Oil Theft: Group Seeks Probe Of Soldiers In Niger Delta

The Ijaw Youth Council (IYC) has accused federal troops of involvement in crude oil theft in Ijaw land and the Niger Delta in general.

It implored the Economic and Financial Crimes Commission (EFCC) to probe the accounts and property of military generals that had been deployed to oversee military operations in the region.

It alleged that there was a criminal angle in the sustained military siege in the region under the guise of fighting against illegal oil bunkering, oil theft and pipeline vandalism.

Spokesman for the IYC, Ebilade Ekerefe, said in Yenagoa, Bayelsa State, that some military personnel deployed in the Niger Delta had reportedly become richer than those in the Presidency.

According to him, “IYC investigation revealed that most of the repeated Military invasions have shown a criminal aspect of armed campaign against the Ijaw nation and the conflict of interests in the proceeds accruing from illegal activities of crude oil theft in the region.

“In some cases, the Nigerian Military authorities get intelligence report from sister agencies on the complicit involvement of its Personnel in cases of illegal oil bunkering and crude oil theft in the region but they keep mute.Some military Personnel serving in the region have become richer than those in the Presidency by being posted to the region. While some get as much as N500,000 weekly to allow secret movement of whooping 61,000 litres of stolen crude to a vessel berthed on the Atlantic Ocean under the security escort of combatant armed military personnel.”

He further stated that some federal troops also allegedly own and protect illegal bunkering sites along the waterways and rivers and that when their interests are breached by restive youths they invade Ijaw and Niger Delta communities, accusing them of harbouring oil thieves.

He added: “It has happened in Rivers, Delta and Bayelsa State. We call on the Federal Government through the Economic and Financial Crimes Commission to investigate the bank accounts of Generals posted to the Niger Delta region and the complicity of their men in the heinous crimes of illegal bunkering and theft.They cannot be part of the crimes and kill the innocent people for crimes they know nothing about.”

Ekerefe vowed that the IYC would institute legal actions against the country’s military for the various alleged human rights abuses perpetrated by federal troops in the Niger Delta in the name of fighting against illegal oil bunkering and oil theft.

We Won’t Approve Arms For Amotekun, Other Regional Security Outfits -Presidency

 

The presidency on Tuesday, shunned calls in some quarters to provide arms for the state security outfits to enable them combat insecurity in the country.

Senior Special Assistant on Media and Publicity to the President, Garba Shehu,conveyed this in a statement.

He explained that there is no state the federation, that has been authorized to procure automatic weapons for their security outfits.

Shehu said under the current administration, the President has repeatedly made it clear that nobody is allowed to illegally carry AK-47 or any other automatic weapons and that they must surrender them.

He said where they fail to do so, the law enforcement agencies have been given clear directives to deal with any such outlaws.

According to the presidency, under the existing regulations, only the Office of the National Security Adviser can issue such authorization, upon proper clearance by the President and Commander-in-Chief and as it is at this moment, no such approvals have been issued to any state government.

“In the specific Katsina State often cited, the Governor, Aminu Bello Masari wrote to explain that the administration invited the Provost of the Civil Defence Training College in Katsina to train their Vigilantes for a five-day period “in the handling and operations of Pump Action Rifles,” emphasizing that “the Vigilantes were not trained to take over the responsibilities of the security agencies of the Federal Government of Nigeria but to assist them,” he added.

He noted that the Presidency appreciates the active involvement of states with security matters.

He added: “As they continue to expand their capabilities as well as their active collaboration with law enforcement agencies of the federation, the joint efforts continue to yield good results, thwarting attempts of terrorists to wreak havoc and destruction on communities.

“The President in particular has expressed happiness that in the last couple of years, security outfits mandated by state governments have been associated with several important initiatives, and reports have reached him of acts of utmost bravery and professionalism”.

Shehu also said the President appreciates them for their alertness that is helping to defeat nefarious plots against targets at grassroots levels.

He cautioned against the politicization of security,adding that government at the centre with a national mandate cannot afford to alienate Ondo State or any other state for that matter on the important issue of security and urges leaders at various levels to exercise restraint in their speech, even as we are in a political season.

The Governor of Ondo State, Rotimi Akeredolu had been advocating for the Federal Government to approve arms for the South- West controlled security outfit, Amotekun.

