Latest News
Ahead of the 2024 orientation exercise, the National Youth Service Corps (NYSC) has said it would carry out COVID-19 tests on prospective corps members, including camp officials.
The organisation said the decision was based on advice from the Nigeria Centre for Disease Control (NCDC).
According to the Director-General of the NYSC, Brig Gen Yusha’u Ahmed, this was a result of the resurgence of COVID-19 in some countries and the need to prevent the re-occurrence of any variant transmission in Nigeria.
Ahmed said this during the 2024 pre-orientation course workshop in Abuja on Wednesday, January 31.
The DG said: “The Nigeria Centre for Disease Control (NCDC) has advised that COVID-19 testing should recommence in the Orientation Camps. This is a result of the resurgence of COVID-19 in some countries and the need to prevent the re-occurrence of any variant transmission in Nigeria.
“Therefore, it becomes necessary to ensure regular surveillance in all our Orientation Camps. While the testing will not be made compulsory this time, corps members will be sensitized on the need to confirm their health status. The modalities for this will be communicated in due course.”
The director-general also said the registration process in camp would be reviewed and strengthened to checkmate the activities of fake or unqualified graduates from participating in the exercise.
The DG said: “These include fake graduates appearing as Prospective Corps Members and persons, who, having served previously or issued with Exemption Certificate, attempt to present themselves again for the National Service. The registration process in Camp must, therefore, be reviewed and strengthened to checkmate the activities of these fraudulent elements.
“Like we have warned previously at various forums, any unqualified person caught and those aiding them will be handed over to the law enforcement agencies for prosecution.”
The director-general urged state coordinators to take proactive measures to ensure the safety of corps members in camp.
He also warned corps members against night journeys.
The DG said: “No doubt, there has been a tremendous improvement in this area. However, security remains a matter of priority in all aspects of our operation, especially during the Orientation Course. Proactive measures must be taken by State Coordinators and other stakeholders to evaluate the security situations in all Camp locations. There should be proper surveillance of the Camps and adjoining areas before and during the exercise.
“We are not relenting in our efforts to check this problem that has become a nightmare for the Scheme in view of the perilous consequences such as road accidents and abduction of Prospective Corps Members on their way to States of deployment.
“I, therefore, enjoin everyone to ensure that measures put in place to curtail this negative trend are followed to the letter. In line with a recent decision of the management, state coordinators are expected to continue to take the campaign against night journeys to motor parks, transport companies, and other relevant stakeholders before the commencement of the orientation course.”
[TheNation]
The Senate, on Wednesday, through its Committee on Banking, Insurance and other Financial Institutions, summoned the Governor of Central Bank of Nigeria, Olayemi Cardoso, to appear before it on Tuesday next week to answer questions on the state of the economy and the free fall of naira in the forex market.
The Committee, chaired by Senator Adetokunbo Abiru (APC Lagos East), met on Wednesday when the naira plummeted to N1,520 to a US dollar and resolved to summon the CBN governor on the way out.
Speaking with journalists after the meeting held behind closed doors, Abiru said the state of the economy, especially the inflation index, was of great concern to the lawmakers.
He said, “We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy.
“We are all living witnesses of what is going on. Underlining the major issue of the economy is the way the inflation index has been and of course, it is a major concern to us.
“We have deliberated among ourselves. Critical issues were addressed and we believe that the next line of action is to summon the Governor of the Central Bank on Tuesday at 3 O’clock to brief us properly on the state of the economy.
“That we have resolved and will communicate to the Governor of the Central Bank after which we will have further communication with members of the press.”
[Punch]
The 2023 Africa Cup of Nations (AFCON) has no doubt been a canister of thrillers and upsets with the competition producing the sparks and spice worthy of a top-tier football tournament.
The so-called minnows in African football have risen to the occasion, causing heartbreaks and shocks to the big boys who almost all among them are out of the continental football fiesta.
Angola, Nigeria, DR Congo, Guinea, Mali, Côte D’Ivoire, Cape Verde and South Africa are the teams left to juggle for the coveted AFCON title, and it promises to be a feisty scramble.
With just three matches separating these eight teams from the crown, here are four favourites amid them tip to go all the way to being crowned champions of the continent:
TEAMS LIKELY TO WIN AFCON 2023
1. Nigeria
After a sloppy group stage outing where the Super Eagles managed to amass seven points, the Jose Peseiro-led side seemed to have turned up the ante with a commanding performance against the Indomitable Lions of Cameroon coming out 2-0 winners to book a place in the quarter-finals.
