traces N7bn fraud to another 

Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, says the anti-graft agency has uncovered a religious sect laundering money for terrorists.

Olukoyede, who made the revelation at dialogue on ‘Youth, Religion, and the Fight against Corruption’, on Wednesday in Abuja, also said N7 billion fraud proceeds was traced to another religious organisation.

He noted that the EFCC had found religious organisations, institutions, sects and bodies culpable of money laundering in the country.

Olukoyede said one of such religious bodies dragged the Commission to court to protect its leader after laundered money was traced to its bank account.

The EFCC boss said the religious body got a court injunction restraining the Commission from inviting, arresting or prosecuting its leader.

However, Olukoyede did not name the concerned religious organisations.

“We will not give up on recovering the stolen funds,” Olukoyede said.

“It is so sad that as I stand before the eminent audience today, that our experience in fighting corruption has to do with the religious leaders and even traditional rulers.

“As I stand before you there is a matter we are handling of over N30 billion fleeced from Nigeria, and we were able to trace N7 billion to a particular religious body.

“As we wrote a letter to the leader, the next thing we saw was a restraining order, stopping us from inviting them, stopping us from recovering the money.”

The labour union has proposed a minimum wage of $300 (N436,500) for Nigerian workers ahead of negotiations on the new national minimum wage.

Chairman, Trade Union Side, Joint Meeting of the National Public Service Negotiating Council (JNPSNC), Comrade Benjamin Anthony, made this proposal at the 2023 meetings of the Separate and Joint National Public Service Negotiating Council held in Goshen City, Nasarawa State, on Tuesday.

The union argued that the current minimum wage of N30,000 has since been eroded by the high exchange rate coupled with the abrupt removal of fuel subsidy which has translated into the high cost of living in the country, hence the demand for a new wage.

Anthony, who was represented by the Secretary of the Union, Comrade Boma Mohammed, also frowned at the recent delays in the payment of salaries by the Federal Government to workers, saying the trend must be stopped and avert the repeat of such things as the suffering in the land, which is already unbearable.

He said, “In light of the above, Labour has proposed a Living Wage of $300 (N436,500) for Nigerian Workers. This is due to the fall in the value of our currency, today if you carry N100,000 to the market you will come back with a leather bag of items.

“We call on Government to immediately pay the arrears of the N35,000 wage award along with the current and expedited action on the process of getting a new living wage to bring succour to the working class people,” he added.

Meanwhile, the President of the Nigeria Labour Congress (NLC), Joe Ajaero, said most governors of the 37-member Tripartite Committee on Minimum Wage are not complying with the proposed base pay structure.

Ajaero stated this in an interview on Channels Television’s Politics Today on Tuesday.

Recall that Vice President Kashim Shettima inaugurated the committee in Abuja earlier on Tuesday, saying the decision was aimed at ensuring a decent living wage and in compliance with the existing National Minimum Wage Act of 2019, which will expire in a few months.

He said, ”Most of the governors in the minimum wage committee are those who are not paying minimum wage or paying them in breaches.”

”The governors who are in full compliance with the minimum wage are not adequately represented, so whatever made the Federal Government bring in those who are not compliant or compliant in breaches to form the bulk of the membership of the minimum wage committee from the state government that will unfold with time,” he added.

It’s on gov Aiyedatiwa’s order – Amotekun boss

The Ondo security outfit codenamed, Amotekun, has deployed 100 of it’s personnel to the neighboring Ekiti state to aid the release of the five pupils of Apostolic Faith Group of Schools, Emure Ekiti, and four staff members abducted on Monday.

Amotekun commander in the state, Chief Adetunji Adeleye,said in Akure, that th security outfit was acting on the order of the Ondo state governor, Lucky Aiyedatiwa.

Adeleye said this while parading 31 suspected criminals arrested in the state.

According to him ” The governor of our dear state, Hon Lucky Aiyedatiwa has ordered that we deploy Amotekun personnel to work with their counterpart in Ekiti to secure the release of the pupils and arrest the killers of the monarchs,

“A couple of hours ago, we had an unfortunate incident in Ekiti and the governor of Ondo State directed we moved in the interest of brotherliness to assist in the security situation in Ekiti State. We deployed 100 personnel to assist Ekiti command.

