IMF denies involvement in Nigeria’s fuel subsidy removal – Newstrends
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IMF denies involvement in Nigeria’s fuel subsidy removal

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IMF denies involvement in Nigeria’s fuel subsidy removal

The International Monetary Fund (IMF) clarified that it was not behind Nigeria’s recent removal of fuel subsidies, a decision made independently by the Nigerian government.

The IMF has faced criticism for Nigeria’s recent fiscal reforms, which have led to rising inflation and increased hardship for many citizens.

Speaking at a press conference during the IMF and World Bank Annual Meetings in Washington DC, IMF’s African Region Director, Mr. Abebe Selassie, stated, “The decision was a domestic one. We don’t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK.”

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Mr. Selassie acknowledged the IMF’s guidance on public resource management, noting that, while Nigeria needs substantial investment in infrastructure, healthcare, and education, the government’s choices regarding subsidy removal reflect its long-term strategy for sustainable economic growth. “Ultimately, these are profound domestic and political decisions that the government had to make,” he said, expressing that the IMF sees these choices as steps toward greater public resource efficiency.

Admitting the economic impact on Nigerians, Mr. Selassie encouraged the Nigerian government to roll out social investments to help vulnerable groups manage the transition. “We recognize the significant social costs involved,” he noted. “The government can mitigate these by expanding social protection for the most vulnerable.”

IMF denies involvement in Nigeria’s fuel subsidy removal

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13 passengers burnt to death in Ondo auto crash

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An accident scene File photo

13 passengers burnt to death in Ondo auto crash

The Federal Road Safety Corps, Ondo State Sector Command, says no fewer than 13 people were burnt to death along Ikare-Akoko/ Owo Road on Saturday in the state.

Dr Samuel Ibitoye, FRSC State Sector Commander made this known in a statement made available to the News Agency of Nigeria on Saturday in Akure.

“FRSC regrets to inform the public about a road traffic crash that occurred today 28 December, 2024 at Abule Panu before Ose Bridge, on Owo-Ikare highway, Ondo State.

“The fatal crash which occurred at about 10:14 AM claimed 13 lives of commuters in two buses.

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“A total of 14 people were involved, out of which 13 were burnt beyond recognition, while only one was rescued alive with serious injuries.

“Eyewitness account indicates that the bus coming from Ikare axis had a tyre burst which led to loss of control.

“This was resultant in a head-on collision with the bus loaded with fabric coming from Owo axis.

“Immediately after the collision, the two buses went up in flames. The men of FRSC, Police and Fire Service were swiftly at the crash scene for rescue,” he said.

The FRSC boss said that the injured victim was taken to Federal Medical Centre, Owo, while the deceased were deposited at the morgue of the same hospital.

He, therefore, advised drivers to exercise patience on the roads and passionately maintain their vehicles.

“Passengers are also encouraged to speak out against dangerous driving because road safety is a concern of all,” Ibitoye said.

13 passengers burnt to death in Ondo auto crash
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NDDC empowers Niger Delta young entrepreneurs with N30bn

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NDDC empowers Niger Delta young entrepreneurs with N30bn

The Niger Delta Development Commission (NDDC) has pledged to galvanise the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) by releasing N30 billion counterpart fund for the development of young entrepreneurs.

The NDDC Managing Director, Dr Samuel Ogbuku who disclosed this in Port Harcourt, restated the Commission’s commitment to empowering the people of the region through economic programmes. 

He highlighted the NDCCITMA’s role in training youths, supporting SMEs, and designing industry-friendly skill development programmes.

Ogbuku said the NDDC was supporting the NDCCITMA to drive economic growth and development in the Niger Delta region by providing financial support, training and networking opportunities for businesses and entrepreneurs.

He said,  “We are providing N30 billion to fund projects and support businesses to ensure the sustainability of our youth development initiatives.

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“We will release the matching funds so the entrepreneurs can access them to boost their businesses. In our 2024 budget, we have provision for N30 billion which we are to use as matching funds for the chamber of commerce. We are working towards releasing this fund so that the chamber of commerce can start work in earnest.

“The Niger Delta Chamber of Commerce will strengthen young entrepreneurs in the region. It is no longer acceptable for our youths to be contented with receiving stipends while at home doing nothing.
Ogbuku remarked that the Commission was collaborating with the Bank of Industry, BOI, to ensure the success of NDDC’s youth development programmes.

“The current NDDC Board and Management choose to look at sustainable options in designing youth programmes. In the past, we did a lot in supporting entrepreneurs in the Niger Delta but these activities were not properly documented and backed with verifiable data.

“Our new strategy is to support genuine entrepreneurs rather than people who are just portfolio entrepreneurs because we know that the government alone cannot employ everybody. Many university graduates are coming out, and the government cannot employ all of them. However, we can empower them by creating an environment where they can engage other persons to expand their businesses.”

 

NDDC empowers Niger Delta young entrepreneurs with N30bn

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Oshiomhole supports Edo Assembly suspension of council chairmen

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Adams Oshiomhole

Oshiomhole supports Edo Assembly suspension of council chairmen

The suspension of the 18 elected local government chairmen and their deputies in Edo State has received the backing of former Governor Adams Oshiomhole.

Oshiomhole, now a senator representing Edo North senatorial district, expressed his support for the decision of the State House of Assembly while speaking to newsmen at his residence in Iyamho, Estako West Local Government Area of Edo State.

According to Oshiomhole, the council chairmen were paying huge amounts to the immediate past Governor of the state, Godwin Obaseki. He said that the new Sheriff in town, Governor Monday Okpebholo, is stopping the bad guys and the bleeding that Edo was going through.

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He said, “People already know that there is a new Sheriff in town. He is stopping all the bad guys and stopping the bleeding that Edo was going through.

“It is not a secret that Local Government Councils were paying huge amounts of money to his predecessor (Godwin Obaseki), and he says ‘stop’, not while I am here. We want the money to be used to develop the localities.”

The Edo State House of Assembly had suspended the 18 Local government chairmen and their deputies for two months for alleged insubordination and gross misconduct. The suspension followed a petition to the House by Governor Okpebholo, who accused the council executives of refusing to submit financial account statements of their local government to the state government.

 

Oshiomhole supports Edo Assembly suspension of council chairmen

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