IMF, World Bank remedies can’t revive Nigerian economy – Don - Newstrends
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IMF, World Bank remedies can’t revive Nigerian economy – Don

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IMF, World Bank remedies can’t revive Nigerian economy – Don

The chairman, Board of Trustees (BOT) of the Centre for Transparency Advocacy, Dr. Chima Amadi, yesterday said economic remedies from the International Monetary Fund (IMF) and the World Bank cannot revive the Nigerian economy.

He also said the policies of the two international financial institutions may not be able to raise 200 million Nigerians out of poverty.

He asked the nation to look beyond ideas being imposed by developed countries.

He said developing countries should have the autonomy to choose policies that best suit their conditions.

Amadi, who made the submissions at the 4th National Colloquium in Sokoto, said the nation’s high inflation rate was indefensible.

He said: “Compared with other African and Asian countries, especially Indonesia, which is comparable to Nigeria in most respects, economic development in Nigeria has been disappointing.

“With GDP of about $45 billion in 2001 and per capita income of about $300 a year, Nigeria has become one of the poorest countries in the world. As of 2000 it had earned about $300 billion from oil exports since the mid-1970s, but its per capita income was 20 percent lower than in 1975.

“Meanwhile, the country has become so heavily indebted – external and domestic debt amount to about 70 percent of GDP— that it has serious difficulty servicing debts. Regional and sectoral unevenness in growth performance is high.

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“From the foregoing, it is simply clear that to raise 200 million Nigerians out of poverty as this current administration has resolved to do within the next decade, it would take more than just making it a campaign mantra but a radical departure from economic orthodoxy of the Global North evinced in the Washington Consensus model.”

Amadi, who is a doctoral fellow at the University of Warwick in the UK, said economic growth strategies recommended by developed countries for developing nations are unworkable.

He said the developed countries had been promoting  strategies which they had never practiced.

He added:” Historical context of development shows that many of today’s developed countries such as the United Kingdom and the United States achieved economic growth through strategies like tariffs, subsidies and regulations to protect their nascent industries. This historical perspective contrasts sharply with the free-market liberalisation policies they now promote for developing countries.

“The neoliberal policies advocated by institutions like the World Bank and the International Monetary Fund (IMF) such as rapid liberalisation of trade and investment, privatization and deregulation are not consistent with the historical experiences of successful development.

“In fact, these policies might even hinder the growth of developing nations by exposing them prematurely to global competition,” he added.

He said the federal government should adopt subsidies and other forms of intervention to save the economy.

Amadi said: “The state must play a significant role in guiding economic development similar to the way it was utilised by now-developed countries during their own developmental stages.

“This includes the use of tariffs, subsidies and other forms of government intervention to support budding industries. Shall we forget hastily how former president Donald Trump used tariffs to effectively protect the American economy from the onslaught of the Chinese trade practices?

“Developing countries should have the autonomy to choose policies that best suit their unique economic conditions and developmental stages. This contrasts with the one-size-fits-all approach often prescribed by international economic organizations.

“By providing this historical and critical analysis, I dare Nigeria’s leaders and economic policymakers to not be afraid to challenge conventional economic wisdom and call for a more nuanced and historically informed approach to economic development policy, especially for developing countries.

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“There is now an urgent need for policy diversity and experimentation, making it incumbent on policymakers to acknowledge that strategies successful in one country may not be universally applicable.”

On the nation’s high inflation rate, Amadi blamed it on over-reliance on oil revenue.

He added; “Inflation in Nigeria has been a complex and challenging issue throughout its history. The nation’s heavy reliance on oil revenues, inadequate diversification of the economy, policy mismanagement, and global economic dynamics have all played significant roles in shaping inflation trends.

“Before Nigeria gained independence in 1960, the country’s inflation rate was relatively low, primarily due to its agrarian economy and limited industrialization.

“ The 1970s marked a period of rapid economic growth fueled by oil exports, which led to a significant increase in government revenue. However, this period also witnessed rising inflationary pressures as the influx of petrodollars and increased government spending drove consumer demand and importation.

