2023 polls, rising food prices threaten economy, IMF warns - Newstrends
Connect with us

News

2023 polls, rising food prices threaten economy, IMF warns

Published

on

Soaring food prices and next year’s general election are threats to the country’s economy, the International Monetary Fund (IMF) has warned.

In its Regional Economic Outlook for Sub-Saharan Africa, the IMF also identified “high global energy prices, spending pressures within a narrow fiscal space”, as other problems.

In report released yesterday in Abuja, the IMF said “persisting insecurity – particularly banditry and kidnapping – and the forthcoming 2023 elections that may affect the performance of the economy”.

The agency’s regional representative for Nigeria, Ari Aisien presented the report.

Other downside risks he identified are, low vaccination rates, monetary tightening in advanced economies, muted foreign investment inflows and exchange rate pressures.

READ ALSO:

It added that adequate measures are being taken to support the global economy from shocks following the outbreak of the COVID-19 pandemic.

Some of these measures are the $23 billion Special Drawing Rights (SDRs) allocation, $100 billion SDR rechanneling as well as a swift movement on the common framework.

Despite these interventions, Aisien said there are “huge financing needs that would be required to boost the performance of the global economy.”

According to Aisien, about $425 billion would be needed to recover from the coronavirus pandemic, while between $30 billion and $50 billion per year would also be required for climate adaptation.

For commodity importers, the IMF Resident Representative said the Russia-Ukraine war would raise the yearly financing needs to between $6 billion and $10.

Speaking at the event, Director-General of the Budget Office of the Federation, Mr. Ben Akabueze, said the government is implementing series of measures to boost revenue.

Akabueze admitted that more work needed to be done particularly within the fiscal space, but noted that “some of the initiatives being implemented by the administration of President Muhammadu Buhari had started yielding results”.

THE NATION

Loading

News

One Killed, Five Injured as Violence Disrupts Obi-Kwankwaso Rally in Delta

Published

on

One Killed, Five Injured as Violence Disrupts Obi-Kwankwaso Rally in Delta

One Killed, Five Injured as Violence Disrupts Obi-Kwankwaso Rally in Delta

One person has been killed and five others injured following a violent clash that disrupted a political procession organised by supporters of the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, and his running mate, Rabiu Kwankwaso, in Asaba, Delta State.

The incident occurred at about 12:15 p.m. on Saturday, November 7, 2026, along Nnebisi Road, during a one-million-man march organised by supporters of the Obi-Kwankwaso Movement.

The Delta State Police Command confirmed the casualties, disclosing that the identities of the deceased and injured persons had yet to be established as investigations commenced.

In a statement issued by the Police Public Relations Officer, SP Bright Edafe, the command said it had received intelligence indicating the possibility of violence ahead of the procession.

According to the police, organisers of the rally were invited to a security meeting, where they were briefed about the identified threats and advised against holding an open-road procession.

The command said the organisers were encouraged to conduct their political activities at a designated venue where adequate security arrangements could be provided.

However, the police alleged that the organisers ignored the advice and proceeded with the procession.

READ ALSO:

Following a distress call, police operatives were deployed to the scene and evacuated the injured victims to hospital for medical attention.

Security was subsequently reinforced in the affected area to prevent further breakdown of law and order.

The police said investigations were ongoing to establish the circumstances surrounding the violence and identify those responsible.

Commissioner of Police, Samuel Erale, condemned the incident and reiterated that political parties were free to conduct lawful campaigns and other political activities across the state.

He, however, urged political parties and their supporters to avoid road processions in the interest of public safety and liaise with the police ahead of political gatherings to facilitate adequate security arrangements.

The command also appealed to members of the public with useful information about the incident to contact the police through 09155570008 or 09155570007.

Meanwhile, the NDC has accused the ruling All Progressives Congress (APC) of being behind the attack, alleging that the incident was an attempt to intimidate opposition supporters and disrupt its political activities.

Former Speaker of the Delta State House of Assembly and NDC senatorial candidate for Delta North, Victor Ochei, called on Governor Sheriff Oborevwori to order an immediate investigation and ensure that those responsible were arrested and prosecuted.

Ochei alleged that more than 30 campaign buses were destroyed during the attack, accusing suspected attackers of being mobilised by individuals allegedly connected to the ruling party.

However, Delta APC spokesperson, Valentine Onojeghghuo, dismissed the allegation, insisting that the NDC had provided no evidence linking APC members to the incident.

He described the accusation as baseless and urged the opposition party to embrace peaceful political engagement.

The Delta State Coordinator of the Obi-Kwankwaso Movement, Favour Emerue, also alleged that the gathering was peaceful before suspected hoodlums disrupted the procession, leaving some participants injured.

In a separate reaction, Peter Obi condemned the reported attacks on his supporters and NDC members in Delta State, calling on the state government and security agencies to investigate the incidents and bring those responsible to justice.

The latest violence has renewed concerns about the safety of political activities ahead of the 2027 general elections.

The police have assured residents that a thorough and impartial investigation will be conducted to establish the circumstances surrounding the clash and ensure that anyone found culpable faces the law.

One Killed, Five Injured as Violence Disrupts Obi-Kwankwaso Rally in Delta

Loading

Continue Reading

News

Power Outage: Tegbe Gives Nigerians 72-Hour Timeline as FG Moves to Restore Electricity

Published

on

FG Targets 24-Hour Electricity in Lagos, Abuja, Kano, Others

Power Outage: Tegbe Gives Nigerians 72-Hour Timeline as FG Moves to Restore Electricity

ABUJA – Minister of Power, Joseph Tegbe, has assured Nigerians that electricity supply will begin to improve within the next 48 to 72 hours as the Federal Government intensifies efforts to address the challenges responsible for the recent power outages across parts of the country.