Nigeria  Winning War Against Terrorism, FG Insists

Nigeria is witnessing a progressive decimation of terrorists and insurgents in order to secure the country,Minister of Information and Culture, Alhaji Lai Mohammed, has said

Segun Adeyemi  Special Assistant to the President (Media),quoted the Minister as making the remarks in Calabar at a joint press conference with Cross River State Governor, Prof. Ben Ayade, during a ceremony to mark the 2022 World Tourism Day.

He said infrastructure and adequate security are necessary for tourism to thrive.

“I am bold to say here that in the last three months, even our worst critics will agree that the government has gotten the handle on
security issues. In the area of insecurity, I want to assure you that the worst is over,” Alhaji Mohammed  added.

According to him,when the situation in the country in 2015 is compared with what obtains in 2022, there is incontrovertible evidence to support the government’s position that the worst is over.

He added:“It’s unfortunate that people who comment on insecurity fail to start from where we were in 2015 and where we are today.In 2015, the entire North East of the country was a no-go area. When I was appointed Minister in 2015, one of the first tasks I embarked upon was to go with a team of foreign and local journalists to the North East, in particular to Maiduguri, Kaure, Konduga and Bama, to see firsthand the effect of Boko Haram insurgency.

“That’s on 5th December 2015 and I needed air force jets to escort me from Maiduguri to Bama, which is about 68 kilometers. Apart from our convoy, we didn’t see any other vehicular traffic on the road. All the houses in Bama were destroyed by Boko Haram. There were no schools in the North East and no hospitals. telecommunication services were destroyed”

He said at the moment, the North East is once again accessible because of the government’s efforts.

He spoke on the economy, saying the activities of vandals in the Niger Delta is causing the government to lose about 700,000 barrels of crude oil per day, thereby denying the government huge revenue and foreign exchange.

FG Raises Alarm Over 1,618 Fake Employment Letters In Ministries

 

The Office of the Head of the Civil Service of the Federation(OHCSF) said it has detected a total of 1,618 workers whose letters of employment were either fake or illegal in the Federal Civil Service.

Dr. Folasade Yemi-Esan, Head of the Civil Service of the Federation disclosed this on Tuesday in Abuja during an oversight visit by the House of Representatives Committee on Public Service Matters,who came for monitoring of the 2021 and 2022 Budget performance of the Office.

Yemi-Esan disclosed that this ugly development led to the suspension of 874 officers from the Integrated Payroll and Personal Information System (IPPIS) platforms for not updating their records and 3,657 workers detected by the Federal Civil Service Commission, who did not present themselves for the exercise.

She said the introduction and implementation of the Human Resource component (HR Module) of the Integrated Personnel and Payroll Information System (IPPIS) has greatly assisted the Federal Government in bridging the gap created by the implementation of the IPPIS project.

She added it has also detected as well as corrected a plethora of fraudulent cases pertaining to personnel records of civil servants.

She further highlighted other achievements of her Office which include induction, SMAT- P and LEAD-P training programmes; Performance Management System (PMS), which billed to replace the present APER in 2023, starting with the first MDA that completes its training.

Other achievements recorded by the OHCSF, according to her, include “Innovation; digitalisation; staff welfare, which has done very well in the provision of affordable housing through the Federal Integrated Staff Housing (FISH) programme, introduction of the Federal Civil Service Bus Scheme to ease civil servants’ transportation to and from their work places, agri-entrepreneurship programme; reward and recognition scheme and the provision of Group Life Assurance for federal government employees.

Responding, Chairman, House of Representatives Committee on Public Service Matters, Sani Bala, commended
the Office of the Head of the Civil Service of the Federation for astute implementation of the digitalisation policy of the Federal Government.

Bala praised the Head of the Civil Service and her team for their efforts at raising the bar of the Service to an enviable height.

Probe: Reps Demand Tax Records Of NNPC’s PSCs 

The House of Representatives ad-hoc committee has demanded tax records and other relevant documents on joint ventures, (JV) businesses and production, sharing contracts of the Nigerian National Petroleum Corporation (NNPC) from 1990 to date from the Federal Inland Revenue Service (FIRS).

The House Committee to probe the JV businesses during the period, gave the directive when the FIRS represented by Ogunyemilusi Gabriel and Bello Rasheed appeared before it at an investigative hearing.

The FIRS’ representatives told the committee that the relevant tax documents demanded by the committee had been submitted but only for the 2015 to 2021.