“The 1970s oil boom brought immense wealth to Nigeria, but it also led to economic imbalances. The nation became heavily reliant on oil exports, leading to a neglect of other sectors and creating vulnerabilities to oil price fluctuations.

“In the late 1970s and early 1980s, Nigeria experienced double-digit inflation, soaring to a peak of over 23% in 1984. The government’s mismanagement of fiscal policies and its inability to diversify the economy contributed to this inflation surge.”

IMF, World Bank remedies can’t revive Nigerian economy – Don

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FG Seals Plateau Mine After 37 Killed in Toxic Gas Tragedy

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Dele Alake, Nigerian minister of Solid Minerals

FG Seals Plateau Mine After 37 Killed in Toxic Gas Tragedy

The Federal Government has ordered the immediate closure of a mining site in Zuraq, Wase Local Government Area of Plateau State, following the death of 37 miners in a suspected toxic gas exposure.

Minister of Solid Minerals Development, Dr. Dele Alake, directed that the site be sealed to prevent further casualties and pave the way for a comprehensive investigation into the tragedy.

According to local authorities, the victims were exposed to poisonous gaseous emissions in the early hours of Tuesday while working in an underground pit. At least 25 other miners are currently receiving treatment in hospital.

In a statement issued in Abuja by his Special Assistant on Media, Segun Tomori, the minister disclosed that the affected site falls under Mining Licence 11810, operated by Solid Unit Nigeria Limited and owned by Abdullahi Dan-China.

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Alake said a high-level investigative team led by the ministry’s Permanent Secretary, Yusuf Yabo, has been deployed to the area to determine both the immediate and remote causes of the disaster and recommend appropriate sanctions. The team comprises mining engineers, environmental compliance officers and experts in artisanal mining operations.

Preliminary findings indicate that the licensed operator allegedly ceded the pit to members of the host community following agitation for economic empowerment. The area, reportedly an abandoned lead site, contained stored minerals capable of emitting sulphuric oxide — a hazardous substance.

Unaware of the danger, villagers engaged in mining activities and were exposed to the toxic fumes.

The minister described the incident as a tragic loss of innocent Nigerians striving to make a living and extended condolences to Plateau State Governor Caleb Mutfwang and families of the victims.

He assured that further updates would be provided as investigations progress, stressing the government’s commitment to enforcing safety and environmental standards in the mining sector.

 

FG Seals Plateau Mine After 37 Killed in Toxic Gas Tragedy

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Tinubu Ends NNPCL Oil Revenue Deductions, Orders Full FAAC Remittance

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Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mr. Bayo Ojulari
Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari

Tinubu Ends NNPCL Oil Revenue Deductions, Orders Full FAAC Remittance

President Bola Ahmed Tinubu has signed a sweeping executive order mandating the direct remittance of all oil and gas revenues into the Federation Account Allocation Committee (Federation Account Allocation Committee), in what is regarded as one of the most significant fiscal reforms since the enactment of the Petroleum Industry Act (PIA).

The directive, announced by presidential spokesperson Bayo Onanuga, requires that all proceeds from royalty oil, tax oil, profit oil, and profit gas be paid in full into the federation account without deductions, before statutory distribution to the federal, state, and local governments.

A central element of the order strips Nigerian National Petroleum Company Limited (NNPCL) of its long-standing 30 per cent management fee on profit oil and profit gas, a deduction that has repeatedly drawn criticism for significantly reducing funds available for sharing among the three tiers of government. The presidency said the practice undermined constitutional revenue entitlements and weakened public finances.

In addition, the president directed that the 30 per cent Frontier Exploration Fund created under the PIA will no longer be retained or managed by NNPCL. Instead, all funds previously set aside under the arrangement will now flow directly into the federation account for FAAC distribution, altering the financing structure for frontier basin exploration activities.