Tegbe gave the assurance in an update on the country’s power situation amid growing complaints from electricity consumers over prolonged blackouts, particularly in Lagos and the Federal Capital Territory.

The minister attributed the worsening electricity supply to a combination of planned maintenance at Egbin Power Station, inadequate gas supply to some thermal power plants and sabotage of critical transmission lines.

According to him, the challenges have reduced the volume of electricity available on the national grid, forcing grid operators to implement load shedding in some areas to manage the shortfall.

He explained that maintenance activities at Egbin Power Station, one of Nigeria’s major electricity-generating facilities, had contributed significantly to the reduction in power generation.

The minister also identified gas supply constraints affecting some thermal power stations as another factor responsible for the decline in electricity generation.

READ ALSO:

Tegbe further alleged that sabotage of key transmission lines had restricted the use of alternative routes for supplying electricity to some locations, particularly Lagos.

He said the Federal Government was working with relevant operators to address the challenges and restore the affected generating units in phases.

“My team and I are working to return the affected generating units to service in phases, with the first units coming back online within the next 48 to 72 hours.

“We are also working with operators to improve gas supply and accelerate repairs to the damaged infrastructure,” he said.

The minister acknowledged the hardship caused by the outages, noting that the disruptions had placed considerable pressure on households and businesses in the affected states.

He apologised to electricity consumers experiencing the interruptions and thanked them for their patience, promising to provide further updates as efforts to restore supply progress.

The latest assurance follows growing public complaints over worsening electricity supply, with residents and businesses in several locations struggling to cope with prolonged outages.

The power crisis has also triggered disagreements between the Transmission Company of Nigeria (TCN) and Ikeja Electric over the causes of recent supply interruptions.

While Ikeja Electric had cited grid instability in explaining its inability to meet electricity supply obligations to some Band A customers, TCN disputed the explanation, attributing the decline largely to inadequate gas supply and reduced electricity generation.

Tegbe had earlier directed TCN, the Nigerian Independent System Operator (NISO) and electricity distribution companies (DisCos) to address operational challenges contributing to the decline in power supply.

Nigerians will now be watching closely to see whether the promised improvement materialises within the 48-to-72-hour timeframe.

Power Outage: Tegbe Gives Nigerians 72-Hour Timeline as FG Moves to Restore Electricity

Loading

Continue Reading

News

NDLEA Arraigns Two Mexicans, Four Nigerians Over Secret Meth Lab in Oyo Forest

Published

on

NDLEA Arraigns Two Mexicans, Four Nigerians Over Secret Meth Lab in Oyo Forest

NDLEA Arraigns Two Mexicans, Four Nigerians Over Secret Meth Lab in Oyo Forest

The National Drug Law Enforcement Agency (NDLEA) has arraigned two Mexican nationals and four Nigerians before the Federal High Court in Ibadan, Oyo State, over their alleged involvement in the establishment and operation of a clandestine methamphetamine laboratory in the state.

The six defendants were arraigned before Justice Nkeonye Evelyn Maha on a four-count charge bordering on conspiracy, the establishment of an illegal drug laboratory and the unlawful transportation and distribution of chemicals intended for the production of methamphetamine, a highly addictive psychotropic substance.

The defendants were identified as 56-year-old Mexican national Jose Villa Ochoa; another Mexican, 40-year-old Carrera Loaiza Arturo; and four Nigerians, Maxwell Uche Nevoh, 30; Olatunji Yusuf, 37; Bankole Akeem Owolabi, 45; and Ganiu Monsiu, 43.

According to the NDLEA, Ochoa and the four Nigerian defendants were arrested on June 17, 2026, in a forested area of Tapa village, Ibarapa North Local Government Area of Oyo State, where operatives uncovered the clandestine laboratory.

READ ALSO:

The second Mexican suspect, Arturo, was subsequently tracked down and arrested on August 19, 2026, while allegedly attempting to flee Nigeria through the Lagos airport.

The agency disclosed that the defendants were accused of conspiring to operate a drug trafficking organisation and establishing a secret laboratory for the production of methamphetamine between December 2025 and June 2026 at different locations in Lagos and Oyo states.

They were also accused of unlawfully transporting and distributing chemical substances for the manufacture of the prohibited drug, contrary to Section 20(1)(f) and punishable under Section 20(2)(a) of the NDLEA Act.

When the charges were read to them in a language they understood, all six defendants pleaded not guilty.

Following their pleas, Justice Maha ordered that they be remanded at the Correctional Centre in Ibadan pending the commencement of their trial.

The court subsequently fixed January 26, 27, 28 and 29, 2027, for the trial.

In a related development, the NDLEA disclosed that three other Mexican nationals and seven Nigerian collaborators arrested over the alleged operation of a similar clandestine methamphetamine laboratory in a forest hideout in Ogun State on May 16, 2026, had also been arraigned before a Federal High Court in Lagos.

The court reportedly rejected their bail application and ordered an accelerated hearing of the case.

The latest development underscores the NDLEA‘s ongoing efforts to dismantle suspected international drug trafficking networks and prevent Nigeria from becoming a hub for the illicit manufacture of dangerous narcotic substances.

The agency’s Director of Media and Advocacy, Femi Babafemi, announced the arraignment in a statement issued on Friday, November 6, 2026.

 

NDLEA Arraigns Two Mexicans, Four Nigerians Over Secret Meth Lab in Oyo Forest

Loading

Continue Reading

Trending