PRESIDENT TINUBU MOURNS NAF PERSONNEL IN ONDO JET CRASH, ORDERS THOROUGH INVESTIGATION OF THE MISHAP. (PHOTO). #PRESS RELEASE.

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 STATEHOUSE PRESS STATEMENT PRESIDENT TINUBU MOURNS NAF PERSONNEL IN ONDO JET CRASH, ORDERS THOROUGH INVESTIGATION OF THE MISHAP   President Bola Tinubu has expressed profound sadness over the crash on Monday morning of a Nigerian Air Force ATR-42 jet near a naval base in the Igbokoda area of Ondo State.   The aircraft was on a routine mission from Benin to Lagos when the accident occurred.   The President extends his deepest condolences to the family of the 25 passengers and seven crew members involved, the Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, and all officers, airmen and airwomen of the Nigerian Air Force.   "This is a painful moment for our Armed Forces and for the entire nation. Our Air Force personnel put their lives on the line every day to secure Nigeria. Their sacrifice will never be forgotten."   “The Chief of Air Staff has briefed me, and I have directed the Nigerian Air Force to immediately commence a thorough investigation in...
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INFLATION: CBN INCREASES MONITARY POLICY RATE TO 27.25.(PHOTO).

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 INFLATION: CBN INCREASES MONITARY POLICY RATE TO 27.25


The Central Bank of Nigeria's Monetary Policy Committee has decided to raise the benchmark interest rate, known as the monetary policy rate, to 27.25 percent. This decision was made at the committee's fifth meeting of the year at the CBN headquarters in Abuja.


The monetary policy rate serves as the baseline interest rate in the economy, and all other interest rates within the economy are based on it. The increase from the previous rate of 26.75 percent reflects an 8.5 percent rise in interest rates under the current leadership, which began a year ago.


In addition to raising the monetary policy rate, the committee also decided to maintain the asymmetric corridor around the MPR at +500 to -100 basis points. Furthermore, the Cash Reserve Ratio for deposit money banks was increased by 500 basis points to 50 percent, and for merchant banks by 200 basis points to 16 percent. The liquidity ratio was retained at 30 percent.


Despite expectations for the Central Bank of Nigeria to either maintain or lower interest rates due to two consecutive months of declining headline inflation, the decision was made to tighten monetary policy.

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