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UN Report: 2024 Could Errand Protracted Period of Low Growth
UN Report: 2024 Could Errand Protracted Period of Low Growth
By: Michael Mike
A United Nations flagship economic report has raised an alarm that protracted period of low growth looms large, and could undermine progress on sustainable development.
According to the report released on Friday, weakening global trade, high borrowing costs, elevated public debt, persistently low investment, and mounting geopolitical tensions put global growth at risk.
The global economic growth is projected to slow from an estimated 2.7 per cent in 2023 to 2.4 per cent in 2024, trending below the pre-pandemic growth rate of 3.0 per cent, according to the United Nations World Economic Situation and Prospects (WESP) 2024, launched on Friday.
This latest forecast comes on the heels of global economic performance exceeding expectations in 2023. However, last year’s stronger-than-expected GDP growth masked short-term risks and structural vulnerabilities, according to the report.
The UN’s flagship economic report presents a sombre economic outlook for the near term. Persistently high interest rates, further escalation of conflicts, sluggish international trade, and increasing climate disasters, pose significant challenges to global growth.
The report stated that the prospects of a prolonged period of tighter credit conditions and higher borrowing costs present strong headwinds for a world economy saddled with debt, while in need of more investments to resuscitate growth, fight climate change and accelerate progress towards the Sustainable Development Goals (SDGs).
Reacting to the report, the United Nations Secretary- General, António Guterres, said: “2024 must be the year when we break out of this quagmire. By unlocking big, bold investments we can drive sustainable development and climate action, and put the global economy on a stronger growth path for all,” adding that:
“We must build on the progress made in the past year towards an SDG Stimulus of at least $500 billion per year in affordable long-term financing for investments in sustainable development and climate action.”
The report stated that growth in several large, developed economies, especially the United States, is projected to decelerate in 2024 given high interest rates, slowing consumer spending and weaker labour markets. The short-term growth prospects for many developing countries – particularly in East Asia, Western Asia and Latin America and the Caribbean – are also deteriorating because of tighter financial conditions, shrinking fiscal space and sluggish external demand.
Low-income and vulnerable economies are facing increasing balance-of-payments pressures and debt sustainability risks. Economic prospects for small island developing States, in particular, will be constrained by heavy debt burdens, high interest rates and increasing climate-related vulnerabilities, which threaten to undermine, and in some cases, even reverse gains made on the SDGs, according to the report.
The report further showed that global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024. Price pressures are, however, still elevated in many countries and any further escalation of geopolitical conflicts risks renewed increases in inflation.
In about a quarter of all developing countries, annual inflation is projected to exceed 10 per cent in 2024, the report highlighted, showing that since January 2021, consumer prices in developing economies have increased by a cumulative 21.1 per cent, significantly eroding the economic gains made following the COVID-19 recovery. Amid supply-side disruptions, conflicts and extreme weather events, local food price inflation remained high in many developing economies, disproportionately affecting the poorest households.
“Persistently high inflation has further set back progress in poverty eradication, with especially severe impacts in the least developed countries,” said United Nations Under- Secretary-General for Economic and Social Affairs, Li Junhua,.
He said: “It is absolutely imperative that we strengthen global cooperation and the multilateral trading system, reform development finance, address debt challenges and scale up climate financing to help vulnerable countries accelerate towards a path of sustainable and inclusive growth.”
According to the report, the global labour markets have seen an uneven recovery from the pandemic crisis. In developed economies, labour markets have remained resilient despite a slowdown in growth. However, in many developing countries, particularly in Western Asia and Africa, key employment indicators, including unemployment rates, are yet to return to pre- pandemic levels. The global gender employment gap remains high, and gender pay gaps not only persist but have even widened in some occupations.
Stronger international cooperation needed to stimulate growth and promote green transition.
It advised that Governments will need to avoid self-defeating fiscal consolidations and expand fiscal support to stimulate growth at a time when global monetary conditions will remain tight, adding that Central banks around the world continue to face difficult trade-offs in striking a balance between inflation, growth and financial stability objectives. Developing country central banks, in particular, will need to deploy a broad range of macroeconomic and macroprudential policy tools to minimize the adverse spillover effects of monetary tightening in developed economies.
Furthermore, the report emphasized that robust and effective global cooperation initiatives are urgently needed to avoid debt crises and provide adequate financing to developing countries. Low-income countries and middle-income countries with vulnerable fiscal situations need debt relief and debt restructuring to avoid a protracted cycle of weak investment, slow growth and high debt-servicing burdens.
