AFOLABI
I Am A Wife Material – DJ Cuppy
83-year-old retired Australian broadcaster charged with sex offences
Famed Australian broadcaster and former Wallabies coach Alan Jones was charged Monday with a string of alleged historical sex crimes, police said, after an investigation into the conservative radio shock jock.
The 83-year-old is a household name across Australia and for years held immense sway through his top-rating radio talk show.
In a colourful career, he has also coached the national men’s rugby team, been a speechwriter for an Australian prime minister and taught at one of the country’s most prestigious schools.
Detectives from a dedicated child abuse squad arrested Jones on Monday while executing a search warrant at his luxury Sydney Harbour apartment.
He has been charged with 24 offences against eight alleged victims spanning between 2001 and 2019, New South Wales Police said.
This included 11 counts of aggravated indecent assault against people who had been employed by Jones.
Jones has strenuously denied prior allegations of indecent assault, which surfaced in the Sydney Morning Herald newspaper late last year.
“We will allege that the accused knew some of them personally. Some of them professionally,” state crime commander Michael Fitzgerald told reporters.
The youngest victim was 17 years old at the time of the alleged offence, Fitzgerald said.
“I wish to commend the victims and their bravery in coming forward.
“They are fully aware, as are the investigators, that the hard work is just beginning.”
Whether as a sports coach, aspiring politician, or radio heavyweight, Jones has spent decades in the public eye.
He rose to fame while coaching the Australian rugby side in the 1980s, leading the Wallabies to a rare “grand slam” over England, Wales, Ireland, and Scotland.
His feats as a coach and administrator earned him a place in Australia’s Sports Hall of Fame, where he was inducted in 1989.
-‘Powerful, divisive’ –
However, Jones’ subsequent career as a radio talkback host cemented his influence in Australian public life.
At the height of his powers, politicians from both sides scrambled to stay friendly with Jones, who was right-leaning and had a hit radio show.
“Over 36 years, Alan Jones became one of the most powerful, divisive, and socially destructive voices the Australian media has ever produced,” academic Denis Muller wrote in 2021.
An Australian tribunal found that in 2005 Jones had incited hatred of Lebanese Australians, fuelling racially charged riots in Sydney.
He retired from his radio show in 2020.
Jones made several unsuccessful tilts throughout his career to win a seat in the Australian Parliament.
13 Internet fraudsters jailed 30 years in Edo
Thirteen Internet fraudsters have been sentenced to a combined 30 years in prison following their conviction by an Edo State High Court sitting in Benin City, the state capital.
PUNCH Metro gathered from a statement by the Economic and Financial Crimes Commission on Sunday, that the judgements were delivered in separate proceedings between November 11 and November 14, 2024.
The statement noted that the convicts were arrested and prosecuted for their involvement in cybercrime activities, including obtaining by false pretence, retention of proceeds of crime, and possession of fraudulent documents, among others.
The EFCC identified the convicts as Evbayakha Daniel, Goodness Esiuke, Joshua Edobor, Omorodion Bright, Afisi Nurudeen, Oviabor Aisosa Wellington, and Evbayekha Desmond.
Others are Nosakhare Evbuomwan, Osemwengie Miracle, Osawe Kluvert, Wisdom Adolor, Onyebuchi Goodness, and Promise Omoru.
The statement continued, “They were prosecuted on one-count separate charges bordering on obtaining by false pretence, retention of proceeds of crime, and possession of fraudulent documents by the Benin Zonal Directorate of the Commission.
“The charge against Evbayakha Daniel reads: That you, Daniel (m), on or about October 30, 2024, within the jurisdiction of this Honourable Court, did have in your possession documents which you knew or ought to have known contained false pretence, thereby committing an offence contrary to Section 6 and 8 (b) of the Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.
