The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR), the benchmark interest rate by 50 basis points from 27 percent to 26.5 percent.

The Governor of the CBN, Mr. Olayemi Cardoso, disclosed this at the end of the 304th meeting of the Monetary Policy Committee (MPC) held yesterday in Abuja.

The bank also retained the standing facilities corridor at +50 to -450 basis points and kept the Cash Reserve Requirements, CRR unchanged (deposit money banks 45%, merchant banks 16%, and 75% for non TSA public sector deposits).

Cardoso explained, “The committee’s decision was premised on a balanced evaluation of risk to the outlook, which suggests that the ongoing disinflation trajectory would continue, largely supported by the transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply.”

He added that the committee took into account the sustained deceleration of the year-on-year, headline inflation in January 2026 marking the 11th consecutive month of decline.

“This downward trajectory in inflation was driven mainly by the continued effects of the contractionary monetary policy, stability in the foreign exchange market, robust capital inflows and improvement in the balance of payments,” he said.

According to him, the momentum was further reinforced by relative stability in the prices of petroleum products and improved food supply conditions, especially staples.

Tanimu Yakubu, Director-General, Budget Office of the Federation Secretary, clarified that Executive Order 9 signed last week by President Bola Tinubu was consistent with the 1999 Constitution and does not amount to an overreach of executive authority.

President Tinubu had, last Wednesday, signed Executive Order 9 of 2026, formally titled Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity.

Yakubu, while responding to criticism suggesting that Executive Order 9 (EO9) amounts to the President “making law,” misstates both the Constitution and the fiscal question at issue.

Quoting Section 80(1) of the 1999 Constitution (as amended), he said: “Section 80(1) of the Constitution (1999, as amended) is mandatory: all revenues or other moneys raised or received by the Federation shall be paid into and form one Consolidated Revenue Fund of the Federation.”

He emphasised that EO9 does not create law; it enforces constitutional custody of Federation revenues.

Public revenue cannot lawfully be retained, applied, or warehoused outside constitutional funds.

Section 162 complements this rule by requiring revenues accruing to the Federation to be paid into the Federation Account for distribution in accordance with constitutional allocation principles.

The order of legality is clear: revenue must first enter constitutionally recognised accounts before it can be appropriated, shared, or spent.

EO9 operationalises these provisions in the oil and gas sector by directing direct remittance of petroleum revenues – including royalties, taxes, profit oil and gas, penalties, and related receipts – into constitutionally recognised accounts, and by tightening reconciliation and transparency across collection, custody, and reporting.EO9 does not intrude into legislative competence.

Section 60(1) preserves the procedural autonomy of the National Assembly; EO9 does not regulate legislative procedure, amend the Petroleum Industry Act (PIA), or repeal any statute.

It is an executive instrument issued under Section 5 to ensure faithful execution of the Constitution and applicable laws.

If any party disputes the constitutional validity of EO9, the judiciary remains the proper forum for determination.

Pending any judicial pronouncement, the Executive is duty-bound to protect Federation revenues, uphold constitutional supremacy, and strengthen fiscal integrity for FAAC distributions, budget credibility, and macroeconomic stability.”

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has confirmed that Deposits Money Banks (DMBs) have paid the estimated N300 billion debts they owed telecom operators for Unstructured Supplementary Service Data (USSD) services.

ALTON Chairman, Engr. Gbenga Adebayo disclosed this yesterday during the group’s official visit to the Board Chairman of the Nigerian Communications Commission (NCC), Idris Olorunnimbe in Lagos.

According to Adebayo, paying off the debt brought to a close years of accusations and counter-accusations between the banks and telecom operators.

Adebayo said that the debt problem that had lingered for over four years was resolved through the intervention of the NCC under the leadership of its Executive Vice Chairman, Dr. Aminu Maida.

While commending the leadership of the NCC for their recent interventions including the approval of 50 percent end user tariff adjustment last year, Adebayo said the Commission has steered the ship of the sector through one of its most delicate periods.

“When Dr. Maida assumed office, he inherited significant industry challenges. One of the most difficult was the USSD debt crisis — a debt burden that grew over four years to nearly N300 billion. It had become a systemic risk to our sector and the digital financial ecosystem.

“Through firm leadership, structured engagement, and decisive coordination, Dr. Maida and his team resolved this issue.

“Today, there is no outstanding USSD debt. The ecosystem has fully migrated to end-user billing. What was once a looming crisis has been converted into a sustainable framework,” Adebayo stated.