Nigeria Rejects Fresh IMF Loans Amid Push for Economic Reforms - Newstrends
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Nigeria Rejects Fresh IMF Loans Amid Push for Economic Reforms

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Minister of Finance and Coordinating Minister of the Economy, Wale Edun
Nigeria’s Minister of Finance, Mr Wale Edun

Nigeria Rejects Fresh IMF Loans Amid Push for Economic Reforms

Nigeria has ruled out any immediate plans to seek loans from the International Monetary Fund (IMF) or other multilateral financial institutions, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

Edun made the position known on Thursday during the Finance Ministers’ press briefing at the ongoing IMF–World Bank Spring Meetings in Washington, D.C., stressing that the country is not currently considering new external borrowing from the IMF.

“Nigeria has no plans at the moment to approach the IMF or any other institution to borrow funds,” he said.

He explained that the decision reflects both fiscal strategy and broader concerns about the cost of borrowing, particularly the high interest rates faced by African economies in global financial markets.

According to him, elevated debt servicing costs are placing significant pressure on government revenues, limiting the ability of many countries to invest in critical sectors such as health, education, and infrastructure.

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“At the elevated interest rates that African countries pay, the premium on commercial debt is out of reason and contributes to debt distress,” Edun said, noting that a large portion of national revenue in many developing economies is now directed toward debt repayment.

He added that reducing borrowing costs across Africa would require stronger economic reforms, improved debt-to-GDP ratios, and increased use of technology to enhance efficiency and revenue generation.

Edun also reiterated President Bola Tinubu’s call for a review of the high risk premiums charged on African borrowing, arguing that fairer global financing terms would improve development outcomes across the continent.

As part of broader regional financial planning, Nigeria is also pushing ahead with efforts to host the African Monetary Institute, a key step toward deeper monetary cooperation and financial integration in Africa ahead of its planned rollout in 2026.

On global financial support, the minister urged the IMF to accelerate the disbursement of proposed assistance packages, including a suggested $50 billion support programme for economies affected by global conflicts and economic shocks.

He noted that many vulnerable economies, particularly in Africa, stand to benefit from such funding but stressed the importance of timely and large-scale disbursement.

Edun also highlighted Nigeria’s ongoing domestic reforms, including the removal of fuel subsidies, which he said previously consumed as much as 5 percent of GDP, as part of efforts to strengthen fiscal sustainability and reduce dependence on external borrowing.

He maintained that the government’s focus remains on stabilising the economy through reforms that improve revenue generation, reduce inefficiencies, and attract private sector investment rather than relying on new IMF facilities.

Nigeria Rejects Fresh IMF Loans Amid Push for Economic Reforms

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

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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.

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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

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Tinubu’s Visit: One Feared Dead, Several Injured as APC Women’s Bus Collides With Security Vehicle in Uyo

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Tinubu’s Visit: One Feared Dead, Several Injured as APC Women’s Bus Collides With Security Vehicle in Uyo

 

UYO, Akwa Ibom State – A tragic road accident involving a bus conveying supporters of the All Progressives Congress (APC) has reportedly claimed one life and left several others injured in Uyo, Akwa Ibom State.

 

The accident occurred on Friday, November 6, when the bus, reportedly conveying APC women to participate in activities marking President Bola Ahmed Tinubu’s visit to the state, collided with a security vehicle along Oron Road.

 

The incident happened amid heightened security arrangements for the President’s visit to Akwa Ibom, where he was scheduled to commission several projects executed by Governor Umo Eno’s administration and attend political activities.

 

According to reports, the bus, identified as belonging to the Akwa Ibom State Transport Corporation (AKTC), was conveying the women towards the reception venue when it collided with a Toyota Hilux security vehicle.

 

The impact reportedly left the bus badly damaged, triggering panic as passers-by, motorists and security personnel rushed to assist the victims.

