Ex-Minister Kicks As Buhari Fills FCC With Northerners

By

-

April 30, 2020

By Fola James

President Muhammadu Buhari has not managed to shed the garb of northernising major government appointments since he came to office in 2015, his critics have often said.

He has done it again, according to Osita Chidoka, a PDP chieftain who took a swipe at the president for appointing two northerners as chairman and Secretary of the Federal Character Commission, FCC.

The president had on Wednesday forwarded the names of nominees from 36 states in the country and FCT to the Senate for approval as members of the Commission.

But looking at the nominees, Chidoka, a former minister Corp Marshal of the Federal Road Safety Commission, FRSC, said the president has failed to convince Nigerians that he’s a detribalized Nigerian.

He said the nomination of candidates from northern states of Kwara and Taraba as chairman, and secretary, respectively, of Federal Character Commission, FCC, negates the spirit of the constitution.

The nomination, he explained also violated Section 4 of the subsidiary legislation which states that the distribution of position shall be across the zones.

He said President Buhari should have taken a cue from his predecessors who strictly followed the constitution in making such appointments.

Chidoka said, “Where the number of positions available cannot go round the states of the federation or the Federal Capital, the distribution shall be on zonal basis, but in the case where two positions are available, the positions shall be shared between the northern and southern zones.

The former Aviation Minister sated that the appointment of Mohammed Bello Tukur, the Legal Adviser of the Miyetti Allah Cattle Breeders Association of Nigeria, MACBAN, as Secretary of the FCC, should have paved the way for the first southern Chairman of the commission.

Rather “in a rather brazen act” he said, ”the penultimate acting Chairman Mallam Shettima rather than handover to a southern commissioner handed over to the Secretary of the Commission. “

He said “The President in violation of Chapter 2 of the constitution aptly named Fundamental Objectives and Directive Principles of State Policy that provides in Section 13 that; ‘It shall be the duty and responsibility of all organs of government, and of all authorities and persons, exercising legislative, executive or judicial powers, to conform to, observe and apply the provisions of this Chapter of this Constitution’ has appointed a Chairman in violation of the spirit and letters of our laws.

The ex-minister further explains that “Chapter 2 Sec14(3) expressly mandates that ‘The composition of the Government of the Federation or any of its agencies and the conduct of its affairs shall be carried out in such a manner as to reflect the federal character of Nigeria and the need to promote national unity, and also to command national loyalty, thereby ensuring that there shall be no predominance of persons from a few state or from a few ethnic or other sectional groups in that government or in any of its agencies’.

He said the Buhari administration “has consistently violated one of the most ingenious and ambitious affirmative actions entrenched in our constitution to promote national unity uniquely named Federal Character.”

Chidoka said the nomination should be allowed to stand, urging well meaning Nigerians to speak against the perceived injustice by making sure that President is checkmated for continuously sowing the seed of discord among Nigerains.

Therefore, “The Senate should emphasise the supremacy of our constitution and the need to build an inclusive state,” Chidoka.

COVID 19: FCMB Sustains Multi-Dimensional Support To Govt, Nigerians

By

Bayo Bernard

-

April 30, 2020

0

By Fola James

First City Monument Bank, FCMB, the leading financial services provider has stepped up the tempo of interventions through various humanitarian gestures even as the corona virus pandemic takes an intense twist, with prevalent negative effect on individuals, households, businesses and health systems.

As a caring and responsive Bank, FCMB has ensured the stability of its robust digital channels thereby enabling customers to have full access to financial transactions and other services, while also helping the government, communities and individuals to mitigate the impact of the pandemic.

The bank has hinged its interventions on providing relief across a range of areas spanning testing, the provision of PPEs (personal protective equipment), food for the very vulnerable and ease of doing business for small and medium scale firms.

FCMB’s most significant contribution is the N250 million donated to the intervention initiative set up by the Central Bank of Nigeria (CBN), in partnership with the private sector, to assist the Federal Government respond effectively to COVID-19, known as the Private Sector Coalition Against COVID-19 (CACOVID) .

The fund will also support households and businesses to mitigate the impact of the virus, through the building of isolation and treatment centres, providing personal protective equipment and distributing food to over 10 million of the most economically vulnerable Nigerians.

Also, FCMB is providing relief items to challenged individuals and households across Nigeria affected by the lockdown by working with various charities and state governments.

The palliatives include Personal Protective Equipment for health workers and food items to sustain a large section of the population whose means of livelihood have been affected by COVID-19 and the prevalent lockdown.

