Nigeria News (Standard)
Lagos Economists Warn MPR Cut May Not Bring Cheaper Loans Soon
Experts say recent CBN rate reduction unlikely to ease lending costs immediately as banks face high inflation, liquidity challenges
Experts say recent CBN rate reduction unlikely to ease lending costs immediately as banks face high inflation, liquidity challenges
Economic experts in Lagos have cautioned that Nigerians hoping for immediate relief from high loan rates may be disappointed, despite the recent cut in the Central Bank of Nigeria’s Monetary Policy Rate (MPR). The analysts, speaking on Wednesday, explained that commercial banks are still grappling with rising inflation and tight liquidity, which may delay any significant reduction in lending rates.
The CBN last week reduced the MPR, its main interest rate benchmark, in an effort to support businesses and encourage borrowing. However, financial sector analysts noted that commercial banks are not likely to lower their own lending rates soon because of persistent inflationary pressures and ongoing challenges in the nation’s financial markets. Many banks remain cautious due to uncertainty about foreign exchange rates and concerns over non-performing loans.
Nigeria’s inflation rate stood at 33.7 percent as at April 2026 according to the National Bureau of Statistics, a level that continues to erode household incomes and increase operational costs for businesses. The CBN’s move was widely seen as an attempt to stimulate economic activity, but experts argue that unless broader macroeconomic conditions improve—including a more stable naira exchange rate—borrowing costs will remain elevated for most Nigerians and small businesses.
One Lagos-based analyst explained that banks have become risk-averse due to economic instability: “Even with the lower MPR, lenders will be slow to pass on the benefit until they see consistent improvement in inflation and liquidity,” he said. Other economists echoed similar sentiments, advising both businesses and individuals not to expect a quick drop in loan rates.
As Nigerians await tangible relief from expensive credit facilities, experts say meaningful change will depend on further improvements in economic fundamentals. They urge government and monetary authorities to prioritise price stability and banking sector reforms to make affordable loans a reality for ordinary citizens.
Nigeria News (Standard)
NSCIA Expands National Executive Council to Strengthen Muslim Representation Nationwide
Islamic council increases leadership body size, aims for broader inclusion of stakeholders across Nigeria’s six geopolitical zones
Islamic council increases leadership body size, aims for broader inclusion of stakeholders across Nigeria’s six geopolitical zones
The Nigerian Supreme Council for Islamic Affairs (NSCIA) has announced the expansion of its National Executive Council, a move aimed at deepening representation and strengthening the council’s capacity to address Muslim affairs across Nigeria. The development was made public on Monday, 5 October 2026, following a meeting of top council officials in Abuja.
According to the statement released after the meeting, the NSCIA leadership resolved to increase the number of seats on its executive body. The council said this adjustment will allow for greater input from Muslim leaders and scholars from all six geopolitical zones, reflecting the diverse interests and challenges faced by Nigeria’s Muslim community.
The decision comes at a time when many stakeholders in the Islamic community have called for more inclusive governance structures within faith-based organisations. The council noted that as Nigeria’s Muslim population continues to grow and diversify, it is critical that leadership bodies remain responsive to changing realities. The expanded executive is expected to facilitate improved consultation and coordination on religious matters affecting education, social welfare, and interfaith relations.
In its official statement, the NSCIA emphasised that “the expansion will enhance collaboration among stakeholders and ensure that voices from every region are properly represented.” While no specific figures were disclosed regarding the number of new seats or names of new appointees, the council assured members that transparency and merit would guide all selections. Attempts to reach opposition or dissenting voices within the council were unsuccessful as at press time.
The NSCIA said it will release a full list of new executive council members following its next general assembly. Observers say this move could influence policy directions within Nigeria’s wider religious landscape over the coming months.
Nigeria News (Standard)
Lagos Tenant Discovers Landlord’s Father Buried Beneath Living Room After Over a Year
Landlord’s family exhumes remains in Surulere flat, pledges to repair sitting room after tenant expresses shock
Landlord’s family exhumes remains in Surulere flat, pledges to repair sitting room after tenant expresses shock
A Lagos tenant, identified as Mr Bachelor, has revealed he lived for more than a year in a Surulere apartment without knowing his landlord’s late father was buried beneath the living room floor. The discovery was made on September 20, 2026, when members of the landlord’s family visited the property and informed the tenant of their intention to exhume the remains.
