From a major shift in monetary policy to security developments and political maneuvering ahead of 2027, here is a roundup of the top news stories shaping Nigeria today.

Economy and Policy

CBN Cuts Interest Rate

The Central Bank of Nigeria reduced the Monetary Policy Rate by 350 basis points, bringing it down from 26.50 percent to 23.00 percent. The decision, made at the bank’s 307th meeting, marks a significant policy shift.

Fuel Price Drop

Petrol prices fell across major depots following a decline in international crude oil prices. Dangote Refinery cut its price from 1,350 naira to 1,325 naira per litre in Lagos, with other marketers following suit.

Mambilla Arbitration Fallout

Nigeria’s recent victory in the 2.7 billion dollar Mambilla Hydroelectric Power Project arbitration continues to generate reactions. Former Attorney General of the Federation Abubakar Malami denied allegations of a corrupt arrangement, while a dispute emerged over a 200 million dollar settlement.

Security and Justice

Plateau Attacks

A Chief Superintendent of Police and three civilians were killed in separate attacks by suspected gunmen in Plateau State. The state had imposed a curfew on Barkin Ladi, Bokkos, and Mangu local government areas.

Miners’ Death Probe

The Federal Government inaugurated a 10-member independent panel to investigate the deaths of 37 suspected illegal miners who died in the custody of the Nigeria Security and Civil Defence Corps in Niger State. The state governor criticized the NSCDC’s handling of the situation as unprofessional.

Police Operations

The Nigeria Police Force announced the arrest of 24 suspects and the rescue of seven victims across 10 states. This included foiling a mass abduction in Katsina where six female university students were rescued.

El-Rufai Trial

The Federal High Court in Abuja fixed October 26 to rule on a no-case submission filed by former Kaduna State Governor Nasir El-Rufai in his alleged unlawful telephone interception trial.

Politics and the 2027 Election

NDC Campaign Structure

The Nigeria Democratic Congress resolved its internal disagreement over a parallel campaign structure. Presidential candidate Peter Obi and running mate Rabiu Kwankwaso agreed on the framework for the Presidential Campaign Council. Former Secretary to the Government of the Federation Babachir Lawal defected to the party.

APC and Wike Rift

The All Progressives Congress is reportedly weighing its options as a rift deepens between FCT Minister Nyesom Wike and some party governors ahead of the 2027 election.

UNGA Attendance Criticism

The PDP and ADC criticized President Bola Tinubu’s absence from the UN General Assembly meeting in New York, with the ADC claiming Nigeria was on autopilot as both the President and Vice President were abroad. The Presidency dismissed the concerns, stating Tinubu can govern from anywhere.

State Police Bill

The National Assembly clarified that only the State Police Bill has been transmitted to state assemblies. Osun State became the first to approve it.

Other Notable Developments

Palm Oil Alert

The Lagos State Consumer Protection Agency issued a red alert over alleged killer palm oil in markets.

Air Peace Compensation

The Nigerian Civil Aviation Authority ordered Air Peace to compensate passengers over a delayed Lagos-Enugu flight that caused a lawyer to miss a court appearance.

Dangote Investments

Aliko Dangote announced plans to invest over 10 billion dollars in Africa’s power sector and double the refinery’s capacity to 1.4 million barrels per day.

Stay tuned for more updates as these stories develop.