In addition, the Bank has provided support to givefood.ng coalition, coordinated by Babban Gona Farmer Services Nigeria (an agricultural franchise), which aims to provide meals for 1 million vulnerable Nigerians every week.

This will go a long way to sustain a large section of the population whose means of livelihood have been affected by COVID – 19 and the prevalent lockdown.

In partnership with 54gene, FCMB is also sponsoring the testing of 3,000 people in Ogun state to determine their COVID-19 status. This support is complementing the State’s effort to determine and mitigate the extent of the spread of the pandemic.

The financial institution is equally supporting borrowing customers by providing payment moratoria during this period, to ensure they are able to survive and continue to pay their workers.

FCMB has continued to distinguish itself through innovation and the delivery of exceptional services and the institution firmly believes that the nation will emerge stronger and much more resilient at the end of the pandemic.

Imo: How Uzodinma Left Okorocha, Araraume In The Lurch

By

The Source

-

April 29, 2020

0

By Ebere Levi

Imo’s political firmament is witnessing reconfiguration, albeit surreptitiously.

Political gladiators on both sides of the divide- The Peoples Democratic Party, PDP and the All Progressives Congress, APC, who were rankled by what they describe as “the default” emergence of Senator Hope Uzodinma as governor, have now come to terms with the fact that he will be on the driver’s seat of the state for the next four years.

Opposition politics versus the stomach

This magazine has it on good authority that as it is now, what exists in Imo is a feeble opposition as elements of political factions are more after what patronage they can grab from the Uzodinma administration than dissipating energy on opposition politics.

“What are you opposing when you know that in the next four years, the man will remain governor. Is it not better to support his government and get something than dissipate energy on intra-party animosity and remain politically irrelevant for four years?, asked a member of Okorocha’s APC faction who confessed he was angling for an appointment in the Uzodinma administration.

Okorocha, Ararume, Nwosu, in the Lurch

Individual members of the APC factions who hitherto aligned variously with former governor Rochas Okorocha, Senator Ifeanyi Araraume, Uche Nwosu ( Okorocha’s son- inlaw who competed for the Imo APC guber ticket with Uzodinma) among others against Uzodinma, The Source was told, are now side-tracking their principals to chart a different political course for themselves.

This, even, as governor Uzodinma has also side-tracked the APC chieftains in running his government.

“The governor has the entire APC structure in Imo in his kitty, and is, therefore, in firm control of both the party and the state”, a member of Uzodinma’s faction told the Magazine in Owerri, the Imo state capital, adding, “this explains why Okorocha and Araraume’s loyalists are frantically making personal representations to Onwa to be remembered in the next phase of political appointments, His Excellency, having elected to ignore camps of the APC bigwigs in his recent appointments”

Rochas Okorocha — Okorocha: **Left in the cold**

A Clean Break from Tainted Past

Uzodinma’s Supreme court victory in January presented a semblance of amity among the APC hawks as many of them swarmed round the then newly proclaimed governor, leaving pundits to conclude that the governor’s cabinet would be an amalgam of competing interests.

However, very credible sources close to Uzodinma told this magazine that the governor had long made up his mind to break from the past, and be his own man, especially, as the story had, falsely, spread like wild fire that former Governor Rochas Okorocha was instrumental to Uzodinma’s victory, and that the Governor would dance to Okorocha’s tunes.

That expectation has, however, turned out wrong. Said a source close to him:

“Onwa (Uzodinma’s chieftaincy title), even as the candidate of the APC in the 2019 election, made it clear that if he won, he will run Imo for Ndi Imo, and would not be beholden to some interest or service such interests in terms of political patronage.

“So, Onwa had resolved long before now to have a clean break from a tainted past of Imo politics”.

Another source succinctly told the magazine thus: “His Excellency is too politically sophisticated to turn round and pander to the whims and caprices of the same old order he fought to liberate Imo from. It cannot happen”.

“Onwa will Shine in Imo North”

“Onwa”, Governor Uzodinma’s title means moon in the Igbo language and his camp is upbeat that he would shine brightly and overwhelm anyone standing between him and installing a replacement for the late Senator Ben Uwajimogu who represented Imo North( Okigwe zone) senatorial district.Uwajimogu, an APC Senator, died suddenly last December.

