News

IMF denies involvement in subsidy removal in Nigeria

The International Monetary Fund (IMF) recently clarified that it did not play any role in the Nigerian government’s decision to remove fuel subsidies.

This statement was made by Abebe Selassie, the IMF’s African Region Director, during a press conference at the IMF and World Bank Annual Meetings held in Washington, D.C. Selassie emphasized that the decision by President Bola Tinubu’s administration to remove fuel subsidies was entirely domestic, originating solely from the Nigerian government without any external influence or pressure from the IMF.

“We don’t have programmes in Nigeria,” Selassie stated, clarifying the organization’s limited engagement with Nigeria.

According to him, the IMF’s involvement with the country is confined to routine dialogues, similar to those it maintains with other nations such as Japan and the United Kingdom.

He explained that while the IMF regularly communicates with governments around the world, these discussions are not equivalent to the implementation of IMF-backed programs, nor do they imply direct influence on a country’s policy decisions.

The removal of fuel subsidies has sparked widespread discussion and debate in Nigeria, primarily because of its significant social and economic implications.

Many Nigerians have linked the subsidy removal to alleged pressures from international financial bodies like the IMF and the World Bank, accusing these institutions of indirectly dictating Nigeria’s fiscal policies.

However, Selassie’s remarks during the press conference sought to dispel these notions, reiterating that the IMF did not have an operational program within Nigeria that would warrant it to dictate policy actions.

Nonetheless, Selassie noted that the Nigerian government’s approach to removing fuel subsidies was aligned with long-term economic sustainability.

He acknowledged that such policy decisions are complex and often come with high social costs, which can impact vulnerable populations the most.

“We recognize the significant social costs involved,” Selassie said, noting that the government could implement mitigation measures to ease the burden on those most affected by the removal of fuel subsidies.

He highlighted the importance of expanding social protection programs, which could offer relief and support to Nigeria’s most vulnerable citizens during this period of transition.

On May 29, 2023, President Bola Tinubu announced the removal of the fuel subsidy, declaring, “Subsidy is gone.

” The decision, made immediately after his inauguration, was perceived as part of a broader economic reform agenda aimed at addressing Nigeria’s persistent fiscal challenges.

However, the removal of subsidies has led to a sharp increase in fuel prices, with the pump price of petrol rising to over 1,000 Naira per liter in many regions. This surge has had a ripple effect, contributing to inflation and increasing the cost of living for millions of Nigerians.

The sharp rise in fuel prices following the subsidy removal has not only placed a burden on individual households but has also intensified the economic strain on businesses and industries reliant on fuel.

Many Nigerians are now contending with increased transportation and food costs, while businesses face higher operating expenses due to the elevated cost of fuel.

This has fueled public discontent, with many citizens and analysts questioning whether the government has adequate social welfare structures in place to cushion the impact on vulnerable groups.

While some Nigerians acknowledge that subsidy removal might be a necessary step for economic restructuring, others argue that the government should have taken a phased approach, allowing time to develop compensatory mechanisms before implementing the policy.

There is widespread concern that, without proper support systems, the most vulnerable segments of society could suffer disproportionately.

Critics have also pointed out that while subsidy removal may alleviate certain fiscal pressures, it does not address underlying structural issues within the Nigerian economy, such as low levels of industrial production, high dependency on imports, and a persistent trade imbalance.

They argue that without addressing these foundational challenges, the benefits of subsidy removal may be short-lived and could further strain the country’s socio-economic fabric.

In response to the public criticism and widespread accusations that Nigeria’s economic policies are being shaped by international institutions, Selassie reiterated the IMF’s commitment to providing only advisory and technical support.

He emphasized that the IMF respects the sovereignty of its member countries, allowing them to make decisions based on their national interests.

He further noted that any assistance offered by the IMF is generally aimed at supporting the government’s long-term goals for sustainable economic growth and poverty alleviation, not at imposing policy changes.

