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The International Monetary Fund (IMF) has agreed to disburse $360 million to Ghana as part of its $3 billion loan arrangement.
In a statement on Friday, the IMF said the new tranche increases the country’s total receipts from the Washington-based lender to about $1.6 billion since signing up to the $3 billion three-year programme in May 2023.
“The Executive Board of the International Monetary Fund (IMF) completed today the second review of Ghana’s US$3 billion, 36-month Extended Credit Facility (ECF) Arrangement, which was approved by the Board in May 2023,” IMF said.
“Completion of the second ECF review allows for an immediate disbursement of SDR 269.1 million (about US$360 million), bringing Ghana’s total disbursements under the arrangement to about US$1.6 billion.
“Ghana’s economic reform program is delivering on its objectives.”
Following acute economic and financial pressures in 2022, the IMF said the fund-supported programme served as a credible anchor for the government to adjust macroeconomic policies.
The Bretton Woods institution said it has also propelled the implementation of reforms to restore macroeconomic stability and debt sustainability while laying the foundations for higher and more inclusive growth.
“These efforts are paying off, with growth proving more resilient than initially expected, inflation declining at a faster pace, and the fiscal and external positions improving,” IMF said.
“The medium-term outlook remains favorable but subject to downside risks—including those related to the upcoming general elections
“Ghana’s performance under the IMF-supported program has been generally strong. All quantitative performance criteria for the second review and almost all indicative targets were met. Good progress has also been made on the key structural reform milestones, despite some delays.”
The Ghanaian authorities, IMF said, have also continued to make progress on their comprehensive debt restructuring.
In January, Ghana got a moratorium with official creditors on debt payments through May 2026, negotiating a deal with Eurobond investors to restructure $13 billion debt by the end of March.
Police have arrested a woman after footage emerged of a female prison officer having sex with an inmate in an HMP Wandsworth jail cell.
The suspect was taken into custody yesterday on suspicion of misconduct in public office.
The video shows a prison officer engaging in sexual acts with an unidentified prisoner at the Category A jail in south-west London. The woman is seen wearing her uniform during the explicit encounter.
I am happy and grateful that God created me this way - Joshua Akugbe, visual artist born...
The footage, believed to be recent, depicts the officer first performing a sex act on the prisoner before having intercourse with him.
The incident was reportedly filmed by the inmate’s cellmate using a mobile phone. The cell’s interior is visible in the video, showing a TV and piles of clothes on a bunk bed.
Ian Acheson, a former prison governor, commented on the security implications of the incident: “If this footage is authentic, and I’ve been assured it is, the problems confronting a likely new Labour administration go far beyond overcrowding.”
The case has raised serious concerns about security protocols and staff conduct within the prison system.
[Vanguard]
Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, says Nigeria can generate more revenue without raising taxes and avoid hurting the economy.
In an interview with Politics Today on Channels TV on Friday, Oyedele said the right way to go is not to introduce more taxes.
According to Oyedele, with the use of data, intelligence, and technology, Nigeria can close the tax gap by ensuring people who have not been paying taxes begin to pay.
He said the committee think having fewer taxes is broad-based, and easy to collect.
“Certainly, you know the whole idea is that we have done whatever we are doing now for decades, and it hasn’t produced the right result,” Oyedele said.
“We have over 60 different taxes and levies, but we are barely even collecting enough money to fix roads.
“By the way, the entire budget, that’s the Federal Government’s of about N29 trillion plus all the states in Nigeria about N15 trillion – if you add it all, it comes to about N44 trillion. That’s around $30 billion.
“That $30 billion is even less than the budget of Kenya which is around $32 billion. It is barely a quarter of South Africa’s budget at $130 billion. And of course, it’s even less than the budget of New York City, not even just New York State. So, clearly, Nigeria is a poor country with the potential to be a wealthy country.
“So, we do believe based on the analysis we have done and the data available to us that the right way to go is not to introduce more taxes. And in fact, if you’re gonna raise the rates of any tax, it has to be something that we’re doing as a result of the consolidation and harmonisation.
“We do think that having fewer taxes are broad-based, easy to collect, and do not place a burden on the bottom of the ladder of society is the way to go.
“And by using data, intelligence, and technology, we can close the tax gap so that people who have not been paying before begin to pay – who have been identified as people who should be paying – and the poor people should be legitimately exempted, particularly nano, micro businesses and low-income earners.”
Oyedele said the committee believes that with all these, Nigeria can easily more than double its revenue within a period of two to three years.
[TheCable]
The Central Bank of Nigeria (CBN) has released new directives to commercial banks regarding the deposit of foreign currency cash with the apex bank.