Of all teams left in the competition, they are the highest-ranked team and the most experienced. The odds are in their favour to go all the way to claim their fourth ever AFCON crown.
2. Cape Verde
Unarguably, the revelation of the tournament. Topping a group involving Ghana and Egypt, scoring 7 goals in the process with dominating performances, the Blue Sharks have registered their intent early on as a serious contender for the AFCON crown.
Their fluid attacking style of play with an ability to turn half chances into goals is a nightmare for teams who must be at their best if they intend to tame the sharks from the coveted AFCON prize.
3. Mali
Strong at the back, compact in the midfield and effective upfront, the Eagles of Mali have been silently imperious in the ongoing AFCON.
Coming with a rich pack of experience which has been very reflective in their performance, this could prove to be their biggest strength in a competition that has proven to be very intensive and fickle.
4.Cote D’Ivoire
If the spirit at which hosts Cote D’Ivoire attacked their last game against champions, Senegal is anything to go by, then trouble looms for the other teams left in the competition.
With the renewed energy of their fans, and the upbeat motivation of the players, there is no going back for the Elephants who are determined to make perfect their proverbial run in their ongoing campaign with the AFCON crown.
From A Whopping Sum of N7.05 Billion To N2.3 Billion, How Globacom Resisted Corporate Bullying By MTN
AdminThe raging disagreements between Nigerian owned telecoms giant, GLOBACOM, and the near-monopolistic South African behemoth, MTN, seems to have reached a crescendo.
According to impeccable industry sources, MTN had tried to intimidate and blackmail GLOBACOM on its own soil but the telecoms company stood its ground by challenging MTN to proof whatever case it had instead of engaging in cheap blackmail. It turned out to be a fight worth fighting.
From experience, GLOBACOM was used to being harassed by those who failed to realise that its promoters built its business conglomerates in an organic fashion and never through the surreptitious processes.
MTN had slammed a whopping sum of over N7.05 billion on GLOBABOM, covering interconnect charges of N1.6 billion (which was already paid before the controversial publication), VAT of N1.7 billion allegedly paid on behalf of GLOBACOM and a compounded interest of N3.6 billion, which GLOBACOM considered preposterous since it is the absolute prerogative of companies to pay its own interests and never through proxies.
Thus it was bizarre that MTN paid VAT on its behalf when it was already an established fact that GLOBACOM met all its obligations to FIRS. To establish that GLOBACOM was not short of funds but only fighting for its fundamental rights and integrity in the industry, the company posted a payment guarantee of N3,489,961,881.48 and also issued seven bank cheques each of N500m making a total of N3.5b. but MTN later opted for the bank guarantee.
GLOBACOM then requested for the commencement of a reconciliation exercise. The earlier threat to disconnect GLO was obviously in bad faith and poor taste since it had even paid the N1.6 billion before the publication and was only seeking transparency in the MTN claims. After the parties sat down for due diligence with the Regulators at NCC offices in Lagos, it was clearly established that contrary to the MTN insistence on claiming the earlier published sums, the interest element of the interconnect debt due from GLOBACOM to MTN stands at N2,368,290,400.81.
In view of this painstaking reconciliation, MTN can now go ahead to call up the First Bank payment guarantee dated 17th January 2024. This shall represent the full and final payment.
GLOBACOM insists that MTN should never have been pampered to the extent that it wields the power of life and death over home grown competitors. According to checks on MTN operations elsewhere, this is the same modus operandi that led to several major telecoms companies collapsing and fleeing from Ghana...
The All Progressives Congress, APC, and its candidate in the March 18, 2023 governorship election in Adamawa State, Senator Aisha Dahiru Binani on Wednesday failed in their bid to unseat Governor Ahmadu Fintiri at the Supreme Court.
The apex court, in its final judgment on the Adamawa gubernatorial legal battle, dismissed Binani’s petition in its entirety for lacking evidence and substance.
In a unanimous judgment delivered by Justice John Inyang Okoro, the Supreme Court held that the Resident Electoral Commissioner, REC, who pronounced Binani winner of the governorship election, engaged in a serious act of criminality and irresponsibility.
Justice Okoro said that Binani engaged in self deceit by hanging to the unlawful and unconstitutional acts of the REC to hold herself out as winner of the governorship poll.
