IMF releases $29bn to Nigeria, 69 others – Newstrends
Connect with us

News

IMF releases $29bn to Nigeria, 69 others

Published

on

The International Monetary Fund (IMF) says it has advanced $29bn under the Rapid Credit Facility and Rapid Financing instrument to Nigeria and 69 other countries.
It stated this in an emailed report on Monday.
This was part of its updated economic funding support totalling $99bn to 70 emerging and developing economies to tackle COVID-19 pandemic.
Nigeria got $3.4bn of the $29bn to enable it to strengthen balance of payment and local currency.
The fund said other countries also benefited from the support fund through other channels, including augmentations under existing programmes, to the tune of over $70bn, thus bringing the total support fund to the $99bn.
Many African countries like Ghana, Gabon and South Africa, among others, have been knocking on the IMF’s door for financial assistance to fight the pandemic.
As the virus plunged Africa into its deepest recession in decades, IMF continued to support many of the member countries to pull out of the financial implications on their economies.
IMF Managing Director Kristalina Georgieva said the fund was meant to assist Nigeria’s fight against COVID-19 and resolve urgent balance of payment needs.
The fund said even compared to previous crises such as the Ebola epidemic, the needs triggered by this current pandemic are unprecedented.
“The fund’s rapid response helped many countries to contain and mitigate the impact of this external shock,’’ according to the report.
This financial assistance does not have traditional IMF conditionalities and phasing of disbursements over time. But countries still undertake policy commitments to address their difficulties, and governance commitments about how those resources are to be spent.
The Fund said the human toll and global economic disruption from the COVID-19 pandemic triggered unprecedented demand for financing.
The multilateral institution added that it had provided relief to more than one-third of its membership.
“Since the onset of the pandemic, the IMF has responded rapidly and decisively to meet urgent and exceptional demand for financial assistance from its membership,” it said in the statement.
Since March 2020, 70 members, including many low-income countries, have received financial support under the two instruments created to address urgent financing needs that may arise from natural disasters (including pandemics, earthquakes and hurricanes).
The IMF explained that in April, it approved a broad package of reforms, which built on previous changes to strengthen the reach and flexibility of financial assistance under these facilities.
The IMF disclosed that across Africa, countries are trying to build buffers to strengthen their economies, and for Nigeria, it is through the collection of taxes.
It said Nigeria should use the crisis to transform into a more resilient economy.

News

Protest: Police combat ready, deploy 4,200 operatives to FCT strategic places

Published

on

Protest: Police combat ready, deploy 4,200 operatives to FCT strategic places

The police say they are combat ready to crush any form of violence that may result from nationwide protests planned for next Thursday August 1 by some Nigerians against hardship and bad governance.

Indeed, starting with the Federal Capital Territory, Abuja, the police said it had deployed armed operatives to strategic locations.

The FCT Minister Nyesom Wike had earlier warned the organisers of the protest that Abuja would not be available for any rally or demonstration on August 1.

But a statement by Police Public Relations Officer, SP Josephine Adeh, in Abuja on Friday, said the FCT Command had deployed a total of 4,200 police officers to curb any form of violence that might arise from the protest.

The command was reacting in anticipation of the planned nationwide protest by some human rights activists and Nigerian youths, to publicly express their displeasure over hunger and hardship.

The planned protest has since generated massive traction on social media, especially on X.

According to Adeh, the command has proactively deployed material and human resources across the nooks and crannies of the nation’s capital.

 

The deployment, he said, was aimed at ensuring public safety, protecting protesters, and preventing protests from being hijacked by non-state actors.

The police command said the action was part of visibility policing, involving deployment of explosive ordinance devices (EOD) experts, and personnel at various strategic locations, raids on identified black spots, uncompleted buildings/shanties, stop and search, vehicular and foot patrol, and synergy with sister security agencies.

The Commissioner of Police FCT, Benneth Igweh, while acknowledging the right of residents to protest, advised that it should be peaceful.

He wrote, “The CP vows to resist all forms of violent protest and lawlessness, as the police will not be stampeded into allowing the destruction of public and private properties or loss of lives.