While Araraume who represented the Senatorial district in the Senate between 1999 and 2007 on the platform of the PDP is angling for a comeback on the banner of the APC, having collapsed his APGA structure under which he contested the 2019 election into the the party( APC), Okorocha’s camp is keeping its candidate close to its chest though it is being speculated that Uwajimogu’s widow is its preferred choice.

However, a source close to governor Uzodinma told this Magazine that when the chips are down, “boys will be separated from men as far as Okigwe senatorial by- election is concerned because Onwa will shine so brightly and overwhelm them. One thing is clear: Okigwe zone will not be allowed to fall into the hands of wolfs”

An Uzodinma supporter from the zone, who pleaded anonymity, was more blunt: “Senator Araraume will not be allowed to replace Uwajimogu and Okorocha will be stopped on his track”

Is Ihedioha Walking Alone?

Former governor Emeka Ihedioha whose governorship was abruptly abbreviated on January 14th 2020 by a surprise Supreme court pronouncement may have been politically orphaned by the apex court.

Even though he is still hugely popular with the masses, The Source gathered that apart from some members of his own faction of the PDP, the rest of the members are clandestinely hobnobbing with Governor Uzodinma.

It was learnt that majority of PDP bigwigs in Imo regard the governor as PDP in soul and spirit, but APC in body, and they are always quick to point out that Uzodinma was the most resourceful PDP member, Senator, and financier in the state before he lost the party’s structure following the ouster of the Ali Modu Sheriff’s faction by the Supreme court.

During the long-drawn PDP leadership tussle in the court between Sheriff, a former Borno governor and Ahmed Markafi, a former Kaduna state governor, Uzodinma, then a PDP Senator, queued behind the Borno former governor.

“PDP in Imo is not in opposition to Uzodinma and will not be.The spasmodic outbursts you see atimes are just empty noise, what you are seeing is half hearted opposition”, a party insider told the magazine.

He continued: “We have no quarrel with governor Uzodinma; he is still one of us and I can tell you that he is PDP at heart and in soul. And who even told you that the APC and PDP will remain in their original form before 2023? There is the likelihood of a huge alteration and configuration in the two parties giving rise to a cross- breed political realignment, so why oppose Uzodinma? Its unnecessary”

The magazine gathered that even though, naturally, PDP members loyal to Ihedioha are hurting, but most of those opposed to Uzodinma are Okorocha’s faction of the APC.

In the coming Imo North senatorial bye election, the magazine learnt that while the Ihedioha camp is throwing its weight behind Senator Athan Achonu who was displaced by the late Uwajimogu, a sizeable number of PDP stakeholders in the state are rooting for any candidate presented by Governor Uzodinma.

COVID-19: How Buhari Was Blackmailed To Stand Logic On Its Head – APC Senator

By

The Source

-

April 29, 2020

0

By Charles Igbo

A third term Senator of the Federal Republic, Teslim Folarin, has rubbished President Muhammadu Buhari’s recent nationwide broadcast on the state of COVID-19 in the country.

Folarin, APC, representing Oyo Central Senatorial Zone, said the decisions and actions taken by the President, stood logic on its head.

The Senator wondered how the President could succumb to pressure and blackmail to relax the lockdown, insisting that the action would do public more harm than good.

Folarin who spoke in a Radio Programme in Ibadan, revealing what went on behind the scene said the President succumbed to blackmail by Governors.

According to him, the Governors, who didn’t want to spend their own money, had asked the President to give them money if he wanted them to lock down their States.

The President did not give them, and so, resorted to partially lifting the lockdown in the FCT, Lagos state, and Ogun state. He said between the first and second lockdown, the Virus had spread to more states, and the number of victims increased by about 147 %. For him, the most appropriate thing was for the President to announce an extension of the lockdown.

Folarin: “As at Tuesday, we have 1,273 cases, 40 deaths in 32 states, amounting to a 294 % rise. Mr President’s action stands against all logic. If I have to be honest with you, I was disappointed by the action the President took. It stands against all logic.

“The Governors didn’t want to spend money. I don’t know why. They said to the President behind the scene, if you want us to lockdown, give us money, and the President was not willing to release any money to them.

“So, they put pressure on the President, and Mr President, seeing high resistance from the citizens that there can’t be total lockdown without palliatives, succumbed.

” For that reason, Mr President allowed the Governors to have their way.”

