NEWS
IMF Report Spotlights Nigeria’s Economic Turmoil
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.
In what political watchers perceive as part of efforts to discomfit and scatter the Peoples Democratic Party (PDP) on the feeling that its National Working Committee (NWC) antagonises him, the Minister of Federal Capital Territory, Nyesom Wike, has revoked the rights to occupy the land on which the party’s national secretariat, Abuja is sited.
Biztelers reports that Wike’s revocation notice was conveyed in a letter released in Abuja on Tuesday, dated March 13, 2025.
The letter was titled, “Notice of right of occupancy with file no: MISC 81346 in respect of plot no: 243 within central area district, Abuja.”
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The letter was signed by the Director, Land Administration (FTC), Chijioke Nwankwoeze.
Wike, it was gathered predicated his action on the PDP’s failure to pay the annual ground rents due on the property for twenty (20) years, from January 1, 2006, to January 1, 2025.
The negligence on the part of the opposition party, the letter claimed was despite many publications in several national dailies and electronic media to pay up every outstanding bill and ground rent on its property.
The letter read, “I have been directed to refer to the above Right of Occupancy granted to PEOPLES DEMOCRATIC PARTY (PDP), NATIONAL SECRETARIAT and inform you that the Minister of Federal Capital Territory has in the exercise of powers conferred on him under the Land Use Act No. 6 of 1978, Cap. L5, Laws of the Federation of Nigeria 2004, revoked your rights, interests and privileges over Plot No. 243 within Central Area, Cadastral Zone A00, Abuja.
“The revocation is in view of your continued contravention of the terms and conditions of grant of the Right of Occupancy by failing to pay the annual ground rents due on the property for twenty (20) years, from Ist of January 2006 to 1st of January 2025. This is despite the many publications made by the FCT Administration since 2023 in several national dailies and on electronic media requesting all allottees of plots in the Federal Capital Territory to pay up every outstanding bill and ground rent on their property.
“You would please note that the said breaches by PEOPLES DEMOCRATIC PARTY (PDP), NATIONAL SECRETARIAT (MISC 81346) run contrary to the provisions of Section 28, Subsection 5 (a) and (b) of the Land Use Act.”
There are palpable fears that the PDP’s national secretariat might be demolished or vandalised, sooner than later because Wike added that the FCTA administration would take immediate possession of the party secretariat until all bills are settled.
A massive explosion has rocked the Trans-Niger Pipeline at Bodo, Gokana Local Government Area of Rivers State, sending plumes of fire and smoke into the sky.
The incident, which occurred on Monday night, has left a section of the major crude oil transport pipeline in flames, though the exact cause of the explosion remains unknown.
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Authorities have yet to determine whether the explosion was due to sabotage, equipment failure, or other factors.
However, concerns have been raised over possible human interference, particularly in light of recent threats by militant groups to attack oil infrastructure.
The threats were issued as a response to the Federal Government’s decision to withhold Rivers State’s allocation amid the ongoing political crisis in the region.
More to follow………
With the commencement of the rainy season, the Osun State Government has issued modalities for the operations of tractors across farmlands in Osun State.
The state’s Commissioner for Agriculture, Hon Tola Faseru, according to a government house statement on Monday in Osogbo, confirmed the development.
Faseru said interested farmers should reach out to the Permanent Secretary of the Ministry or the General Manager of Osun State Agricultural Development Corporation (OSSADEC) through virtual or physical applications.
He noted that the government was subsidizing the operational rate per acre to lower the cost of farm operations, explaining further that the tractors will be domiciled at the OSSADEC farm centre located across the state.
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Faseru pointed out that some of the tractors were already in operation in some farmlands, and noted that the ministry was working to set up technical centres at designated locations for maintenance of the tractors.
He narrated further that tractor drivers are being assembled, trained and retrained for seamless operation even as he explained that the administration adopted a public private partnership approach for the management of the tractors.
“We are happy to inform the public that the tractors are out for the rainy season. We are conscious of the question of sustainability, hence the careful approach to inject private sector practices.
“In 14 or so years, this is the first time Osun is having new fleet of tractors. We have learnt from what caused the failure of the past efforts. We won’t repeat the same mistakes.
“We know we are not there yet. But Governor Adeleke has blazed the trail by procuring the first set of tractors. We innovated also because of ongoing issues at the local government level.
“We don’t want it to be managed in unsustainable manner. Hence, Mr Governor insisted the tractors be managed like a business although with public subsidy”, the Commissioner posited.
He stated that the ministry is reaching out to stakeholders among the farming community to ensure accelerated access for users within the state.
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