Residents are also advised to be vigilant and take advantage of the police emergency lines, to report suspicious activities through 08032003913, 08028940883, 08061581938, 07057337653 PCB: 09022222352, and CRU: 08107314192.

Continue Reading

News

National Assembly urged to create more councils for Lagos

Published

on

National Assembly

National Assembly urged to create more councils for Lagos

National Assembly has been urged to create more local governments for Lagos State, to meet its current population, social, economic and environmental challenges.

The Red Chamber is also advised to enact laws granting the state a special status for being the country’s commercial city and economic melting pot.

Renowned socio-political activist and critic, Chief Adesunbo Onitiri, made the demands in a statement in Lagos.

The activist recalled that in 1976 when the military government created states and local governments, Lagos and Kano states had 20 councils each.

“Later, Kano State councils increased to 44, while Lagos councils remained at 20. When the Abacha government carved out Jigawa State out of Kano State, Jigawa got 27 local governments, while Kano was still having 44 councils.

READ ALSO:

“It is an injustice for Lagos State to remain with only 20 local governments till today, despite its gigantic social, security and economic problems,” Onitiri said.

He recalled that when the then Governor of Lagos State, now Nigeria’s  President, Asiwaju Bola Ahmed Tinubu, created 37 additional councils in 1999, Chief Olusegun Obasanjo, then President, seized Lagos State federal allocations for two years.

He said Lagos State through the then Attorney-General, Prof. Yemi Osinbajo, sued the Federal Government, and the state government won the case against Federal Government at the Supreme Court.

He regretted that till now, National Assembly has not done the needful to enact a law to accommodate the 37 local governments created by Lagos State Government.

“Now that the National Assembly is making a law to create additional states for the people of Southeast, it is reasonable, fair and timely to create additional local governments for Lagos State.”

National Assembly urged to create more councils for Lagos

Continue Reading

News

FG warns LG chairs misusing FAAC funds will face jail term

Published

on

Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN)

FG warns LG chairs misusing FAAC funds will face jail term

The Federal Government has threatened jail terms for Local Government Area chairmen who tamper with Federation Accounts Allocation Committee funds.

Lateef Fagbemi (SAN), the Attorney General of the Federation and Minister of Justice, made the announcement yesterday at the Human Rights Writers Association of Nigeria’s 17th annual lecture event in Abuja.

He stated that none of the chairmen have immunity and will be imprisoned if they tamper with funds designated for the development of their areas. Fagbemi stated, “We have a situation on our hands; I know that it is still there; the conduct of elections must be done by the states.”

“But the distinction is this: don’t forget, the governors have immunity, the local government council chairmen or councillors, they have no immunity, so they have to choose between dealing with the funds of the local government as they like and risking going to jail. The choice is theirs (LG chairmen).

“If they want to tamper with these funds and end up in jail, it is their choice. If they want to write their names in letters of gold, activities like construction or road upgrades must be returned to the local government. They don’t all have to come to Abuja.

READ ALSO:

“If they stay at the local government, we will be able to reduce the level of insecurity that we have in Nigeria today. What obtains offshore is that the security agents are able to perform optimally because of information that comes to them from members of the public and usually it is from the grassroots.”

The minister said the federal government opted to use the supreme court to achieve local government autonomy due to the challenges it will face at state assemblies, stressing that any speaker who would have supported the cause will not survive the tenure or lose his reelection.

The Minister stated that for over two decades, local government administration in the country has been in comatose with state governments not remitting funds meant for the local governments.

Fagbemi, who urged security agents in the country to stop keeping suspects in detention beyond the period allowed by the constitution, added that detention without any court order will no longer be tolerated as appropriate sanctions will be applied to those found guilty of contravening the law of the land.

On his part, the National coordinator of HURIWA, Comrade Emmanuel Onwubiko, urged the federal government to cut down on the cost of governance.

He blamed corruption for the insecurity and high unemployment rate in the country, which is responsible for impending protests in the country.

FG warns LG chairs misusing FAAC funds will face jail term

Continue Reading

Trending