 

A video circulating on social media showed the wreckage of the bus at the accident scene, with people gathering around the damaged vehicle as rescue efforts continued.

 

The injured victims were reportedly evacuated and taken to hospitals in Uyo for medical attention.

 

The Guardian reported that one person had died in the accident, while several others sustained injuries. However, another local media report said no death had been confirmed as of the time of its publication.

 

The exact casualty figure and the identities of the victims had yet to be officially established.

 

The accident has raised concerns about the safety of transportation arrangements for political supporters mobilised to participate in high-profile presidential events.

 

President Tinubu arrived in Akwa Ibom on Friday as part of a two-state visit to Akwa Ibom and Rivers states. His itinerary included the inauguration of major infrastructure projects and engagement with political stakeholders.

 

As of the time of filing this report, further details about the circumstances surrounding the collision and the condition of the injured victims were still emerging.

 

 

Tinubu’s Visit: One Feared Dead, Several Injured as APC Women’s Bus Collides With Security Vehicle in Uyo

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Sex Trafficking: ‘They Took Us To Native Doctor, Shaved Our Private Parts Before Leaving Edo’ – Survivor

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Sex Trafficking: ‘They Took Us To Native Doctor, Shaved Our Private Parts Before Leaving Edo’ – Survivor

 

 

 

A survivor of human trafficking, Piana Shua Kimari, has recounted how she was subjected to disturbing traditional rituals before being trafficked out of Nigeria at the age of 15.

 

Kimari, who shared her experience during a media appearance, disclosed that she and other young girls were taken to a traditional practitioner in Ekpoma, Edo State, where parts of their bodies were shaved before they were transported out of the country.

 

Recounting the frightening experience, she said the traffickers subjected them to the rituals before leaving Ekpoma.

 

“Before we left Ekpoma in Edo State, they took us to a powerful native doctor. They shaved our armpits, private parts and head hair,” she recalled.

 

Her revelation has brought renewed attention to the disturbing methods allegedly employed by human trafficking syndicates to recruit, intimidate and control vulnerable young women and girls.

 

The practice of subjecting trafficking victims to traditional oaths and rituals is a recognised method of psychological intimidation used by some trafficking networks, particularly in cases involving cross-border sexual exploitation.

 

In some instances, victims are made to believe that revealing the identities of their traffickers, escaping or refusing to repay alleged trafficking debts could expose them or their families to spiritual attacks, madness or death.

 

Such threats often leave victims traumatised and afraid to seek help, even when they have opportunities to escape.

 

Kimari further recounted how their journey took them beyond Nigeria, with movements through areas around the Seme border and towards Mali, before she fully understood the dangerous situation she had found herself in.

 

According to her account, what initially appeared to be an opportunity turned into a nightmare when she realised she had fallen into the hands of human traffickers.

 

Her experience highlights the vulnerability of young girls to trafficking networks that exploit poverty, unemployment, deception and the desire for better opportunities abroad.

 

Nigeria, particularly Edo State, has long been identified as an important source area for victims of human trafficking, with some victims recruited and transported through international routes for sexual and other forms of exploitation.

 

The survivor’s account also underscores the importance of community awareness, early intervention and effective collaboration among security agencies, anti-trafficking organisations and relevant authorities.

 

There are growing calls for stronger efforts to identify and prosecute individuals involved in trafficking networks, including recruiters, transporters and collaborators who facilitate the exploitation of vulnerable persons.

 

Beyond rescuing victims, human rights advocates have consistently stressed the need for rehabilitation, psychological support, vocational training and reintegration programmes to help survivors rebuild their lives.

 

Kimari’s testimony serves as another reminder of the dangers confronting vulnerable Nigerian girls and the need for families and communities to remain vigilant against deceptive offers of overseas employment and travel opportunities.

 

Sex Trafficking: ‘They Took Us To Native Doctor, Shaved Our Private Parts Before Leaving Edo’ – Survivor

 

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