Day: February 20, 2025

BREAKING: CBN retains interest rate at 27.50%, maintains other parameters

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The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has unanimously decided to hold all the parameters. This was announced by the CBN Governor, Mr Olayemi Cardoso, on Thursday during a press briefing in Abuja. In this regard, that keeps the Monetary Policy Rate (MPR) at 27.50 percent, and retains the asymmetric corridor around the MPR at +500/-100 basis points. The MPC also retained the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent, Merchant Banks at 16 percent, and Liquidity Ratio at 30.00 percent.

JUST IN: FG terminates RCC’s Oyo-Ogbomoso road contract

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The Federal Government has terminated the 98km Oyo-Ogbomoso road contract awarded to RCC Construction Company. The Minister of Works, Engr. Dave Umahi, disclosed this on Thursday at the Oyo Federal Roads Stakeholders’ Engagement in Ibadan, themed Enhancing Federal Roads in Oyo State: Challenges and Sustainable Solutions. Umahi stated that the project was long overdue but assured the public that it would soon be re-awarded to another contractor. According to stakeholders, the failure to complete the road on time has hindered economic growth not only in the area but across Oyo…

Abiola won June 12 election, but annulment was my toughest decision – Babangida

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Former military president, General Ibrahim Babangida (retd.), has admitted that the late Chief MKO Abiola won the June 12, 1993, presidential election but described its annulment as the most difficult decision of his life. Babangida made the revelation in his autobiography, ‘A Journey in Service,’ which was unveiled in Abuja on Thursday. Reviewing the book at the event, former Vice President Yemi Osinbajo quoted Babangida as saying that Abiola, who contested on the platform of the Social Democratic Party, met all constitutional requirements, including securing the majority of votes and…

Thank you for restoring my rank, honour, Gowon tells IBB

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Former Head of State, Gen. Yakubu Gowon (retd.), has expressed gratitude to the ex-military president, Ibrahim Babangida, for restoring his rank and honour. Speaking at a book presentation by the former military president on Thursday in Abuja, Gowon acknowledged that Babangida saved him from treason charges. The elder statesman also appreciated Babangida for their long-standing friendship and his contributions to Nigeria’s development. Gowon said, “I had a very rough time in government; I was even charged with treason. Later, President Shagari rescinded that order, and you (IBB) eventually restored my…