“All the defendants pleaded guilty to their charges when they were read to them, prompting the prosecution counsel, F.A Jirbo, K.Y. Bello, Isa K. Agwai, and Salihu Ahmed to pray the court to convict and sentence them accordingly. However, counsel to the defendants pleaded with the court to temper justice with mercy, stating that they have become remorseful for their actions.”
It added that upon their guilty plea, Justice A.N. Erhabor on November 11 convicted and sentenced Evbayakha Daniel, Goodness Esiuke, Joshua Edobor, Omorodion Bright, and Afisi Nurudeen, to two years imprisonment with an option of N200,000 fine each.
It continued, “On Wednesday, November 13, Justice Aziegbemhin convicted and sentenced Oviabor Aisosa Wellington and Evbayekha Desmond to three years imprisonment or a fine of N200,000.
“On Thursday, November 14, the quartet of Nosakhare Evbuomwan, Osemwengie Miracle, Osawe Kluvert, and Promise Omoru were convicted and sentenced by Justice Aziegbemhin to two years imprisonment or a fine of N200,000 while the duo of Wisdom Adolor and Onyebuchi Goodness bagged three years imprisonment or a fine of N200,000.”
The statement concluded that the court ordered the forfeiture of exhibits retrieved from the convicts, which included “phones, laptops, and balances in their respective bank accounts to the Federal Government of Nigeria as proceeds of crime and to undertake in writing to be of good behaviour henceforth.”
Police Arrest Teacher For Allegedly Sodomising 10-year-old Boy In Lagos
A 22-year-old school teacher at the Blessed Peace School in Egbeda, Alimosho Local Government Area of Lagos state simply identified as Prosper has been arrested for allegedly s0d0mising a 10-year-old boy at the school.
It was gathered that before performing the crime, the suspect allegedly told the pupil to behave like a girl and take off his trousers after luring her to a solitary spot in the school.
Investigation by Punch also revealed that the suspect had enticed the survivor to the location on October 18, 2024, by claiming he intended to take him to a spelling bee and art competition where the survivor would earn millions of naira and possibly even travel abroad.
“The teacher r@ped the boy at the school, convincing him by saying he would be enrolled in an art competition where they would win a substantial amount of money,” an eyewitness narrated.
“He took the boy to a class and ordered him to act like a girl. He then told him to pull his trousers down and close his eyes. He p3netrated this boy and told him he should not tell anyone, assuring him that he would win the competition.”
A source familiar with the suspect’s arrest revealed that the suspect was apprehended on Wednesday, November 13, 2024, while attempting to commit a similar act with another pupil at the school.
“An 11-year-old boy, who is more outspoken, informed his parents that he no longer wanted to attend the school. When his parents pressed for a reason, he revealed that a teacher had been threatening him, warning that something bad would happen if he didn’t comply with the teacher’s demands.
“This led the parents, school management, and other teachers to question other pupils, though they initially found no leads. However, a teacher recalled that the suspect often showed particular interest in one boy, frequently buying him gifts and giving him preferential treatment.
“It was at this point that the survivor confessed that the suspect had lured him with promises of a spelling bee and art competition, claiming he would win N2m and be taken abroad. The school was unaware of any such competitions mentioned by the suspect,” the eyewitness said.
The suspect was initially taken into custody by the police at the Idimu Division before being transferred to the Police Gender Unit for subsequent prosecution.
In a telephone conversation with the publication on Sunday, Mrs Ololade Ajayi, the founder of DOHS Cares Foundation, a non-governmental organisation focused on combating gender-based violence and the key advocate behind the arrest, expressed concerns that the police officers at the Gender Unit were attempting to hinder the prosecution of the suspect.
“Since the case was transferred to the Gender Unit, it has not been sent to court. I visited their office last Wednesday to inquire about the case. When I asked why it hadn’t been transferred, the inspector in charge explained that the unit was still conducting a preliminary investigation and that the boy’s mother had not returned,” she said.
“I informed the investigating police officer that the family was financially struggling and offered to cover the transport costs to the crime scene whenever they were ready. She assured me that she would call on Friday.