In conclusion, the IMF has clarified that it did not influence or dictate Nigeria’s decision to remove fuel subsidies, which remains a contentious issue within the country.

While the government views this move as a pathway to long-term fiscal sustainability, the immediate impact on Nigerians has raised questions about the adequacy of social protection measures in place to support those affected by the rising costs.

The situation underscores the complex balance Nigeria must strike between economic reform and social stability, as well as the importance of clear communication and comprehensive planning when implementing policies with widespread implications.

US

Biden congratulates Trump, invites him to White House

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President Joe Biden called Donald Trump to congratulate him on his victory Wednesday and invited his Republican successor to hold a meeting in the “near future,” the White House said.

In his call with Trump, “President Biden expressed his commitment to ensuring a smooth transition and emphasized the importance of working to bring the country together,” a White House statement said.

Biden also spoke with Kamala Harris and “congratulated the Vice President on her historic campaign,” the statement said, adding that the president on Thursday “will address the nation to discuss the election results and the transition.”

News

Harris calls Trump to congratulate him on election win

US Vice President Kamala Harris called Donald Trump on Wednesday to congratulate him for winning the 2024 presidential election, one of her senior aides said, following a bitter and contentious race.

Democrat Harris discussed with Trump the importance of a peaceful transfer of power and being a president for all Americans, said the aide speaking on background, confirming that Harris will deliver remarks in Washington later Wednesday.

News

Morocco 2025: Ekong, Lookman, Osimhen, Simon, 19 others gear up for Benin, Rwanda

Captain William Ekong, Atalanta of Italy’s Ademola Lookman, effervescent winger Moses Simon, reigning Africa Player of the Year Victor Osimhen and 19 other players will seek for six points against Benin Republic and Rwanda in the closing rounds of the 2025 Africa Cup of Nations qualifying campaign this month.

Coach Augustine Eguavoen has also called goalkeepers Stanley Nwabali and Maduka Okoye, defenders Calvin Bassey and Bright Osayi-Samuel, as well as midfielders Frank Onyeka, Fisayo Dele-Bashiru and Alhassan Yusuf Abdullahi, and forwards Kelechi Iheanacho, Victor Boniface and Samuel Chukwueze. Home-based defender Victor Collins will join up with the group for the first time, and there is a return for gangling forward Sadiq Umar, who plays for Real Sociedad in Spain.

Defenders Olaoluwa Aina and Bruno Onyemaechi are also listed, while France-based defender Gabriel Osho will hope to play his first competitive game for fatherland, after his inability to honour a first call-up in the summer due to injury.

The Super Eagles will fly directly to Abidjan on 11 November, for the confrontation with the Cheetahs of Benin Republic at the Stade Felix-Houphouet-Boigny on Thursday, 14th November, before traveling down to Uyo for the final qualifying game against the Amavubi of Rwanda at the Godswill Akpabio Stadium on Monday, 18th November.

Currently top of their Group D, the Super Eagles will be certain of a place in the final tournament if they get a point against the Cheetahs, which will take then to 11 points, and with only final-day opponents Rwanda capable of catching up with them on points.

However, with a current tally of seven goals for and none against (following the CAF Disciplinary Board’s award of three points and three goals for the botched Matchday 4 encounter against Libya), the Super Eagles stand head and shoulders above the Amavubi, who have one-goal deficit and five points in their favour going into the final two matchdays.

