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2023 polls, rising food prices threaten economy, IMF warns

Published

2 years ago

May 31, 2022

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.

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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

Related Topics:2023 polls Economy food prices IMF

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Don’t host US, French military bases in Nigeria, northern leaders warn Tinubu

Published

5 hours ago

May 4, 2024

Trends Admin

President Bola Ahmed Tinubu

Don’t host US, French military bases in Nigeria, northern leaders warn Tinubu

Prominent northern leaders have cautioned against allowing the United States and French governments to relocate military bases from the Sahel region to Nigeria.

The leaders in an open letter to President Bola Tinubu and the National Assembly leadership urged the Federal Government to resist such pressure.

Those who signed the letter are Professor Abubakar Siddique Mohammed of the Centre for Democratic Development, Research and Training (CEDDERT), Zaria; Professor Kabiru Sulaiman Chafe, former Minister of State for Petroleum Resources, representing the Arewa Research and Development Project (ARDP), Kaduna; Professor Attahiru Muhammadu Jega, former Chairman of the Independent National Electoral Commission (INEC); Professor Jibrin Ibrahim from the Centre for Democracy and Development (CDD), Abuja; Auwal Musa (Rafsanjani) of the Civil Society Legislative Advocacy Centre (CCISLAC) Abuja; and Y. Z. Ya’u from the Centre for Information Technology and Development (CITAD), Kano.

The letter highlighted reports of aggressive lobbying by the American and French governments targeting Nigeria and other Gulf of Guinea nations to enter new defence agreements allowing the redeployment of troops expelled from Mali, Burkina Faso, and Niger.

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Expressing concern, they cautioned that Nigeria, strategically positioned among the Gulf of Guinea countries, might yield to such pressure, compromising its defence and internal security.

“The recent expulsion of French and American troops from Niger due to their perceived ineffective presence raises questions about the efficacy of hosting foreign military bases,” they said in the open letter.

They also argued that the primary goal of these bases, ostensibly to combat terrorism in the Sahel, has not been achieved, as terrorism has only escalated since those camps were established.

“It is important to clearly state that there are only dangers and no gains from such military operations.

“The American operations in Niger Republic, for example, were ostensibly to pre-empt and uproot terrorists from the Sahel region. The result has so far been quite unimpressive if not a complete failure.

“It is apparent that the presence of American troops and other intelligence personnel in Niger Republic is not serving any useful purpose.

“This is for the simple reason that terrorism, far from diminishing, has risen dramatically since the US began its operations in the region,” they said.

The signatories warned against compromising Nigeria’s sovereignty and independence for short-term strategic alliances, highlighting potential adverse long-term consequences.

Moreover, they highlighted the negative impact of hosting foreign troops, including increased living costs and environmental degradation, which disproportionately affect lower-income populations and indigenous communities.

As of now, the presidency or the National Assembly have not publicly responded to the open letter.

Don’t host US, French military bases in Nigeria, northern leaders warn Tinubu

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Osun kingship Tussle: Court stops coronation of Gov Adeleke-appointed king

Published

5 hours ago

May 4, 2024

Trends Admin

Osun kingship Tussle: Court stops coronation of Gov Adeleke-appointed king

Just weeks after a court ousted a monarch chosen by Governor Ademola Adeleke, Justice Micheal Awe has halted the planned presentation of the staff of office to the second king of Iree, Oba Muritala Oyelakin.

In a sequence of events, two kings had emerged as the Aree of Iree in the Boripe local government area of Osun state after Adeleke disapproved of the appointment of Oba Ademola Ponnle by his predecessor, Adegboyega Oyetola, and instead selected Muritala Oyelakin as king.

This dual kingship sparked a crisis within the community, with kingmakers neglecting the traditional rites of Oba Oyelakin.

Originally scheduled for Saturday, May 5, the ceremony for presenting the certificate, instrument, and staff of office to Oba Oyelakin as the Aree of Iree was put on hold.

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Justice Awe, presiding over the State High Court in Ikirun, Osun State, issued a restraining order against Governor Adeleke, his administration, and four traditional chiefs, including King Oba Oyelakin, prohibiting them from proceeding with the staff of office presentation ceremony.

The order was issued in response to a lawsuit filed by Oba Ademola Ponnle, who sought to halt the ceremony. Justice Awe granted the request, emphasizing the need to maintain the status quo until further legal proceedings.

The court order forbids Oba Oyelakin from receiving any instruments or staff of office as the Aree of Iree or undergoing any formal installation until the matter is heard on Wednesday, May 8.

Osun kingship Tussle: Court stops coronation of Gov Adeleke-appointed king

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We have added 625MW to national grid – Minister

Published

5 hours ago

May 4, 2024

Trends Admin

Minister of Power, Adebayo Adelabu

We have added 625MW to national grid – Minister

The Federal Government has announced the addition of 625MW of power to the national grid, increasing the grid’s wheeling capacity to 4800MW.

Bolaji Tunji, Special Adviser, Strategic Communications to the Minister of Power said this in a statement in Abuja on Friday.

Mr Bolaji quoted the Minister of Power, Adebayo Adelabu as saying this at the inauguration of the 63 Mega Volt Ampere (MVA), 132/33 Kilo Volt (KV )mobile station at Ajah, Lagos and at the inuaguration of 60MWA, 132/33KV Power Transformer in Birnin Kebbi, Kebbi.

According to the minister, the pivotal project is a testament to the Renewed Hope Agenda of President Bola Tinubu towards transforming the Power sector in the pursuit of reliable and sustainable energy infrastructure for a better Nigeria.

Mr Adelabu said that the mobile substation being inaugurated was a strategic deployment aimed at improving the transmission capacity constraints by over 1300mv across the nation.

He spoke on the significance of the project and other equipment undergoing installation under the Presidential Power Initiative (PPI).

Mr Adelabu said that the mobile substations equally stands as a beacon of hope for businesses, household reliant on uninterrupted power supply, stopgap measure during maintenance and emergency.

He commended the collaborative efforts of the FGN Power Company, the German Government and Siemens Energy whose partnership has facilitated the production and installation of the substations.

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The minister also announced the remote inuaguration of a 60MVA power transformer at Birnin Kebbi, Kebbi.

“Together, these equipment will boost our transmission wheeling capacity by 123mw, thereby paving the way for enhanced electricity supply for all Nigerians”.

”I urgy all Nigerians to safeguard these vital installations against acts of vandalisation and sabotage,”he said.

Mr Adelabu noted that the success of governments initiatives hinges on collective responsibility.

He also called on the management of the Power Company and all stakeholders in the power sector to work with determination to ensure that the timelines set for projects delivery are achieved.

“Together, we will embark on a journey towards a brighter future for Nigeria, one powered by innovation, resilience and collective determination”, he said.

Earlier in his remarks, Kenny Anuwe, Managing Director of FGN Power Company said, ” as Nigeria continues its journey towards energy sufficiency and economic prosperity, initiatives like the PPI.

According to him, this underscores President Tinubu’s unwavering determination to deliver adequate electricity towards unlocking Nigeria’s full economic potentials.

Mr Anuwe assured of FGN Power Company’s commitment in driving progress and delivering tangible improvements in electricity access for all Nigerians in this transformative era in Nigeria’s power Sector.

Mr Tunji said that FGN Power was established by the Presidency as a special purpose vehicle (SPV), tasked with implementing the Presidential Power Initiative (PPI) with Siemens serving as the technical partner.