The apex court emphatically held that the REC had no power under any known law to declare election results as he did in the Adamawa governorship election.
Justice Okoro maintained that the only person vested with the powers to make declaration on elections is the Returning Officer.
He warned public officers to always act within the law in the discharge of responsibilities and not get carried away by greed.
Justice Okoro subsequently dismissed Binani’s petition and upheld the concurrent findings of the Adamawa State Election Petitions Tribunal and the Court of Appeal which had earlier dismissed the petition by Binani and the APC.
Forex Crisis: CBN issues fresh guidelines to banks against foreign currency speculation, hoarding
AdminAmid the free fall of the Naira in the foreign exchange market, the Central Bank of Nigeria has issued fresh guidelines to commercial banks against currency speculation and hoarding.
CBN disclosed this on Wednesday in the circular titled, ‘Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks, signed by Directors of Trade and Banking Supervision Hassan Mahmud and Rita Sike.
According to CBN, some commercial banks hoard foreign currency to make a profit when there is a Naira depreciation in the forex market.
However, the new guideline will help curb the Nigerian banking sector’s foreign currency hoarding and speculation.
It noted the guideline is necessary concerning the growth in foreign currency exposures of banks through their Net Open Position, NOP.
“The Central Bank of Nigeria (CBN) has noted with concern the growth in foreign currency exposures of banks through their Net Open Position (NOP). This has incentivized banks to hold excess long foreign currency positions, which exposes banks to foreign exchange and other risks. Therefore, the CBN issues the following prudential requirements to ensure these risks are well managed and avoid losses that could pose material systemic challenges.”
“For example, a bank borrows or buys $ 1 million worth of forex but then holds half of it in its position instead of lending it or using it to finance purchases for its clients immediately.
“What this means is that banks can profit from currency depreciation if they buy the forex low and sell high”, it stated.
Also, the CBN added that “banks with current NOPs exceeding these limits must adjust their positions to comply with the new regulations by February 1, 2024.
“Additionally, banks must calculate their daily and monthly NOP and Foreign Currency Trading Position (FCT) using specific templates provided by the CBN”.
DAILY POST reports that the Naira woes worsened on Tuesday, crashing 42 per cent against the US dollar in the foreign exchange market in the last two days.
traces N7bn fraud to another
Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, says the anti-graft agency has uncovered a religious sect laundering money for terrorists.
Olukoyede, who made the revelation at dialogue on ‘Youth, Religion, and the Fight against Corruption’, on Wednesday in Abuja, also said N7 billion fraud proceeds was traced to another religious organisation.
He noted that the EFCC had found religious organisations, institutions, sects and bodies culpable of money laundering in the country.
Olukoyede said one of such religious bodies dragged the Commission to court to protect its leader after laundered money was traced to its bank account.
The EFCC boss said the religious body got a court injunction restraining the Commission from inviting, arresting or prosecuting its leader.
However, Olukoyede did not name the concerned religious organisations.
“We will not give up on recovering the stolen funds,” Olukoyede said.
“It is so sad that as I stand before the eminent audience today, that our experience in fighting corruption has to do with the religious leaders and even traditional rulers.
“As I stand before you there is a matter we are handling of over N30 billion fleeced from Nigeria, and we were able to trace N7 billion to a particular religious body.
“As we wrote a letter to the leader, the next thing we saw was a restraining order, stopping us from inviting them, stopping us from recovering the money.”
The labour union has proposed a minimum wage of $300 (N436,500) for Nigerian workers ahead of negotiations on the new national minimum wage.
Chairman, Trade Union Side, Joint Meeting of the National Public Service Negotiating Council (JNPSNC), Comrade Benjamin Anthony, made this proposal at the 2023 meetings of the Separate and Joint National Public Service Negotiating Council held in Goshen City, Nasarawa State, on Tuesday.
The union argued that the current minimum wage of N30,000 has since been eroded by the high exchange rate coupled with the abrupt removal of fuel subsidy which has translated into the high cost of living in the country, hence the demand for a new wage.
Anthony, who was represented by the Secretary of the Union, Comrade Boma Mohammed, also frowned at the recent delays in the payment of salaries by the Federal Government to workers, saying the trend must be stopped and avert the repeat of such things as the suffering in the land, which is already unbearable.
He said, “In light of the above, Labour has proposed a Living Wage of $300 (N436,500) for Nigerian Workers. This is due to the fall in the value of our currency, today if you carry N100,000 to the market you will come back with a leather bag of items.
