Connect with us

News

Inflation pushing Nigerians into various categories of poverty – Cardoso

Published

on

 

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says inflation is pushing Nigerians into different categories of poverty.

 

Cardoso said controlling inflation is in the best interest of Nigerians.

 

He spoke on Tuesday during a press briefing at the end of the monetary policy committee (MPC) meeting in Abuja.

 

The governor highlighted the significant impact of inflation on the economy, saying purchasing power has diminished and poverty levels have increased.

 

Cardoso stressed the importance of taming inflation for the average individual and the organised private sector, which faces its own consequences.

 

He also acknowledged the need for economic growth and the challenges posed by high interest rates imposed to control inflation and ensure the economy’s long-term stability.

 

“I think I will just say one or two things and these are some of the things that we discuss with the organised private sector that inflation really and truly is having a major impact on our economy,” Cardoso said.

See also  Actor Chinedu Ikedieze, wife welcome baby boy

 

Purchasing power is getting eroded, people are being pushed into different categories of poverty, and it is in their own interest that we are able to tame the scourge of inflation. If not, the ramifications will also be for them.

 

“It is not on the average man alone, it will also be for them and we understand the need for growth and we also understand that it is relatively challenging when you have high interest rates.

 

“My belief is that it is so fundamental to the long-term future and stability of our economy, that inflation should be brought under control.”

 

According to Cardoso, these short-term pains will eventually benefit the economy and the manufacturing sector.

 

Speaking on the current economic situation, the CBN governor said the influx of liquidity into the system over a short period played a significant role.

 

He said the consequences of printing money through ways and means advances are being felt, leading to an out-of-control money supply trajectory.

See also  BREAKING: I’ll be your servant, Tinubu tells Nigerians

 

Cardoso said in response to this, interest rates are being raised to manage the money supply and prevent further spikes.

 

On Tuesday, MPC raised the monetary policy rate (MPR), which benchmarks interest rates, to 26.75 percent — from 26.25 percent.

 

Last week, Nigeria’s inflation rate rose to 34.19 percent amid the surge in food prices.

 

Speaking further, Cardoso said MPC voted to hike the rate by 50 basis points to 26.75 percent, adjust the asymmetric corridor to +500 and -100 basis points around the MPR.

 

The committee retained the cash reserve ratio (CRR) at 45 percent, and liquidity ratio at 30 percent.

 

 

News

Police rescue Adebayo Adelabu’s sister, her twin sons

Published

on

By

The Nigeria Police Force has rescued Mrs Olaide Busayo Adegoke John-Paul and her 12-year-old twin sons, Peter and Paul, alive during a rescue operation carried out around 7:30 p.m. on Saturday. 

According to reports, two suspected kidnappers were neutralised in a gun duel with police operatives, while two firearms were recovered from the gang.

The victims, including the younger sister of the former Minister of Power, Chief Adebayo Adelabu, were abducted around 7:30 a.m. on June 3, 2026, while on their way to drop the children at school in Ibadan, Oyo State.

Police sources disclosed that sustained intelligence tracking and tactical pressure forced the kidnappers into a confrontation with operatives, leading to the successful rescue of the victims.

The source disclosed that security operatives are still combing nearby areas for fleeing members of the kidnapping syndicate, some of whom are believed to have escaped with gunshot wounds.

See also  5,000 Lagos4Lagos supporters decamp to APC

In a statement confirming her abduction, Adelabu’s media aide, Femi Awogboro, said the victims were kidnapped at about 7:30 a.m. while Mrs John-Paul was taking her children to school, leaving the family in distress.

“We are deeply distressed by this unfortunate incident but remain hopeful that the victims will be rescued safely. We appeal to the public to remain calm, avoid speculation, and support ongoing efforts with prayers,” the family’s statement read in part.

She is the youngest of five children of Mrs Olufunmilayo Aduke Adegoke Adelabu, who reportedly retired voluntarily from her career at First Bank Pension Custodian in 2025 before relocating to Ibadan with her children.

Continue Reading

News

Police debunk claim abducted schoolgirl died in captivity

Published

on

By

The police command in Oyo state has dismissed claim that one of the schoolchildren abducted in Ahoro-Esiele, Oriire LGA, died while in captivity.

