General News
CBN Leaves Benchmark Rate Unchanged
The Central Bank of Nigeria (CBN) left its benchmark interest rate unchanged; concerned that inflation may accelerate as the government prepares to remove fuel subsidies.
The monetary policy rate was held at 6 percent; Governor Lamido Sanusi told reporters in the capital, Abuja, last the weekend. The key lending rate was kept at 8 percent and the borrowing rate was reduced to 1 percent from 2 percent.
Indications are rift that Federal Government may remove the subsidies for domestic fuel consumption, which it the government says cost it N600 billion last year. That may spur inflation, which climbed to an annual 12.3 percent in January from 12 percent the month before.
The inflation outlook “remains uncertain” due to the proposed deregulation of fuel prices, the expansionary fiscal policy and rising commodity prices, Sanusi said. On deregulation, he urged the government to “simply implement it,” saying that “you don’t announce deregulation and not do it.”
The Central Bank will also provide about N500 billion for investment in emergency power projects, Sanusi disclosed.
The money will be distributed through the Bank of Industry (BoI) to commercial banks, which will then lend it at interest rates “of not more than 7 percent,” he said.
The apex bank has left the monetary policy rate unchanged since July, while reducing the borrowing rate to commercial banks by 2 percentage points in November. That has helped to spur lending to consumers, with credit growth accelerating to an annual 27 percent in December from 25 percent in the previous month, according to the CBN’s data. It was growing at a rate of almost 100 percent in December 2007.
Sanusi disclosed that last weekend’s reduction in the borrowing rate aimed to encourage banks to boost lending. The commercial banks currently have N600 billion at the Central Bank.
The Central Bank of Nigeria last year bailed out nine banks at a cost of N620 billion to ease the credit squeeze, and sacked eight bank chief executive officers. All interbank borrowing is guaranteed by the state until the end of this year.
Remi Babalola, minister of State for Finance said last Friday that the petroleum subsidies were “not sustainable in the long run” and deregulation of the oil and gas industries remains an “imperative.” Government spending on fuel subsidies last year was equal to that on capital expenditure, he said.
General News
Police Uncover Fake Diplomatic Number Plate Syndicate in Abuja

Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.

Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
General News
Gavi Okays $500m for Vaccines, PHCs in Nigeria

Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.

The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
General News
The Journey to Financial Freedom: Priscilla, a PalmPay Agent Now Owns a Store

For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.

Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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