The documents includes summary of petroleum profit tax; copies of tax returns filed by all JV ventures from 1990 to 2022; summary of all remittances to federation account of all tax revenues between 1990 to 2022.

Others are copies of correspondence between NNPC and FIRS tax remittances; summary of all remittances to federation account of all tax revenues between 1990 to 2022; and certified true copies of various tax revenues accounts maintained or supervised by FIRS on behalf of the federation.

The FIRS explained that the remaining records would be supplied eventually as they usually send them to archive immediately.

He said the agency has a policy of archiving every six years, which was why the records from 2015 to 2021 were readily accessible when the committee demanded them.

Spokesman of the House, Ben Kalu, expressed worry that the archiving policy of the agency placed a restriction on the mandate of the committee saying: “It is restricting. I say so because if you look at the request from the letter which is from 1990, you are starting at 2015 based on the policy.

“We are losing about 25 years of inquiry. They must present this number of years wherever the documents are. We need those documents for us to conduct a thorough investigation. Let no excuse be given,” Kalu stated.

Chairman of the committee, Abubakar Fulata, demanded that the records be made available by Friday this week.

The Committee directed that the Executive Chairman of the Agency, Mohammed Nami, appear before the committee next Tuesday to speak to the documents, submitted.

He adjourned the sitting to Tuesday, next week, also demanded that the Chief Executives of the various oil companies invited appear in person or face sanctions.

Reps Move To Penalize Employers For Non Payment Of Salaries

The House of Representatives on Tuesday advanced efforts aimed prohibiting non payment of salaries and wages by employers of labour, as well as improve the general welfare of employees within the public and private sectors of the economy.

The bill which passed second reading on the floor of the House during plenary is being sponsored by the House Speaker, Rep. Femi Gbajabiamila.

Titled: ‘HB 07. Employees (Unpaid Wages Prohibition) Bill, 2019’, the proposed legislation seeks to ensure the timely remuneration of employees, whether in the public or private sector,prohibit the withholding of payment due to employees by employers in the guise of using same to cover the cost of employee negligence and prescribe penalties against employers for violations of the provisions of the bill

It also seeks to provide compensation for employees and improve the general welfare conditions of employment for labour in
Nigeria.

What Does Wike Really Want?

By Akinwale Gaskin

Governor Wike is essentially a creation of President Goodluck Jonathan. He was a local government chairman at a point but prior to 2011, he was a notable member of the Rotimi Amaechi the former Governor of Rivers state political family. Amaechi was until recently, a Minister under Buhari’s administration.

Amaechi who is Wike’s predecessor, had appointed him as the chief of staff, a position he occupied until the beginning of the political fallout between Governor Amaechi and President Goodluck Jonathan, when Wike ditched the former, and switched his allegiance to the latter.

For “betraying” Rotimi Amaechi, Wike was handsomely rewarded by President Jonathan. He was first appointed Minister of State for Education in 2011, and two years later (2013), he was quickly promoted to a senior Minister of Education by President Jonathan in order to spite Amaechi.

With the backing of former President, Wike went on to secure the PDP Governorship ticket in 2015 and eventually became Rivers State Governor. This was why Amaechi once aptly said that “Wike became governor of Rivers state by the accident of Goodluck Jonathan”. A man who climbed the political ladder by betraying his own boss in 2010 is the same person now accusing some PDP Governors of betraying him in 2022. What an irony!

Upon becoming the governor of Rivers State, and the rich resources of the State at his disposal, the attention-seeking Governor Wike who had always wanted to be a national player in Nigeria’s politics immediately embarked upon reckless spending and financial support for the People’s Democratic Party (PDP) and other key stakeholders within the party.

God answered his prayers when credible and much more experienced PDP leaders like former president Obasanjo, Atiku Abubakar, Bukola Saraki, Rotimi Amaechi and others left the party to join forces with the newly formed All Progressives Congress (APC) in 2014 over the inordinate or unresolved ambition of President Jonathan who had wanted to remain in office beyond his agreed single-term tenure.

With the defection of these foundation members and experienced politicians from the PDP, a void was created and Wike grabbed the opportunity by playing “the Father Christmas” in the party. Wike who had now set his eyes on Nigeria’s Presidency began to spend money lavishly on everyone and anything PDP to the point that he almost unilaterally became the sole financier, or financial backbone of the PDP.

