Nation

Concerns Mount Over CBN Interest Rate Hike Amid Hardship

Published

3 years ago

August 2, 2023

Financial experts are not at ease with some of the economic policies of President Bola Ahmed Tinubu.
From fuel subsidy removal to Naira floating and the current Monetary policy rates hike from 18.5 per cent to 18.75 per cent, Nigerians groan amid the biting hardship.
For over six months, the Central Bank of Nigeria’s Monetary Policy Committee has continued to increase interest rates in a bid to tackle inflationary pressures, which stood at 22.79 per cent in June, according to the National Bureau of Statistics.
The CBN acting Governor, Mr Folashodun Shonubi said the modest increase in the benchmark interest rate curtailed a potential uptick in inflationary pressures resulting from the policy changes.
But despite the apex banks’ efforts, the inflation pressures have remained unabated in the past six months.
From 16.50 per cent in December 2022, CBN had increased the interest rates to 18.75 per cent.
Stakeholders within the economic sector had not hidden their discontent with the number of policies by the Tinubu-led administration in the face of the hardship Nigerians face.
Nigeria’s organised private sector, OPS, the Lagos Chamber of Commerce and Industry, LCCI, and the Nigeria Employers’ Consultative Assembly, NECA, described the recent hike in the Monetary Policy Rate, MPR, by CBN as a complete contradiction to Tinubu’s pledged commitment to make credit available to businesses and individuals at an affordable rate.
The Tide source recalls that Tinubu promised on May 29 during his presidential inaugural address that “monetary policy needs a thorough house cleaning. Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.”
However, the turn of events have continued to threaten the already bleak hope in the minds of Nigerians.
Experts say one of the significant implications of interest rate hike is that businesses, especially Small and Medium Scale Enterprises, must pay more to access finances.
Accordingly, they urged the government to consider growth-focused interventions.
An accounting and financial development don at Lead City University, Ibadan, Prof Godwin Oyedokun, told newsmen in an interview last Monday that the decision of the government to hike interest rates does not make sense.
According to him, it is improper for the CBN to keep repeating the same thing that has failed over time and expect improved results.
He said what the government should do at this moment is to provide adequate infrastructure and stabilise the prices of goods and services with proper regulatory policies and other growth-driven interventions.

Nation

World Health Day: Rivers Govt Urges Regular Medical Check-Ups, Healthy Living

Published

1 day ago

April 10, 2026

The Tide

The Rivers State Government has called on residents to prioritize regular medical check-ups as part of efforts to promote healthier living and prevent disease.

This message was contained in a statement issued by the Rivers State Ministry of Health in Port Harcourt to commemorate the 2026 World Health Day.

The statement, signed by the Permanent Secretary of the ministry, Prof. Justina Jumbo, urged citizens to rely on credible health information from institutions such as the World Health Organization and the Nigeria Centre for Disease Control, as well as other verified media outlets.

Jumbo emphasized the importance of adopting scientifically proven health practices, including regular handwashing with soap and clean water for at least 20 seconds, the use of hand sanitizers where necessary, and proper respiratory hygiene such as covering the mouth and nose while coughing or sneezing.

She further advised residents to ensure that children receive routine vaccinations, maintain a balanced diet, reduce the intake of salt, sugar, and unhealthy fats, and consume safe, clean water.

The Permanent Secretary also encouraged regular physical activity, recommending at least 30 minutes of exercise most days, while discouraging prolonged periods of inactivity. She stressed the need for adherence to prescribed treatments, avoidance of tobacco use and harmful drugs, and moderation in alcohol consumption.

In addition, Jumbo highlighted the importance of sleeping under insecticide-treated mosquito nets to prevent malaria, maintaining proper sanitation and waste disposal, and managing stress through adequate rest, relaxation, and social support.

Speaking on this year’s theme, “Together for Health: Stand with Science,” she called on individuals, families, communities, and governments to collaborate and rely on scientific knowledge to improve overall health and well-being.

“Science has helped us achieve remarkable progress in healthcare—from vaccines that protect our children to medicines that treat diseases and public health practices that prevent outbreaks,” she said.

She, however, noted that the benefits of science can only be fully realized when people trust accurate information and make informed health decisions.

“Standing with science means listening to trained health professionals, following proven health guidelines, rejecting misinformation and harmful myths, and supporting vaccination, hygiene, and preventive care,” Jumbo added.

The Permanent Secretary further disclosed that the Ministry of Health, under the leadership of Governor Siminalayi Fubara, has recently employed trained health professionals into the Rivers State University Teaching Hospital and the Hospital Management Board to strengthen healthcare delivery.