“We’ve been there in the last 48 hours. Some arrest have been made and we will continue until the perpetrators of such dastardly act are arrested.”

Adeleye assured residents of Ondo State that Amotekun will continue to everything possible to ensure that lives and property are protected.

He said that “You will recall that in the last three months, we’ve been on this. We want to reassure the people of Ondo that the state, security -wise is intact.

“We will continue with our 24 hours patrol, we will continue to track all criminals from the cities to the forestry reserves and ensure that travelers can move unmolested.

“So, I want to assure the good people of Ondo State that there is no problem. The state is safe. But, they have a duty to report any suspicious movement in their environment to us on time, so that we could be proactive and ensure that before it gets out of hand, this is nipped in the bud.

“We have a sudden upsurge of visitors coming in from different parts of the country, in the name of hunting. The state government had made it clear that anybody that will carry out any activity in the forestry reserves must take permission”.

Speaking on the suspected criminals, the Amotekun boss said that “Across board, we have suspected kidnappers, those we arrested for illegal possession of firearms, especially those arrested in the forest reserve.

“We have those that specializes in breaking shops and houses. What we had assured the public is that the Ondo State Security Network Agency will not relent in its efforts in getting raid of criminals from our societies.

“The governor of Ondo State, Lucky Aiyedatiwa has directed that to the last criminal in Ondo State must be checked out.

“This is because the government is resolute in its determination to ensure that investors, farmers, residents, commuters carry out their businesses without molestation”.

Adeleye noted that, “a cross section of the suspected criminals we have here today will show that there is a serious decline in the number of suspected kidnappers in the state.

“However, until the last of them is arrested and face the full wrath of the law, all security agencies in the state will not relent.

“I want to also let you know that all this efforts being achieved are due to collaboration of Amotekun with the police, DSS, the Army, and the Civil Defense.”

Speaking on how the current wave of crimes across the federation could be tackled checked, Adeleye called on the federal government to approve creation of state police.

According to him decentralisation of the security system in the country, will allow states adequately manage their own security affairs.

He said that State police as the only panacea to Nigeria’s security challenges.

The title above was what my wife confronted me with after the 5:30 am Mass on the 28th of January 2024 at St. Joseph the Worker Catholic Parish, Awka. As we were returning to our seats after the offertory, I encountered what I considered an offensive sight: a young man with long plaited hair. He appeared to be an exceptionally troublesome individual, with distrustful eyes. Deliberately, I decided to address what to me was the foolishness of his inverted sartorial display by asking him for his head covering, like other women.

After the Mass, while waiting for the Mass server to return my balance for the Fides newspaper that I had purchased, he approached my wife and requested her to warn me with these words: "warn your husband, tell him that I do not take nonsense." I regretted not meeting him eyeball to eyeball. I would have engaged him in conversation, asking about his profession and other matters in a convivial atmosphere. "What did you do to him?" my wife inquired. Although she did not support me, I explained to her that the reaction of that young man brought me joy, as it indicated that my actions had an impact on him and would lead him to reflect in his saner moments. Conversion is a process that involves a chain of events— observation, rebuke, protest, reflection, and a gradual return to a sense of propriety. My wife was concerned because, according to her, when the young man spoke, his eyes flashed lightning-like Jove’s thunderbolts and seemed to pierce in all directions as if he would have fought me if he saw me.

As a chief executive, I have had the opportunity to invite some job seekers to my office. Interestingly, their dressing, confidence, courage, and even their demeanor are all part of the interview. Due to the inadequate upbringing of today's children, you may find some of them attending interviews with braids and wearing suggestive clothing not realizing that no serious Chief Executive would procure temptation for himself. Unfortunately, this marks the beginning of their failures. This brings us to the fashion trends of today's men.

Many years ago, when I met my former Rector in the Seminary, who was then the spiritual director, Msgr. Jeremiah Ikegbusi, he recounted how times had changed. He mentioned that during our time, parents raised children with proper values for their continued development, but nowadays, they bring up children without any trace of home training. This explains why irresponsible fashion trends are fully embraced today, unlike in the past when only a few followed such trends. What are the definitions of these fashion trends?

