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BREAKING: CBN increases interest rate to 27.75% as inflation persists

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The monetary policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, to 26.75 percent — from 26.25 percent.

 

Olayemi Cardoso, governor of the apex bank, announced the rate adjustment on Tuesday at the end of the committee’s 296th meeting in Abuja.

 

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

 

The MPR is the baseline interest rate in an economy, every other interest rate used within the economy is built on it.

 

The monetary policy committee retained other parameters.

 

Speaking at the media briefing, Cardoso said the committee members voted to hike the rate by 50 basis points to 27.75 percent, adjust the asymmetric corridor to +500 and -100 basis points around the MPR, retain the cash reserve ratio (CRR) at 45 percent, and liquidity ratio at 30 percent.

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NNPC: Nigeria’s has capacity for 3m barrels crude oil production per day if…

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The Nigerian National Petroleum Company says the country can get up to three million barrels per day of crude if all the stakeholders in the oil sector work in synergy.

The country currently produces an average of 1.3 million barrels per day (bpd), according to data from the Organisation of Petroleum Exporting Countries (OPEC).

Olufemi Soneye, NNPC’s chief corporate communications officer, spoke at an interactive session with reporters covering the national assembly in Abuja on Saturday.

 

Soneye said the country is now averaging 1.7 million bpd because of a recent directive President Bola Tinubu gave to security agencies.

 

“Three million barrels oil production per day is achievable in Nigeria if all the stakeholders work in synergy for that purpose from the security agencies both government and private owned, to oil companies and host communities,” he said.

 

“With the expected synergy from all the relevant stakeholders in the war against oil theft and pipeline vandalism, the enabling environment would be in place for optimal oil production to the volume of 2.5 to 3 million bpd.

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“At a time, we felt that Nigeria was in trouble as far as oil theft was concerned, but with the intensity of the war against it (crude oil theft) has allayed our fears.”

 

Murtala Muhammad, NNPC’s deputy manager, command and control centre, said in six months, over 8,000 illegal refineries and 5,800 illegal oil pipelines were found and destroyed.

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‘Please, don’t put fire in Oyo’ — Makinde tells Wike

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Seyi Makinde, governor of Oyo state, has asked Nyesom Wike, minister of the federal capital territory (FCT), not to “put fire” in his state.

Wike, in August, had warned governors elected on the platform of the Peoples Democratic Party (PDP) against interfering in the affairs of the party in Rivers state.

 

Wike and Siminalayi Fubara, governor of Rivers state, have been at loggerheads over the control of the party’s political structure in the state.

 

The rift between both chieftains of the PDP has created two factions in the Rivers house of assembly, with each camp electing a speaker loyal to the minister and the governor.

 

Bala Mohammed, governor of Bauchi state and chair of the PDP Governors’ Forum, had said the party’s structure in Rivers state will be handed over to Fubara.

Displeased by Mohammed’s comment, Wike said he would “put fire” in the states controlled by governors of the PDP siding with Fubara.

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Mohammed would later reply to the FCT minister’s threat, saying he had enough water to quench Wike’s fire.

 

But speaking on Saturday at an event organised in honour of the minister by the Ijaw Peoples Congress in Port Harcourt, Makinde pleaded with Wike to spare Oyo state should he decide to make bold his threat.

“I came to identify with my brother, the celebrant of today, the honourable minister of the federal capital territory and the immediate past governor of Rivers state,” Makinde said.

 

“When I showed up yesterday, I told him I brought peace offering because he has been boasting that he will put fire in some states. I said, please, don’t put fire in Oyo state.”

‘I’M BIGGER THAN ALL OF YOU’

Addressing the crowd, Wike said he is more powerful than all the governors siding with Fubara.

“All those who are moving around saying they are supporting somebody… you know it is not correct. You know some people don’t have shame. I cannot serve your boy,” Wike said.

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“Now, they are not even waiting, they are even rushing after the boy. They are not even waiting for the boy to call them. They are now rushing to the boy. People don’t have integrity.

“Don’t ever think that they’re fighting me. They are not fighting me. I am too big. If you don’t recognise somebody bigger than you, you know you are sick. I’m far bigger— all of them put together. They cannot stand it.

 

“When people said they will put hand here (in Rivers). I told them: if you come here and put your hand, hand too will enter your place (state). Now they are crying.”

Wike claimed that the PDP lost the governorship election in Edo to the All Progressives Congress (APC) because governors of the party lacked strategy.

 

“Instead of them (governors) concentrating on how they would win election in their state, they were holding meetings elsewhere to discuss Rivers state,” he said.

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“Who is the loser? This is a warning to others. Don’t touch Rivers state. It is a special state to God.”

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Osimhen nets brace as Galatasaray settle for draw in 6-goal thriller

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Victor Osimhen scored his first brace for Galatasaray in the club’s 3-3 draw with Kasimpasa in their Turkish Super Lig match at RAMS Park in Istanbul on Saturday.

In his third league match for the club, the on-loan 25-year-old striker serenaded the home fans with two well-taken goals to add to four assists since his arrival at the table-topping club.

Osimhen opened his club account in the 20th minute when his attempted control from a cross fooled a committed goalkeeper and the Super Eagles striker watched the ball cross the line to a loud jubilation from the crowd.

If the first was ingenious, the second goal — eight minutes later — reeked of pure class. The former Lille striker latched on to a deep cross and swiveled despite the presence of a defender on him before lashing a volley into the roof of the net for 2-0 to his club.

Mauro Icardi made it 3-0 in the 34th minute before Kasimpasa reduced the deficit before halftime.

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Osimhen did not have the chance to complete a hattrick due to injury and was substituted at halftime, while the visitors staged a comeback late in the second period to snatch a point at the death.

The draw sees unbeaten Galatasaray lose their perfect start to the season but remain top of the Super Lig with 19 points from seven matches, four ahead of second-placed Samsunspor.

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