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Concerns Mount Over CBN Interest Rate Hike Amid Hardship

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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.

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RSG Hosts 2026 President’s Inter-SS Debate as Eight States Vie for National Crown

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Eight states across Nigeria have converged in Port Harcourt for the 2026 edition of the President’s Inter-Senior Secondary Schools Debate Championship, hosted by Rivers State Government.

The three_days championship, themed “27th Democracy & 3rd Year Anniversary of President Ahmed Tinubu Inter-Senior Schools Debate Championship,” opened on Monday at Government Girls Secondary School, Rumueme, Port Harcourt.

The participating states are Ebonyi, Abia, Delta, Sokoto, Yobe, Kwara, Enugu, and host state Rivers. Each state is represented by its top debaters selected through state-level contests.

Declaring the event open, the Rivers State Commissioner for Education, Dr. Peters Nwagor, said the championship goes beyond winning trophies. He described it as a national investment in the next generation of leaders.

“This platform is for nurturing young minds,” Nwagor said. “It builds critical thinking, research skills, confidence, effective communication, and the ability to engage constructively with views different from one’s own. These are the very qualities upon which responsible leadership and nation-building are founded.”

The Commissioner commended the organizers, participating schools, teachers, and coordinators for their commitment to promoting intellectual excellence among Nigerian youths.

He urged the students to compete with confidence, discipline, and respect. “Debate is not merely about winning an argument,” he noted. “It is about listening carefully, reasoning with clarity, presenting your evidence with honesty, and having the grace to learn from others. Let the quality of your ideas and the strength of your character define your participation here.”

Nwagor assured the participants that Rivers State is proud to play its part in raising a generation that will bring bold and innovative solutions to the country’s challenges. He wished all teams a rewarding, memorable, and successful championship.

Earlier in his welcome address, the National Coordinator of the President’s Schools Debate Nigeria, PSDN, Elder Dare Oritu, called the event a “gathering of minds” drawn from different parts of the country.

According to Oritu, debate is about three things. “It is about _unity_. It brings us together from different schools and backgrounds to learn from one another. It is about _broadening the mind_. It teaches you to think deeply, to listen well, to ask ‘why,’ and to defend your ideas with facts and respect. It is about _preparing you for leadership_. The problem-solvers and decision-makers of tomorrow are in this hall today.”

He reminded the students that debate is not a contest of aggression. “Debate is _not a fight_. We challenge ideas, not people. It is _not about who is better_. And it is _not do-or-die_. We win with grace, and we learn with humility,” Oritu said.

The PSDN National Coordinator encouraged all participants to compete with integrity, speak with clarity, and leave wiser than they came. He wished them the very best throughout the competition.

Highlights of the opening ceremony included the official draw for debate matches, administered by PSDN officials. The pairings will determine which states face each other in the preliminary rounds as the battle for the 2026 national title begins.

 

Amadi Akujobi

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NIIT Port Harcourt Graduates 61 Cybersecurity Students, Enrols 48 New Intakes

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The National Institute of Information Technology (NIIT), Port Harcourt, has graduated 61 students from its six-month Cybersecurity training programme. The institute also inducted 48 new students for the new academic session during a brief ceremony held at its Port Harcourt centre on Monday.

Centre Manager of NIIT Port Harcourt, Mr. Precious Ogulu Tom, said the institute is always excited to induct students into cybersecurity because it is one of its flagship courses with strong international recognition. He noted that the centre’s performance has earned it high ratings from ICSS, adding that in the past academic year, more than 20 students passed ICSS certification exams.

According to him, beyond the NIIT certificate, which is globally recognized, students also proceed to ICSS and complete their courses without difficulty. He credited the faculty for maintaining standards and said NIIT remains the leading ICT training institute in Port Harcourt and Rivers State.

Tom said NIIT has a presence in all major cities in Nigeria and its headquarters in India, with training covering all areas of ICT. He added that every year the institute produces at least one first-class graduate in Software Engineering from partner universities such as Middlesex University and the University of Sunderland. He described the institute’s approach as practical and hands-on.

On fees, he addressed comments about cost online, saying quality training requires investment. “Does anything good come easy? Nothing good comes easy,” he stated. He explained that students receive industry-standard books and globally recognized certificates, and invited parents and prospective students to register with NIIT for value-driven training.