As a result of his spending spree, other PDP Governors started to warm up to him and his influence within the party grew tremendously. Governor Nyesom Wike soon developed a sense of entitlement and delusion on the strength that he owns the party on account of the strength that he could get anything he wanted within the PDP through the power of money.

His praise singers convinced him, and he also believed that the PDP was his personal property to the extent that his words within the party became law. He became unduly arrogant, and power-drunk that he could virtually get anyone elected to or removed from any office within the party.

This arrogance was amply demonstrated when he single-handedly installed Uche Secondus as the Party Chairman and subsequently insisted that the PDP National Convention 2019 must be held in Port Harcourt, his home state despite stronger arguments to the contrary.

He had his way at the time but the grand master, Atiku Abubakar still defeated Wike and his group even in Port Harcourt and walked away with the coveted prize of presidential ticket to the shock and humiliation of the brash and politically inexperienced Governor Wike. It was a devastating blow from which Wike is yet to recover, and over which he can never forgive Atiku Abubakar.

The current PDP crisis is therefore vendetta-driven and solely created by a man with bloated ego and exaggerated sense of importance or self-worth. A sore loser who is ready to bring down the whole building because of his failure to achieve a personal goal. His claim of seeking justice and fighting for what is right must particularly be seen as “fraudulent” because ever since his emergence on the national political scene, Wike has never shown any interest in fairness, justice or common good unless he comes out as the ultimate beneficiary of such “fairness’ and “justice”.

The “commendable” role he purportedly played in stabilizing the PDP during its turbulent period, and one that he has endlessly bragged about, was particularly and selfishly undertaken with sole purpose of being handed the Presidential ticket of the Party whenever he decides to run. A man who single-handedly decided who his successor would be in Rivers state, and who prevented other interested PDP Governorship aspirants in his state from contesting cannot in good conscience come to the national stage to teach anyone about fairness, equity or justice.

We all know that both Alhaji Atiku Abubakar and former Senate President, Bukola Saraki, remain Governor Wike’s greatest nightmares within the People’s Democratic Party. Their brief exit from the Party allowed Wike the opportunity to flourish and develop into a monster in the first place.

The return of this duo to the party has therefore dealt a devastating blow to whatever is left of Wike’s ego and sense of importance together with his ability to easily have his ways on everything within PDP. While Atiku Abubakar has already handed Wike two critical defeats in quick successions, and consistently proven to Wike that he, Atiku is the boss and master of the game, the former Senate President, Bukola Saraki,on the other hand continues to intimidate Governor Wike with superior intelligence quotient, personal eloquence and elegance, better knowledge of national politics, and superior political profile in addition to his membership of a strong political dynasty in the north.

Their mere presence and level of civility within the party naturally take attention away from any crude and mannerless Governor who had planned to force himself on the people. Wike must therefore fight back and very dirty too.

Whoever cares to listen to Governor Wike each time he talks lately will readily notice a form of venom, bitterness and anger in the voice of a frustrated man who is unable to overcome the shock and disgrace of his second defeat in the hands of the master, Atiku Abubakar.

The first was his failed support for Aminu Tambuwal against Atiku at Port Harcourt during the 2019 national convention. It is an open secret that Wike neither forgave nor genuinely supported Atiku Abubakar during the 2019 general election. Those in doubt should compare the total PDP votes scored during the presidential election and that of the state governorship election. He will never forgive or support Atiku’s presidential ambition this second time either.

That was why he rushed to congratulate President Buhari (Atiku’s opponent at the 2019 elections) over his electoral “victory” even before the PDP could formulate a formal response to the election results. Wilke had erroneously believed that the 2019 defeat would end Atiku’s presidential ambition, thereby clearing the coast for his own emergence as party’s flagbearer come 2023. That turned out to be a great and costly miscalculation which he is yet to overcome.

Governor Wike’s cry for justice is a mere pretext and grand deception. His real intention is to prevent the man who defeated him during the PDP primaries, Atiku Abubakar from becoming Nigeria’s President. Wike has demonstrated that he is a self-centered sore loser, and a bitter politician with vindictive mentality.

In the first place, it was Governor Wike who imposed or unilaterally ensured that his former friend, Uche Secondus emerged PDP national Chairman. It was also Wike who insisted that the national chairman must be removed from office in order to pave way for his own presidential ambition. Wike had reasoned that it was not possible for the party chairman, Secondus and presidential candidate (supposedly Wike) to come from the same geo-political zone. As a result, he made sure that Uche Secondus was forcefully and prematurely removed from office.

