BUHARI, ABBAS, AKUME, OTHERS AMONG AS WIKE REVOKES ALLOCATION OF 762 FCT LANDOWNERS. (PHOTO).

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 𝐁𝐮𝐡𝐚𝐫𝐢, 𝐀𝐛𝐛𝐚𝐬, 𝐀𝐤𝐮𝐦𝐞, 𝐎𝐭𝐡𝐞𝐫𝐬 𝐀𝐦𝐨𝐧𝐠 𝐚𝐬 𝐖𝐢𝐤𝐞 𝐑𝐞𝐯𝐨𝐤𝐞𝐬 𝐀𝐥𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝟕𝟔𝟐 𝐅𝐂𝐓 𝐋𝐚𝐧𝐝𝐨𝐰𝐧𝐞𝐫𝐬 Nyesom Wike, the Minister of the Federal Capital Territory, has revoked the lands allocated to several prominent Nigerians, including former President Muhammadu Buhari, Speaker of the House of Representatives Tajudeen Abbas, and Secretary to the Government of the Federation George Akume, due to non-payment of Certificate of Occupancy fees. Also, 759 other prominent figures and organisations in Maitama II, Abuja. were also affected by the revocation which was for non-payment of Certificate of Occupancy. This was contained in a publication by the FCT Administration and made available to newsmen by the Special Adviser to the FCT Minister, Lere Olayinka. In a separate publication, the minister also threatened to revoke lands belonging to the Minority Leader of the House of Representatives, Kingsley Chinda; former presidents of the Sena...
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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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