Today, in addition to poor behaviour and a total lack of respect, fashion is defined in terms of nudity. Like in Eden, our girls are mostly naked, and they do not seem to realize it. Once one opens some social media platforms, one is bombarded with all sorts of filthy words from those who are seeking followers. I was once shown a woman advertising what is now baptized as “ Kpekus”, as other wares are advertised! Why is it that only nudity and filthy language attract more followers than refined content?

We are burdened by an environment where characters like Bobrisky, who would have been ostracized in the past, are now followed and even defended by those who share his views. They often justify their actions with what they term "body positivity" and the freedom to choose what to do with oneself. If suicide is a crime, one not allowed to take one’s life, logic demands that one is not entirely free to do with oneself whatever one likes. What is particularly confusing in a country like Nigeria is that despite the laws regulating certain behaviours, law enforcement agents has yet to use Bobrisky as an example by arresting, prosecuting, and imprisoning him, thus demonstrating that society remains the custodian of its values. This suggests that even those who should enforce these laws lack values themselves or have grown insouciant. Daily, in the name of LGBTQ, some young men openly declare themselves as homosexuals and lesbians, and yet they are not only celebrated but also allowed to influence others. Instead of seeking meaningful ways to contribute to society, our people are seeking easy ways to make money through boisterous indecency.

Women are naturally distinguished by the symmetry of their figures, the gracefulness of their bodies, the length and waviness of their hair, and the pleasing lightness of their movement. When a man, like Bobrisky, unnaturally attempts to transform himself into a woman in pursuit of fame, something is clearly wrong with him. Our people will start naming white men and women that did the same as if they are stamps of approval.

About two years ago, I wrote and suggested the arrest of one “Onye Eze” Jesus for indecent exposure in the name of “Isa uchu.” I commended the Anambra State government, then under Gov. Willie Obiano, for promptly taking action, but I regret that he was not prosecuted and jailed. The current situation calls for drastic action. Why does the government allow charlatans like those at Oba,l and Asaba to continue deceiving the people? For the well-being of the society, the government should either look for existing laws or enact new ones to put an end to their activities. Why should a few renegades be allowed to lead the youth astray in the name of making money without working, by promoting terms like “Oke Ite,“ “Ibubo”, “awelle”, and the like? What our youth need is not foolishness but encouragement to be inventive, industrious, and thrifty.

That young man whom I asked to cover his head probably did not understand what he was doing. He likely braided his hair because others were doing so, without a moment’s reflection about propriety. The same goes for men who wear earrings. To illustrate how low their thinking is, the culture has been hijacked by individuals like them, mostly “keke” drivers, “agberoes”, masons, and others. Have you not noticed that many of them dye their hair in various colors, braid it, and generally carry themselves with an air of importance, as if they belong to the "ndi na amovu” forward tribe? Such individuals think they belong without realizing that such indulgences were already seen in the past and died out when such fashion failed the test of reason to be sustained. What is heartbreaking is that they are not enlightened enough to realize the folly of their actions.

Also on the rise are breast enhancements and related indulgences. I consider those who undergo any type of body enhancement, including buttock and breast augmentation, as suffering from low self-esteem—all of them. They are so fixated on these enhancements because they seem to be in vogue, without considering the regrets of those who underwent such procedures in the past.

Society should not allow those who are deceived or ignorant to persist in their madness in the name of fashion. They live under the illusion that celebrities like Flavour and Osihmehn dye their hair and engage in such inverted sartorial displays, as if their participation lends legitimacy to nonsense. The truth is that many of these celebrities are not at all suited to the dignity Nigerians attribute to them. Do these pointless hairstyles affect the quality of their music? Did musicians who gave the world timeless lyrics like Don Williams, Kenny Rogers, Osadebe, and Ebenezer Obe embrace such inverted sartorial displays? What about fiery lyricists like Smokie whose words were irresistible to the ears?

The current generation often fails to grasp that there is nothing inherently novel in their actions or lifestyle choices. Breast enlargement, homosexuality, lesbianism—these are not recent phenomena. There is actually nothing new under the sun. Many years ago, philosopher Aristippus advocated for embracing pleasure, epitomised by his motto, "I possess, but am not possessed." Conversely, Antisthenes, the founder of Cynicism, emphasised stripping away material attachments to free the soul, as reflected in his motto, "I do not possess, in order not to be possessed." He lived a modest life, prompting Socrates to jest about his apparent vanity. Diogenes, a staunch follower of Cynic doctrine, famously admired the simplicity of animals and sought to emulate it by living on the ground, subsisting on whatever he could find, and openly engaging in natural acts in plain view. Let our youth know that even going naked is not an innovation. There is nothing they do today that has not been done in the past. Society always provides us with the alternative of vice or virtue, but good sense, maturity, and discernment enable us to choose rightly.