“We call on Government to immediately pay the arrears of the N35,000 wage award along with the current and expedited action on the process of getting a new living wage to bring succour to the working class people,” he added.
Meanwhile, the President of the Nigeria Labour Congress (NLC), Joe Ajaero, said most governors of the 37-member Tripartite Committee on Minimum Wage are not complying with the proposed base pay structure.
Ajaero stated this in an interview on Channels Television’s Politics Today on Tuesday.
Recall that Vice President Kashim Shettima inaugurated the committee in Abuja earlier on Tuesday, saying the decision was aimed at ensuring a decent living wage and in compliance with the existing National Minimum Wage Act of 2019, which will expire in a few months.
He said, ”Most of the governors in the minimum wage committee are those who are not paying minimum wage or paying them in breaches.”
”The governors who are in full compliance with the minimum wage are not adequately represented, so whatever made the Federal Government bring in those who are not compliant or compliant in breaches to form the bulk of the membership of the minimum wage committee from the state government that will unfold with time,” he added.
It’s on gov Aiyedatiwa’s order – Amotekun boss
The Ondo security outfit codenamed, Amotekun, has deployed 100 of it’s personnel to the neighboring Ekiti state to aid the release of the five pupils of Apostolic Faith Group of Schools, Emure Ekiti, and four staff members abducted on Monday.
Amotekun commander in the state, Chief Adetunji Adeleye,said in Akure, that th security outfit was acting on the order of the Ondo state governor, Lucky Aiyedatiwa.
Adeleye said this while parading 31 suspected criminals arrested in the state.
According to him ” The governor of our dear state, Hon Lucky Aiyedatiwa has ordered that we deploy Amotekun personnel to work with their counterpart in Ekiti to secure the release of the pupils and arrest the killers of the monarchs,
“A couple of hours ago, we had an unfortunate incident in Ekiti and the governor of Ondo State directed we moved in the interest of brotherliness to assist in the security situation in Ekiti State. We deployed 100 personnel to assist Ekiti command.
“We’ve been there in the last 48 hours. Some arrest have been made and we will continue until the perpetrators of such dastardly act are arrested.”
Adeleye assured residents of Ondo State that Amotekun will continue to everything possible to ensure that lives and property are protected.
He said that “You will recall that in the last three months, we’ve been on this. We want to reassure the people of Ondo that the state, security -wise is intact.
“We will continue with our 24 hours patrol, we will continue to track all criminals from the cities to the forestry reserves and ensure that travelers can move unmolested.
“So, I want to assure the good people of Ondo State that there is no problem. The state is safe. But, they have a duty to report any suspicious movement in their environment to us on time, so that we could be proactive and ensure that before it gets out of hand, this is nipped in the bud.
“We have a sudden upsurge of visitors coming in from different parts of the country, in the name of hunting. The state government had made it clear that anybody that will carry out any activity in the forestry reserves must take permission”.
Speaking on the suspected criminals, the Amotekun boss said that “Across board, we have suspected kidnappers, those we arrested for illegal possession of firearms, especially those arrested in the forest reserve.
“We have those that specializes in breaking shops and houses. What we had assured the public is that the Ondo State Security Network Agency will not relent in its efforts in getting raid of criminals from our societies.
“The governor of Ondo State, Lucky Aiyedatiwa has directed that to the last criminal in Ondo State must be checked out.
“This is because the government is resolute in its determination to ensure that investors, farmers, residents, commuters carry out their businesses without molestation”.
Adeleye noted that, “a cross section of the suspected criminals we have here today will show that there is a serious decline in the number of suspected kidnappers in the state.
“However, until the last of them is arrested and face the full wrath of the law, all security agencies in the state will not relent.
“I want to also let you know that all this efforts being achieved are due to collaboration of Amotekun with the police, DSS, the Army, and the Civil Defense.”
Speaking on how the current wave of crimes across the federation could be tackled checked, Adeleye called on the federal government to approve creation of state police.
According to him decentralisation of the security system in the country, will allow states adequately manage their own security affairs.
He said that State police as the only panacea to Nigeria’s security challenges.
At least 12 loggers were killed in northeast Nigeria’s Borno state near the border with Cameroon when their vehicle hit a landmine in an area where Boko Haram jihadists are active, two NGOs working in the region said Wednesday.