She urged residents to make health facilities their first point of call whenever they experience any health challenges and called for greater support for healthcare workers who continue to dedicate their lives to saving others.

By John Bibor

Nation

Rumuji Youth Leader Condemns Protest, Disowns Alleged Government Empowerment Claim

Published

1 day ago

April 10, 2026

The Tide

The Youth President of Rumuji Community in Emohua Local Government Area of Rivers State, Hon. Emeka S. Igwe, has condemned the recent protest to the Government House and Greenville NLNG Limited, allegedly instigated by one Anele Ogbu.

In a press statement signed by him and made available to journalists in Port Harcourt, Igwe dissociated the Rumuji community from the protest, describing it as counterproductive and not sanctioned by his office.

He also dismissed claims that the Rivers State Government is planning to empower over 100 youths in Odegu Kingdom and other communities in Emohua Local Government Area, stating that he has no knowledge of such an initiative.

Igwe warned Anele Ogbu to desist from actions capable of inciting unrest in the area, alleging that misleading information has been consistently circulated to deceive unsuspecting members of the public.

He expressed concern over what he described as a growing trend of misinformation, noting that if the purported government empowerment programme were genuine, it would have been officially communicated through appropriate government channels.

According to him, as the youth president of Rumuji, he would have been duly informed and mobilised youths from the community to participate in such a programme if it truly existed.

Igwe further questioned the credibility of the claims, arguing that an initiative of such magnitude targeting at least 100 youths per community across Emohua would not be disseminated informally by a single individual.

He reiterated that the protest did not emanate from his office and maintained that Anele Ogbu lacked the authority to mobilise youths on behalf of the Rumuji community.

The youth leader also alleged that an ongoing arson case involving Ogbu has contributed to tension and unrest in the community, further deepening divisions among residents.

He explained that the purpose of the statement was to clarify the situation, correct what he described as false narratives, and calm rising tensions in the area.

Igwe urged parents and guardians to caution their wards against being misled into participating in activities that could lead to unnecessary conflicts.

He also advised the general public to verify information from credible sources before acting on it, stressing the need for vigilance in the face of increasing misinformation.

“It is important for people to ask critical questions and avoid being drawn into actions that may have serious consequences,” he said.

The Rumuji youth president reaffirmed his commitment to promoting peace and constructive engagement within the community.

John Bibor

Nation

Haniel Jack Foundation Awards Five Rivers Indigenes Scholarship

Published

1 day ago

April 10, 2026

The Tide

The Ibanibo Haniel Jack Foundation has awarded scholarships to five Rivers State indigenes in different tertiary institutions.

The scholarship programme was announced on Easter Sunday by Rev. Dr. Samuel Wachukwu, who is also the presiding pastor of Redeemer Baptist Church, at No. 44/46 Lumumba Street, Mile Two Diobu, in Port Harcourt.

Speaking, the chairman of the occasion, Barrister Karibi George, advised the recipients to justify the scholarship by ensuring that they put in their best and finish at the expected time.

George reminded them that opportunity comes but once and they should take advantage of the opportunity that comes their way judiciously.

“Those of you who are beneficiaries of this scholarship should also remember to help others and the resurrection of our Lord Jesus Christ.

“I advise you to justify the opportunity given to you and make the man who gave you the scholarship, yourself, and your family proud,” Barrister George said.

He explained that the scholarship spans undergraduate and postgraduate levels in various high institutions in Nigeria. He thanks Sir Jack for the gesture.

The scholarship is to promote education in our society, most especially for Rivers indigenes, and equally assist those who cannot immediately afford tuition fees.

It will interest you to know that
The scholarship was borne out of God’s blessings, and this is a way to give back to the society. Besides, two of the beneficiaries are direct employees of the chairman of the foundation, sir.
Ibanibo Haniel Jack, who is also the chief executive officer (CEO) of White House Hotel, in Port Harcourt.

Chief Prezi Diffa, while presenting the awards, commended Sir Ibanibo Haniel Jack, who has deemed it necessary to give back to society.

Chief Diffa equally advised the beneficiaries to take their academics seriously and count themselves lucky.

“The man who has given you this scholarship wants to better your lives, so please put in every effort to ensure you finish the school with flying colors,” Chief Diffa said.

The beneficiaries are Isoboye Haniel Douglas, Naomi Douglas, Charles Batubo, Ajé Sokari, and
Dakoru Owen Amachree.

Tonye Orabere