday, May 14,

2025, from his Palace, has since been in abductors’ den.

His captors had on Saturday, May 17, demanded a whopping sum of N100 million for his release.

However, by Sunday, May,18, it was reported that the hoodlums had brought down the ransom to N12 million due to a passionate plea made over the deteriorating health condition of their victim.

However, speaking on the issue on Monday May 19, 2025, a member of the Monarchs family, stated that the abductors have rejected the sum of N25 million so far raised, insisting on N50 million instead.

“As of yesterday (Sunday), we had, as family members, raised the sum of N25 million, but the kidnappers are insisting on N50 million. They originally demanded N100 million.

“Our major frustration as a family is that Government officials and politicians who are our friends and relations have abandoned us in the struggle to save the life of the Traditional Ruler, especially members of the National Assembly from Kogi West.

Some of them have even blocked our telephone lines and we are no longer accessing help expected quarters.

“We are seriously worried because the health of our patriarch is fast deteriorating.That was why we had to sell our properties to raise N25m.

“We could have completed the N50 million being demanded if help had been forthcoming”, a family member volunteered

Consequently, the family has called on well-meaning and concerned Nigerians, irrespective of creed, ethnic and political backgrounds and religious persuasion, to assist in securing the aged monarch’s freedom.

They also appealed to security agencies ,and other relevant authorities to enhance efforts at ensuring that their father is released unhurt.

Handshake With Pope: Kperogi Slams Seyi Tinubu For Being “Intolerably Intrusive”

James Orji

May 19, 2025

As controversy continues to trail President Bola Tinubu son, Seyi’s brush with security at the Vatican on Sunday a popular social critic, Farooq KPerogi has taken a dig at Nigeria’s First Son describing his action “intolerably intrusive”.

According to Perogi, Seyi overreached himself by trying to have a hand shake with the Pope during a Special Mass to mark the beginning of Pope Leo’s XIV as the new Pontiff of the over 1.4 billion Catholics worldwide.

Was Seyi Tinubu trying to shake the pope after his father? Why does he need to be there? This young man is becoming intolerably intrusive,” kperogi said on his Facebook page.

The magazine reported that President Tinubu was among other heads of state and governments invited to the ceremony.

The president’s son was among the delegation to the Vatican for the ceremony, which also included Nigeria’s Minister of State Foreign Affairs, Bianca Ojukwu.

According to a viral video, the president’s son had tried to have a hand-shake with the new Pontiff but was blocked by the security officials at the ceremony. Mixed reactions, from Nigerians have greeted the development amidst perceived intrusiveness of the president’s son in government affairs.

Seyi Tinubu is not an appointed official of the current government.

The incident happened during a special mass at the Vatican, held to mark the beginning of the Pontificate of His Holiness Pope Leo XIV, the 267th Bishop of Rome and head of the Roman Catholic Church.

As the Nigerian president was led forward by two senior Catholic clerics to meet the Pope, Seyi Tinubu followed closely behind. However, a Vatican protocol officer stepped in and politely blocked him from moving closer to the Pope.

While President Tinubu exchanged greetings with the pontiff, his son was directed away, unable to shake hands or interact directly with the Pope.

Since his father assumed office, Seyi Tinubu has often been seen travelling with him on official trips. However, critics have raised questions about his presence at high-level events where he holds no official government role.

Meanwhile, not a few have criticised Seyi Tinubu for involving in many controversies since his father became Nigeria’s leader two years ago.

Recall that Seyi recently received serious backlash from not a few Nigerians after he described his father as the best president the country has ever had.

The Arithmetics of N100m + SUV Jeep vs Dr. Chima Amadi And TMO

The Source

May 19, 2025

By Willie Amadi

After reading the narratives of lure and rejection by the above politicians from Imo State, I decided to resolve the puzzle by activating my sixth sense into steam.

The claim was that Chima Amadi, Ph.D and or the The Mazi Organization, [TMO] had approached the young, intelligent and promising political leader in the State, Collins Opuruzor to join the team and add value in the avowed determination to capture the Douglas House, albeit Owerri zone. Fortunately and unfortunately, the negotiations “come get K leg” as young Collins Opuruzor later claimed that he rejected the N100m plus SUV Jeep which made TMO issue advised aides of the Governor from disparaging their principal and or bringing him in conflict with the Governor. This is the crux or coco of the matter.

Now, the reason(s) for the purported rejection was not given. The deal was neither reported to His Excellency, the Governor nor even, the weak party leadership in the State, until TMO fired the last warning shot. The bomb detonated by the ace writer, Collins Opuruzor, a press warrior and attilary combatant, who tormented the 3R administration from the REBUILD Headquarters base between May 2019 and January 2020 ignited and massaged the sensibilities of the political class as the total amount of buy-over came to the region of over N150 million Naira, considering the average cost of SUV Jeeps today. This would have passed as the biggest Sign-On bid in the history of Imo State politics for transfer of a political player from one party to the other, similar to the European League Series.

