The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate to 26.25 per cent.

This was disclosed by the Governor of the CBN who doubles as the Chairman of the MPC at the end of the 295th MPC meeting held in Abuja.

At the March MPC meeting, the benchmark rate had been increased by 200 basis points from 22.75 per cent to 24.75 per cent.

The MPC has maintained a hawkish stance since it resumed meetings this year in a bid to tackle Nigeria’s persistent inflation.

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As of April, Nigeria’s inflation rate had risen to 33.69 per cent.

A number of analysts have projected a rate hike while some suggested that the apex bank may consider a hold stance as the growth rate of inflation moderated month-on-month.

Details later…

The presidential candidate of the Labour Party, LP, in the 2023 election, Mr Peter Obi along with other protesters from the six Area Councils have stormed the National Secretariat of the Labour Party in Abuja.

Although the reason for the canonical like atmosphere is not yet clear, but it can be deduced from the banners, drumming and singing by various cultural groups representing prominent ethic groups that the gathering is a solidarity match in support of the National Chairman, Comrade Julius Abure.

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A Rivers State High Court sitting in Port Harcourt has voided the tenure extension for local government chairmen in the state.

This was as the court declared Local Government Law No. 2 of 2024, which extended the tenure of local government chairmen by 6 months after expiration of their tenure, invalid.

The 27 lawmakers in the camp of the Minister of Federal Capital, Chief Nyesom Wike, had this year, in the face of the crisis, enacted a law extending the three-year tenure of the serving LGA chairmen by three months.

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However, the court, in its decision Tuesday, held that the new law was inconsistent with the 1999 constitution and Section 9(1) of Rivers State Law No. 5 of 2018, which fixed 3 years for local government chairmen and councillors.

The court gave the ruling that the recent extension of local government chairmen’s tenures was invalid in suit number PHC/1320/CS/2024, a case instituted by Hon. Enyiada Cookey-Gam & 6 Ors vs. The Governor of Rivers State & Ors.

In his judgment, HHon. Justice D.G. Kio declared that Local Government Law No. 2 of 2024, which sought to extend the Chairmen’s terms by six months, conflicts with the 1999 Constitution and Section 9(1) of Rivers State Local Government Law No. 5 of 2018.

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The court affirmed that the lawful tenure for local government chairmen and councillors remained three years, as stipulated by the 2018 law, stressing that any attempt to extend the tenure was not only unlawful but also violated the officials’ oath of office.