FG, China Set For Diplomatic Row After H/ Reps Order

By

Bayo Bernard

-

April 29, 2020

0

By Fola James

Barely one month after the Speaker of the House of Representative, Femi Gbajabiamila, summoned and reprimanded the Chinese ambassador to Nigeria, the lower chamber, yesterday, directed the federal government to deport all illegal Chinese immigrants back to their country.

The decision to deport Chinese national is considered, by not a few, a retaliatory measure against Nigerians in China since the global outbreak of the corona virus pandemic.

The lawmakers, on Tuesday resumed after over one month recess to move a motion seeking relevant government agencies to check the validity of immigration documents of Chinese nationals in Nigeria, with a view to fishing out illegal and undocumented immigrants and repatriate them back home.

The bill, titled Maltreatment and Institutional Acts of Racial Discrimination against Nigerians Living in China by the Government of China, was sponsored by 10 members: Benjamin Okezie Kalu, Yusuf Buba, John Dyegh, Babajimi Benson and Tunji Olawuyi.

Others are Zakari Galadima, Olubunmi Tunji-Ojo, Nnoli Nnaji, Dennis Idahosa and Tolu Shadipe.

The lawmakers adopted the motion which seeks; “one, condemn, in its entirety, the maltreatment, discrimination and xenophobic attacks against Nigerians in the Peoples Republic of China; two, urge the Ministry of Foreign Affairs and all relevant agencies to ensure that all Nigerians who wish to return home, including Nigerians that only visited for business, Nigerians with any form of travel document and identification, Nigerians with passports but expired visas, and Nigerians with passports and valid visas who have been ejected by house owners, Nigerians who have tested negative for COVID-19, are evacuated from China and quarantined upon arrival.”

They directed the Attorney General of the federation and Minister of Justice, Abubakar Malami and other relevant government agencies to reach out to Nigerians abroad facing problems in their resident countries, with a view to helping them out.

The lawmakers said “The bill also urges the Attorney General of the Federation and Minister of Justice, the Ministry of Foreign Affairs and all relevant agencies to provide all necessary financial and other assistance to affected Nigerian citizens in China who wish to seek redress in any local or international court for breach of fundamental rights, loss of property or any other actionable cause occasioned by their maltreatment or discrimination in China.

“Four, it mandates the Committees on Interior, Nigeria Content Development and Monitoring, and Commerce to investigate the Nigerian Immigration, Corporate Affairs Commission, Nigerian Content and Development Monitoring Board, and any other relevant Ministry, Department or Agency to check the validity of all immigration documents of every Chinese person in Nigeria and the expatriate quota of all the Chinese businesses in Nigeria to ascertain the number of illegal and undocumented Chinese immigrants in Nigeria and to repatriate them to China.”

Meanwhile, diplomatic analysts insist that it will be difficult for the President Muhammadu Buhari’s administration to be involved in any diplomatic spat with the Peoples’ Republic of China which is one of Nigeria’s biggest creditors.

The federal government has recently applied, from the Chinese government a $17 billion to finance critical infrastructure in the country.

Ebonyi: Umahi’s Head Bowed In Shame, Apologises To Journalists

By

Bayo Bernard

-

April 29, 2020

0

Governor Dave Umahi of Ebonyi state has won many battles in life, but the recent one he set up against the media has ended badly for him, so much so that the state’s helmsman, who’s believed to be nursing a presidential, has now been forced to bow his head in shame.

Recall that last Wednesday, Umahi, in continuation of his war on the media banned for life, the state correspondents of The Sun newspaper, Chijioke Agwu, and the Vanguard newspaper, Peter Okutu, from entering the Government House or any government facility in the state.

In the statewide broadcast, the Ebonyi helmsman banned the two journalists from covering the state ‘for life’, a situation that generated public outcry against the governor from prominent Nigerians and the media.

Governor Umahi has now recanted and apologized for his unruly behavior against the journalists.

In a television broadcast on Tuesday, the governor said he has now realized his folly and is prepared to work amicably with the media.

According to him “I have directed that the unfortunate incident with the press was not intentional but I’m asking everybody to disregard what has happened because we are all partners in progress and let us work together.

But I will advise that you please cross-check information.

There are certain write-ups that people are not happy about and that is why I said please let everybody down tools in love and work together.”

The governor has invited the two journalists to the government house to publicly apologise to them.

He said “I specifically asked that the SUN and Vanguard reporters be invited, as a father when you beat a child with one hand, you bring the child back with another hand.

I believe strongly that if anybody wants to intentionally bring you down he can’t pull you down standing, he will certainly go down with you.

