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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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Legal Troubles Mount for El-Rufai as ICPC Takes Him into Custody

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By Yusuf Danjuma Yunusa

The legal challenges facing the immediate past Governor of Kaduna State, Malam Nasir El-Rufai, intensified on Wednesday as he was taken into custody by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

The anti-graft agency confirmed the development in a statement on Thursday, signed by its Head of Media and Public Communications, J. Okor Odey.

“The Independent Corrupt Practices and Other Related Offences Commission (ICPC) writes to state that Malam Nasiru El-Rufai the former Governor of Kaduna state is in our custody as at close of work, Wednesday the 18th day of February, 2026,” the statement read. “Malam Nasiru El-Rufai is in the custody of the Commission in connection with investigations.”

While the ICPC did not disclose the specific details of the allegations, his detention marks a significant escalation in the scrutiny of his eight-year tenure and follows a recent high-profile arrest by the Economic and Financial Crimes Commission (EFCC).

El-Rufai’s transfer to ICPC custody comes immediately after he spent two nights with the EFCC over allegations of large-scale corruption and embezzlement. Those allegations stem from a Kaduna State House of Assembly ad-hoc committee report, which indicted his administration for allegedly siphoning approximately ₦432 billion through questionable contracts and money laundering.

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Sources revealed that while the EFCC had granted the former governor administrative bail, the process was derailed under controversial circumstances. The bail conditions reportedly required a Permanent Secretary and a Director in a federal ministry to stand as sureties. However, after one of the proposed sureties—a Permanent Secretary—arrived at the EFCC office to complete the formalities, the agency allegedly hesitated and later declined to proceed.

Further compounding the issue, it was learned that the Permanent Secretary subsequently withdrew from the process, citing alleged threats. This has raised concerns about possible intimidation and interference in the case.

El-Rufai was scheduled to appear before the ICPC on Wednesday for questioning over separate corruption allegations, leading to his transfer to the commission’s custody.

In a parallel legal front, the Department of State Services (DSS) has filed charges against El-Rufai at the Federal High Court in Abuja. The charges, filed under suit number FHC/CR/99/2026, allege that the former governor unlawfully intercepted the phone communications of the National Security Adviser (NSA), Nuhu Ribadu.

According to court documents dated February 16, 2026, the prosecution’s case hinges on comments El-Rufai made during a televised interview on Arise TV’s Prime Time programme on February 13, 2026.

In the first count, the former governor is accused of unlawfully intercepting the NSA’s phone communications, an offense said to be contrary to Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

The second count alleges that El-Rufai admitted to knowing individuals involved in the interception but failed to report them to relevant security agencies, an offense under Section 27(b) of the same Act.

In the third count, prosecutors allege that El-Rufai and “others still at large” used technical systems to compromise public safety and national security by unlawfully intercepting the NSA’s phone communications, contrary to Section 131(2) of the Nigerian Communications Act, 2003.

El-Rufai has consistently denied all allegations leveled against him, describing them as politically motivated “witch-hunts.” However, with the EFCC, ICPC, and DSS all pursuing separate investigations, the former governor now faces an unprecedented multi-agency legal offensive.

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Veteran Kano Broadcaster Lami Maccido Dies at 72

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A veteran Kano broadcaster who worked with the Kano State pioneer-owned television station, Lami Hafsat Maccido, has died at 72.

According to multiple sources, including veteran journalists, Hajiya Lami Hafsat Maccido died in the early hours of Wednesday.

She was among the pioneer casters of CTV 67, which is now ARTV, established by the first civilian Governor of Kano State, Late Alhaji Muhammad Abubakar Rimi.

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Before Hajiya Lami Maccido retired from the state television station, she captivated her audience with eloquent news presentation and was a role model for young journalists.

Tributes have continued to pour in for the late veteran journalist from her senior and junior colleagues.

Former Chairman of the Nigeria Union of Journalists, Kano Council, Abbas Ibrahim, described Hajiya Lami Hafsat Maccido as a very humble journalist who corrected her juniors with humility.

 

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Tinubu Signs Electoral Act Amendment Bill Into Law Ahead of 2027 Polls

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By Yusuf Danjuma Yunusa

President Bola Tinubu on Wednesday gave his assent to the Electoral Act 2022 (Amendment) Bill, 2026, a move that comes just days after the Independent National Electoral Commission (INEC) unveiled the official timetable for the 2027 general elections.

The signing ceremony took place at the Council Chamber of the Presidential Villa, Abuja, shortly after 5:00 pm. The event was attended by key leaders of the National Assembly, who facilitated the bill’s speedy passage a day earlier.

The newly signed amendment has thrust the contentious issue of electronic transmission of election results back into the national spotlight. While the legislation signals a continued commitment to technological integration, the specifics of the amendment are expected to shape the operational framework for INEC in the upcoming electoral cycle.

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Civil society organizations and opposition political parties have consistently advocated for the mandatory real-time transmission of results directly from polling units to INEC’s central viewing portal. They argue that such transparency is critical to safeguarding the electoral process, reducing human interference, and bolstering public confidence in election outcomes.

This demand follows the technical glitches experienced during the 2023 general elections, where the malfunction of INEC’s Result Viewing Portal (IReV) led to widespread allegations of manipulation and sparked protests.

While the ruling All Progressives Congress (APC) has expressed general support for deploying technology to enhance electoral integrity, the implementation strategy remains a point of contention. Some political stakeholders and technical experts are advocating for a cautious approach, citing significant disparities in network connectivity and telecommunications infrastructure across the country. They propose a phased or hybrid model that would allow for manual collation as a failover in areas where electronic systems are unreliable, ensuring that no voter is disenfranchised due to technical failures.

With the amendment now law, attention turns to the execution of the 2027 elections. According to the previously released INEC timetable, voters will head to the polls on Saturday, February 20, 2027, to elect the President and members of the National Assembly. This will be followed by the Governorship and State Houses of Assembly elections on Saturday, March 6, 2027.

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