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‘Beware Of World Bank, IMF Advice’ – Economist Warns FG

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Amid ongoing economic challenges, Paul Alaje, Chief Economist at SPM Professionals, has issued a stark warning to the Nigerian Federal Government regarding the advice of international financial institutions, including the World Bank and the International Monetary Fund (IMF).

In a Friday interview on Channels Television’s Politics Today, Alaje cautioned that paying attention to the “sweet talk” from these organizations could result in harmful consequences, particularly for the naira’s exchange rate against the dollar.

READ ALSO: Fuel Subsidy Removal Was Nigeria’s Decision Alone – IMF Clarifies

“The elephant in the room is the exchange rate. If the naira were to rise to 2,000, it would wipe out all the gains this administration has made,” Alaje remarked, stressing the need for vigilance in the face of external economic guidance.

His comments come as the IMF continues to recommend tighter monetary policies for countries grappling with high inflation, including Nigeria.

During a press conference in Washington, IMF Economic Counsellor Pierre-Olivier Gourinchas highlighted the urgency of stabilizing economies facing inflationary pressures.

He noted that a careful balance of monetary and fiscal policies is essential to address these challenges.

The IMF’s World Economic Outlook (WEO) report indicates that Sub-Saharan Africa’s economic growth rate is expected to hold steady at 3.6% this year, with projections suggesting a slight increase to 4.2% in 2025.

However, Gourinchas acknowledged the ongoing struggles in the region, pointing to weather-related shocks and conflicts that have hampered economic progress.

“In countries where inflation is very high, we recommend a tight monetary policy stance,” Gourinchas stated.

He also emphasized the complexities nations face in pursuing fiscal consolidation amidst persistent inflation, noting that while some countries are seeing signs of stabilization, a significant number are still contending with double-digit inflation rates.

 

 

International News

ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others

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The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.

The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.

In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”

READ MORE: Osun Govt Decries Attempted Murder Of Park Mgt  Chairman By Police

The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.

Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.

The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.

With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.

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Edo State Governor Sets Up Committee To Recover Missing Gov’t Vehicles

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Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.

The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.

READ ALSO: Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations

Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.

He urged the committee to carry out its assignment thoroughly and within the bounds of the law.

In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.

“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.

“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”

The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.

“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”

He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.

“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.

The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.

 

 

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JUST IN: Senate Approves Tinubu’s ₦1.77trn Loan Request

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To address Nigeria’s ₦9.7 trillion budget deficit for the 2024 fiscal year, the Senate has approved President Bola Ahmed Tinubu’s request to secure a ₦1.77 trillion ($2.2 billion) loan.

The decision was made during Thursday’s plenary session, where a voice vote confirmed the approval following the presentation of a report by the Senate Committee on Local and Foreign Debts.

RELATED NEWS: Tinubu Seeks ₦1.767tn Loan to Tackle 2024 Budget Deficit

Chaired by Senator Wammako Magatarkada (APC, Sokoto North), the committee endorsed the loan request as a vital step in managing the country’s fiscal challenges.

Recall that President Tinubu had submitted the proposal earlier in the week, outlining the loan as a crucial component of his administration’s external borrowing strategy.

 

 

 

 

 

 

Details shortly………….. 

 

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