In a circular COD/DIR/INT/CIR/001/016 published on the bank’s website, the Director of Currency Operations, Mr. Mohammed Solaja, instructed Deposit Money Banks (DMBs) to submit a written notification to the Central Bank of Nigeria (CBN) at least three working days prior to depositing foreign currency notes, indicating their intention to make such a deposit.
The Central Bank of Nigeria (CBN) has specified that deposits of foreign currency can only be made at its branches in Abuja and Lagos.
It further directed that each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD 50 notes daily.
‘Products of febrile imagination’ — NNPC disowns allegations of inflated subsidy claims
The CBN said that smaller denominations of $ 20 notes and belows would be at a maximum of $1 million daily.
“British Pound and Euro were also pegged at GBP 1 million and Euro 1 Million per day per DMB,” the CBN said.
According to the circular, each denominations would be in separate boxes and two representatives of a DMB wanting to make.deposits must be present to witness the counting and confirm the amount.
It added that only CBN-registered CIT companies for deposit of foreign currency notes would be allowed to representative the DMBs in the exercise.
The CBN directed that the deposits would take place between 8.00 am and 12 noon and that the selected branches must confirm the deposits same day.
Handling charge, it.said would be at 0.30 percent and would be received from the Current Accounts of DMBs with the CBN.
The bank said that the new guidelines supersede the June 17, 2017 circular referenced: COD/DIR/GEN/CMF/11/094.
The Naira appreciated against the dollar at the foreign exchange market on Friday to end the week on a positive note after nine days of depreciation.
FMDQ data showed that the Naira gained at N1505.30 against the dollar on Friday from N1510.10 traded on Thursday.
This represents an N4.8 gain against the dollar compared to the N1510.10 traded the previous day.
Similarly, the Naira saw a gain and traded N1515 against the dollar at the foreign exchange market on Friday.
This is the first time the Naira has appreciated since June 18, 2024, when it traded at N1482.72 per dollar at the official forex market.
The development comes as Nigeria’s external reserves rose to a record high of $34.07 billion on June 26, 2024.
Seriake Dickson, a senator representing Bayelsa West District in the National Assembly on Friday described those behind oil theft in the Niger Delta as “big players” who reside outside the region.
The Senator, elected on the platform of the Peoples Democratic Party (PDP), made the allegation at Oporoza, headquarters of Gbaramatu Kingdom, Warri South-West Local Government Area of Delta while visiting the Pere of Gbaramatu Kingdom, Oboro-Gbaraun II, Aketepe, Agadagba.
Dickson said although Ijaw youths were tagged to be behind oil theft, they lacked the capacity and technical know-how to understand how pipelines operate.
“Those big players behind the crude oil theft are not from the region but are based in Lagos, Abuja and other parts of the world,” he said.
He explained that the Ijaw people were living in the creeks, earning their daily livelihood on the waterways and farmlands when the alleged thieves polluted the land with their nefarious activities.
“We have no means and no capacity to engage in the high-level operations that result in the daily loss of Nigerian crude oil produced from our place.
“Those who have the capacity to compromise and infiltrate the national security system and infiltrate the national petroleum system; those who have the capacity to hire the tankers and shuttle vessels, they are not Ijaws.
“We do not have the capacity to do that! We do not even have the experience to be involved in that kind of operation,” he said.
The legislator, who is also the state ex-governor, said such high-level operations needed a lot of resources, coordination, funding and international networking.
He, however, urged Nigeria to step up her game in the international arena by pushing for the designation of her stolen crude oil.
“Those who, on a daily basis under declare what is produced; those who have refused to properly monitor and record what is produced for over 50 or 60 years should take the blame.
“It is not the Ijaw youth – harmless people without the capacity and without the technical know-how,” he said.
He, however, commended the traditional ruler for ensuring peace in his kingdom and the entire Niger Delta.
The News Agency of Nigeria (NAN) reports that Dickson also visited Dr Government Ekpemupolo, alias Tompolo, founder of Tantita Security Services Nigeria Limited (TSSNL).
He commended Ekpemupolo for the wonderful job he had been doing with his private security outfit, TSSNL, to boost the nation’s oil revenue and ensure the regeneration of the region’s ecosystem. (NAN)
Former Minister of Agriculture, Chief Audu Ogbeh, has called on the federal government to consider scrapping the local government system if state governors continue to hinder its effective operation.
Ogbeh highlighted concerns over the inefficiency of Nigeria’s 774 local government areas, citing issues of governance control and alleged mismanagement of funds by governors. He emphasized that little improvement has been seen despite calls for local government autonomy and recent legal actions against governors for misusing local government funds.