“On Friday, I called her to check if they were ready to go so I could arrange an Uber to take them to the crime scene, but she told me she was going somewhere else and would not be coming. I suspect there may be foul play involved."
The head of the Idimu Police Division, Chief Superintendent of Police, Gladys Faniyi, confirmed that the case had been referred to the Police Gender Unit.
“I have referred the case to the Gender Department. If you need any information, please direct your enquiries to that department,” Faniyi stated.
‘A Man Who Could Not Manage Is Presidency Is Advicing Tinubu’ – Afenifere Chieftain Throws Shade At Obasanjo
The National Organising Secretary of Afenifere, Kole Omololu, has stated that President Bola Tinubu’s brief tenure in office has already shown signs of surpassing the record of former President Olusegun Obasanjo.
In a statement on Sunday, Omololu highlighted the emerging benefits of Tinubu’s economic reforms, which he said have placed the nation on a path toward recovery, growth, and development.
“The president’s economic reforms give hope that the nation is on a trajectory of recovery, growth, and development,” Omololu said, countering recent criticisms from Obasanjo.
At a keynote address delivered during the Chinua Achebe Leadership Forum at Yale University, Connecticut, USA, Obasanjo had described Nigeria under Tinubu as a “failing state.”
In his recorded lecture titled ‘Leadership Failure and State Capture in Nigeria’, the former president accused the administration of perpetuating corruption, mediocrity, and incompetence, among other issues.
Omololu dismissed Obasanjo’s claims as “inaccurate and a reflection of his habitual attention-seeking,” arguing that Tinubu’s reforms have already begun addressing systemic challenges.
“The assertion that Nigeria is a failing state under Tinubu is incorrect and smacks of mischief. The president’s leadership has started yielding tangible gains, contrary to the former president’s pessimistic assessment,” Omololu remarked.
“This is typical Obasanjo grandstanding. As the late President Shehu Shagari wrote about him in his autobiography, ‘Beckoned To Serve,’ Obasanjo is an egotistical narcissist who cannot stand not being the centre of attention and the cynosure of all eyes. He will engage in serial acts of incitement to attract the spotlight to himself,” he stated.
Saying Obasanjo had persistently criticised his successors unduly, Omololu contended that Tinubu’s managerial, moral and anti-corruption records were shoulder above the former president’s.
The Afenifere chieftain said the president’s economic reforms, including the withdrawal of petrol subsidies and the unification of forex rates, were bold measures the former president did not dare to take while in office.
He said these measures had shored up the nation’s revenue and helped it to reduce its debt service ratio from 97% to 65% of income within 17 months.
He added that Nigeria, under Tinubu, had achieved a new record in its trade balance, with an unprecedented N14.07 trillion trade surplus by half-year 2024, pointing out that the administration’s non-oil revenue in one quarter was more than the total generated during Obasanjo’s eight years in office.
Omololu queried, “How can President Obasanjo talk of mismanagement when, on Thursday, March 28, 2024, the Nigerian Stock Exchange crossed 104,562.06 All Shares Index, a 39.84% increase year-to-date, making it the second-best performing exchange in Africa?”
The Afenifere chieftain also disputed the former president’s assessment of the president’s anti-corruption record, stating that the top global transparency rating agency, Transparency International, reported a more positive evaluation.
“Transparency International says Nigeria is less corrupt today than during the Obasanjo administration,” he said, adding, “Nigeria improved on TI’s Corruption Perception Rating this year, moving five places from 150 in 2023 to 145 in 2024. In contrast, under Obasanjo, Nigeria was rated the second-most corrupt nation in the world, with only Bangladesh ahead of us in 2002. Out of 102 nations, Nigeria was number 101.”
Omololu pointed out that Obasanjo and his deputy, Atiku Abubakar, publicly exposed themselves via a nasty public exchange exposing their dirty dealings.