It added that in addition, global climate finance must be massively scaled up. Reducing – and eventually eliminating – fossil fuel subsidies, following through on international financing commitments, such as the $100 billion pledge to support developing countries, and promoting technology transfer are critical for strengthening climate action worldwide. It also underscores the ever- increasing role of industrial policies to bolster innovation and productive capacity, build resilience and accelerate a green transition.
UN Report: 2024 Could Errand Protracted Period of Low Growth
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VP SHETTIMA TO NISS COURSE 18: President Tinubu Acting Decisively To Frontally Address Nigeria’s Security Challenges
VP SHETTIMA TO NISS COURSE 18: President Tinubu Acting Decisively To Frontally Address Nigeria’s Security Challenges
- Says president determined to advance security establishment in the country and beyond
By: Our Reporter
The Vice President, Senator Kashim Shettima has said President Bola Ahmed Tinubu has remained steadfast in tackling security challenges in the country, and is acting quickly and decisively to frontally address the concerns.
According to him, the Tinubu administration is determined to support the security establishment in Nigeria and beyond to discharge their responsibilities to the nation.

The Vice President stated this on Tuesday when the faculty and participants of the Executive Intelligence Management Course (EIMC) 18 of the National Institute for Security Studies (NISS) visited him at the Presidential Villa, Abuja.
Led by the NISS Commandant, Mr Joseph Odama, representatives of the 78 participants were at the Presidential Villa to present the executive brief of their end-of-course report to the Vice President who received the report on behalf of President Bola Ahmed Tinubu.
Speaking on the significance of the programme, which had participants drawn from MDAs within Nigeria and beyond, the Vice President said he was impressed with the composition of the EIMC 18, noting that “the security of Africa is a collective responsibility of all stakeholders given the peculiarity of the situation.”
He said, “President Tinubu is working round the clock to address concerns in the security sector. It is absolutely essential that we fuse as one to address these issues and all hands must be on deck to salvage the situation.”
The highpoint of the occasion was the presentation of the report titled, “Non-state Actors in Security Management in Africa: Issues, Challenges and Prospects for Peace and Development” by representatives of the EIMC 18 participants.

Among recommendations made by the participants was the formal harmonisation and integration of a country-base security initiative as part of a broad strategy to strengthen the existing legal framework for peace and conflict resolution across Nigeria and Africa.
Earlier, the Commandant of the NISS, Joseph Odama, told the Vice President that the 18th edition of the flagship programme, EMIC 18 commenced on February 19, 2025, pointing out that it had “been a ten-month journey of intense intellectual discovery, strategic broadening and unparalleled professional fellowship.”
Noting that this year’s team was composed of 78 distinguished participants of the rank of Deputy Directors and above, Odama said they “were meticulously drawn from the military, para-military, law enforcement agencies and strategic ministries, departments and agencies of both federal and state governments.
“In significant testament to our pan-African mandate, we were privileged to host five African countries, which had earlier been mentioned. With the graduation of the AIMC 18, the institute has proudly graduated 1,130 strategic leaders.

“These are men and women who have been rigorously equipped to think critically and act decisively, as well as proffer innovative solutions to the most complex security and developmental challenges facing our nation and the continent at large.”
The Commandant expressed the institute’s deepest appreciation to President Tinubu and the Vice President for their visionary and pragmatic leadership, saying the Renewed Hope Agenda under the President’s stewardship was already manifesting in tangible progress across the nation.
VP SHETTIMA TO NISS COURSE 18: President Tinubu Acting Decisively To Frontally Address Nigeria’s Security Challenges
News
Zulum assures FSTC Lassa of adequate security
Zulum assures FSTC Lassa of adequate security
By: Bodunrin Kayode
Borno Governor Babagana Zulum has assured management of the Federal Science and technical College Lassa of adequate security for their existence as long as he remains chief security officer of the state.
Prof Zulum assured the management and students of an instant beef up of their security, to ensure that nobody will be endangered or exposed to being kidnapped by insurgents again.
The Governor noted that he will be providing the school with adequate security by deploying a fully equipped squad of civilian joint task forces (JTF) and vigilante to take care of their vigilance and security from now on.
The Governor who was in the school recently to feel their paulse after it was rebuilt from the last attack however urged them to be careful about the girl child admissions in the school obviously to discourage frequent abduction of girls by insurgents.
He suggested that boys other than girls should be hosted in the school’s dormitories for now for obvious reasons adding that he will surely look into the shortage of accommodation encountered by them as a long term fixer.
The Governor also assured that he Will provide more accommodation to teachers in the school adding that fencing will be addressed as soon as possible coupled with a new gate to secure the entrance.
On the need to recruit more teachers, the Governor directed that the Principal should screen some teachers he handpicked on the spot who will be enrolled by the Borno teachers board and posted to teach in their school.