The loggers were on their way to the bush to collect firewood when the flat-bed vehicle conveying them rolled over a mine suspected to have been planted by Boko Haram jihadists on the highway outside Pulka village, the NGOs said in two reports seen by AFP on the incident, which happened on Monday.
Northeast Nigeria is at the heart of a more than decade-long jihadist insurgency where militants still target rural areas even after they have been pushed back from the larges swaths of land they controlled at the height of the conflict.
“Men suspected to be Boko Haram… planted explosive… and killed 12 people while many were injured along Pulka to Gwoza route,” one of the reports read.
According to the other report, which gave the same toll, seven other loggers were injured “out of which three are very critical and have been evacuated to Maiduguri for further medical attention”.
The Nigerian security forces did not respond to a request for confirmation of the blast.
There has been a surge in mine explosions targeting civilian convoys recently that have been blamed on jihadists.
Boko Haram seized Gwoza in July 2014, making it the headquarters of their so-called caliphate. Although it was retaken by Nigerian troops in March 2015, the jihadists still raid nearby villages from hideouts in the mountains along the border with Cameroon.
Residents of villages in the area fled into Gwoza and nearby Pulka where they live in camps under military protection.
Troops conduct patrols in the area to deter the militants from killing or abducting residents who venture into the bush, especially women who collect acacia fruits and firewood.
Boko Haram and the rival Islamic State West Africa Province are known to target loggers, farmers and herders, accusing them of spying on them for troops and anti-jihadist militia fighting them.
At least 40,000 people have been killed and more than two million others displaced since the hardline Islamist group began a rebellion in 2009. The insurgency spread into neighbouring Chad, Niger and Cameroon, prompting the creation of a regional military force to fight the militants.
More...
Human rights activist and Senior Advocate of Nigeria, Femi Falana has sued the Federal Government (through the Attorney General of the Federation), the Minister of Education, the Universal Basic Education Commission (UBEC), and 36 states over the issue of out-of-school children in the country.
Falana filed the suit alongside an early childhood education specialist, Hauwa Mustapha, on behalf of the Alliance on Surviving COVID-19 and Beyond.
Their suit is over their failure to access N68bn Universal Basic Education Commission funds to provide free basic education for every Nigerian Child of school age.
The Attorneys General of the 36 states of the Federation and Minister of the Federal Capital Territory, Abuja were also listed as respondents in the suit which was filed through their lawyer, Senior Advocate of Nigeria, Mrs Funmi Falana.
The suit which was filed on Jan. 19th at the Federal High Court, Lagos, asks the court to determine:
“Whether the Respondents are not under a legal obligation to provide free, compulsory and Universal basic education for every Nigerian child of school age by section 2(1) of the Compulsory, Free Universal Basic Education Act, LFN, 2004.
“Whether the refusal or failure of the Respondents to contribute not less than 50% of the total cost of projects as its commitment to the execution of the free, compulsory education project for every Nigerian child of school age is illegal as it violates section 11(2) of the Compulsory, Free Universal Basic Education Act, Laws of the Federation of Nigeria, 2004.
“Whether the Respondents are not under a legal obligation to provide free, compulsory and Universal basic education for every Nigerian child of school age by section 2(1) of the Compulsory, Free Universal Basic Education Act, LFN, 2004.”
In an affidavit sworn to by Femi Falana at the Federal High Court Registry in Lagos on January 26, 2024, the senior lawyer noted that a report made public by the United Nations Children’s Fund (UNICEF) recently estimated the total number of out-of-school children in Nigeria to be 20.2 million.
Falana noted that the report added that one in three children in the country is out of school and that the country has the highest number of out-of-school children in the world.
He said, “The 1st Respondent is the Minister of Justice and the Chief Law officer of the Federation to enforce law and order and ensure compliance with all orders granted by Nigerian courts.
“The 2nd Respondent is constitutionally responsible for the formulation of educational policies and ensuring quality control at all levels of education in Nigeria.
“The 3rd Respondent is the body created by the Universal Basic Education and Other Matters Act, 2004 (UBEA) responsible for the disbursement of the Federal Government Universal Basic Education grants to states and other stakeholders and the coordination of the implementation of the UBE programme throughout Nigeria.
“The 4th to 40th Respondents are the chief law officers of the 36 states of the Federation.
“That the Universal Basic Education and Other Matters Act, 2004 (UBEA) provides for compulsory, free universal basic education for all children of primary and junior secondary school age in Nigeria.”