And you may even rise above of him. But the single way to be happy in life is to be happy with success.

We must work together, he said, and “I want to invite the press for partnership and also ask them to also please helps build the state. Nobody said you should do preferential reporting, nobody said you should not report the truth because our state is peculiar. Everybody has forgotten what happened let’s work together.”

Governor Umahi, had, penultimate Saturday, ordered the arrest of Agwu over a report he did on the Lassa Fever outbreak in the state.

Three days later, Okutu was arrested on the orders of Ohaukwu LGA Chairman, Clement Odah, over a report he did on the alleged military invasion of Umuogodoakpu-Ngbo community in the council area.

Both Journalists were later released.

Covid-19: Gov. Bello Says NCDC Is Spreading Lies; Insists Kogi Is Coronavirus Free

By

The Source

-

April 29, 2020

0

By Akinwale Kasali

Governor Yahaya Bello of Kogi State has asked the Director General of Nigeria Center for Disease Control, NCDC, to stop spreading falsehood about the state of Covid-19 in Kogi State.

The Governor stated that since Kogi was one of the only three states in the country yet to record any case of COVID-19, it found the comments by the NCDC DG to shame the state incredibly distressing.

In a statement by Governor Bello, through the Commissioner for Information, Hon. Kingsley Fanwo, he said it is disheartening that the NCDC DG could potray what is not, labelling the State as a State harbouring Covid-19 victims.

“What we expect from the NCDC is commendation for our efforts to contain the outbreak of the pandemic,” Fanwo, noted.

Fanwo said Kogi State has religiously followed all the NCDC and World Health Organization (WHO) COVID-19 advisories, both for identifying cases and preventing spread.

He further said: “Kogi State confesses that it is not aware the COVID-19 pandemic in Nigeria is a one-legged race to see which state can put as many cases as possible into the national incident basket, and even if such were to be the case, the current administration in Kogi State does not play such games with the lives and psychology of its people.

“The Governor of Kogi State does not believe that increasing the burden on the overwhelmed NCDC and the other agencies cum resources labouring in the frontlines of our response to this deadly pandemic, when neither case nor cause for such has genuinely risen in the state, is helping the country in any way.

“We have also adhered strictly to the various guidelines from, and directives of, the Federal Government, customised to improve both efficiency and efficacy within the peculiarities of our own circumstances.

“While we are not surprised that they have worked for us so far in keeping our state COVID-19 free, we do find it disconcerting that the lead agency in the fight is possibly expressing doubt in their efficacy while simultaneously denouncing us for following her own guidelines.

“In fact, we built our self-assessment app hosted at kogicovid19.gov.ng around the NCDC’s checklist for ‘suspected and high risk’ cases and as at last week it has been visited nearly 200,000 times with over 14,000 completed self-assessments out of which only about 60 presented cause for further investigation which then failed to meet the COVID-19 spectrum.”

“As of Tuesday the 28th April, 2020 we insist that Kogi State has no confirmed case of COVID-19, or any case to the knowledge of our vigilant medical structures across the state which matches the suspected or high risk factors for it. If the situation changes at this very moment we shall not hesitate for a second before alerting the NCDC.

“Convinced that we have not erred in any way to deserve censure from a body we have obeyed without complaint, even when the result has been serious disruptions to our society and way of life, we however reiterate that we shall not capitulate to intimidation of any kind.

“Accordingly, if the latest position is to forward all cases of cough, catarrh, fever and allied febrile and respiratory ailments occurring in Kogi State to the NCDC unvetted as possible COVID-19 cases, we demand a firm and public advisory to that effect from the agency, and not the indirect (and documented) pressure which we have come under this week from high up the hierarchy of the agency.

“We are thus left with no choice than to issue this rejoinder, both for the records, and to avoid being unfairly victimised or stigmatised howsoever the highly fluid coronavirus COVID/situation develops in future.

Germany Grants Nigeria 22.4 million Euros Debt Relief

By

Uche Mbah

-

April 29, 2020

0

By Uche Mbah
The Republic of Germany says it has granted Nigeria debt relief to cushion the effect of the Coronavirus Pandemic. Besides, they have been at the forefront of campaigning for debt moratorium with the Paris Club and other Credit groups as a means of helping the third world country overcome the economic crisis it found itself in. Nigeria has seen it’s debt profile rising since the onset of the Muhammadu Buhari led administration in 2015.