Speaking on the socio-political programme “Inside Sources with Laolu Akande” on Channels Television, Ogbeh, a former National Chairman of the Peoples Democratic Party (PDP), expressed frustration over disappearing funds meant for local government administration. He criticized the lack of visible development projects despite significant federal allocations.
“If we don’t want the local government system, let’s scrap it. But if allowed to function properly, it could be a fantastic system,” Ogbeh asserted.
He urged the federal government to withhold monthly allocations to states where governors appoint caretaker committees for local government administration, labelling such committees illegal according to Supreme Court rulings.
“Don’t send them cash; deduct their allocations and retain it,” Ogbeh insisted. He argued that governors failing to manage local government affairs adequately undermine national stability and development.
“These failures are creating dangerous problems for the country,” he concluded, emphasizing the urgent need for effective governance at the grassroots level to benefit all Nigerians.
The Oyo State Government has approved the recruitment of 7,500 teachers and 3,000 non-teaching staff for the state’s post-primary education sector, aiming to enhance its quality.
Akinade Alamu, Chairperson of the Oyo State Post-Primary Teaching Service Commission (TESCOM), announced this on Friday in Ibadan. He emphasized that the recruitment will be merit-based and encouraged all qualified candidates, including those with physical challenges, to apply.
Alamu highlighted the importance of merit-based employment for quality education and stressed the necessity of adhering to the application guidelines. He cautioned applicants against applying for both categories simultaneously, stating that each candidate must choose either the teaching or non-teaching category.
Interested candidates with the required credentials can apply through the provided link within a two-week period. Applicants must have a National Identification Number, a functional email, and phone numbers, among other requirements.
Audu Ogbeh asks FG to stop payment of LGA funds to governors with caretaker committees
The recruitment process includes an online application, a CBT examination, and an oral interview. Alamu praised Oyo State Governor Seyi Makinde for approving the mass recruitment initiative.
“Oyo State government’s huge investment in the education sector is yielding positive results as our students are doing well on all fronts. Therefore, the government is set to recruit more teachers, in addition to those on ground,” he said.
According to Mr Alamu, the recruitment exercise is being supervised by an inter-ministerial committe that would ensure a seamless exercise.
The Permanent Secretary, TESCOM, Haroon Lawal, was quoted as saying that the recruitment is aimed at fortifying the teaching and non-teaching sector of the state’s secondary education.
At least 30 British citizens of Nigerian origin will be on the ballot in the United Kingdom’s elections scheduled for Thursday, July 4.
An analysis of the list of candidates by a UK election data supplier, Democracy Club, showed that 20 British-Nigerians will be representing mainstream parties, including the Labour Party, the Conservatives Party, the Liberal Democrats, and the Reform UK, while the rest are from smaller parties or contesting as independents.
The new Parliament is expected to be the most diverse in Britain’s history as more ethnic minorities, including Nigerians, in mainstream and fringe parties, are making strong overtures to the electorate with persuasive manifestos.
To stand as a candidate in a UK Parliamentary General Election, a candidate must be at least 18 years old and a citizen of a commonwealth country who does not require leave to enter or remain in the UK, or has indefinite leave to remain in the UK.
Some of the candidates are seeking re-elections to the parliament, others are appearing on the ballot paper for the first time, hoping to get the votes of their constituencies.
The Central Bank of Nigeria (CBN) has issued fresh guidelines on foreign currency deposits by deposit money banks (DMBs).
CBN made this known in a circular signed by Solaja Olayemi, its acting director of the currency operations department on Friday.
In the circular, the apex bank directed banks to transfer all excess foreign currency notes to its Lagos or Abuja branches.
The financial regulator said this is aimed at boosting liquidity in the foreign exchange market.
According to CBN, each bank would be allowed a maximum deposit of $10 million threshold for $100 notes and $50 notes daily.
“In order to deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the Bank,” CBN said.
“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with the correspondent banks.”
‘3 WORKING DAYS NOTICE FOR INTENT TO DEPOSITS’
The financial regulator said the banks should adhere strictly to its guidelines such as giving three days notice showing intent to deposit foreign currencies.
“Give at least three (3) working days’ notice of their intent to deposit forex cash, in writing to the branch controller, CBN Lagos or/and Abuja. This must be accompanied by the list of owners of foreign currency to be deposited,” CBN said.
“All deposits must be within the threshold of the following per day: (i) USD higher bills ($100 and $50) maximum limit of $10 million. (ii) USD lower bills (20 and below) maximum limit of $1 million. (iii) GBP notes a maximum limit of £1 million. (iv) EURO notes – maximum limit of €1 million.
