News
U.S. exports inflation, slows global recovery
By Zhong Sheng, People’s Daily
The Federal Reserve recently raised its benchmark interest rate by another 75 basis points, which marked the fifth time for the U.S. monetary policy decision maker to make interest rate hikes. These back-to-back increases are the biggest since early 1980s.
The radical interest rate hikes have triggered widespread concerns of the international society. As the world is still bothered by COVID-19 resurgences and slow economic pickup, the U.S., passing the pressure and risks of inflation to the rest of the world, will only encumber global recovery.
For some time, the U.S. has seen increasingly severe inflation, which has even reached a new 40-year high. It mirrors the country’s structural problem in economy and failing policies.
Over the recent years, the U.S. has followed trade protectionism and arbitrarily increased tariffs, leading to a rise in the price of imported commodities and services. However, the cost is shouldered by American enterprises and consumers.
To cope with the impacts from COVID-19, the U.S. government launched a large number of fiscal policies and ultra-easy monetary policies, which led to overheated economy and supply-demand imbalance. As a result, the recovery of production lagged behind that of consumption.
As in the 1970s, persistent and repeated negative supply shocks will combine with loose monetary, fiscal, and credit policies to produce stagflation, said Nouriel Roubini, Professor Emeritus of Economics at New York University.
Besides, since the Ukraine crisis, the unilateral sanctions launched by the U.S. against Russia have caused huge impacts on global energy, finance and food sectors, which further disordered supply and industrial chains and exacerbated inflation.
The U.S. needs to adopt problem-oriented strategies to address the inflation issue. However, the Federal Reserve is wishing to ease overheated economy and inflation by boosting interest rates. What the U.S. has done is only casting a shadow over its economic growth.
The back-to-back interest rate hikes have driven up the cost of borrowing, thus containing enterprises’ investment expansion and consumption, impacting the labor market and bringing huge downward pressure to the U.S. economy.
Spanish newspaper Rebelion said in an article that the Federal Reserve is curbing inflation at the sacrifice of the entire economy, which will lower economic growth, accelerate recession and trigger debt crisis. Besides, the U.S. practice cannot stop the rising prices caused by the impacted supply chain.
Countries in the world are interdependent in the era of economic globalization. However, the U.S. cares about only its own short-term interests when making monetary and fiscal policies, which may take the world to an even bigger crisis.
CNN called the interest rate hikes “dollar smile,” but the smile only chills the world. U.S. dollars often appreciates when the U.S. economy is very strong or very weak, and the appreciation makes capital flow back to the U.S., which causes hyperinflation and capital flight for other countries. Emerging markets and developing countries have been the biggest victim every time the U.S. raised interest rate since the Latin American debt crisis.
Undoubtedly, the new interest rate hike will bring capital back to the U.S., and developing countries will face a number of challenges such as stock market fluctuation, depreciation of domestic currency, interest rise in their debts in U.S. dollars, as well as surging cost of raw material imports.
James Morrison, associate professor at London School of Economics and Political Science, noted that the interest rate hikes will definitely place negative impacts on the world and worsen the financial distress of developing countries, as the U.S. dollars is in the center of the international financial system.
The interest rate hikes made by the Federal Reserve also burdened Europe, Japan and other developed economies. French newspaper Les Echos said on its website that the raised benchmark interest rate will force other central banks to follow, which will depreciate euro and exacerbate inflation. As a result, the European economy, already impacted by the Ukraine crisis, will shoulder greater pressure.
As the world’s largest economy, the U.S. should adopt responsible economic andfinancialpolicies and control their spillover effect, so as to avoid exporting inflation and recession risks to the rest of the world.
Facing the economic hegemony of the U.S., emerging markets and developing countries should adopt a long-term perspective, improve the system and rules of international economic governance, and make global governance fairer and more equitable.