In a release by the German Embassy in Abuja Tuesday, it said it pledged €300 million (N120bn) to the global humanitarian response plan launched by the United Nations to fight COVID-19.

“In 2020, the German treasury relieves Nigeria of debt repayments amounting to €22.4 million (N8.9bn). This comes in addition to Germany’s support to the COVID-19 response on a global level and the support provided by the European Union to partner countries in Africa worth €3.25 billion (N1.3 trillion).

“On April 27, Germany pledged €300 million (N120bn) to the global humanitarian response plan launched by the United Nations to fight COVID-19.

“Clearly, the current crisis goes beyond national and even continental borders and can only be fought effectively in a cooperative way. We need more international cooperation, not less”.

According to the Embassy, The new allocation is slated for the purchase of essential medical supplies and laboratory equipment, training measures, and cooperation in pandemic prevention at the national and regional levels.

A total of €12 million (N4.8bn) in additional support to the West Africa Health Organisation, the regional health institution of the ECOWAS was pledged by the EU regional leader, the release said.

Helen Prest, Former Beauty Queen, Loses Husband

By

The Source

-

April 29, 2020

0

By Adesina Soyooye

Helen Prest, unarguably, Nigeria’s most enduring Beauty Queen, has been widowed.

Her beloved husband, Dr Tosin Ajayi, passed on Monday. Dr Ajayi was the founder of First Fondation Medical Centre.

A renowned doctor, it was to his hospital that the fatally wounded Journalist, Dele Giwa, was rushed to, after he was bombed in his study, at his residence during the regime of Military President Ibrahim Babangida.

Giwa, it was reported, kept appealing to Dr Ajayi to not let him die, until he passed.

Dr Ajayi was a product of the University College Hospital, Ibadan, and held an MSc in Cardiology from the National Heart and Lung Institute, Imperial College, University of London.

He was also the founder of Africa Future which he launched in 2019.

The cause of his death is not yet known, but he was said to have been battling with health issues in the past couple of months.

IMF Approves $3.4 billion for Nigeria To Fight Covid 19

By

Uche Mbah

-

April 29, 2020

0

By Uche Mbah
The International Monetary Fund has approved $3.4 billion to Nigeria to cushion the effect of COVID 19 and dwindling oil fortune, the Presidency has said.
According to the Minister of Finance, Zainab Alkali, the Presidency is also seeking loans from Other sources. They have requested $2.5 billion from World Bank, $1 billion from afDB, as well as an undisclosed amount from the Islamic Development Bank.
The IMF itself confirmed on Tuesday that its Executive Board approved the Nigeria’s “request for emergency financial assistance of SDR 2,454.5 million (US$ 3.4 billion, 100 percent of quota) under the Rapid Financing Instrument (RFI) to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic.”
With this, Nigeria’s debt profile has risen further. As of December last year, Nigeria spent $1.12 bn for debt servicing only. The figure has risen since then.
The money is meant to help shore up the Country’s foreign reserve and finance the budget, which benchmark has been reversed downwards from $57 per barrel to $30 per barrel.
IMF had earlier confirmed Nigeria’s descent into the worst recession in more than twenty years, with a projection of the economy contracting 3.4 percent in 2020.
According to Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair of the Fund, COVID 19 is impacting the Economic activity of Nigeria.
“The authorities’ immediate actions to respond to the crisis are welcome. The short-term focus on fiscal accommodation would allow for higher health spending and help alleviate the impact of the crisis on households and businesses. Steps taken toward a more unified and flexible exchange rate are also important and unification of the exchange rate should be expedited.

“Once the COVID-19 crisis passes, the focus should remain on medium-term macroeconomic stability, with revenue-based fiscal consolidation essential to keep Nigeria’s debt sustainable and create fiscal space for priority spending. Implementation of the reform priorities under the Economic Recovery and Growth Plan, particularly on power and governance, remains crucial to boost growth over the medium term.

“The emergency financing under the RFI will provide much-needed liquidity support to respond to the urgent BOP needs. Additional assistance from development partners will be required to support the government’s efforts and close the large financing gap. The implementation of proper governance arrangements—including through the publication and independent audit of crisis-mitigating spending and procurement processes—is crucial to ensure emergency funds are used for their intended purposes.”
$3.4 billion is the total holdings of Nigeria in the international fund vault under the rapid financing terms. The Minister of Finance Zeinab Ahmed said the loan will attract no conditionalities, ostensibly because it is Nigeria’s deposit within the bank.