Goalkeepers: Stanley Nwabali (Chippa United, South Africa); Maduka Okoye (Udinese FC, Italy); Amas Obasogie (Fasil Kenema SC, Ethiopia)

Defenders: William Ekong (Al-Kholood FC, Saudi Arabia); Bright Osayi-Samuel (Fenerbahce SK, Turkey); Bruno Onyemaechi (Boavista FC, Portugal); Gabriel Osho (AJ Auxerre, France); Calvin Bassey (Fulham FC, England); Olaoluwa Aina (Nottingham Forest, England); Victor Collins (Nasarawa United) Midfielders: Wilfred Ndidi (Leicester City, England); Raphael Onyedika (Club Brugge, Belgium); Alhassan Yusuf Abdullahi (New England Revolution, USA); Fisayo Dele-Bashiru (Lazio FC. Italy); Frank Onyeka (Augsburg FC, Germany); Alex Iwobi (Fulham FC, England) Forwards: Samuel Chukwueze (AC Milan, Italy); Victor Osimhen (Galatasaray FC, Turkey); Ademola Lookman (Atalanta FC, Italy); Kelechi Iheanacho

(Sevilla FC, Spain); Victor Boniface (Bayer Leverkusen, Germany); Moses Simon (FC Nantes, France); Sadiq Umar (Real Sociedad, Spain)

News

US Elections: President-Elect, Trump thanks X boss, Elon Musk for his support

Donald Trump, the Republican candidate in the 2024 United States presidential race, has publicly lauded tech mogul and SpaceX CEO Elon Musk for his remarkable contributions, specifically his deployment of the Starlink satellite service in the aftermath of Hurricane Helene.

Speaking to his supporters on Wednesday, Trump praised Musk as a “super genius” and recognized his efforts during the hurricane’s destructive impact on the southeastern United States in October.Hurricane Helene left communities across the southeast struggling, with critical infrastructure downed and thousands in need of urgent assistance.

In response, Musk’s Starlink satellite network provided much-needed internet connectivity, especially in North Carolina, which faced significant communication challenges.

Trump emphasized the importance of this rapid support, saying, “I told Elon they need it badly in North Carolina. Can you get it? He had that there so fast, it was incredible. It saved a lot of lives.

They saved a lot of lives.” Trump’s remarks underscore the critical role that Starlink played in relief efforts, enabling first responders and affected residents to stay connected, access vital information, and coordinate rescue operations.Trump’s admiration for Musk extended beyond the immediate context of the hurricane response.

He described the billionaire entrepreneur as “a character” and “a special guy,” attributing Musk’s success and innovation to his unique intelligence and drive. Trump noted, “He’s a super genius. We have to protect our geniuses; we don’t have that many of them.” This statement not only reflects Trump’s appreciation for Musk’s skills and achievements but also his broader belief in the value of supporting talented innovators who contribute to the nation’s progress.

In recent years, Musk has been an outspoken supporter of Trump’s policies and has aligned with the former president on key issues, particularly in the realms of business and technology. Musk’s support for Trump’s 2024 presidential campaign has gone beyond verbal endorsement; he has reportedly made financial contributions aimed at bolstering Trump’s efforts to reclaim the White House.

Musk’s backing reflects a partnership built on shared interests and values, particularly around economic growth, technological advancement, and a commitment to the entrepreneurial spirit.

As a pioneer in space exploration, electric vehicles, and satellite technology, Musk’s influence has permeated various sectors of the American economy and global innovation.

His Starlink initiative, a satellite internet network designed to provide high-speed internet access in remote or underserved areas, has proven its value in times of crisis, including this recent disaster response.

Through his dedication to innovation and swift action during Hurricane Helene, Musk has demonstrated the potential of technology to address real-world challenges, earning him recognition not only from Trump but also from communities that benefited from his support.

In praising Musk, Trump highlighted a central theme of his 2024 campaign: the importance of fostering American talent and protecting the country’s innovators.

His remarks suggest that he sees figures like Musk as essential to driving America’s future, and his relationship with the tech visionary illustrates a broader vision for a nation where public and private sectors collaborate to solve critical issues and strengthen resilience against future challenges.

News

Democratic Lessons: Atiku Advocates for Integrity in Nigerian Elections After US Vote

Former Vice President of Nigeria and prominent figure in the People’s Democratic Party (PDP), Atiku Abubakar, has recently reflected on the outcome of the United States presidential election, underscoring valuable lessons he believes Nigeria should adopt.

