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IMF Completes Seventh PSI Review for Senegal
DAKAR — The Executive Board of the International Monetary Fund (IMF) completed today the seventh review of Senegal’s economic performance under the program supported by the Policy Support Instrument (PSI).
The Board’s decision was taken on a lapse of time basis.
The PSI was approved by the Executive Board on December 3, 2010. The IMF’s framework for PSIs is designed for low-income countries that may not need, or want, IMF financial assistance, but still seek IMF advice, monitoring and endorsement of their policies. PSIs are voluntary and demand driven.
GDP growth was lower than expected in 2013, with a preliminary estimate by the authorities of 3.5 percent, reflecting lower agricultural production and temporary problems in the industrial sector and mining. In contrast, activity in the telecommunications and construction sectors was buoyant. Inflation declined to 0.7 percent on average owing to softer agricultural commodity prices in international markets. Growth is projected to increase to 4.9 percent in 2014, because of stronger activity in agriculture, mining, and industry. Inflation would remain subdued.
Program implementation has been mixed. All quantitative assessment criteria and all but one indicative targets for end-2013 were met, including on the budget deficit despite a significant revenue shortfall. However, structural reform implementation has been slow, with a number of benchmarks met after their respective deadlines.
The authorities’ intention to continue reducing the fiscal deficit from 5.5 percent of GDP in 2013 to 5.1 percent in 2014 is welcome. Strong efforts will be needed on the revenue side to offset part of the 2013 revenue shortfalls. The recent review of current and capital expenditures, with a view to identifying less productive spending to be streamlined, is welcome and a step towards increasing the efficiency of public spending and aligning the budget with the priorities of the new growth strategy. Efforts should be made to improve fiscal transparency and make fiscal accounts more meaningful. From this perspective, it is highly desirable to accelerate the implementation of the WAEMU directives on public financial management and of the plan to reform public agencies, which was approved in late 2013. The authorities’ commitment to improve transparency by being more explicit about the cost of certain transfers and subsidies, including those in favor of the energy sector, and by reporting on the implementation of the reform of public agencies is welcome.
The authorities’ new growth strategy—the Plan Sénégal Emergent— offers a good diagnostic and a vision for Senegal. Ownership of the plan at the highest level and strong support from the international community should facilitate implementation. The renewed strong commitment to preserving fiscal sustainability is welcome. In light of the poor productivity performance in recent years, the focus should be on raising economic efficiency more than increasing the volume of investment. Accelerating reforms to improve the business environment and a deep reform of the state are critical for this purpose. Reforming the state would also help create the fiscal space needed to raise public investment without jeopardizing debt sustainability.
The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.
Embattled Nigerian pastor and founder of SPAC Nation, Tobi Adegboyega, has defended his opulent lifestyle, claiming it serves to inspire young people rather than flaunt wealth.
This statement comes amid a UK Immigration Upper Tribunal ruling ordering his deportation over visa violations.
Adegboyega, 44, faced accusations of overstaying his visitor visa, which expired after he arrived in the UK in 2005.
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He had applied to remain in the country on human rights grounds. The tribunal, however, ruled against him, citing his failure to regularize his status.
The pastor’s luxurious lifestyle, including designer clothing and expensive cars, was a focal point of the case.
Addressing the tribunal, Adegboyega stated that his lifestyle is fully funded by his wife, Mary Olubukola Alade, who earns £100,000 annually at AON.
He said, “I live with my partner, Mary Olubukola Alade, who earns £100,000 per year working for AON. I spend my time working for the church, for which I am unpaid. I am entirely supported by Mary. I have a first-class law degree from Nigeria, but I have ‘sacrificed’ my legal career to help those who cannot help themselves.”
Defending his appearance, Adegboyega emphasized the importance of projecting success to his young congregation.
The court noted, “For instance, people have pointed to the fact that he wears designer clothing and drives expensive cars. He was adamant that all of his personal possessions had been paid for by Mary.
“He believes it is important for him to dress the way that he does because he needs to inspire these young people – they need to understand that there are legitimate ways of making money, for instance through entrepreneurship.”
Despite the ruling, Adegboyega dismissed the deportation concerns as insignificant.
“I’m right here at home, no cause for alarm. Naturally, I will dismiss things that have to do with retrogression; every Nigerian should be proud of me. Living in the UK, a city that is well known for pulling people down, I have survived all sorts, so the matter that they are propagating is the smallest matter,” he said.