Omololu said Obasanjo, who could not manage his deputy, Atiku, lacked the moral authority to accuse Tinubu of immorality and mismanagement.
“If you could not manage your Presidency, what moral authority do you have to call the man who has managed his government and party with almost military efficiency a mediocre?” he queried.
Erling Haaland Set To Be Highest Paid Premier League Player
Manchester City striker, Erling Haaland, is close to agreeing to a new contract with the Premier League champions, according to The Mirror.
The deal will make Erling Haaland the highest-paid player in England’s top flight.
City have offered a staggering £500,000 per week to the Norwegian, which is significantly higher than the current highest-paid player – his team-mate Kevin De Bruyne who is on reported £400,000 per week wages.
Officials from the club recently met Haaland’s family and his agent Rafaela Pimenta and held positive talks over the new deal.
If the contract is signed, it will tie down the player until the end of the 2028-2029 season.
However, there is still one aspect of the terms of the new deal that is delaying the player’s signature on the dotted lines.
The 24-year-old has a £150 million release clause in his current contract, which the club want to remove from the new agreement. But Haaland’s representatives want it to remain.
However, there could be a compromise in the negotiations where both parties agreed to increase the value to £200 million.
Note that since Erling Haaland joined Manchester City about three seasons ago, the Norway international has scored 105 goals and provided 14 assists in 114 games in all competitions.
Kwankwaso ask n’assembly to reject Lagos attempts to colonise north with tax reform bills
Rabiu Kwankwaso, former governor of Kano, has asked the national assembly to reject any attempts to “cheat” the north with the proposed tax reform bills.
Kwankwaso spoke on Sunday at the convocation ceremony of Skyline University held at the Ammani Centre, Nassarawa GRA, Kano state.
Kwankwaso alleged that Lagos is “making a lot of efforts” to colonise the north.
The former governor accused the president, who hails from Lagos, of interfering in the emirship tussle in Kano.
“The Emir has just been installed at this difficult time in our country, especially in this part of the country, northern Nigeria,” he said.
“Today, we can see very clearly that there is a lot of effort from the Lagos axis to colonise this part of the country.
“Today, Lagos wouldn’t allow us to choose our Emir. Lagos has to come to the centre of Kano to put their own Emir.
“Today, we are aware that the Lagos young men are working so hard to impose and take away our taxes from Kano and this part of the country to Lagos.”
The Kano emirship is a subject of litigation.
Muhammadu Sanusi was reinstated as the Emir of Kano in May.
However, Aminu Bayero, who was removed to make way for Sanusi, has refusedto step aside.
TAX REFORM BILLS
The New Nigeria Peoples Party (NNPP) presidential candidate in the 2023 elections said many factory owners have been “forced” to relocate their headquarters to Lagos to make the south-west state claim “all the taxes”.
“We have seen the effort of some people to make the poor poorer and the rich richer. And I believe this is very dangerous for us,” Kwankwaso said.
“This part of the country today is suffering from a serious economic crunch, insecurity, poverty, hunger, and diseases.
“I believe this is not good for the cordial existence of our country. At this moment, I would like to call on all our national assembly members to keep their eyes open so that they don’t do anything that will cheat the people of northern Nigeria, especially here in Kano.
“We are witnesses to what happened during the first term of Olusegun Obasanjo from 1999 to 2003, where our members of the national assembly were bribed into collecting a huge sum of money to support onshore/offshore in the country.
“That law put a huge blow on our economy in northern Nigeria and all other states.”
BACKGROUND
On October 3, Tinubu asked the national assembly to consider and pass four tax reform bills.
The proposed legislations, which have sparked intense debate, include the Nigeria tax bill, the tax administration bill, and the joint revenue board establishment bill.
The president also asked the parliament to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.
On October 28, the Northern States Governors Forum (NSGF) opposed the bills, arguing that the proposed legislation would harm the region’s interests.
The governors asked the national assembly to reject the bills, demanding equitable and fair implementation of national policies and programmes across all regions.