In a statement issued on Friday, the command described the report as false, misleading and designed to incite panic among residents.

The police said neither the police nor any security agency involved in efforts to rescue the abducted pupils had confirmed such development.

“The report is false, misleading, mischievous, and without any factual basis whatsoever,” the statement reads.

The command accused the authors of the report of deliberately using unverified claims and emotional narratives to manipulate public opinion and create fear.

“It is particularly disturbing that the authors of the report deliberately employed emotional narratives, speculative claims, and unverified accounts in a calculated attempt to manipulate public opinion and generate anxiety among residents,” the statement added.

The police said ongoing rescue operations are being pursued with professionalism and confidentiality, warning that the spread of false information could undermine security efforts and inflict further trauma on affected families.

See also  Law enforcement agencies investigating $2.4bn unverified FX claims - Cardoso

The command cautioned bloggers, social media influencers, online content creators and media organisations against publishing unverified security-related information.

“The indiscriminate sharing of false reports, particularly those capable of inciting fear or causing public disorder, is irresponsible and unacceptable,” the statement said.

The police urged residents to disregard the report and rely only on information released through official channels of the Nigeria Police Force and other authorised government agencies.

The command reiterated its commitment to public safety and assured residents that verified updates on the incident would be communicated as necessary.

Several schoolchildren were recently abducted by gunmen in Ahoro-Esiele, Oriire LGA, prompting a coordinated rescue effort by security agencies.

The police said investigations and rescue operations remain ongoing.

Continue Reading

News

Oyo school attack: Terrorists’ four-point demand before releasing pupils, teachers

Published

on

By

The abductors of teachers and pupils from three schools in Oriire Local Government Area of Oyo State have reportedly made a four-point demand before they will free the captives.

According to media reports, the abductors, who attacked schools in Esinele, Yawota and Alawusa communities on May 15, are reportedly demanding the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law,  reports.

The two commanders whose release is reportedly being sought are Mahmud Usman, also known as Abu Bara’a or Abbas Mukhtar, and his deputy, Abubakar Abba, alias Isah Adam or Mahmud Al-Nigeri, also called Mallam Mamuda.

The two terrorists are leaders of Jama’atu Ansarul Muslimeena Fii Bilaadis Sudan, JAMBS, also known as Ansaru — a breakaway faction of Boko Haram — and are alleged to have aided and abetted acts of terrorism in the country between 2013 and 2015.

See also  Three UK-based Nigerians extradited to US over $5 million Internet fraud

The two were arrested between May and July 2025 and are currently standing trial on terrorism charges before Justice Emeka Nwite of the Federal High Court, Abuja, in a suit marked FHC/ABJ/CR/464/2025, with their trial commencing on January 15, 2026.

Usman was sentenced to 15 years in prison by Justice Emeka Nwite of the Federal High Court, Abuja, on September 11, 2025, after pleading guilty to one count of illegal mining — which he admitted he used to fund arms procurement for terrorism and kidnapping.

He denied 31 other counts and remains in DSS custody pending trial on those charges.

His deputy, Abba, pleaded not guilty to all 32 counts and is also standing trial before the same court.

Unconfirmed reports also claimed that the terrorists are demanding a ransom put at ₦1bn, which is to be paid into a bank account in the Republic of Benin.

Security analysts have warned that releasing the commanders would pose serious risks to national security.

See also  Law enforcement agencies investigating $2.4bn unverified FX claims - Cardoso

Meanwhile, the Oyo State Government has declined to comment on the demands or the state of negotiations, with the Commissioner for Information, Dotun Oyelade, saying it would be “unhelpful” to disclose the government’s strategy while efforts to secure the victims’ release were ongoing.

On May 17, two days after the attack, the abductors released a video showing the beheading of one of the kidnapped teachers, Michael Oyedokun, a mathematics teacher at Community High School, Ahoro-Esinele.

Governor Seyi Makinde confirmed the killing in a statement on Monday, May 18, describing it as deeply painful.

Continue Reading

Trending News