Society continues to drift aimlessly; the tragedy is that most of those who should offer direction are themselves immersed in vices. During my undergraduate studies in Philosophy, Prof. Mmaduabichi Dukor conducted a thought-provoking exercise in one of his classes in Symbolic Logic. He singled out a student with dreadlocks and asked him to ponder how his parents would perceive his appearance compared to his peers. Such gestures can prompt individuals to reflect deeply on their actions and reconsider their inauthentic choices. Similarly, I hope religious leaders, like Reverend Fathers, can delicately address such matters, encouraging introspection. I have not heard any of them express disgust during mass as the number of male braided hair threatens to equal those of women. We must urge young people to uphold discipline in their conduct, moderation in their desires, and objectivity in their thoughts.

Have you observed how some individuals profit from promoting indecency and vice? Consider those who establish clubs and facilitate environments conducive to the exploitation of women as objects of desire or even prostitution. Despite the harm inflicted on countless lives, they ultimately profit financially. Is it appropriate for us to commend such individuals? Yet, sadly, they often receive praise and recognition in our society, which has a more negative than positive effect.

In conclusion, Msgr. Ikegbusi rightly lamented the decline in proper home upbringing. As a parent, it is crucial to reflect on what we are imparting to the next generation. What kind of society are we nurturing?

At least 12 loggers were killed in northeast Nigeria’s Borno state near the border with Cameroon when their vehicle hit a landmine in an area where Boko Haram jihadists are active, two NGOs working in the region said Wednesday.

The loggers were on their way to the bush to collect firewood when the flat-bed vehicle conveying them rolled over a mine suspected to have been planted by Boko Haram jihadists on the highway outside Pulka village, the NGOs said in two reports seen by AFP on the incident, which happened on Monday.

Northeast Nigeria is at the heart of a more than decade-long jihadist insurgency where militants still target rural areas even after they have been pushed back from the larges swaths of land they controlled at the height of the conflict.

“Men suspected to be Boko Haram… planted explosive… and killed 12 people while many were injured along Pulka to Gwoza route,” one of the reports read.

According to the other report, which gave the same toll, seven other loggers were injured “out of which three are very critical and have been evacuated to Maiduguri for further medical attention”.

The Nigerian security forces did not respond to a request for confirmation of the blast.

There has been a surge in mine explosions targeting civilian convoys recently that have been blamed on jihadists.

Boko Haram seized Gwoza in July 2014, making it the headquarters of their so-called caliphate. Although it was retaken by Nigerian troops in March 2015, the jihadists still raid nearby villages from hideouts in the mountains along the border with Cameroon.

Residents of villages in the area fled into Gwoza and nearby Pulka where they live in camps under military protection.

Troops conduct patrols in the area to deter the militants from killing or abducting residents who venture into the bush, especially women who collect acacia fruits and firewood.

Boko Haram and the rival Islamic State West Africa Province are known to target loggers, farmers and herders, accusing them of spying on them for troops and anti-jihadist militia fighting them.

At least 40,000 people have been killed and more than two million others displaced since the hardline Islamist group began a rebellion in 2009. The insurgency spread into neighbouring Chad, Niger and Cameroon, prompting the creation of a regional military force to fight the militants.

Human rights activist and Senior Advocate of Nigeria, Femi Falana has sued the Federal Government (through the Attorney General of the Federation), the Minister of Education, the Universal Basic Education Commission (UBEC), and 36 states over the issue of out-of-school children in the country.

Falana filed the suit alongside an early childhood education specialist, Hauwa Mustapha, on behalf of the Alliance on Surviving COVID-19 and Beyond.

Their suit is over their failure to access N68bn Universal Basic Education Commission funds to provide free basic education for every Nigerian Child of school age.