The national economic council (NEC) also asked Tinubu to withdraw the bills to give room for consultations.
On November 1, Tinubu said the bills would not be withdrawn from the national assembly, noting that the proposed laws are designed to improve the lives of Nigerians and optimise existing tax frameworks.
Extra ₦5 Billion Needed To Build Toilets Across Nigeria – Tinubu’s Minister Declares
The Minister of Water Resources, Professor Joseph Utsev, has expressed concern over funding challenges in a bid to address Open Defecation Free (ODF) by 2030.
During a press briefing in Abuja last weekend, Utsev stated that while the initiative required an annual budget of ₦10 billion, only ₦5 billion had been released so far.
According to him, Nigeria requires an additional 11.6 million toilets to achieve the ODF goal. He emphasized that reaching ODF status encompasses more than merely constructing toilets.
Utsev acknowledged that significant advancements had been made, yet ensuring both access to and the appropriate utilization of these facilities continues to pose a significant challenge.
“The challenge is not only the number of toilets available but also raising awareness and encouraging their consistent use.
“This is why we are elevating the campaign to a higher level. The vice president will lead the relaunch of our strategy in a more impactful way,” he said.
The Minister further stated that development partners like UNICEF had made significant contributions by providing toilet facilities, training and awareness campaigns.
“Our partners do not provide funds directly but support through the supply of toilets and training programmes, their efforts have been invaluable in driving this campaign forward,” he said.
Since the campaign’s initiation in 2019, Utsev stated that 135 Local Government Areas (LGAs) and more than 30,000 communities have attained Open Defecation Free (ODF) status, with additional regions currently in the verification process.
He emphasized that, notwithstanding these accomplishments, the journey towards achieving universal sanitation is still extensive, particularly in underserved and vulnerable communities.
“Ending open defecation is about more than toilets, it’s about improving health, boosting productivity, and enhancing the dignity and safety of our citizens,” the minister emphasised.
Naija News understands that the event was part of activities marking the 2024 World Toilet Day with the theme ‘Sanitation for Peace,’ which underscores the significance of toilets as symbols of safety, dignity and development.
Govs Threatening Reps To Withdraw Support For Tinubu’s VAT Bill Or Lose 2027 Tickets – Spokesman
The deputy spokesman for the House of Representatives, Philip Agbese, has said that some state governors are threatening to deny federal lawmakers return tickets in 2027 if they don’t withdraw their support for President Bola Tinubu’s Tax Reform Bills.
Recall that in September the President had submitted four tax reform bills to the National Assembly for consideration, following the recommendations of the Oyedele-led tax reforms committee.
The bills include the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.
Others are the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service, and the Joint Revenue Board Establishment Bill, which will create a tax tribunal and a tax ombudsman.
The 36 state governors have, however, demanded the withdrawal of the executive bills, citing the need for more consultation and public input.
Agbese, while speaking in an interview with Punch, disclosed that the lawmakers will today (Monday) engage the Chairman of the Presidential Committee on Fiscal and Tax Reforms, Taiwo Oyedele, and other renowned tax experts on the bills.
Speaking further, he said that some governors are holding meetings ahead of the National Assembly resumption to consider the tax bills and other important legislations.
According to him, “Some of these governors are threatening members from their states. They have even gone far to threaten that they would deny members return tickets in 2027 if they support the bills.”
The threats notwithstanding, the Benue lawmaker said nothing would make him and his colleagues change course, provided the bills are targeted at revamping the economy.
He continued, “As far as we are concerned in the House of Representatives, nobody can stop us from supporting President Bola Tinubu’s bid to reboot the economy to work for the country.
“We are united across party lines to make sure the country works. This is the disposition of Speaker, Tajudeen Abass.”
While noting that lawmakers in the past could indeed be cajoled to give up their principles, the legislator reminded the governors that the 10th Assembly congressmen are a different breed of Nigerians.
