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IMF: Dangote Refinery, Supportive Credit Facility, Can Accelerate Nigeria’s Economic Recovery Process

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Aliko Dangote

The International Monetary Fund (IMP) has noted that the non-oil sector of the Nigerian economy could be stronger, benefitting from its recent growth momentum, higher production from the new Dangote Refinery, and supportive credit policies.

In IMF’s Executive Board 2021 Article IV Consultation with Nigeria released recently, the global organisation added that Nigeria’s ratification of the African Continental Free Trade Agreement could also yield a positive boost to the non-oil sector while oil production could rebound, supported by the more generous terms of the Petroleum Industry Act.

According to the IMF, Nigeria exited the recession in the fourth quarter of 2020 and its output rose by 4.1 per cent (y-o-y) in the third quarter, with broad-based growth except for the oil sector, which is facing security and technical challenges.

While growth was projected at 3 per cent for 2021, it stated that headline inflation rose sharply during the pandemic, reaching a peak of 18.2 per cent year-on-year (y-o-y) in March 2021, but has since declined to 15.6 per cent in December.

The institution attributed this to the new harvest season and opening of land borders, although it noted that the reported unemployment rates (end 2020) have yet to come down. It, however, confirmed that more recent COVID-19 monthly surveys have shown that employment was back at its pre-pandemic level.

The beautiful life of the Nigerian university lecturers that you do not know

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“Despite the recovery in oil prices, the general government fiscal deficit is projected to widen in 2021 to 5.9 per cent of GDP, reflecting implicit fuel subsidies and higher security spending,” the Fund said. “Moreover, the consolidated government revenue-to-GDP ratio at 7.5 per cent remains among the lowest in the world.

“After registering a historic deficit in 2020, the current account improved in 2021, and gross FX reserves have improved, supported by the IMF’s SDR allocation and Eurobond placements in September 2021.

“Notwithstanding the authorities’ proactive approach to contain COVID-19 infection rates and fatalities and the recent growth improvement, socio-economic conditions remain a challenge. Levels of food insecurity have risen, and the poverty rate is estimated to have risen during the pandemic.”

The directors highlighted the urgency of fiscal consolidation to create policy space and reduce debt sustainability risks and called for significant domestic revenue mobilisation.

“They noted that exchange rate reforms should be accompanied by macroeconomic policies to contain inflation, structural reforms to improve transparency and governance, and clear communications regarding exchange rate policy.

“Directors considered it appropriate to maintain a supportive monetary policy in the near term, with continued vigilance against inflation and balance of payments risks. They encouraged the authorities to stand ready to adjust the monetary stance if inflationary pressures increase,” the consultation noted.

“Directors recommended strengthening the monetary operational framework over the medium term – focusing on the primacy of price stability – and scaling back the central bank’s quasi-fiscal operations. Directors welcomed the resilience of the banking sector and the planned expiration of pandemic-related support measures. They agreed that while the newly launched eNaira could help foster financial inclusion and improve the delivery of social assistance, close monitoring of associated risks will be important. They also encouraged further efforts to address deficiencies in the AML/CFT framework.

“Directors emphasised the need for bold reforms in the trade regime and agricultural sector, as well as investments, to promote diversification and job-rich growth and harness the gains from the African Continental Free Trade Agreement. Improvement in transparency and governance are also crucial for strengthening business confidence and public trust. Directors called for stronger efforts to improve the transparency of COVID-19 emergency spending,” the IMF added.

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Drama In Senate :Ndume ,Oshiomhole Trade Words Over Reno Omokri’s Controversial Ambassadorial Bid.

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By Yusuf Danjuma Yunusa

There was a heated argument on Thursday during the screening of ambassadorial nominees by the Senate Committee on Foreign Affairs between Borno South Senator, Ali Ndume, and his Edo North counterpart, Adams Oshiomhole, who engaged in unpleasant exchanges over the suitability of Reno Omokri for a diplomatic posting.

Reno Omokri, who once served as spokesperson to former president Goodluck Jonathan, appeared before the lawmakers alongside four career ambassadorial nominees for screening–Femi Fani Kayode, Dambazau, Yakubu Mahmoud, and others.

Customarily, the nominees would have themselves introduced one by one in preparation for questioning.

Soon after, Mr Ndume, a member of the All Progressives Congress (APC), moved a motion for Mr Omokri and the other nominees to “take a bow and go.”

The statement above: “take a bow and go” is a parliamentary tradition that effectively waives rigorous questioning.

The Borno lawmaker explained that he had known Mr Omokri for over 25 years, assuring that he is suitable for the position

Committee Chairman Sani Bello, who represents Niger North, called for the motion to be seconded.

However, when it was time to do so, Mr Oshiomhole objected, stating that he preferred to comment on the nominees rather than second the motion.

His stance infuriated Mr Ndume, who asked him to allow another senator to second the motion and to reserve his comments.

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This disagreement quickly escalated into a rowdy confrontation, with both lawmakers trading insults.

Mr Oshiomhole told his colleagues not to pretend as if there is no controversy surrounding Mr Omokri’s nomination.