The Attorneys General of the 36 states of the Federation and Minister of the Federal Capital Territory, Abuja were also listed as respondents in the suit which was filed through their lawyer, Senior Advocate of Nigeria, Mrs Funmi Falana.

The suit which was filed on Jan. 19th at the Federal High Court, Lagos, asks the court to determine:

“Whether the Respondents are not under a legal obligation to provide free, compulsory and Universal basic education for every Nigerian child of school age by section 2(1) of the Compulsory, Free Universal Basic Education Act, LFN, 2004.

“Whether the refusal or failure of the Respondents to contribute not less than 50% of the total cost of projects as its commitment to the execution of the free, compulsory education project for every Nigerian child of school age is illegal as it violates section 11(2) of the Compulsory, Free Universal Basic Education Act, Laws of the Federation of Nigeria, 2004.

“Whether the Respondents are not under a legal obligation to provide free, compulsory and Universal basic education for every Nigerian child of school age by section 2(1) of the Compulsory, Free Universal Basic Education Act, LFN, 2004.”

In an affidavit sworn to by Femi Falana at the Federal High Court Registry in Lagos on January 26, 2024, the senior lawyer noted that a report made public by the United Nations Children’s Fund (UNICEF) recently estimated the total number of out-of-school children in Nigeria to be 20.2 million.

Falana noted that the report added that one in three children in the country is out of school and that the country has the highest number of out-of-school children in the world.

He said, “The 1st Respondent is the Minister of Justice and the Chief Law officer of the Federation to enforce law and order and ensure compliance with all orders granted by Nigerian courts.

“The 2nd Respondent is constitutionally responsible for the formulation of educational policies and ensuring quality control at all levels of education in Nigeria.

“The 3rd Respondent is the body created by the Universal Basic Education and Other Matters Act, 2004 (UBEA) responsible for the disbursement of the Federal Government Universal Basic Education grants to states and other stakeholders and the coordination of the implementation of the UBE programme throughout Nigeria.

“The 4th to 40th Respondents are the chief law officers of the 36 states of the Federation.

“That the Universal Basic Education and Other Matters Act, 2004 (UBEA) provides for compulsory, free universal basic education for all children of primary and junior secondary school age in Nigeria.”

The applicants are asking the court to grant the following orders in the interest of justice:

A declaration that by section 2(1) of the Compulsory, Free Universal Basic Education Act, Laws of the Federation of Nigeria, 2004, the Respondents are legally obligated to provide free, compulsory and Universal basic education for every Nigerian child of primary and junior secondary, school age.

A declaration that by section 11(1) of the Compulsory Free Universal Basic Education Act the Federal Government shall contribute a block grant of not less than 2% of its Consolidated Revenue Fund to the Universal Basic Education Fund on an annual basis.

A declaration that by section 11(2) of the Compulsory Free Universal Basic Education Act, each State of the Federation shall contribute not less than 50% of the total cost of projects as its commitment to the execution of the projects to qualify for the Federal Government block grant under subsection 1(1) of this section.

A declaration that the refusal or failure of the Respondents to access the sum of N68 billion for the universal basic education of children of school age in Nigeria is illegal as it violates section 1(2) of the Compulsory Free Universal Basic Education Act.

An order directing the 4th-40th Respondents to pay the counterpart fund to access the matching grant of N68 billion in the account of the Universal Basic Education Fund and report compliance with the order within 30 days of the delivery of the judgment of the Honourable court.

An order directing the 4th-40th Respondents to pay the counterpart fund to access the matching grant in the Account of the Universal Basic Fund as at when due forthwith.

The Africa Cup of Nations (AFCON) Cote d’Ivoire 2023 round of 16 fixtures were concluded on Tuesday, paving the way for thrilling quarter-final clashes.

Eight teams advanced to the quarter-final stage.

The matches played in the round of 16 were close contests, but the best teams made their way to the quarter-finals.

Angola qualified after battling to a 3-0 win over Namibia on Saturday to meet Nigeria in the quarter-final stage.

Nigeria had defeated their counterpart the Indomitable Lions of Cameroon 2-0 on Jan. 27.

The Super Eagles will then have a stern test against two-time quarterfinalists, Angola’s Palancas Negras, in the quarter-final on Friday at the Stade Félix Houphouët-Boigny in Abidjan at 6.00 p.m.