He said, “The difference between the new crop of politicians in the House of Representatives is that we are intellectually sound, progressive-minded and pro-Nigeria.
“We were not elected by the governors but our constituents and as far as the legislation (bills) will work for those that elected us, we will support them unequivocally, wholeheartedly and powerfully to see the light of the day.”
Presidency Silent As Obasanjo, IMF Criticize Tinubu’s Reforms
The Presidency has maintained silence in response to criticisms of President Bola Tinubu’s reforms by former President Olusegun Obasanjo and the International Monetary Fund (IMF).
Obasanjo, speaking at the Chinua Achebe Leadership Forum at Yale University in New Haven, Connecticut, United States, described Nigeria as being under “state capture” and in a dire situation.
The remarks were relayed in a statement by his media aide, Kehinde Akinyemi.
“The country’s situation is bad,” Obasanjo reportedly said, adding that reforms have failed to deliver meaningful relief to Nigerians.
Similarly, the IMF, in its latest economic outlook report for sub-Saharan Africa, highlighted Nigeria as one of the Resource-Intensive Countries (RICs) struggling to realize the benefits of its reforms.
“While some countries in the region are experiencing positive outcomes, it is not looking good yet in Nigeria,” the IMF noted, raising concerns about the pace and impact of Tinubu’s economic adjustments.
The presidency has yet to issue a formal statement addressing these criticisms. However, a source at the State House told Daily Trust on condition of anonymity that Obasanjo is a statesman and that the Presidency “will not want to join issues with him.”
What Obasanjo said
Obasanjo, in his address titled “Leadership Failure and State Capture in Nigeria”, described Nigeria’s situation as bad.
The former leader also alleged that Nigeria’s failing status under President Bola Ahmed Tinubu was “confirmed and glaringly indicated and manifested for every honest person to see.”
He alluded to a World Bank and Transparency International’s definition of what a state capture was, saying it was described, “as one of the most pervasive forms of corruption,“a situation where powerful individuals, institutions, companies, or groups within or outside a country use corruption to shape a nation’s policies, legal environment, and economy, to benefit their own private interests.”
He noted that state capture is not always overt and obvious as it can also arise from the more subtle close alignment of interests between specific business and political elites through family ties, friendships, and the intertwined ownership of economic assets.
He said: “What is happening in Nigeria – right before our eyes – is state capture: The purchase of national assets by political elites – and their family members – at bargain prices, the allocation of national resources – minerals, land, and even human resources – to local, regional, and international actors. It must be prohibited and prevented through local and international laws.
“Public institutions such as the legislature, the executive, the judiciary, and regulatory agencies both at the federal and local levels are subject to capture. As such, state capture can broadly be understood as the disproportionate and unregulated influence of interest groups or decision-making processes, where special interest groups manage to bend state laws, policies, and regulations.
“They do so through practices such as illicit contributions paid by private interests to political parties, and for election campaigns, vote-buying, buying of presidential decrees or court decisions, as well as through illegitimate lobbying and revolving door appointments.
“The main risk of state capture is that decisions no longer take into consideration the public interest, but instead favour a specific special interest group or individual. Laws, policies, and regulations are designed to benefit a specific interest group, often times to the detriment of smaller firms and groups and society in general.
“State capture can seriously affect economic development, regulatory quality, the provision of public services, quality of education and health services, infrastructure decisions, and even the environment and public health.”
Obasanjo also alleged that Nigeria’s failing status under President Tinubu was “confirmed and glaringly indicated and manifested for every honest person to see.”
He was quoted to have stated, “As the world can see and understand, Nigeria’s situation is bad.
“The more the immorality and corruption of a nation, the more the nation sinks into chaos, insecurity, conflict, discord, division, disunity, depression, youth restiveness, confusion, violence and underdevelopment.
