Nigeria Rejects Fresh IMF Loans Amid Push for Economic Reforms

Nigeria has ruled out any immediate plans to seek loans from the International Monetary Fund (IMF) or other multilateral financial institutions, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

Edun made the position known on Thursday during the Finance Ministers’ press briefing at the ongoing IMF–World Bank Spring Meetings in Washington, D.C., stressing that the country is not currently considering new external borrowing from the IMF.

“Nigeria has no plans at the moment to approach the IMF or any other institution to borrow funds,” he said.

He explained that the decision reflects both fiscal strategy and broader concerns about the cost of borrowing, particularly the high interest rates faced by African economies in global financial markets.

According to him, elevated debt servicing costs are placing significant pressure on government revenues, limiting the ability of many countries to invest in critical sectors such as health, education, and infrastructure.

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“At the elevated interest rates that African countries pay, the premium on commercial debt is out of reason and contributes to debt distress,” Edun said, noting that a large portion of national revenue in many developing economies is now directed toward debt repayment.

He added that reducing borrowing costs across Africa would require stronger economic reforms, improved debt-to-GDP ratios, and increased use of technology to enhance efficiency and revenue generation.

Edun also reiterated President Bola Tinubu’s call for a review of the high risk premiums charged on African borrowing, arguing that fairer global financing terms would improve development outcomes across the continent.

As part of broader regional financial planning, Nigeria is also pushing ahead with efforts to host the African Monetary Institute, a key step toward deeper monetary cooperation and financial integration in Africa ahead of its planned rollout in 2026.

On global financial support, the minister urged the IMF to accelerate the disbursement of proposed assistance packages, including a suggested $50 billion support programme for economies affected by global conflicts and economic shocks.

He noted that many vulnerable economies, particularly in Africa, stand to benefit from such funding but stressed the importance of timely and large-scale disbursement.

Edun also highlighted Nigeria’s ongoing domestic reforms, including the removal of fuel subsidies, which he said previously consumed as much as 5 percent of GDP, as part of efforts to strengthen fiscal sustainability and reduce dependence on external borrowing.

He maintained that the government’s focus remains on stabilising the economy through reforms that improve revenue generation, reduce inefficiencies, and attract private sector investment rather than relying on new IMF facilities.

Nigeria Rejects Fresh IMF Loans Amid Push for Economic Reforms

INEC Revises Osun Governorship Campaign Deadline 

The Independent National Electoral Commission (INEC) has adjusted the campaign deadline for the Osun State governorship election, aligning it with the recently shifted election date.

INEC had earlier, on February 26, 2026, revised the electoral timetable and moved the Osun governorship election from August 8 to August 15, 2026, as part of broader scheduling adjustments ahead of the 2027 general elections.

In a statement issued on Thursday, INEC National Commissioner and Chairman of Information and Voter Education, Mohammed Haruna, confirmed that political campaigns will now end at midnight on Thursday, August 13, 2026.

He explained that the adjustment complies with Section 98(1) of the Electoral Act, which mandates that all political campaigns must cease 24 hours before election day.

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INEC emphasised that all political parties, candidates, and stakeholders must strictly adhere to the updated timeline to ensure a smooth and credible electoral process.

The commission also reiterated its commitment to delivering free, fair, credible, and inclusive elections, urging parties to conduct issue-based campaigns and avoid actions capable of inciting tension.

The Osun governorship election is a key off-cycle poll expected to test INEC’s preparedness and operational capacity ahead of the 2027 general elections, with multiple political parties already gearing up for what is anticipated to be a closely contested race.

The adjustment of the campaign deadline is part of INEC’s broader efforts to maintain compliance with electoral laws while ensuring adequate time for logistical preparations and stakeholder coordination.

INEC Revises Osun Governorship Campaign Deadline

The Atiku, Obi, Kwankwaso Camps Clash as ADC Grapples with Leadership Dispute

The race for the presidential ticket of the African Democratic Congress (ADC) has intensified internal divisions within the party, as supporters of leading aspirants remain sharply divided ahead of its primaries.

The unfolding crisis comes amid unresolved leadership disputes that have left the party without formal recognition from the Independent National Electoral Commission (INEC), raising concerns about the legitimacy of its internal processes.

INEC’s position follows a ruling by the Court of Appeal in a suit challenging the emergence of key figures, including David Mark and Rauf Aregbesola, as members of the party’s National Working Committee.

The leadership tussle has splintered the ADC into three factions, each laying claim to the party’s structure. This fragmentation has stalled activities across several state chapters, many of which have been unable to conduct congresses.

Despite the uncertainty, the party proceeded with its national convention in Abuja on Tuesday without INEC monitoring—a move political observers have described as risky and potentially undermining the party’s credibility.

At the centre of the crisis are three prominent political figures—Atiku Abubakar, Peter Obi, and Rabiu Kwankwaso—all believed to be eyeing the party’s presidential ticket for the 2027 general election.

The trio, who recently defected from different political platforms, have become rallying points for competing interests within the ADC.

Tensions escalated further following a proposal from Atiku’s camp advocating a joint ticket with Obi. The suggestion, championed by media personality and politician Dele Momodu, was based on their previous alliance in the 2019 elections.

“I’d pair him with Peter Obi because they worked together in 2019,” Momodu said, arguing that such a combination could broaden the opposition’s electoral appeal.

However, the proposal has been firmly rejected by Obi’s supporters, who insist that the party’s presidential ticket should be zoned to the South.

The National Coordinator of the Obedient Movement, Tanko Yunusa, stressed that zoning remains crucial to the party’s success in 2027. He argued that once the ticket is zoned to the South, Obi should emerge as the candidate, with Kwankwaso as his running mate.

According to Yunusa, Obi enjoys widespread acceptance within the party, warning that failure to respect zoning arrangements could jeopardize the ADC’s chances at the polls.

“It’s a Southern presidency; anything short of that will only lead to defeat,” he said.

Within the party, there is also a growing perception that Atiku, owing to his extensive political experience, could have an advantage in a competitive primary. This has heightened concerns among Obi’s supporters, who believe zoning the ticket would ensure a level playing field.

Meanwhile, Obi has reiterated his opposition to what he described as “transactional” primaries, warning that he would not participate in any process lacking transparency and fairness.

Reacting to the deepening divisions, ADC National Publicity Secretary, Bolaji Abdullahi, assured party members that all aspirants would be given equal opportunity. He maintained that the party remains committed to conducting a credible and transparent primary process despite its ongoing internal challenges.

As the 2027 general election approaches, the ADC’s ability to resolve its leadership crisis and unify its ranks may prove decisive in determining its viability as a formidable opposition platform.

The Atiku, Obi, Kwankwaso Camps Clash as ADC Grapples with Leadership Dispute