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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.

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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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Dan Agundi’s Supreme Court Case Has Nothing to Do With Kano Emir – Says Lawyer

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14th Emir Of Kano Muhammad Sunusi II

 

 

A lawyer involved in the Kano Emirate titleholder’s dispute, Bashir Muhammad Tudun Wazirci, has clarified that the case before the Supreme Court of Nigeria does not concern the removal or reinstatement of any emir, including Muhammadu Sanusi II.

 

Speaking to journalists after the proceedings, Wizirci explained that the suit was filed by Aminu Babba Dan’agundi against the Kano State House of Assembly, the office of the Attorney-General and the security agencies.

 

According to him, the case does not include Aminu Ado Bayero as a party or any dispute on who is Emir, stressing, that: “In this case I am for the State Assembly, first, the case is between Aminu Babba Danagundi and the State Government and the office of the Attorney General and security agencies. In this case, there is no name of Emir Muhammad Sanusi II or former Emir Aminu Ado Bayero. It is between Aminu Babba Dan’agundi and the state government alongside security agencies”.

Dan Agundi’s lawyer Professor Yusufari SAN confirmed that “the case is between his client and the State Government” and no Emir is involved.

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Wazirci emphasized “Emir of Kano Muhammad Sanusi is not a party, neither is the former, Emir Aminu Ado Bayero. Dan Agundi approached the Federal High Court that has no Jurisdiction. The Court of appeal ruled that the lower Federal High Court has no jurisdiction to hear the case. Dan Agundi lost the appeal. They were not satisfied and that’s why they appealed to the Supreme Court”. He said.

 

Wazirci said the case was scheduled for hearing but was stalled following a fresh application by Dan Agundi’s lawyer who cited that they received late response from one of the security agencies as reason for delay.

 

“They claimed they received information from the DSS on the 15th of the month and needed time to respond. I objected because this is a matter that requires accelerated hearing if they are serious,” Wizirci said.

 

He, however, stated that the court upheld the appealant’s right to fair hearing and granted them time to file their processes. The matter was subsequently adjourned to April 19, 2027.

 

Meanwhile, Counsel to Aminu DanAgundi, Professor Mamman Lawal Yusufari clarified that “The suit was slated for hearing today, not for judgment as many believed. Counsel to one of the respondents filed a motion on April 14 and served us the following day”.

 

“We are entitled to respond within 14 days from the date of service. Hence, the adjournment, as the matter could not proceed,” he said.

 

Recall that Kano State Governor, Abba Kabir Yusuf, in May 2024, signed a law that dethroned all Emirs of Kano, Rano, Gaya and Karaye and reappointed Malam Muhammadu Sanusi II as the 16th Emir of Kano. Dissatisfied with the new law, Dan Agundi challenged it at the Federal High Court, that his removal by the law is an infringement, the Court ruled that it has jurisdiction. The State Government appealed to the Court of Appeal, which ruled that the Federal High Court has no jurisdiction. Dan Agundi then filed an appeal in the Supreme Court as confirmed by his lawyer Professor Maman Yusufari SAN.

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Governor Yusuf Nominates Murtala Garo to the Kano Assembly as Deputy Governor

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Kano State Governor, Alhaji Abba Kabir Yusuf, has transmitted the name of Alhaji Murtala Sule Garo to the State House of Assembly for screening and confirmation as Deputy Governor.

This was contained in a statement signed by the Governor’s Chief Press Secretary, Mustapha Muhammad.

The nomination is in line with Section 191(3) of the 1999 Constitution (as amended), which empowers the Governor to nominate a Deputy Governor where a vacancy exists.

The position became vacant following the voluntary resignation of the former Deputy Governor, Comrade Abdussalam Gwarzo, on March 27, 2026.

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Following a wide consultations with key stakeholders, the Governor has requested the Assembly to grant the necessary approval for Garo’s nomination.

48 year old Murtala Sule Garo is a season political administrator with over two decades of service in both elective and appointed positions.

He has served as State Organising Secretary of his party, Special Adviser to Kano State Governor and elected Kabo Local Government Chairman.

He also served as Chairman of ALGON Kano, Commissioner for Local Government and Chieftaincy Affairs, and Deputy Governorship Candidate of the APC in the 2023 general elections.

His nomination is part of efforts to strengthen governance and sustain effective service delivery in Kano State.

Signed
Mustapha Muhammad
Chief Press Secretary to the Governor
Kano State Government

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Insecurity: US lawmaker accuses Matawalle of bribe attempt to silence recommendation calling for his sack

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Governor Matawalle

 

Kimberly Daniels, a United States Democratic member of the Florida House of Representatives for District 14, has alleged that Nigeria’s minister of state for defense, Bello Matawalle, attempted to bribe a US official to deflect the narrative of the United World Congress of Diplomats, UN-WCD, report.

The lawmaker made the claim in a viral video released on her official Facebook account on Monday.

She said Matawalle’s alleged move was to cover up the UN-WCD report on Christian genocide in Nigeria, which indicted him.

Daniels insisted that no amount of pressure can silence her stand against the killings of Christians in Nigeria.

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“A US elected official was offered money by Nigeria’s minister of state defense, Bello Matawalle, to change the narrative of the UN-WCD Christian genocide in Nigeria report,” she said in the viral video.

Recall that Daniels, who doubled as the chairperson of UN-WCD, had called for President Bola Tinubu to remove Matawalle over alleged complicity in the killings in Plateau, Benue, Kaduna, and other parts of Nigeria.

Matawalle is yet to officially reply the US lawmaker.

Daniels alleged that following her recent press statement on what she described as targeted killings of Christians in Nigeria, she came under pressure from individuals she linked to the minister, including what she characterised as attempts to discredit her report and “buy support” from US-based elected officials.

According to her, an unnamed American lawmaker allegedly received an offer of financial inducement to publicly counter her position and defend the Nigerian defence leadership.

She claimed to have received evidence of a communication, including a prepared statement and promotional material, purportedly linked to the minister.

She also claimed that the bribery attempt is meant to divide America elected officials not knowing that they are united.

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