Besides, it is a common knowledge that it was this same Governor Wike who had insisted that the current PDP national chairman, Iorchia Ayu be elected chairman. Atiku Abubakar had a different candidate in mind for the position, but Governor Wike insisted that the chairmanship should not only go to the north (to pave way for Wike from the south to emerge as presidential candidate) ,but that only Iyorchia Ayu must be elected to the office. Ayu was therefore Wike’s candidate right from the beginning. just like his immediate predecessor, Secondus.

The party primaries are over. Atiku already emerged as winner. What does Governor Wike really want, justice or a pound of flesh? Governor Wike knows that Alhaji Atiku Abubakar as PDP presidential flag bearer does not have the constitutional power to unilaterally remove the national chairman of the party, Iyorchia Ayu from office.

He also knows that under the PDP constitution, even if Ayu resigns today, the next person to take over the vacated office is still a northerner from Ayu’s zone. Must that person also resign in order to appease a man driven purely by vendetta and one who is fixated on getting a revenge from Atiku at all cost? It should be clear to any right-thinking person by now that Wike’s mission is not about any chairmanship position, Ayu’s resignation or commitment to fairnessbut to ensure that Atiku Abubakar does not become Nigeria’s president.

Alhaji Atiku Abubakar is the real target of Wike. He only lacks the courage to tell Nigerians his real motive. The earlier the PDP and its members recognize this destructive mission of Governor Wike, the better for everyone.

If Wike is truly interested in fairness or southern presidency, he would have supported Peter Obi right from the beginning with needed resources instead of running for the position himself. Of the three geo-political zones in the south (Southwest, Southeast, and South-south), it is only the southeast of Peter Obi that has a legitimate claim to the presidency because both southwest and South-south where Governor Wike comes from, had already produced Nigeria’s Presidents in the person of Obasanjo and Goodluck Jonathan.

Like Peter Obi, both Atiku Abubakar and Bukola Saraki are also entitled to the presidential ticket of PDP because both men come from geo-political zones in the north that have not produced a Nigeria’s president since the country’s return to democracy in 1999. A man of integrity who is genuinely committed to equity and fairness or southern presidency with the resources at his disposal like Wike, would have thrown his weight behind Peter Obi and southeast during party primaries. Apparently, Governor Wike suddenly knows about the doctrine of fairness only after having suffered a humiliating and devastating defeat from the hands of Atiku.

With leadership comes responsibility and maturity. Unfortunately, Governor Wike lacks both. His choice of words, attitude, irresponsible claims or outbursts and overall penchant for fighting everyone at the same time are clear indications that the man is petty, vindictive, incapable of handling confidential matters, probably emotionally unstable, but above all, he is grossly unfit to be a leader. Only God knows how many state Governors and journalists he has fought in the past one year.

When he could not successfully intimidate, entice or match Governor Obaseki’s maturity and leadership qualities, Wike resorted to publicly insulting the Edo state Governor. He has also fought Sule Lamido and Aliyu Babangida in similar fasion. He even attempted to pick on Reuben Abati, and other well-trained media professionals at Arise TV, before being told in clear language by Abati, a no-nonsense and distinguished journalist that he, Wike “lacks capacity and intellect” to teach him or anyone journalism.

Recently,same Wike claimed that some Nigerian retired military generals threatened him with CIA because he is fighting for justice within PDP. He then proceeded to accuse someone in the Villa (probably the Vice President, Professor Yemi Osinbajo or President Muhammadu Buhari himself) of secretly supporting the PDP flagbearer Atiku Abubakar, instead of Bola Tinubu the APC’s presidential flagbearer.

Before the dust could settle, Wike again made another outlandish claim that Tinubu offered him a Senatorial seat when both men met in England – a discussion probably meant to be confidential, but a claim already denied by Tinubu’s aides as untrue.

In the same vein, Wike further alleged that Iorchia Ayu received N1 billion bribe, that Atiku and PDP already shared all positions even before the elections are held etc. What next should we expect from a man without control over his tongue or emotion when he comes back from his current God-knows-what mission in England?

The attention-seeking, tantrum-throwing governor has suddenly become an entertainer, who continues to entertain Nigerians even as he falls from the position of grace like a beautiful bride once desired by everyone to that of an irredeemably defective and worthless object being avoided by all. This man needs help.