Also speaking, Principal Instructor for Cybersecurity and Ethical Hacking, Mr. Nyekwere TamunoTonye, said the cohort began in February with high expectations and completed the programme in six months. He said one notable achievement was that the class remained largely intact despite challenges, including system breakdowns and family issues. “At the end of this six months, we never lost anybody. That is the greatest. So, we give God the glory,” he said.

Nyekwere said students were exposed to multiple domains in cybersecurity and received strong practical training. He told the graduands that their real learning starts now and urged them not to relent. “This is no longer the time you go back to play,” he added.

He emphasized that the institute equipped them not only with technical and practical skills but also with character and a mindset for continuous learning. He noted that no institution, including Harvard or Yale, can teach everything, but good schools set the path, which NIIT has done.

He charged them to deploy their skills positively. “I don’t want to see any of you being arrested by the EFCC tomorrow. I don’t want to see any of you being arrested by the police. I don’t want to see any of you being arrested,” he said.

Senior IT Counselor and Head of Sales and Marketing, Mrs. Igbigbari Vincent-Eretoru, congratulated the graduands for completing the programme and defending their presentations according to NIIT academic standards. She said certificates are awarded in character and learning, and urged them to be good ambassadors of NIIT Port Harcourt by applying what they learned.

Responding on behalf of the graduates, Class Section Head Tamunotonyesia Epelle said many came in with questions and uncertainty about specializations but left with clarity, confidence, and technical competence gained through practical assignments, teamwork, and the instructor’s push to avoid mediocrity.

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HYPREP Marks 15 Years Of UNEP Report, Highlights Major Cleanup Milestones

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The Hydrocarbon Pollution Remediation Project (HYPREP) has commemorated the 15th anniversary of the release of the United Nations Environment Programme (UNEP) Environmental Assessment Report on Ogoniland, reaffirming its commitment to restoring the environment and improving the livelihoods of affected communities.

In a statement signed by the Project Coordinator, Prof Nenibarini Zabbey, to commemorate the anniversary, HYPREP described the anniversary as a significant milestone in Nigeria’s environmental restoration efforts, noting that the project has made remarkable progress in implementing the recommendations of the landmark UNEP report released on August 4, 2011.

The UNEP report had revealed extensive oil pollution across Ogoniland, severe environmental degradation, and serious public health risks resulting from decades of petroleum operations. It also recommended an initial $1 billion fund to commence the cleanup of the affected communities.

According to HYPREP, the Federal Government formally launched the Ogoni clean-up in 2016, while the Project Coordination Office was established in 2017 to drive the implementation of UNEP’s recommendations.
Zabbey said the current administration has continued to prioritise the project under the Renewed Hope Agenda.

Providing an update on the cleanup, the Project Coordinator disclosed that 30 of the 65 contaminated sites identified by UNEP have been fully remediated, while work is ongoing at several medium- and high-risk locations. It also stated that more than 1.5 million mangrove seedlings have been planted as part of what it described as the world’s largest restoration of oil-degraded mangroves, with over 1,000 hectares of shoreline already rehabilitated.

Zabbey further revealed that 49 Ogoni communities have been connected to potable water schemes through multiple water projects and booster stations aimed at providing safe drinking water across the region.

In the health sector, he said the 100-bed Ogoni Specialist Hospital in Kpite and the 43-bed Cottage Hospital in Buan are nearing completion, adding that several existing health facilities have been upgraded with modern medical equipment, while five ambulances have been donated to improve emergency healthcare services. The Project Coordinator also disclosed that a three-year human health biomonitoring study is being conducted in collaboration with the World Health Organization’s International Agency for Research on Cancer (IARC).

On economic empowerment, Zabbey stated that the Project has created more than 8,000 direct jobs and trained thousands of Ogoni youths and women in various vocational and technical skills, including software development, cybersecurity, aviation, commercial diving, seafaring, mechatronics, and creative arts. The project also reported awarding scholarships to more than 1,000 students, providing grants to small businesses, and supporting persons living with special needs through skills acquisition programmes.

The statement further highlighted ongoing legacy projects, including the Ogoni Power Project and the Centre of Excellence for Environmental Restoration, which it said is about 96 per cent complete. HYPREP also welcomed the recent designation of the Ogoni Wetland as a Ramsar Site of International Importance and pledged to continue promoting biodiversity conservation and sustainable management of the ecosystem.

Marking the anniversary, Zabbey said the progress achieved over the past 15 years demonstrates the collective commitment of government, development partners, stakeholders, and local communities to restoring Ogoniland. He called for renewed collaboration to sustain the cleanup effort, promote environmental sustainability, and support the long-term development of the region. 3

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