He further expressed confidence in his resilience. “No panic, I love London city, it is my city, and nobody can do anything. Of all the people of colour you know here – pastors and leaders – I have survived everything. I’m here, I am at home, nobody should panic for me.
“I succeeded well in this country despite all challenges, and I’m in the league of people you look up to. I have survived that well; nothing has changed, nothing will change,” he added.
Amid the growing controversy surrounding the detention of human rights lawyer Dele Farotimi, renowned Senior Advocate of Nigeria (SAN) Aare Afe Babalola has publicly addressed the defamation allegations leveled against Farotimi.
The legal action stems from claims made in Farotimi’s book, Nigeria and Its Criminal Justice System, which Babalola asserts contains false and defamatory statements about him and his law firm, Afe Babalola & Co.
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In a petition dated November 19 and submitted to the Ekiti State Commissioner of Police, Adeniran Akinwale, Babalola accused Farotimi of making “criminally defamatory” statements about him, his law firm, and two senior lawyers at his firm, Olu Daramola SAN and Ola Faro.
The defamatory remarks are tied to the Supreme Court case Major Muritala Gbadamosi Eletu & Ors v. H.R.H. Oba Tijani Akinloye & Ors.
Babalola revealed that the allegations came to light when one of his lawyers purchased Farotimi’s book while traveling through Murtala Muhammed Airport.
After reading the book, the lawyer immediately brought its contents to Babalola’s attention.
Other members of his firm reportedly did the same, prompting the senior lawyer to take legal action.
In his petition, Babalola pointed to specific passages in Farotimi’s book that accused him of corruption and unethical conduct. The petition reads:
“I write to report the criminal defamation of myself, my law firm Afe Babalola & Co., and my lawyers, Olu Daramola SAN and Ola Faro, by one Dele Farotimi in his book titled ‘Nigeria and Its Criminal Justice System’, published by Dele Farotimi Publishers, in respect of Suit No. SC/146/2005: Major Muritala Gbadamosi Eletu & Ors v. H.R.H. Oba Tijani Akinloye & Ors.
“Sometime on 2/11/2024, one of our lawyers, while traveling through Murtala Muhammed Airport, bought a book by Dele Farotimi titled ‘Nigeria and Its Criminal Justice System’. He read the book and immediately brought it to my attention. Many of my lawyers also bought the book and read it.”
“The defamatory statements are as follows:
- That Aare Afe Babalola corrupted the Supreme Court to procure a fraudulent judgment in the service of his client.
- That Aare Afe Babalola, Olu Daramola, Olu Faro, and the law offices of Afe Babalola & Co. (Emmanuel Chambers) compromised the Supreme Court and the remaining semblance of integrity it might have had, when they went back to the Supreme Court and got the Court to swim in the sewer of corruption and shameful self-abnegation.”
Babalola strongly denies the allegations, claiming that they are false and damaging to both his personal reputation and the integrity of the Nigerian judiciary.
Nigerian author and activist Dele Farotimi’s book, Nigeria and Its Criminal Justice System, has surged to bestseller status on Amazon amid a legal battle with prominent lawyer and businessman, Afe Babalola.
The controversy surrounding the book has captivated public attention, driving both online and offline demand.
The book, which critiques systemic corruption in Nigeria’s judiciary and highlights alleged misconduct by key legal figures, saw modest sales following its release in July 2024.
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However, Farotimi’s arrest on Tuesday, following a petition filed by the 93-year-old Babalola, triggered a wave of public curiosity.
By Thursday evening, it had climbed to the top of Amazon’s bestseller rankings, according to checks by Vanguard. Bookstores across Nigeria also reported a significant uptick in demand.
Biztellers reports that Farotimi was detained in Lagos by armed police officers and transported to Ado Ekiti, about 300 kilometers northeast of the city, where Babalola is based.
The senior lawyer alleged that the book accused him of compromising Nigeria’s judiciary—a claim that has sparked heated debates about freedom of speech and accountability in the legal profession.
On Wednesday, Farotimi was arraigned in an Ekiti court, where the judge ordered his remand pending a bail hearing scheduled for December 10.
Farotimi’s legal team has vowed to contest the charges, framing the case as an attack on intellectual freedom.
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