“Two (2) representatives of the depositing bank must be present to witness and confirm the amount to be deposited.
“Deposits may be in $100, $50, $20, $10, $5, $1 and all GBP and EURO denominations. Each denomination shall be in separate boxes.
“The DMBs shall engage the services of only CBN-registered CIT companies for deposits of foreign currency notes.
“The time for accepting deposits shall be between 8am and 12pm.”
CBN said Abuja and Lagos branches would receive, count and authenticate deposits in the presence of the representatives of the depositing bank on the same day.
“The bank shall credit the DMBs account through their correspondent bank within the cycle time of T+5.” the apex bank said.
“The handling charge of 0.30 per cent of the authenticated amount should be recovered from the DMB current account with CBN.
“The Bank would not accept forex deposits from any DMB that fails to comply with any of the guidelines.”
On September 12, 2023, the CBN asked banks to stop utilising gains from the revaluation of the naira to pay dividends or finance operations.
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President Bola Tinubu has signed an executive order to introduce zero tariffs, excise duties and value added tax (VAT) on imported pharmaceutical inputs.
In a statement on Friday, Muhammad Ali Pate, coordinating minister of health and social welfare, said the order is aimed at revitalising the Nigerian health sector and increase production of healthcare products.
“In a transformative move to revitalize the Nigerian health sector, His Excellency President Bola Ahmed Tinubu, GCFR @officialABAT, has signed an Executive Order aiming to increase local production of healthcare products (pharmaceuticals, diagnostics, devices such as needles and syringes, biologicals, medical textile, etc.),” Pate said.
“The Minister of Justice and Attorney General of the Federation @FedMinOfJustice, Prince Lateef Olasunkanmi Fagbemi SAN, @LOFagbemi, is to now take the next steps towards codifying the new Order.”
Pate said the order is crucial to the success of the initiative for unlocking the health care value chain (PVAC_NG), which was approved in October 2023 by the president.
“The Order introduces zero tariffs, excise duties and VAT on specified machinery, equipment and raw materials, aiming to reduce production costs and enhance our local manufacturers’ competitiveness,” he said.
“Specified items include Active Pharmaceutical Ingredients (APIs), excipients, other essential raw materials required for manufacturing of crucial health products like drugs, syringes and needles, Long-lasting Insecticidal Nets (LLINs) and Rapid Diagnostic Kits, among others.
“The Order also provides for establishing market shaping mechanisms such as framework contracts and volume guarantees, to encourage local manufacturers.”
According to the minister, the order mandates collaboration among the ministers of health, finance, as well as industry, trade and investment, to develop a harmonised implementation framework — expediting regulatory approvals and reducing bottlenecks.
Pate said agencies including the Nigeria Customs Service (NCS), National Agency for Food and Drug Administration and Control (NAFDAC), Standard Organisation of Nigeria (SON), and Federal Inland Revenue Service (FIRS) “will ensure swift implementation, with special waivers and exemptions effective for two years”.
“The implication of this order is pivot towards market-based incentives to encourage medical industrialization, reducing costs of medical products through import substitution over time, creating and retaining economic value and enabling job creation in the healthcare value chain,” the minister said.
Pate thanked Tinubu for his courage and commitment to ensure Nigeria is put back on the path to prosperity.
He also expressed gratitude to everyone who contributed to the ideas that culminated in the consensus that resulted in the significant milestone.
The development follows an appeal sent by TheCable on May 23 to Tinubu and other political leaders in the country for policy and legislative actions on the escalating cost of medications, also known as “drugflation”.
The publication identified key proposals from its webinar — which was held in April 2024 — in the appeal and requested the approval of an unambiguous executive order to tackle the identified health sector issues, and encourage patronage of local manufacturers.
The Nigeria Labour Congress (NLC) has responded vehemently to recent statements by some Nigerian governors regarding their intention to determine what they deem fit as the minimum wage for Nigerian workers.
According to the NLC, this stance is dictatorial and undermines the established model for creating a national minimum wage in Nigeria.
In a press release issued by Benson Upah, Head of Information and Public Affairs at NLC, the Congress emphasised that the national minimum wage is not an arbitrary figure but a collective agreement designed to ensure a minimum standard of living for every worker in the country.
The governors’ desire to unilaterally set the minimum wage contradicts this principle and threatens the welfare of Nigerian workers and the national economy, NLC maintained.
“The concept of a national minimum wage represents a national wage floor, a baseline below which no worker should be paid,” Upah stated.
He reminded the governors that the minimum wage is separate from the individual pay structures of states, which already reflect their unique financial capabilities and circumstances.
This flexibility, he noted, allows states to reward their workers in alignment with their financial realities.