DR Congo secured a slim victory against a gritty Egpyt on Jan. 28, winning the game via penalty shootout 8-7 after a dramatic 1-1 draw in regular time; they are now set to battle Guinea.

Guinea ended the race of Equatorial Guinea on Sunday with a shock 1-0 win to face DR Congo in the quarter-final stage.

Other intriguing match-ups include Monday’s encounter which saw a late penalty that sent Cape Verde through 1-0 against Mauritania.

Host Cote d’Ivoire got through to the quarter-finals after an intense penalty shootout (5-4) against defending champions Senegal, after battling out a 1-1-draw in regular time.

Cote d’Ivoire will aim for another upset against Mali.

On Tuesday, in the last round of 16 tie, Mali bundled out opponents Burkina Faso 2-1 to book a place in the quarter-final stage to face host Cote d’ ivoire.

South Africa also beat Atlas Lions of Morocco 2-0, and will now face the Blue Sharks of Cape Verde in the quarter-final stage.

Following Tuesday night’s last round of 16 tie matches, the stage is now set for several highly anticipated quarter-final clashes.

The quarter-final matches are scheduled to run from Feb. 2 to Feb. 3.

Below is the full list of the quarter-final fixtures and venues:

Friday
Nigeria vs Angola (Stade Felix Houphouet-Boigny Stadium in Abidjan by 6.00pm.)

DR Congo vs Guinea (Olympic Stadium of Ebimpe at 9.00pm.)

Saturday
Mali vs Côte d’Ivoire (Stade de la paix Bouake at 6.00pm.)

Cape Verde vs South Africa (Stade Charles Konan Banny de Yamoussoukro at 9.00pm. (NAN)

Super Eagles of Nigeria have received an injury boost ahead of their quarter final clash against Angola with goalkeeper Stanley Nwabali back in training.

Concerns had grown about the Chippa United goalie’s fitness ahead of the Angola clash after picking up an injury in the last game against Cameroon.

The 27-year-old has been impressive in between the sticks for the Super Eagles as he has only conceded once in four matches in the ongoing AFCON tournament.

In a video shared by journalist Pooja on X, Stanley Nwabali could be seen practising with the goalkeeper trainer in the team’s latest training session.

This comes following a scan carried out on the injury Nwabali sustained and of which its result is still being awaited.

However, with Nwabali back in training, the goalkeeper is not totally ruled out of the encounter against Angola.

Super Eagles will trade tackles with the Palancas Negras of Angola on Friday at the Félix Houphouët-Boigny Stadium, Abidjan.

International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3 percent in 2024 — down from a 3.1 percent projected in October 2023.

This is contained in the Washington-based institution’s World Economic Outlook (WEO) update for January 2024.

The outlook, released on Tuesday, is titled, ‘Moderating Inflation and Steady Growth Open Path to Soft Landing’.

IMF also projected a 3.1 percent economic growth for Nigeria in 2025.

In the outlook, IMF also downgraded its forecast for sub-Saharan Africa from 4 percent to 3.8 percent for 2024.

“In sub-Saharan Africa, growth is projected to rise from an estimated 3.3 percent in 2023 to 3.8 percent in 2024 and 4.1 percent in 2025, as the negative effects of earlier weather shocks subside and supply issues gradually improve,” IMF said.

“The downward revision for 2024 of 0.2 percentage point from October 2023 mainly reflects a weaker projection for South Africa on account of increasing logistical constraints, including those in the transportation sector, on economic activity.”

Revealing further, the organisation increased global growth by 0.2 percent to 3.1 percent this year, before rising modestly to 3.2 percent in 2025.

IMF said: “Compared with that in the October 2023 WEO, the forecast for 2024 is about 0.2 percentage points higher, reflecting upgrades for China, the United States, and large emerging markets and developing economies.”

“Nevertheless, the projection for global growth in 2024 and 2025 is below the historical (2000–19) annual average of 3.8 percent, reflecting restrictive monetary policies and withdrawal of fiscal support, as well as low underlying productivity growth.

“Advanced economies are expected to see growth decline slightly in 2024 before rising in 2025, with a recovery in the euro area from low growth in 2023 and a moderation of growth in the  United States. 

“In emerging market and developing economies, growth is expected to remain at 4.1 percent in 2024 and to rise to 4.2 percent in 2025. 