The applicants are asking the court to grant the following orders in the interest of justice:
A declaration that by section 2(1) of the Compulsory, Free Universal Basic Education Act, Laws of the Federation of Nigeria, 2004, the Respondents are legally obligated to provide free, compulsory and Universal basic education for every Nigerian child of primary and junior secondary, school age.
A declaration that by section 11(1) of the Compulsory Free Universal Basic Education Act the Federal Government shall contribute a block grant of not less than 2% of its Consolidated Revenue Fund to the Universal Basic Education Fund on an annual basis.
A declaration that by section 11(2) of the Compulsory Free Universal Basic Education Act, each State of the Federation shall contribute not less than 50% of the total cost of projects as its commitment to the execution of the projects to qualify for the Federal Government block grant under subsection 1(1) of this section.
A declaration that the refusal or failure of the Respondents to access the sum of N68 billion for the universal basic education of children of school age in Nigeria is illegal as it violates section 1(2) of the Compulsory Free Universal Basic Education Act.
An order directing the 4th-40th Respondents to pay the counterpart fund to access the matching grant of N68 billion in the account of the Universal Basic Education Fund and report compliance with the order within 30 days of the delivery of the judgment of the Honourable court.
An order directing the 4th-40th Respondents to pay the counterpart fund to access the matching grant in the Account of the Universal Basic Fund as at when due forthwith.
International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3 percent in 2024 — down from a 3.1 percent projected in October 2023.
This is contained in the Washington-based institution’s World Economic Outlook (WEO) update for January 2024.
The outlook, released on Tuesday, is titled, ‘Moderating Inflation and Steady Growth Open Path to Soft Landing’.
IMF also projected a 3.1 percent economic growth for Nigeria in 2025.
In the outlook, IMF also downgraded its forecast for sub-Saharan Africa from 4 percent to 3.8 percent for 2024.
“In sub-Saharan Africa, growth is projected to rise from an estimated 3.3 percent in 2023 to 3.8 percent in 2024 and 4.1 percent in 2025, as the negative effects of earlier weather shocks subside and supply issues gradually improve,” IMF said.
“The downward revision for 2024 of 0.2 percentage point from October 2023 mainly reflects a weaker projection for South Africa on account of increasing logistical constraints, including those in the transportation sector, on economic activity.”
Revealing further, the organisation increased global growth by 0.2 percent to 3.1 percent this year, before rising modestly to 3.2 percent in 2025.
IMF said: “Compared with that in the October 2023 WEO, the forecast for 2024 is about 0.2 percentage points higher, reflecting upgrades for China, the United States, and large emerging markets and developing economies.”
“Nevertheless, the projection for global growth in 2024 and 2025 is below the historical (2000–19) annual average of 3.8 percent, reflecting restrictive monetary policies and withdrawal of fiscal support, as well as low underlying productivity growth.
“Advanced economies are expected to see growth decline slightly in 2024 before rising in 2025, with a recovery in the euro area from low growth in 2023 and a moderation of growth in the United States.
“In emerging market and developing economies, growth is expected to remain at 4.1 percent in 2024 and to rise to 4.2 percent in 2025.
“An upward revision of 0.1 percentage point for 2024 since October 2023 reflects upgrades for several regions.”
IMF also said emerging markets and developing economies are expected to experience stable growth through 2024 and 2025, with regional differences.
On inflation, the outlook said global headline inflation is expected to fall from an estimated 6.8 percent in 2023 (annual average) to 5.8 percent in 2024 and 4.4 percent in 2025.
The organisation said advanced economies are “expected to see faster disinflation, with inflation falling by 2.0 percentage points in 2024 to 2.6 percent, than are emerging market and developing economies, where inflation is projected to decline by just 0.3 percentage point to 8.1 percent”.
IMF, however, said inflation declines toward target levels across regions, adding that the near-term priority for central banks is to deliver a smooth landing, neither lowering rates prematurely nor delaying such lowering too much.
“With inflation drivers and dynamics differing across economies, policy needs for ensuring price stability are increasingly differentiated,” IMF said.
“At the same time, in many cases, amid rising debt and limited budgetary room to manoeuvre, and with inflation declining and economies better able to absorb effects of fiscal tightening, a renewed focus on fiscal consolidation is needed.”
IMF said intensifying supply-enhancing reforms would facilitate both inflation and debt reduction and enable a durable rise in living standards.
Former Vice President Atiku Abubakar has taken a swipe at President Bola Tinubu for embarking on a private trip abroad at a time when there are killings and kidnappings in the country.