This enrolment he stressed will take place based on the strict requirements of eleven key areas in line with the curriculum of technical schools and they would receive automatic employments from the state government.
On water supply to the school, Zulum assured that he will treat their demands for borehole, toilet and necessary water and sanitation (WASH) demands as priority for the kids
Earlier, the most senior teacher on ground and representative of the Principal Abubakar Salau said that since the last attack of the institution, confidence has been building up which is why they now have 230 students out of which 80 are girls and a total of 61 teaching and non teaching staff.
On Challenges, the Governor assured that the vigilante will be empowered to support the CJTF to secure the place.
“We will fix the fence where it has been damaged and I assure you that we will restore your gate accordingly to ensure all is safe.
“We need a gate to secure the students, more teachers in maths, metal and woodwork, chemistry and physics” teacher Salau had hinted.
Zulum assures FSTC Lassa of adequate security
News
Nigeria’s Education Budget Jumps To ₦3.52trn Under President Tinubu
Nigeria’s Education Budget Jumps To ₦3.52trn Under President Tinubu
** VP Shettima says out-of-school children pose national emergency, calls for private sector co-investment
By: Michael Mike
Nigeria’s education budget has jumped to ₦3.52 trillion in 2025 under President Bola Ahmed Tinubu’s administration, which is a significant increase from ₦1.54 trillion in 2023.
Vice President Kashim Shettima, who stated this in Tuesday in Abuja, said that the number of out-of-school children in the country constitutes a national emergency, calling for collaboration between government and private sector stakeholders to address the problem.
Represented by the Special Adviser to the President on General Duties (Office of the Vice President), Dr. Aliyu Modibo Umar at the opening of the 2025 Nigeria Education Forum in Abuja, VP Shettima noted that education spending under President Bola Ahmed Tinubu reflects the administration’s unwavering commitment to building an enlightened and globally competitive population.
The forum, organised by the Nigeria Governors’ Forum, the Federal Ministry of Education, and the Committee of States’ Commissioners of Education, focused on the theme “Pathways to Sustainable Education Financing: Developing a Synergy Between Town and Gown in Nigeria.”
Senator Shettima said, “Nothing threatens a civilisation more than an uneducated generation. Nations rise when the people, regardless of circumstance, are equipped with the knowledge to imagine a better future and the skills to build it.”
The Vice President emphasised that Nigeria has reached a critical inflection point where traditional government-only funding models can no longer sustain the country’s educational needs. He called for a fundamental shift toward collaborative, innovative, and resilient financing mechanisms.
In his words: “The burden cannot rest on government alone. We must enlist private sector actors, industry leaders, alumni networks, philanthropists, and communities to co-invest in laboratories, research centres, vocational hubs, innovation clusters, and endowment funds.”
VP Shettima detailed substantial increases across key education funding agencies under the President Tinubu administration’s Renewed Hope plan, where, for example, the Tertiary Education Trust Fund (TETFUND) budget grew from ₦320.3 billion in 2023 to ₦683.4 billion in 2024, and now stands at ₦1.6 trillion in 2025.
The Universal Basic Education Commission (UBEC) has distributed ₦92.4 billion in matching grants to 25 states and the Federal Capital Territory. Another ₦19 billion has supported teacher development across 32 states and the FCT, while ₦1.5 billion has reached more than 1,147 communities. Individual state UBE grants have increased from approximately ₦1.3 billion to over ₦3.3 billion, allowing states to access more than ₦6.6 billion through counterpart funding arrangements.
The newly created Nigerian Education Loan Fund (NELFUND), established under the Student Loans Act of 2024, has already disbursed ₦86.3 billion to over 450,000 students in 218 tertiary institutions nationwide.
According to the Vice President, “This Fund signals a new era where no Nigerian is denied tertiary education for lack of money.
“The learning crisis cannot be solved without safe and well-equipped schools, from basic classrooms to technical laboratories. Teachers must enjoy adequate training, welfare, and professional recognition if they are to deliver the outcomes our children deserve.”
He called for deliberate collaboration across federal, state, and local government levels, emphasising the importance of prompt counterpart funding, transparent utilisation of resources, and strict adherence to action plans.
“Since education begins in the community, local governments and traditional institutions must take responsibility for infrastructure development, school maintenance, security, and teacher welfare.
“We are here today because we do not treat education as just a line item in the national budget. We treat it as the foundation of our national identity, the engine of our economic transformation, and the shield of our collective security,” the Vice President said.
Nigeria’s Education Budget Jumps To ₦3.52trn Under President Tinubu
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