“That’s the situation mostly in Nigeria in the reign of Baba-go-slow and Emilokan. The failing state status of Nigeria is confirmed and glaringly indicated and manifested for every honest person to see through the consequences of the level of our pervasive corruption, mediocrity, immorality, misconduct, mismanagement, perversion, injustice, incompetence and all other forms of iniquity. But yes, there is hope.”
Obasanjo while copying from a short, classic treatise published in 1983, called ‘The Trouble with Nigeria’ by Chinua Achebe admitted that, “The trouble with Nigeria is simply and squarely a failure of leadership. There is nothing basically wrong with the Nigerian character. There is nothing wrong with the Nigerian land or climate or water or air or anything else. The Nigerian problem is the unwillingness or inability of its leaders to rise to the responsibility, to the challenge of personal example which are the hallmarks of true leadership.
“In hindsight, this forty-one-year-old prescriptive analysis on the root causes of Nigeria’s leadership crisis is quite moderate and appropriate. It is at least not as desolate as the diagnosis provided by Robert Rotberg and John Campbell, two prominent US intellectuals – the latter a former United States ambassador to Nigeria to boot: ‘Nigeria has long teetered on the precipice of failure,’ they argue.
“Unable to keep its citizens safe and secure, Nigeria has become a fully failed state of critical geopolitical concern. Its failure matters because the peace and prosperity of Africa and preventing the spread of disorder and militancy around the globe depend on a stronger Nigeria.”
Nigeria’s reforms not looking good – IMF
Presenting the IMF’s report at the Lagos Business School on Friday, IMF Deputy Director, Catherine Patillo, said the economic growth is expected to remain stagnant in Nigeria this year.
The report urged Nigeria to close the gender gap in a bid to improve its Gross Domestic Product (GDP), saying that could grow the GDP by 30 per cent.
The report said: “Resource-intensive countries (RICs) continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most.
“Second, both domestic and external financing conditions remain tight. Third, the region has recently witnessed several episodes of political fragility and social unrest. Political and social pressures are making it increasingly challenging to implement policy adjustments and reforms.”
The IMF projected “significant increases” in Ghana, Botswana, Senegal and others, but said Nigeria was confronted with “adjustment fatigue” citing the double-digit inflation which is not backing down anytime soon.
“Inflation is still in double digits in almost one-third of countries, including Angola, Ethiopia, and Nigeria, and above target in almost half of the region, particularly where monetary policy is not anchored by exchange rate pegs.
“Significant increases are anticipated in Ghana, as it continues reestablishing macroeconomic stability; Botswana and Senegal, reflecting rising resource exports (diamonds, oil, and gas); and Malawi, Zambia, and Zimbabwe, as they recover from drought. Growth is also expected to improve in South Africa, given positive post-election sentiment and a reduction in power outages,” the report said.
It added, “In the face of popular frustration, there is also an opportunity to work to mobilize support for large, deep reforms, of the sort that, for instance, Ethiopia, Ghana, Kenya and Nigeria are pursuing.
“Realizing this opportunity requires rethinking reform strategies, to build and maintain pro-growth coalitions among constituent leaders and the general public. This will require greater attention to communication and engagement strategies, reform design, compensatory measures and rebuilding trust in public institutions.”
The report said the average economic growth rate in the region would remain at 3.6 per cent for the full year 2024, but Nigeria’s growth rate, put at 3.19 per cent, was below the average.
The IMF report also touched on the rising debt burden, saying debt service capacity is generally low.
“In almost one-quarter of countries, interest payments exceed 20 per cent of revenues, a threshold statistically associated with a high probability of fiscal stress. And rising debt service burdens are already having a significant impact on the resources available for development spending.
“The median ratio of interest payments to revenues (excluding grants) currently stands at 12 per cent. Some three-quarters have already witnessed an increase in interest payments (relative to revenue) since the early 2010s (comparing the 2010–14 average with the 2019–24 average). In Angola, Ghana, Nigeria, and Zambia, this increase in interest payments alone absorbed a massive 15 per cent of total revenue,” the report stated.