THE MATHEMATICS

Assuming Opuruzo’s salary is N500,000 monthly, with or without imprest, it means that for the 4 but now 3 years he will serve as Special Adviser, his total take home pay for assuming it is 4 years will be about N24 million naira. If it is 3 years, it will amount to N18 million naira or much less if it is for 2 years and six months with or without an official car.

In the light of the above mathematics, who in Imo State will reject N100 million plus a brand new Jeep just to be a member of a team, probably to add value to the existing Media team of the TMO under this current harsh economic condition, particularly among politicians who have no ideology or integrity of loyalty to a given cause whether in or out of power ?

I am very sure that this outburst is counter-productive and has rather, further promoted Chima Amadi, Ph.D and reassured thousands of food-is-ready practicing politicians that Dr, Chima Amadi is financially battle ready. If the young writer was really made that offer indeed, he would have been flexing like Hon. Blydn Amajirionwu, Barr. Uche Nwosu, Ph.D (Law), Chief Cajetan Duke, and the political mathematician, Chief Henry Onwukwe who was last month assigned a Hilux Van and a Bullet Proof SUV from the fleet as a Director-General of TMO.

I just wish that such offers can be extended to many with cognate political and mathematical experience like my allies namely, Barr. Rex Anunobi, and Dr, Bathos Nwadike, the great Oyi of Igboland.

Regrettably, the era of loyalty in politics seems to be waning because “leaders” now use their followers as umbrella during the rainy season of party primaries and general elections. So to reject this mana from heaven from TMO is simply “njò ogbugbu” to say the least and I am sure that if the wife of our young Collins reads his rejection in the social media, she will never serve him with meat in his meals again.

In totality, my assessment of a careful evaluation of the TMO frontliners, most of whom I know personally will reveal that they are rather, ideologically driven, otherwise I would have seen their own brand new SUVs and the ripple effect of the N100m Sign-On-Fee.

Finally, let me advise all those who are anti- Owerri Zone quest or who out of hatred or mischief continue to blackmail our governorship stars, to have a rethink and desist forthwith in order to avoid this type of public ridicule in a game, in which, if Owerri zone doesn’t win, she will not lose. Also, as the Shepherd, Vanguard and Umbrella body for the Owerri zone for Governor 2025 quest, we appeal that discerning minds should continue to understand the spiritual signs and ignore the mugus who are masturbating with the political ship, gradually berthing through the mercy of God.

Amadi, a Lawyer, is Chairman, Social Media, IHP

CBN: House Of Reps Warns Cardoso Against Interest Rate Hike

James Orji

May 19, 2025

The House of Representatives has warned the Central Bank of Nigeria, CBN, against increasing the benchmark interest rate in the country.

The Chairman, House Committee on National Planning and economic Development,Gboyega Isiaka gave the warning during a meeting with the Statistician General of the federation and chief executive officer of the National Bureau of Statistics, NBS, Adeyemi Adeniran, in Abuja, the nation’s capital.

Isiaka’s remark comes as the the CBN is set to hold its Monetary Policy Committee, MPC, meeting this week amidst fears in the economic sector that the official interest could be hiked again. The Yemi-Cardoso-led CBN has hiked the benchmark interest rates 10 times since 2023.

As the apex bank Governor, Yemi Cardoso has insisted on high interest rates in curbing inflation, even though experts in the sector also argue that the hike has led to unintended consequences, particularly the high cost of food and commodities.

The CBN should not concentrate on the high interest, as the only interventionist tool to controlling micro economic problems facing the country, the experts say.

The Committee chairman questioned the effectiveness of using the interest rate to control demand-pull- inflation, saying after it has been raised multiple times, the problem has only worsen.

The policy, he said, has affected key sectors in the economy such as the SMEs, agriculture and manufacturing the major drives of employment generation in the economy.

The lawmaker however applaued the CBN for making some policies which according to him has helped the country to recover in some areas.

He said, “The monetary policy rate (MPR) has been raised 10 times since January 2023 and currently stands at 27.5 percent from 16.5 percent in 2023, with the aim of curbing demand-pull inflation.

“However, it will appear that the effectiveness of this policy has been undermined by structural bottlenecks, supply chain inefficiencies, etc.

“It is, therefore, our view that considering the current economic landscape, the monetary authorities, as they meet this week, should consider a more accommodative stance that also promotes growth and employment generation.”

The magazine reported that Cardoso has stated that the CBN would “do whatever is necessary” to curb inflation as part of its ‘orthodox monetary policies.

The MPC “will continue to do what has to be done to ensure that inflation comes down,” he said.

“Let’s face it: for a long period of time, the CBN did not embrace orthodox monetary policies.

“We want to go back to using an orthodox method, and it will take us to where we want to go.”

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