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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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INEC Extends Submission of Nominated Candidates Deadline for 2027 Elections by Three Days

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By Yusuf Danjuma Yunusa

The Independent National Electoral Commission (INEC) has granted a three-day extension to political parties for the submission of candidate names for the 2027 presidential and National Assembly elections.

The deadline, initially set to expire at midnight on Saturday, July 11, 2026, has been moved to Tuesday, July 14, 2026. The commission announced the adjustment in a statement issued on Sunday by its National Commissioner and Chairman of the Information and Voter Education Committee, Mohammed Kudu Haruna.

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According to INEC, the extension was necessitated by a formal appeal from the Inter-Party Advisory Council (IPAC), which cited difficulties encountered by several parties in uploading the required names and personal particulars of their aspirants within the original timeframe.

In the statement, INEC emphasized that the decision underscores its dedication to an inclusive electoral process while remaining strictly within the bounds of the law. The commission reaffirmed that the adjustment is a responsive measure to the operational challenges raised by the political parties.

INEC has consequently urged all political parties to make the most of this additional window to finalize their submissions.

“The Commission enjoins political parties to take advantage of this window of opportunity and ensure that all necessary details are uploaded before the expiration of the new deadline,” Haruna added.

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ICPC to Arraign ex-Minister Uche Nnaji over Forged Credentials

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By Yusuf Danjuma Yunusa

Former Minister of Science and Technology, Uche Nnaji, is scheduled to be arraigned on Monday before the Abuja Division of the Federal High Court over allegations of certificate forgery that led to his resignation in 2025.

According to Peoples Gazette, the Independent Corrupt Practices Commission was compelled to open an investigation on Mr Nnaji after evidence of forged credentials surfaced, further reinforced by a follow-up petition by the HEDA Resource Centre, an anti-corruption group.

Reports had in 2023 that Mr Nnaji’s discharge certificate from the National Youth Service Corps was a dupe and that his so-called bachelor’s degree certificate was so poorly done that any curious observer could spot its inconsistencies without extra effort.

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Despite resigning over alleged certificate forgery, Mr Nnaji picked up the 2027 PDP Enugu governorship nomination form earlier this year and emerged the winner.

He was arrested at the Nnamdi Azikiwe International Airport in Abuja on July 1, having shirked previous invitations to visit the ICPC office for questioning.

Sources acquainted with the matter said the anti-graft commission has built a “water-tight” case against Mr Nnaji and filed criminal charges against him before Justice Abdulmalik Joyce.

The Gazette learnt that it will be nearly impossible for Mr Nnaji to wriggle his way out of these evidence-backed charges, which border on corruption, including the submission of forged credentials to the National Assembly during his ministerial screening, and so on.

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Remi Tinubu Urges Davido, Burna Boy, Asake, to Help Tackle the Economy, Says Govt Alone Can’t Fix It

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By Yusuf Danjuma Yunusa

The First Lady Senator Oluremi Tinubu has said that although luxury is good, Burna Boy, Davido, Asake and other wealthy Nigerians should help the less-privileged.

She said “the burden on the government is huge”, so the rich should help.

Also, Mrs Tinubu reiterated her call for Nigerians to consider small businesses such as akara.

She made the calls in Lokoja, Kogi State, on Saturday, where she launched the national community food bank.

“Nigeria is a great country. We have a lot of wealthy people. But our priorities are different. And I think it’s high time we started helping those who need help in the country.

“I want to appeal to our young ones in the entertainment industry.

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“I’ve mentioned it before, and I will use Akon, a music icon who does a lot of great charity work.

“The Burna Boys of this world, Asake, all of them, Davido. We want to see you with one foundation or the other, helping the poor with your money.

“Good cars are good; a Maybach is good. Rolls-Royce is good, but still you can still help. The burden on the government is huge.

“You can still help.

“There are pepper sellers. There are vegetable sellers. There are okra sellers, melon sellers, akara, kulikuli. Akara is delicious; I can tell you that,” she added.

The first lady also urged Nigerians not to look down on legitimate means of eking out a living.

“And I read an article about a young graduate who said he didn’t get a job. And he said he sells akara because he couldn’t get a job, and he’s in Abuja.

“We approached him, but I didn’t put my name to it. We equipped him more. He now has 12 workers under him, and he’s doing very, very well.

“So our people should never despise jobs,” she said.

Speaking on empowerment programmes in Kogi, Tinubu announced the donation of ₦100,000 to empower another 2,000 petty traders in the state.

She also commended the beneficiaries for their efforts.

“Today in that same spirit, the Renewed Hope Initiative has donated ₦100 million to the First Lady of Kogi State and RHI coordinator to empower another 2,000 petty traders in Kogi State with the sum of ₦50,000 each to recapitalise their existing businesses.

“And I’m glad that the women who are beneficiaries, they got the idea because I saw them bringing their tray of different food items, very small items, to welcome me today.

“And I think the message is quite received, no matter how people want to turn it around,” Mrs. Tinubu added.

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