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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.

News

IPOB disowns Simon Ekpa

The Indigenous People of Biafra (IPOB) on Friday disowned Simon Ekpa, the self-acclaimed Prime Minister of Biafra Government in Exile (BRGIE), who was arrested in Finland alongside four others over terror-related activities.

According to the Finnish Police, Ekpa was arrested “on suspicion of public incitement to commit a crime with terrorist intent,” while the four others were arrested “for financing a terrorist crime”.

In a statement released on Friday, IPOB’s spokesman, Emma Powerful, accused Ekpa of recruiting violent criminals to destabilize the South East Region.

IPOB also disowned Ekpa, stating that he has never been a registered member of the group.

“Contrary to the deliberate and malicious misinformation from the Neo colonialist news agency, the BBC, that Simon Ekpa is an IPOB leader. Simon Ekpa has never and is not an IPOB member, let alone being a leader in IPOB,” Powerful said.

“IPOB has some family units in Finland, and Simon Ekpa is not a registered member of any IPOB unit in Finland or any other IPOB unit globally. Mazi Nnamdi Kanu established IPOB as a peaceful movement to seek Biafra Independence via a supervised UN referendum.

“IPOB is a peaceful global movement that has never taken to violence or arms struggle in two decades of our self-determination struggle. Even though the various murderous government regimes in Nigeria have provoked us, we have remained resolutely peaceful.

“It was unfortunate that some innocent Biafrans being passionate for the restoration of the stolen sovereignty of the Biafran Nation, thought that Simon Ekpa was genuinely sympathetic to the Biafra course. Sadly, they had to learn the hard way that he was a destructive agent paid to infiltrate and destroy the IPOB peaceful movement for Biafra self-determination.

“He recruited violent criminals to destabilize the South East Region in 2021. He is a self-acclaimed prime minister of a small, criminally minded group called the Biafra Government in Exile (BGIE). The infamous BGIE, led by Simon Ekpa, created a violent group that called itself the Biafra Liberation Army.”

Powerful accused Ekpa’s BRGIE group and the Nigerian Army of being responsible “for many kidnappings, rapes, forceful disappearances, killings, and burning of homes in the South Eastern region.”

News

NEC sets up National Electrification Committee to end grid collapse

NEC has set up a National Electrification Committee to end the frequent collapse of Nigeria’s power grid

The National Economic Council (NEC) has in its resolve to end the frequent collapse of Nigeria’s power grid set up a National Electrification Committee.

The Vice President, Kashim Shettima who is the chairman of NEC disclosed this in a post he shared on his official X account on Thursday night.

“The National Economic Council (NEC) has resolved to reinforce implementation of the National Electrification Strategy in a bid to end the collapse of the nation’s power grid,” the post read.

“This is just as Vice President, Kashim Shettima who is the chairman of NEC told members of the council that access to energy is a fundamental right and not a privilege because electricity is the oxygen of economic growth.”

Accordingly, the council has constituted a committee on National Electrification to help address the challenges in the power sector.

The formation of the committee was among decisions taken by NEC at the end of its 146th meeting on Thursday chaired by Shettima at the Council Chambers of the Presidential Villa, Abuja.

The committee headed by Cross River State Governor, Bassey Otu is to work towards deepening states’ engagements within the Electricity Reform Act 2023 and the National Electrification Strategy and Implementation Plan.

VP Shettima added that the private sector distributed renewable energy generation is vital to increasing electricity access across Nigeria.

National

Delta approves N713m for 2024 students bursary payment — Official

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Gov. Sheriff Oborevwori of Delta has approved the sum of N713 million for the 2024 bursary award for 32,028 students in tertiary institutions in the country.

The Executive Secretary of the State Bursary and Scholarship Board, Dr. Godfrey Enita, disclosed this in a statement made available to newsmen on Thursday in Asaba.

According to Enita, the governor’s approval for the year 2024, the bursary award will cover students of state origin in public and private universities.

“It also covers students in polytechnics, mono-technics, colleges of education, schools of nursing science, and other tertiary schools, including military and paramilitary institutions.

He described the governor’s gesture as rare and uncommon and should be applauded.

“The governor demonstrates his magnanimity and goodwill towards the well-being of the Delta students and youths in general.

“It also underscores his commitment towards educational advancement through financial assistance to students in diverse forms and through massive infrastructural development in schools across the state.

“It is hoped, as always, that beneficiaries of the state’s financial assistance schemes will continue to be worthy ambassadors of Delta wherever they find themselves,” he said.

News

Labour Party Launches Grassroots Initiative to Empower Youths Ahead of 2027 Elections

The Labour Party (LP) has launched a nationwide initiative to strengthen grassroots mobilization and empower youth leaders as part of its strategic preparation for the 2027 general election.