The NLC also criticised the inconsistency in the governors’ stance, pointing out that political office holders across the nation receive uniform salaries as determined by the Revenue Mobilisation, Allocation and Fiscal Commission without similar objections.
“This double standard pits a few privileged individuals against the majority poor, which should concern anyone who loves this country,” the release stated.
The NLC expressed deep concern over what it described as a “blatant display of ignorance” regarding global best practices for national minimum wage by some governors. Despite frequent travels abroad, these governors, according to the NLC, have failed to educate themselves on fundamental issues crucial to successful governance. The Congress recommended that these governors “return to school for proper education” to avoid posing a threat to democracy.
The NLC commended the governors who prioritize workers’ welfare and urged the federal government to address the issue of the national minimum wage without yielding to pressure from “selfish governors.” The Congress reiterated that workers’ salaries are not charity but hard-earned income that drives the economy.
“Allowing numerous companies and organizations in Nigeria to pay workers whatever they like is akin to what the governors are asking for,” the NLC argued. “While these companies may not pay the same salaries, they must adhere to the national wage floor, and the same should apply to state governors.”
The NLC called on President Bola Tinubu to uphold his promise of a living wage and not be influenced by unpatriotic governors. The Congress urged the governors to abandon any inclination towards dictatorial practices and to embrace policies driven by equity and fairness. Ensuring a fair minimum wage, they argued, is not only a matter of economic justice but also a fundamental aspect of maintaining social stability and national cohesion.
“Nigerian workers should not be reduced to beggars! Enough is enough!” the NLC declared. The Congress reaffirmed its commitment to protecting the rights and welfare of Nigerian workers, advocating for a fair and equitable wage system that reflects the nation’s values. They called on the governors to join them in this commitment for the benefit of all Nigerians and to let democracy flourish.
![[STATE HOUSE PRESS RELEASE] President Tinubu Appoints Eight New Permanent Secretaries](/media/k2/items/cache/5747fdf47479359f9ea0e0a22b2c8c85_XS.jpg)
President Bola Tinubu has approved the appointment of eight new Federal Permanent Secretaries to fill in existing and impending vacancies of some states and geo-political zones in the top administrative cadre of the Civil Service of the Federation.
The new Federal Permanent Secretaries appointed after a diligent selection process by the Office of the Head of the Civil Service of the Federation are:
(1) Dr. Emanso Umobong Okop - Akwa-Ibom
(2) Obi Emeka Vitalis - Anambra
(3) Mahmood Fatima Sugra Tabi'a - Bauchi
(4) Danjuma Mohammed Sanusi - Jigawa
(5) Olusanya Olubunmi - Ondo
(6) Dr. Keshinro Maryam Ismaila - Zamfara
(7) Akujobi Chinyere Ijeoma (South-East)
(8) Isokpunwu Christopher Osaruwanmwen (South-South)
The President anticipates that the new Federal Permanent Secretaries will exercise absolute dedication, diligence, and fidelity to the nation in the discharge of their functions and ensure optimum service delivery to the Nigerian people.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
The New Nigeria Peoples Party National Youth Leader, Anwal Musa, has accused the Economic and Financial Crimes Commission (EFCC) of witch-hunting the presidential candidate of the party, Rabiu Kwankwaso.
According to Musa, while addressing newsmen in Kaduna on Thursday, the action of the anti-graft agency was instigated by some political rivals to tarnish Kwankwaso’s image.
He said, “I challenge EFCC to come out with facts on the allegations, otherwise, we consider it as an attempt to witch-hunt and victimise him.”
The leader further argued that there was no justification for EFCC to commence an investigation of Kwankwaso from 2015 to 2023 as a former Governor and leader of NNPP.
Musa asked, “Why did the EFCC wait this long to investigate him, nine years after leaving office and also why investigate party affairs.”
According to him, investigating an ‘honest and hardworking’ person like Kwankwaso will only amount to a waste of time.
He added, “Go to Kano and see what he did as a governor, check his records as a Defence Minister, and a Senator.”
Musa urged EFCC to disregard any petition written against Kwankwaso by any politician or any associate.
Speaking on NNPP crises, the youth leader said the party had resolved all its internal crises, including the power tussle among its officers at the local, state and national levels.
“We have recently conducted elections into various offices in 13 states of the country successfully,” he said.
He noted that the party had also made changes in its logo and structurally designed a method of campaign ahead of the 2027 elections.
Musa said, “It is our hope that the NNPP will give a surprise outing and will win national and state seats in the coming elections.
“Nigerian youths are ready to make serious changes in the national political scene.
“We will take over the government and salvage this country from maladministration.”
[NaijaNews