News
EID-EL-KABIR: BELLO BABAYO BELLO COMMENDS TINUBU, SHETTIMA, GOMBE GOVERNOR AS HE FELICITATES WITH MUSLIMS NATIONWIDE
The Executive Director, Networks, Niger Delta Power Holding Company Limited (NDPHC), Engr. Bello Babayo Bello, FNSE, has extended warm felicitations to Muslim faithful across Nigeria, particularly the people of Gombe State, on the occasion of the 2026 Eid-el-Kabir celebration, urging citizens to continue promoting peace, unity, love, and national development.
In a goodwill message released to journalists on the occasion of the Islamic festival, Engr. Bello described Eid-el-Kabir as a sacred celebration that reflects the virtues of sacrifice, obedience, faith, compassion, and gratitude to Almighty Allah as demonstrated by Prophet Ibrahim (AS).
He called on Muslims to use the spiritual significance of the season to strengthen the bonds of brotherhood, support one another, and continue praying for the peace, stability, and prosperity of Nigeria.
Engr. Bello also commended the leadership of President Bola Ahmed Tinubu, GCFR, for his commitment to national development, economic reforms, infrastructural advancement, and efforts aimed at strengthening unity and progress across the country.
According to him, the administration of President Tinubu has continued to demonstrate determination in laying foundations for long-term growth and national transformation through bold policies and strategic governance initiatives.
The NDPHC Executive Director equally praised Vice President Kashim Shettima, GCON, for his loyalty, dedication, and support toward the actualization of the Renewed Hope Agenda of the Federal Government.
He noted that the Vice President has continued to play a vital role in promoting stability, inclusion, and effective coordination within government.
Engr. Bello further applauded the Governor of Gombe State, Muhammadu Inuwa Yahaya, CON, for what he described as purposeful leadership and remarkable strides in infrastructural development, healthcare, education, youth empowerment, and peaceful coexistence in the state.
He said the governor’s developmental policies and inclusive style of governance have continued to attract admiration and confidence from the people of Gombe State and beyond.
“Eid-el-Kabir remains a season of reflection, gratitude, sacrifice, and devotion to Almighty Allah. It is also a period that reminds us of the importance of unity, compassion, tolerance, and service to humanity. As we celebrate, we must continue to pray for our leaders and for the continued peace, progress, and prosperity of our dear nation,” he stated.
Engr. Bello urged Muslim faithful to extend love and kindness to the less privileged, widows, orphans, and vulnerable members of society during the Sallah festivities, stressing that charity and generosity are central teachings of Islam.
He also commended the people of Gombe State for sustaining the culture of peaceful coexistence, harmony, and mutual respect among diverse communities.
The engineering professional and public administrator expressed optimism that Nigeria would continue to witness greater development, unity, and economic advancement under the leadership of President Tinubu.
He prayed for Allah’s continued guidance, wisdom, protection, and blessings upon the President, Vice President, Governor Inuwa Yahaya, and all leaders across the country.
Engr. Bello finally wished Muslim faithful in Gombe State and across Nigeria a peaceful, joyous, and spiritually fulfilling Eid-el-Kabir celebration.
News
Dogara Celebrates Eid El-Adha, Urges Nigerians to Embrace Unity, Sacrifice, and Compassion
Rt. Hon. Yakubu Dogara, former Speaker of the House of Representatives and Chairman of the Board of National Credit Guarantee Company Limited (NCGC), has extended heartfelt felicitations to Muslims across Nigeria and around the world on the occasion of Eid El-Adha.
In his Eid message, Dogara described the festival as one of the most profound moments in the Islamic faith — a sacred season that embodies the enduring virtues of sacrifice, obedience, faith, and total devotion to God, as demonstrated by Prophet Ibrahim (AS). He noted that beyond its spiritual significance, Eid El-Adha serves as a powerful reminder of the values of compassion, generosity, and love for humanity.
According to him, the celebration offers an opportunity for reflection and renewal, urging Nigerians to recommit themselves to the ideals of unity, peace, and mutual understanding. He observed that the true essence of Eid lies not merely in celebration, but in the willingness to serve others selflessly and uplift the less privileged.
