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

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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.

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BREAKING: Tinubu appoints new Head of Service

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Mrs. Didi Esther Walson-Jack

BREAKING: Tinubu appoints new Head of Service

President Bola Tinubu has approved the appointment of Mrs. Didi Esther Walson-Jack as the Head of the Civil Service of the Federation (HoCSF), with effect from August 14, 2024.

According to a statement by Presidential spokesman, Ajuri Ngelale, on Wednesday night, Mrs. Walson-Jack was appointed as Federal Permanent Secretary in 2017 and had served in several Ministries.

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“The new appointee will take over from the incumbent Head of the Civil Service of the Federation, Dr. Folasade Yemi-Esan, who is due to retire on August 13, 2024.

“President Tinubu, while thanking the outgoing Head of Service for her stewardship, tasks the incoming Head of Service to discharge her duties with innovative flair, integrity, and stringent adherence to the extant rules and regulations of the Civil Service of the Federation,” he added.

BREAKING: Tinubu appoints new Head of Service

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Gov Zulum begs Nigerians not to stage nationwide protests

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Borno State governor, Babagana Umara Zulum

Gov Zulum begs Nigerians not to stage nationwide protests

Governor Babagana Zulum of Borno State has appealed to residents of Borno and Nigerians to refrain from participating in the proposed nationwide protests slated for next month.

During a stakeholders’ town hall meeting held at the Government House in Maiduguri on Wednesday, Zulum emphasized the importance of engaging in constructive dialogue instead of protests, which he believes may lead to violence and distractions. He highlighted the severe impact of the 13-year insurgency conflicts on the state and noted that protests would not be the best approach to maintaining the relative peace currently being enjoyed in Borno.

“Any break of law and order will be a disaster for us. I am appealing to the people, not only of Borno State but all Nigerians, to shun any protests that will bring hardship to Nigerians. Let us engage in positive dialogues. The Federal and state governments are doing everything possible to reduce the hardships people face in Nigeria,” Zulum said.

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He stated, “The Government of Borno State and its people have been experiencing insurgency for the past 13 years, but now peace has gradually returned to Borno State, and we must maintain this peace.”

Zulum expressed satisfaction that many stakeholders had committed not to join the protests and assured that the government of Borno State would follow up to ensure these commitments are upheld.

The town hall meeting was attended by heads of security agencies, traditional rulers, the Network of Civil Society Organizations, Young Peace Advocates, the Nigerian Union of Journalists, and the Nigerian Bar Association. Other attendees included representatives from the Civilian Joint Task Force, the Christian Association of Nigeria, Jammatul Nasir Islam, student and youth groups, women’s groups, traders, people living with disabilities, and the Nigeria Labour Congress.

Gov Zulum begs Nigerians not to stage nationwide protests

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401 Osun LG caretaker leaders quit after S’Court judgment

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401 Osun LG caretaker leaders quit after S’Court judgment

Four hundred and one chairmen and members of caretaker committees running Local Government Areas and Local Council Development Areas in Osun State have all resigned their positions.

Those that resigned include; 69 caretaker chairmen and 332 caretaker members drawn from each of the 332 wards in the state.

Letters of resignation of the chairmen circulated on social media on Wednesday but a clear reason behind their resignation was not given.

In one of the letters seen by PUNCH, the caretaker chairman of Odo-Otin local government area, Okuku, Adewale Adeyinka, said he was quitting office to pursue other opportunities to serve his people.

The letter addressed to Osun State Governor, Ademola Adeleke, dated July 17, 2024, partly read,  “It is with a sense of duty and respect for our democratic principles that I write to tender my resignation from my position as Chairman of the Caretaker Committee for Odo-Otin Local Government, effective immediately.

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“As I move on to pursue further opportunities to serve my people, I want to assure you that the good work we have started will not end.

“I remain committed to supporting the growth and development of Odo-Otin Local Government in any capacity I can.”

When contacted for comment on Wednesday, the immediate past chairman of the Association of Local Government of Nigeria in Osun State, Sarafadeen Awotunde, said all the 69 caretaker chairmen and 332 members drawn from different wards across the state have resigned their positions since the Supreme Court has declared them as illegal office occupants.

Asked to confirm the resignation of the 332 caretaker members and the chairmen, Awotunde said, “Since we already called them caretaker, I don’t think there is any appropriate word to use than that they resigned. Nobody sacked them.

“Caretakers have temporary time to spend. It means their time is over. If you look at it critically, you will see that the Supreme Court has given a verdict. So whatever is called caretaker now is illegal. So, there is nothing like a caretaker in Nigeria again.”

In Osun State, there are 30 local government areas, 32 local council development authorities, 6 area councils and one administrative office.

The last set of caretaker committee chairmen and members were appointed by Adeleke in August 2023 and their tenure of office was extended by 6 months in February 2024.

401 Osun LG caretaker leaders quit after S’Court judgment

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