Atiku’s remarks come in the wake of the U.S. election, which concluded with former President Donald Trump, representing the Republican Party, emerging as the President-elect after a victory over Democratic candidate Kamala Harris.

Atiku, who ran as the PDP presidential candidate in Nigeria’s 2023 election, addressed Nigerians through a statement that highlighted his belief in the importance of electoral integrity.

He emphasized that Nigeria’s democratic journey could greatly benefit from studying and implementing the practices that contributed to the credibility of the recent U.S. election. According to Atiku, the success of the election in the United States was not merely a testament to the candidates involved, but also to the effectiveness of an electoral system that prioritizes transparency, accountability, and the sanctity of the ballot.

He expressed hope that the peaceful transition of power seen in the United States would inspire Nigerian leaders to prioritize free and fair elections.

“The lesson for us in Nigeria is the integrity of the process that ensures a credible outcome,” Atiku stated. This, he elaborated, is essential to maintaining public confidence in electoral institutions and fostering a culture where political outcomes reflect the will of the people.

Atiku’s comments highlight his advocacy for electoral reforms in Nigeria, as he has long been an outspoken proponent of measures aimed at strengthening the democratic process and making elections more transparent.

Atiku went further to express his hope that the incoming Trump administration would support democratic principles internationally, especially in nations like Nigeria where political processes are often marred by allegations of irregularities.

He stated, “It is the expectation of every Nigerian that the Trump administration will stand resolute in ensuring free and fair elections in Nigeria and other places in the world.

”Additionally, Atiku extended a warm message of congratulations to the American people, acknowledging their commitment to democracy and the power of the vote.

“My warm congratulations go out to the people of the United States, whose unwavering faith in the power of democracy and the sanctity of the ballot has once again shown the world the true might of the people’s voice,” he remarked.

Atiku’s message serves as a call to action for Nigeria’s electoral body and political stakeholders to commit to reforms that would enhance the electoral process.

He advocates for a system in which every citizen’s vote counts and where electoral outcomes are uncontested due to credibility.

For Atiku, this is a vital step in restoring Nigerians’ faith in democracy, ensuring that future elections are free of violence and manipulation, and paving the way for a democratic system where leaders are chosen by the genuine choice of the people.

News

Ododo, Makinde mourn COAS Lagbaja

Governors Usman Ododo and Seyi Makinde of Kogi and Oyo States respectively have mourned the death of the COAS, Lt. Gen. Taoreed Lagbaja

Kogi State Governor, Usman Ododo and his Oyo State counterpart, Seyi Makinde have mourned the death of the Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, calling his demise a huge loss to the country.

Ododo’s condolence was contained in a statement signed by the Kogi State Commissioner for Information and Communications, Kingsley Femi Fanwo.

Ododo said the departure of the gallant and brave Army Chief was sad at a time when the fight against insecurity in Nigeria had gathered momentum.

He noted that the late Gen. Lagbaja was a “fearless General, an indomitable fighter, a tactical genius and an uncompromising warrior determined to stamp out terrorism and banditry from Nigeria.”

The governor extended his heartfelt sympathies to President Bola Tinubu, the National Security Adviser, Mallam Nuhu Ribadu, the Military establishment, the government and people of Osun State and the family of the departed hero.

He called on the Nigerian Armed Forces to ensure that his dream of a secure and safe Nigeria does not die with him and prayed for the repose of his soul.

Oyo State governor, Seyi Makinde on Wednesday also described the death of Lagbaja as a sad loss to the country.

Makinde described Lagbaja as a patriot and one of the finest military officers produced by Nigeria.

He expressed condolences to President Tinubu, the Nigerian Army and commiserated with the immediate family of the deceased COAS as well as the government and people of Osun State on the demise of their illustrious son, praying to Allah to grant repose to his soul.