Mr Ndume called Mr Oshiomhole a “tout,” while the latter shot back, saying he would not dignify a “hypocrite” with a response.

However, in the bid to justify his choice of commenting on the nomination of Omokri, the former Edo State Governor, Oshiomhole, said:

“I will proudly say I was a governor, which is the head of a sub-national government, and so when I talk, those who have not been governor should listen.”

 

Controversy Surrounding Omokri’s Appointment

Over the years, Mr Omokri has built a reputation as an outspoken critic of successive Nigerian governments.

During the 2023 presidential election cycle, he was one of President Bola Tinubu’s most vocal detractors, even once labelling him a “drug baron” in international media, a remark that resurfaced and fuelled debate following his nomination.

Moreover, the same Mr. Omokri had once stated on ‘The Mic’ show usually anchored by Seun Okinbaloye that he will not work with the administration of president Tinubu, as it’s not part of his principles to work with such person as a president with questionable character.

His inclusion on Mr Tinubu’s list of ambassadorial nominees triggered significant controversy, with many Nigerians questioning whether someone who spent years attacking the president and suddenly supporting the current administration is fit to represent Nigeria on the global stage.

Ndume’s Hypocrisy

On 6 December, Mr Ndume, a known critic of Mr Tinubu, faulted the list of ambassadorial nominees forwarded to the Senate, arguing that the composition violated the federal character principle. The principle mandates equitable distribution of government appointments, resources, and opportunities across Nigeria’s diverse ethnic, regional, and religious groups.

However, during the screening, the senator did not act in line with his earlier criticism of the president’s list. Instead, he appeared to support the nominees.

Away from the analysis made above, some Nigerians have noted that Mr. Omokri, if screened successfully, will be working in the best interest of Nigeria as a country and not the administration of president Tinubu.

Therefore, the Nigerian Tracker News is asking:

Is Mr. Omokri qualified to serve as Nigeria’s Ambassador? If Yes: On what basis should he be allowed to serve as Nigeria’s Ambassador? If No: Why?

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MAAUN Group congratulates Prof. Amina Bayero on appointment as first female VC of Northwest Varsity

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MAAUN Group of Universities has congratulated Prof. Amina Salihi Bayero on her appointment as the substantive Vice Chancellor of Northwest University, Kano, Nigeria.

The appointment was approved by the Kano State Governor, Abba Kabir Yusuf, following a recommendation by the University Governing Council after a rigorous selection process.

The congratulatory message was contained in a statement personally signed by the Founder of the universities, Prof. Gwarzo and released to newsmen on Thursday in Kano, Nigeria.

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Prof. Gwarzo, who doubles as the President of the Association of Africa Private Universities (AAPU), described the appointment of Prof. Salihi Bayero as “well- deserved” in view of her academic pedigree and wealth of experience.

“As a distinguished scholar of Analytical Chemistry and the first female PhD holder in Chemistry from Bayero University Kano, I have no doubt that Prof. Salihi Bayero will deliver on her mandate,” Prof. Gwarzo said.

He also expressed confidence that the new VC who served in various academic and administrative capacities, would bring about the needed transformation and development in the university.

Prof. Gwarzo commended the university Governing Council for recognising her accomplishments by giving her the appointment and Governor Yusuf for approving the appointment.

The MAAUN Founder prayed to almighty Allah to guide and give the new VC the wisdom to steer the university to greater heights.

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SSANU Threatens Indefinite Strike, Gives FG December 31 Ultimatum

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Comrade Mustafa Ameen SSANU chairman BUK chapter

 

The Senior Staff Association of Nigerian Universities (SSANU) BUK chapter said the union has set 31st December as the target date for a nationwide indefinite strike by the union.

The Chairman of SSANU BUK chapter, Comrade Mustafa Aminu, stated this after rising from a meeting of the association held at Bayero University main campus.

Malam Mustafa Aminu told newsmen, including Nigerian Tracker correspondent, that there is need for the Government to invite their members for discussion in order to curtail the planned nationwide industrial action.

According to him, the issue of their 2009 Agreement is yet to be implemented by the Government, which includes 23 percent, 35 percent, and the earned allowances.

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Initially, the Government agreed to give 40 percent for SSANU, but when the money was released, which is 50 billion Naira, the Government decided to give 40 billion Naira to their sister union ASUU and decided to give other unions, including SSANU, the remaining 10 billion Naira to share, which is very unfair and uncalled for, and they are not happy with it, said Mustafa Aminu.

On their grievances, there are many if one checks the 2009 Agreement, which includes autonomy.

Mustafa Amin added that they are calling on the Government to do something, noting that if the target date is reached without calling them, the strike will be total and indefinite.

He said of all the unions in the University, which included ASUU, SSANU, and NASU, only ASUU was called by the Government for discussion.

He said it is like you are having four children in your house and you call the eldest for discussion; definitely the remaining children will not be happy.

He said ASUU has an aggressive nature of pressing home its demand, while SSANU is administrative.

Members of the union, Bayero University chapter, who retired this year were supported with funds ranging from 250 thousand Naira to 150 thousand Naira.

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