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The executive order also affects the handling of gas flare penalties. Payments into the Midstream and Downstream Gas Infrastructure Fund have been suspended, with all proceeds from gas flaring penalties now to be paid directly into the federation account. Officials said existing environmental remediation frameworks already cover such obligations, making the additional fund unnecessary.

According to the presidency, the reforms are aimed at blocking overlapping deductions, including management fees and profit retentions, which collectively divert more than two-thirds of potential oil and gas revenues before they reach FAAC. President Tinubu warned that shrinking net oil revenues pose serious risks to national budgeting, debt sustainability, and overall economic stability.

The president emphasised that the new framework will reposition NNPCL strictly as a commercially driven national oil company, removing quasi-fiscal responsibilities while strengthening transparency, accountability, and oversight in Nigeria’s oil and gas revenue management.

To ensure effective implementation, Tinubu approved the establishment of an inter-ministerial committee comprising senior officials from the economic management team, justice sector, and relevant regulatory agencies. The committee is expected to coordinate legal, financial, and operational steps required for immediate compliance.

The president also signalled plans for a broader review of the Petroleum Industry Act, indicating that further amendments may be pursued to address structural and fiscal concerns raised by stakeholders, particularly state governments.

With oil and gas revenues remaining central to Nigeria’s fiscal health, the executive order represents a decisive move to tighten revenue flows, strengthen FAAC allocations, and reinforce fiscal federalism across the country.

Tinubu Ends NNPCL Oil Revenue Deductions, Orders Full FAAC Remittance

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BREAKING: Tinubu Assents to 2026 Electoral Act, Sets Stage for 2027 Elections

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President Bola Ahmed Tinubu
President Bola Ahmed Tinubu

BREAKING: Tinubu Assents to 2026 Electoral Act, Sets Stage for 2027 Elections

President Bola Ahmed Tinubu has signed the 2026 Electoral Act Amendment into law, setting the legal framework for Nigeria’s 2027 general elections.

The signing ceremony took place on Wednesday at the Presidential Villa in Abuja, with Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas in attendance.

The new law, formally known as the 2026 Electoral Act (Amendment) Bill, was recently harmonised and passed by both chambers of the National Assembly amid debate and opposition from minority lawmakers.

The legislative process leading to the signing saw intense deliberations in both the Senate and the House of Representatives. Lawmakers constituted a joint conference committee to reconcile differences between their respective versions of the bill before transmitting the harmonised document to the President for assent. Earlier, Senate President Akpabio had indicated during an emergency plenary session that the President was expected to sign the amended bill before the end of February. That projection materialised within days.

One of the most significant changes introduced by the 2026 Electoral Act is the reduction of the mandatory notice period for general elections from 360 days to 300 days. Lawmakers explained that the adjustment is intended to give the Independent National Electoral Commission (INEC) greater operational flexibility in planning and conducting elections without breaching statutory timelines.

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The issue of electronic transmission of election results generated considerable debate throughout the amendment process. Under the new law, electronic transmission is permitted, while manual collation remains legally recognised, particularly in areas where technical or connectivity challenges arise. INEC retains the authority to issue detailed regulations and guidelines governing how results are transmitted and managed. Supporters argue the compromise reflects operational realities, while critics maintain that the changes may weaken transparency safeguards introduced in previous reforms.

Beyond these headline issues, the amended Act also makes adjustments to party primary timelines, candidate nomination processes, and collation procedures. It includes technical corrections across multiple clauses to improve clarity, reduce ambiguities, and strengthen administrative consistency ahead of the 2027 polls.

With presidential assent now secured, the 2026 Electoral Act becomes the binding legal framework governing presidential, National Assembly, governorship, and state House of Assembly elections. INEC is expected to review and align its regulations and operational guidelines with the new provisions as preparations intensify for the 2027 general elections.

The signing marks a pivotal moment in Nigeria’s democratic process, with political parties, civil society groups, and voters closely watching how the revised electoral framework will shape the next election cycle.

BREAKING: Tinubu Assents to 2026 Electoral Act, Sets Stage for 2027 Elections

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