Tinubu Sacks Egbetokun as IGP; CBN Cuts Interest Rate

On Tuesday, President Bola Tinubu relieved Kayode Egbetokun of his duties as Inspector General of Police, marking an abrupt end to his tenure. The decision was communicated during a meeting at the Presidential Villa in Abuja, where Egbetokun was asked to step aside.

Egbetokun's resignation letter cited family issues requiring his undivided attention. In a related economic development, the Central Bank of Nigeria announced a reduction of the benchmark interest rate to 26.5%, a move aimed at easing borrowing costs and stabilizing the economy.

This decision was revealed by CBN Governor Olayemi Cardoso at the conclusion of the Monetary Policy Committee's 304th meeting. The rate cut represents the second adjustment under the current leadership of the apex bank.

Additionally, former Vice President Atiku Abubakar expressed concerns regarding the detention of former Kaduna State Governor Nasir El-Rufai, calling for transparency and adherence to due process.