The presidency in a swift response said Atiku’s statement accusing the president of fiddling amidst some security and economic challenges is “to say the least, reckless.”
The presidential candidate of the main opposition, the Peoples Democratic Party (PDP) has called on the president to step aside if he is overwhelmed by the office, noting that the country cannot afford another “Tourist-in-Chief.”
Atiku’s position is contained in a statement he posted on his verified X handle @atiku on Tuesday.
But in a swift response, the Presidency described the former vice president’s remark as reckless.
“Tinubu is playing fiddle while Nigeria is drowning in the ocean of insecurity. To imagine that the Commander-in-Chief is on a so-called private visit while kidnappers kill a nursing mother and grandmother in Abuja for failing to pay N90m ransom and two monarchs in Ekiti, among other regular tragedies besetting Nigerians.
“If the shoes are too big for Emilokan, he should step aside. Nigeria does not need another Tourist-in-Chief. The country needs 24/7 leadership to confront the pervasive insecurity and collapsing economy. -AA,” the former vice president posted.
In his response, Special Adviser to the President on Information and Strategy, Bayo Onanuga, assured that Tinubu is on top of the situation.
Onanuga said coming days after the former vice president made “an equally reckless allegation” against the President on the crude for loan deal for NNPC Limited, his latest statement fell short of what is expected from an elder statesman.
The statement added: “We like to believe that Alhaji Atiku is still not nursing the hangover of his electoral defeat and now latches on any issue to attack President Tinubu.
“President Tinubu did not travel without informing Nigerians of his whereabouts. He announced a private visit to France and announced a return date.
“While in France, President Tinubu has been following developments at home and he is on top of the situation in the country. Today’s inauguration of the Tripartite Committee on National Minimum wage bore his imprimatur.
“He is in constant touch with his officials and security chiefs and has directed them to stamp out every form of criminality in the country.
“He has particularly ordered them to apprehend those criminals responsible for the murder of two monarchs in Ekiti State and the kidnapping of some pupils in the state.
“We are already seeing results with the arrest of over 139 kidnappers around Abuja, Kaduna and Benue States in the last one week. The police Special Intervention Squad (SIS) and DSS have also rescued 154 abducted persons in the last few days.
“Just last week President Tinubu approved N50billion as Special Fund to address some of the lingering security challenges in North East where Alhaji Atiku hails from. To cope with the kidnapping challenges in the FCT, President Tinubu also approved funds for the acquisition of equipment to track criminals.
“If Alhaji Atiku is really concerned about security issues and not playing cheap politics, he should have known that President Tinubu is on top of issues and working hard to restore peace to every part of our country.
“Our security agencies are working very hard to bring the security situation under control. President Tinubu is giving them all the necessary support they need to win the battle against criminal elements and secure every inch of our country.”
Lagos Gives 30-Day Quit Notice To Owners Of Houses ‘Illegally’ Converted To Clubs, Religious Houses
AdminThe Lagos State government, on Tuesday, gave a 30-day final notice to owners and occupiers of residential buildings illegally converted to religious houses, club houses, lounges and bars without approval for change of use, to revert to the original use of the structure.
The notice was issued by the General Manager of the Lagos State Building Control Agency (LASBCA), Gbolahan Oki.
The notice, Oki noted, is sequel to the distortion of the state master plan, especially residential areas by some people who in gross disregard to the regulatory provisions of the law turned residential areas to club houses and worship centers, thereby constituting a nuisance to the environment.
According to him, the removal notice became imperative following security concerns of citizens and repeated complaints of non-adherence to safety and security guidelines issued to the club owners.
Oki called on owners of buildings in residential areas that have been converted without the requisite approvals to evict such occupants before the expiration of the 30-day final notice, warning that the state will not give further notice of sealing but outright removal of such buildings at the cost of the owners.
“We are giving them one month’s final notice from today 29th of January to revert all properties converted to churches, mosques, clubs and bars to revert to the original plan or have such buildings removed at their expenses,” he warned, according to a statement by LASBCA.
Oki maintained that LASBCA had earlier identified the non – conforming structures and have served the statutory enforcement notices but regretted that those affected have either failed or refused to respond to the notices.
He advised property owners to take the notice with all seriousness it deserves, adding that nobody will be spared in the effort to sanitize the state in line with Africa’s model mega city status vision of the Governor Babajide Sanwo-Olu led administration.