“Eid El-Adha reminds us that greatness is found in sacrifice, service, and compassion for one another. It is a season that calls us to strengthen the bonds of brotherhood, extend kindness to those in need, and renew hope for a better and more united nation,” Dogara stated.
The former Speaker stressed that the lessons of Eid should transcend religious and ethnic boundaries, especially at a time when Nigeria needs collective commitment to peace, justice, and national cohesion. He called on citizens to rise above division and work together in the spirit of patriotism and shared destiny.
“As we celebrate this sacred festival, may the spirit of sacrifice inspire us to build bridges of understanding, promote harmony across our communities, and work collectively for a more peaceful, just, and prosperous Nigeria,” he added.
Dogara further prayed that the blessings of Eid El-Adha would bring joy to families, healing to communities, and progress to the nation. He encouraged the faithful to use the occasion as a time for spiritual renewal, deeper devotion to God, stronger family ties, and renewed commitment to the common good.
“As families gather in prayer and celebration, may this Eid remind us of our shared humanity and our collective responsibility to serve with humility, love, and sincerity. May the Almighty accept our prayers and sacrifices, bless our homes with peace and happiness, and guide our nation toward greater unity and prosperity,” he concluded.
Dogara wished all Muslim faithful a peaceful and joyous Eid El-Adha celebration filled with divine blessings, love, hope, and renewed faith in the future of Nigeria.
News
Ukhomunyio Community Seeks Edo Government Intervention Over Insecurity
A group of concerned stakeholders in Ukhomunyio Community, Okpella, Edo State, has called on the Edo State Government and security agencies to strengthen security presence in the area following recent security concerns and incidents of violence.
In a statement jointly signed by community stakeholders, the group said that the once-peaceful Ukhomunyio Community had in recent weeks experienced growing tension and insecurity.
The statement was jointly signed by Sam S. O. Afemikhe, Roland Ediawe, Dr Henry Idogun, Kasimu Sunday, Mark Adogah, Friday Ododeh, Omoreige Usman, Dr Victor Balogun, and Prince Haruna Ahmed.
The stakeholders urged the government to deploy more security personnel to the community and surrounding areas to help maintain peace and prevent further breakdown of law and order.
“We therefore call on the Edo State Government, security agencies, and all relevant authorities to immediately intervene by strengthening security presence within Ukhomunyio Community and surrounding areas,” the statement said.
They also called for a thorough investigation into recent incidents of violence and disturbances linked to the annual Olimi Festival.
According to the statement, the community recently recorded tragic incidents involving residents of Kalaba and Imioko villages, while some persons were reportedly abducted during the attacks and later reunited with their families.
The group described the incidents as unfortunate and contrary to the community’s peaceful traditions.
“We strongly condemn these acts, which are completely alien to the long-standing peaceful tradition of our community,” the statement added.
The stakeholders further expressed concern over violence that erupted during the recent Olimi Festival, saying some individuals allegedly used firearms during the celebration.
They said the violence resulted in casualties and injuries, with some affected persons currently receiving medical treatment.
“The Olimi Festival has historically been a symbol of unity, peace, celebration, and cultural heritage among the people of Ukhomunyio and Okpella in general,” the group stated.
According to the statement, the festival had historically symbolised unity, peace, and cultural heritage among the people of Ukhomunyio and the wider Okpella community.
The group also appealed to authorities to ensure that all investigations and security operations are carried out lawfully and fairly to avoid escalating tensions within the community.
Beyond strengthening security, the stakeholders called on authorities to prevent further violence and restore peace and confidence within the community.
They warned that continued insecurity could affect economic and social activities in the area, including operations linked to major industries.
As part of efforts to support investigations, the group announced a N1 million reward for credible information that could assist security agencies in identifying those behind the recent incidents.
Another N1 million reward was offered for information that could help authorities identify individuals connected to the violence during the Olimi Festival.
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