This initiative aims to harness the energy and creativity of young Nigerians to drive change and secure the presidency.

Speaking at the Labour Party National Youth Leaders Conference on Wednesday in Abuja, the Director-General of the Labour Party Directorate of Mobilization and Integration, Marcel Ngogbehei, underscored the critical role of youth in shaping the country’s political future.

He emphasized the importance of unity and collaboration among youths, describing them as essential drivers of the transformation Nigeria urgently needs.

Ngogbehei highlighted the significance of grassroots leadership in fostering national unity and bridging divides among communities and stakeholders.

He noted that empowering youth leaders at the grassroots level is a vital step towards addressing Nigeria’s most pressing challenges, including security, economic empowerment, education, sustainable development, and good governance.

The Directorate reaffirmed its commitment to providing comprehensive support to youth leaders.

This includes offering training programs to build their capacity, creating advocacy platforms to amplify their voices, and equipping them with tools to enhance their effectiveness.

According to Ngogbehei, these measures will help ensure that youth leaders are better prepared to lead mobilization efforts and contribute meaningfully to the party’s success in the coming elections.

Outlining the Labour Party’s vision, Ngogbehei reiterated the party’s dedication to creating a fair, inclusive, and accessible political space where young people play a central role in policy formulation and strategic decision-making.

He noted that the concerns, aspirations, and visions of young Nigerians must not only be heard but must also shape the direction of the party’s policies and strategies.

“The energy, creativity, and commitment you bring to our party are not only inspiring but essential as we work to build a stronger and more inclusive Labour Party and Nigeria,” Ngogbehei stated.

“Our nation is at a pivotal point, and your role as youth leaders cannot be understated. You are not just the voice of tomorrow—you are the force of today.

”He urged the participants at the conference to use the platform to strategize effectively, build networks, and develop actionable solutions to address the challenges facing the country. Ngogbehei emphasized that the success of the Labour Party’s mission depends on the active participation and leadership of its youth, who represent the future of Nigeria’s democracy.

The conference marked a significant step in the Labour Party’s efforts to position itself as a viable alternative in Nigeria’s political landscape, with young leaders at the forefront of its campaign for change.

News

13th Women AFCON: Super Falcons to know group stage opponents on Friday

Nine-time champions Nigeria will know their opponents for the group phase of next year’s Women Africa Cup of Nations competition when the draw is conducted at the Technic Centre of the Mohamed VI Football Complex in Sale, outside Rabat, Morocco on Friday evening.

The field of 12 finalist-teams will be framed into three groups of four teams each, with the top two teams in each group, as well as the best two third-placed teams in the three groups, advancing to the quarter-finals of the competition scheduled for Morocco.

Of the 12 previous tournaments held since Nigeria hosted the inaugural in 1998, the Super Falcons have been victorious nine times, with Equatorial Guinea winning twice and South Africa sweeping to victory in the last edition, also hosted by Morocco in July 2022.

All the four top-placed teams in that last edition are also in the field of 12 this time, viz Cup holders South Africa, hosts Morocco, Zambia and Nigeria.

Also qualified are Ghana, Algeria, Botswana, Democratic Republic of Congo, Tunisia, Senegal, Tanzania and Mali.

The 13^th Women Africa Cup of Nations finals will take place 5^th – 26^th July 2025.

News

NFF holds match commissioners’ seminar in Asaba

All is set for the Nigeria Football Federation’s match commissioners’ seminar (southern conference) for this year, which is billed to take place at the Stephen Keshi Stadium, Asaba, Delta State on Friday.

Chairman of the NFF Match Commissioners’ Appointment Committee, Alhaji Babagana Kalli, told thenff.com that the Chairman of the NFF Technical and Development Committee, Alhaji Sharif Rabiu Inuwa, will represent the NFF President, Alhaji Ibrahim Musa Gusau and declare the programme open on Friday morning.

Former Vice Chairman of the Imo State Football Association, Sir Emma Ochiagha and Secretary of the NFF Match Commissioners’ Appointment Committee, Mr. Danlami Alanana are the resource persons for the one-day event.

Alanana disclosed that the objective of the seminar is to re-acquaint the match commissioners in the Nigeria National League (NNL), the Nigeria Women Football League (NWFL) and the Nationwide League One (NLO) with both the rudiments and the fine points of match reporting, and to also emphasize the high importance of credible match reporting, as organizers always rely on their match reports to take decisions in case of crises or controversies.

Last year’s southern conference seminar (the first of its kind) was held in Abeokuta, Ogun State, while the northern conference seminar took place in the city of Kano.