“An upward revision of 0.1 percentage point for 2024 since October 2023 reflects upgrades for several regions.”

IMF also said emerging markets and developing economies are expected to experience stable growth through 2024 and 2025, with regional differences.

On inflation, the outlook said global headline inflation is expected to fall from an estimated 6.8 percent in 2023 (annual average) to 5.8 percent in 2024 and 4.4 percent in 2025.

The organisation said advanced economies are “expected to see faster disinflation, with inflation falling by 2.0 percentage points in 2024 to 2.6 percent, than are emerging market and developing economies, where inflation is projected to decline by just 0.3 percentage point to 8.1 percent”. 

IMF, however, said inflation declines toward target levels across regions, adding that the near-term priority for central banks is to deliver a smooth landing, neither lowering rates prematurely nor delaying such lowering too much.

“With inflation drivers and dynamics differing across economies, policy needs for ensuring price stability are increasingly differentiated,” IMF said.

“At the same time, in many cases, amid rising debt and limited budgetary room to manoeuvre, and with inflation declining and economies better able to absorb effects of fiscal tightening, a renewed focus on fiscal consolidation is needed.”

IMF said intensifying supply-enhancing reforms would facilitate both inflation and debt reduction and enable a durable rise in living standards.

Former Vice President Atiku Abubakar has taken a swipe at President Bola Tinubu for embarking on a private trip abroad at a time when there are killings and kidnappings in the country.

The presidency in a swift response said Atiku’s statement accusing the president of fiddling amidst some security and economic challenges is “to say the least, reckless.”

The presidential candidate of the main opposition, the Peoples Democratic Party (PDP) has called on the president to step aside if he is overwhelmed by the office, noting that the country cannot afford another “Tourist-in-Chief.”

Atiku’s position is contained in a statement he posted on his verified X handle @atiku on Tuesday.

But in a swift response, the Presidency described the former vice president’s remark as reckless.

“Tinubu is playing fiddle while Nigeria is drowning in the ocean of insecurity. To imagine that the Commander-in-Chief is on a so-called private visit while kidnappers kill a nursing mother and grandmother in Abuja for failing to pay N90m ransom and two monarchs in Ekiti, among other regular tragedies besetting Nigerians.

“If the shoes are too big for Emilokan, he should step aside. Nigeria does not need another Tourist-in-Chief. The country needs 24/7 leadership to confront the pervasive insecurity and collapsing economy. -AA,” the former vice president posted.

In his response, Special Adviser to the President on Information and Strategy, Bayo Onanuga, assured that Tinubu is on top of the situation.

Onanuga said coming days after the former vice president made “an equally reckless allegation” against the President on the crude for loan deal for NNPC Limited, his latest statement fell short of what is expected from an elder statesman.

The statement added: “We like to believe that Alhaji Atiku is still not nursing the hangover of his electoral defeat and now latches on any issue to attack President Tinubu.

“President Tinubu did not travel without informing Nigerians of his whereabouts. He announced a private visit to France and announced a return date.

“While in France, President Tinubu has been following developments at home and he is on top of the situation in the country. Today’s inauguration of the Tripartite Committee on National Minimum wage bore his imprimatur.

“He is in constant touch with his officials and security chiefs and has directed them to stamp out every form of criminality in the country.

“He has particularly ordered them to apprehend those criminals responsible for the murder of two monarchs in Ekiti State and the kidnapping of some pupils in the state.

“We are already seeing results with the arrest of over 139 kidnappers around Abuja, Kaduna and Benue States in the last one week. The police Special Intervention Squad (SIS) and DSS have also rescued 154 abducted persons in the last few days.

“Just last week President Tinubu approved N50billion as Special Fund to address some of the lingering security challenges in North East where Alhaji Atiku hails from. To cope with the kidnapping challenges in the FCT, President Tinubu also approved funds for the acquisition of equipment to track criminals.

“If Alhaji Atiku is really concerned about security issues and not playing cheap politics, he should have known that President Tinubu is on top of issues and working hard to restore peace to every part of our country.

“Our security agencies are working very hard to bring the security situation under control. President Tinubu is giving them all the necessary support they need to win the battle against criminal elements and secure every inch of our country.”