According to Mr Bachelor, who shared details of the incident on X (formerly Twitter), he was in his apartment when the landlord’s relatives arrived and disclosed that their late brother—who is also the landlord’s father—had been buried in the middle of his sitting room. “He was buried right in my living room, and I was not aware until they came around today,” he stated.
The family explained that they planned to move the body to another location they had prepared and assured Mr Bachelor that necessary repairs would be made to his sitting room after the exhumation. The tenant noted that he was the first occupant of the newly built house and had spent over a year there before learning about the burial.
The incident has raised fresh concerns among Lagos residents about transparency from landlords regarding property histories. Some social media users responding to Mr Bachelor’s post urged prospective tenants across Nigeria to conduct due diligence before moving into rental properties. Others called for clearer regulations around residential burials and disclosure by property owners.
As at press time, neither local authorities nor tenants’ rights groups have issued official statements on the matter. The landlord’s family has not provided additional comments beyond assurances of repairs. The situation highlights ongoing gaps in property regulation and tenant protection in Lagos State.
Source: https://www.pulse.ng/story/man-discovers-corpse-buried-under-living-room-2026100506463406930
Nigeria News (Standard)
INEC to Address Nigerians Nationwide as 2027 Election Countdown Reaches 100 Days
Electoral commission prepares public statement amid growing anticipation for next general polls across all states
Electoral commission prepares public statement amid growing anticipation for next general polls across all states
The Independent National Electoral Commission (INEC) has announced plans to address Nigerians nationwide as the countdown to the 2027 general elections hits the 100-day mark. The development, expected to take place across all states, comes as political parties and voters begin preparations for one of the country’s most significant democratic exercises.
According to information from INEC headquarters in Abuja, the commission will issue a formal statement to outline its readiness and call on citizens to participate actively in the electoral process. This move is seen as part of efforts to assure stakeholders of INEC’s commitment to credible and transparent polls, following widespread debates over electoral integrity in recent cycles.
The announcement is particularly significant given Nigeria’s recent history of tightly contested elections, with issues such as voter turnout, technological deployment, and security logistics taking centre stage. Many Nigerians, especially young voters, have expressed concerns about the credibility of past elections and are watching closely for signals of improvement in 2027.
While details of INEC’s planned address remain under wraps, observers expect the commission’s leadership to emphasise the importance of voter registration, collection of Permanent Voter Cards (PVCs), and adherence to election guidelines. Political analysts note that early communication from INEC could help build public confidence and encourage broader participation ahead of the polls.
With just over three months before Nigerians return to the ballot box, all eyes are on INEC’s next steps. The commission is likely to face scrutiny from both ruling and opposition parties over its preparations. As at Monday, October 5th, no official response has been issued by major political parties regarding INEC’s planned address.
Nwabali Returns as Okoye Left Out — Iheanacho Leads New-Look Super Eagles Against Russia
NSCIA Expands National Executive Council to Strengthen Muslim Representation Nationwide
Lagos Tenant Discovers Landlord’s Father Buried Beneath Living Room After Over a Year
INEC to Address Nigerians Nationwide as 2027 Election Countdown Reaches 100 Days
Calabar Banker Left Homeless After Funding Family’s Relocation to Canada, Loses Contact With Four Children
Sowore Reveals RCCG’s Pastor Adeboye Prayed for Him in Lagos After Thanksgiving Service
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Lagos Tech Professionals Earn More Than Oil Workers in 2026 as Dollar Salaries Surpass ₦220m
Lagos Police Arrest Doctor, Birth Attendant Over Alleged Sale of Newborn for ₦2.5m
CBN Kwupụtara Nnweta Ego Ọhụrụ ₦2.09trn OMO Na ₦464.6bn NTB N’ime Ụlọ Akụ N’izu a
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Lagos Shop Sparks Debate as Silicone Breast Prostheses Sell for ₦115,000
Ogun Police Kill Two Suspected Kidnappers, Rescue Abducted Victim and Recover ₦2.2m
NBS Reports CIT Drops by 31% Nationwide as VAT Revenue Climbs to ₦2.42trn
Lagos Welcomes 66 South Africa Returnees as Pastor Bolaji Donates ₦100,000 Each