He must be rescued from self-destruction but whatever solution is ultimately proffered to move the PDP forward ahead of coming election, Governor Wike’s political value has plummeted beyond repairs, and he can never ever be trusted as a team player or loyal party member again.

He is already consumed with hatred and the mission to destroy the PDP and its presidential candidate to the point of no return. Waste no further efforts on him and his cohorts of bankrupt agents whose stock in trade is nothing but destabilization. Let him explain to the world, what will happen if Ayu resigns and Atiku loses in the general election.

Will Ayu be forcefully returned to office to complete the unfinished term of his chairmanship? Is this the first time in the history of PDP that both national chairman and presidential will emerge from same region before a presidential election? Many will recall that. Ahmadu Ali. From north central was the PDP national chairman when Late Musa Yar’Ardua, from the northwest was the PDP’s presidential candidate and the heavens did not fall before the party went on to win the general election.

Since Wike finds it impossible to swallow his pride, embrace peace or follow the dignified footsteps of other honorable presidential aspirants in PDP and other politicians who contested, lost the election and promptly rallied around the winner in the overall interest of their parties and Nigeria as a whole, the time has come for the PDP to ignore his ranting and move on.

It is also time for the PDP to search for and embrace genuine leaders of the people in Rivers state which may include but not limited to Governor Wike’s former boss and master, Rotimi Amaechi himself.

Akinwale Gaskin writes from Chicago, USA.

CBN Increases Monetary Policy Rate To 15.5%

 

The Monetary Policy Committee of the Central Bank of Nigeria today,voted to increase the benchmark interest rate (monetary policy rate) to 15.5% from 14%.

The development was the third hawkish move by the apex bank in 2022 following the rising rate of inflation.

Godwin Emefiele, the Governor of the CBN, disclosed this while reading the communique of the monetary policy committee meeting on Tuesday 27th September 2022.

Highlights of the committee’s decision include: MPR raised by 150 basis points from 14% to 15.5%; The asymmetric corridor of +100/-700 basis points around the MPR was retained; CRR was raised to a minimum of 32.5%; and the liquidity Ratio was also kept at 30%.

“Members deliberated on the impact of the widening margin between the current policy rate of 14 per cent and the inflation rate of 20.52 per cent.

“At this Meeting, the option to loosen the policy rate was not considered as this would be gravely detrimental to reining-in inflation. The Committee thus, agreed unanimously to raise the policy rate to narrow the negative real interest rate gap and rein-in inflation.

“The Committee thus voted unanimously to raise the Monetary Policy Rate (MPR) and the Cash Reserve Requirement (CRR). Ten members voted to raise the MPR by 150 basis points, one member by 100 basis points, and another member by 50 basis points. Ten Members voted to increase the CRR by 500 basis points, while two Members voted to increase CRR by 750 basis points.

“In summary, the MPC voted to: Raise the MPR to 15.5 per cent; Retain the asymmetric corridor of +100/-700 basis points around the MPR; Increase the CRR to a minimum of 32.5 per cent; and Retain the Liquidity Ratio at 30.0 per cent” he said.

The focus of the committee was targeted at the aggressive rise in headline inflation, which is already affecting the growth of the economy.

Emefiele noted that the committee did not consider the option of reducing or holding rates, but rather how much an increase should be made.

According to him, members deliberated on the impact of the widening margin between the current policy rate of 14% and the inflation rate of 20.52%, leaving the members with the only option of raising interest rates, noting that a loosening stand will be detrimental in reining in inflation.

The committee agreed unanimously to raise the policy rate, narrow the negative real interest rate and rein in inflation. Notably, 10 members voted to raise the MPR by 150 basis points, 1 by 100 basis points, and 1 by 50 basis points.

Besides, 10 members voted to increase the CRR by 500 basis points, while two members voted to increase it by 750 basis points.

Analysts said following the benchmark interest rate now at a record high of 15.5%, the cost of credit is expected to rise, as well as the yield of government fixed securities, while the CBN will continue to use the CRR to mop up liquidity in the financial sector.

The Central Bank during its last MPC meeting had increased the interest rate from 11.5% to 14% in the last two meetings, however with the inflation rate still spiking above 20%, the CBN has raised the rate further to 15.5% in a bid to combat the rising cost of goods and services.

The last time the apex bank maintained an interest rate higher than 15% was in 2002, bringing the current rate of 15.5% to a 20-year high.