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IMF Report Spotlights Nigeria’s Economic Turmoil

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In a newly released report titled ‘Review of Nigeria’s Post Financing Assessment by the IMF Executive Board,’ the International Monetary Fund (IMF) has raised concerns about the nation’s escalating cost-of-living crisis.

The report highlights issues such as stagnant per-capita growth, widespread poverty, and severe food insecurity.

A major focal point in the IMF’s findings is the impact of insufficient revenue collection on Nigeria’s ability to provide essential services and allocate resources for public investment.

The report underscores the struggle, noting a 27 percent inflation rate in October compared to the same period last year, with food inflation reaching 32 percent.

Contributing factors to this economic challenge include the removal of fuel subsidies, exchange rate depreciation, and adverse effects on agricultural production.

The report read in part, “Nigeria faces a difficult external environment and wide-ranging domestic challenges. External financing (market and official) is scarce, and global food prices have surged, reflecting the repercussions of conflict and geo-economic fragmentation.

“Per-capita growth in Nigeria has stalled, poverty and food insecurity are high, exacerbating the cost-of-living crisis. Low reserves and very limited fiscal space constrain the authorities’ option space.

“Against this backdrop, the authorities’ focus on restoring macroeconomic stability and creating conditions for sustained, high and inclusive growth is appropriate.”

Amid Nigeria’s persistent economic struggles, the recently released report underscores that on January 12, 2024, the Executive Board of the International Monetary Fund swiftly concluded an assessment of post-financing and promptly approved the Staff Appraisal.

Notably, the report emphasizes Nigeria’s affirmed capability to meet its debt obligations to the IMF, providing a positive note amid the country’s economic challenges.

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JUST IN: Iranian President’s Helicopter Crashes In Azerbaijan

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A helicopter carrying President Ebrahim Raisi yencountered a “hard landing” on Sunday.

According to report, the incident took place near Jolfa, a city situated on the border with Azerbaijan, within Iran’s East Azerbaijan province, approximately 600 kilometers northwest of Tehran.

However, details regarding the incident were not disclosed.

The Associated Press noted uncertainty regarding whether  bh   Raisi was onboard the helicopter during the incident.

Despite rescue efforts, adverse weather conditions, including heavy rain and wind, have hindered access to the site, according to state TV.

Before the helicopter incident, President Ebrahim Raisi had been in Azerbaijan on Sunday to participate in the inauguration of a dam alongside Azerbaijan’s President Ilham Aliyev.

This dam marks the third joint construction project between the two nations on the Aras River.

Despite Iran’s diverse helicopter fleet, obtaining parts is hindered by international sanctions, with much of its military air fleet dating back to pre-1979 Islamic Revolution era.

Raisi, aged 63, is known for his hard-line stance and previously served as the country’s judiciary leader.

Considered a protégé of Iran’s Supreme Leader Ayatollah Ali Khamenei, some analysts speculate that Raisi could succeed the 85-year-old leader in the event of his resignation or demise.

 

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Shots Heard As DR Congo Military Thwarts Alleged Coup

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The Democratic Republic of Congo’s military prevented an attempted coup on Sunday near President Felix Tshisekedi’s offices in Kinshasa, as reported by an army spokesperson.The Democratic Republic of Congo’s military prevented an attempted coup on Sunday near President Felix Tshisekedi’s offices in Kinshasa, as reported by an army spokesperson.

According to him, the plot, involving both foreigners and Congolese citizens, unfolded in the early hours outside the residence of Economy Minister Vital Kamerhe in the Gombe district, close to the president’s offices at the Palais de la Nation.

General Sylvain Ekenge announced on national television that the defence and security forces had successfully thwarted the coup attempt.

He said “An attempted coup d’etat has been stopped by the defence and security forces. The foreigners and Congolese…including their leader” would “all no longer cause any harm”.

Shots were heard near the Palais de la Nation during the attempted coup, as confirmed by various sources.

General Ekenge didn’t elaborate further on the incident, and AFP’s attempts to get additional information from official sources remain unanswered.

However by late morning, the city appeared calm.

Early social media reports suggested an armed attack on Kamerhe’s residence, with some assailants heading towards the Palais de la Nation.

“This morning, there was an armed attack at the residence of the economy minister,” wrote Japan’s ambassador Hidetoshi Ogawa on X.

He stated that Kamerhe “was not harmed, but two policemen and an assailant were killed according to sources.”

France’s ambassador reported hearing automatic weapons fire in the area and advised French nationals to steer clear of the location.

Videos circulating on social media depicted individuals in military attire at the Palais de la Nation, waving flags of Zaire, the former name of the Democratic Republic of Congo (DRC) during the regime of dictator Mobutu Sese Seko, who was ousted in 1997.

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Gov Soludo Dismisses All 21 Anambra Transition Committee Heads

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Anambra State Governor, Chukwuma Soludo, has dismissed all transition committee chairmen in the state’s 21 local government areas.

This decision was detailed in a letter titled “Expiration of Tenure and Handover to Heads of Local Government Administrations (HLGAs),” dated May 17, 2024, and signed by Collins Nwabunwanne, the state Commissioner for Local Government, Chieftaincy, and Community Affairs.

According to the letter, the directive will be effective starting Monday, May 20, 2024.

The letter read, “Following the expiration of your tenure as Transition Committee Chairman, you are hereby directed to handover the affairs of your Local Government Council to the Head of Local Government Administration (HLGA), in your respective Local Government Councils.

“This directive takes effect from Monday, 20th day of May, 2024. Thank you for your service to the state. All replies to be addressed to the Honourable Commissioner.”

 

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