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UN Report: 2024 Could Errand Protracted Period of Low Growth

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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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Flood: NGO cautions Gombe residents against indiscriminate dumping of waste

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Flood: NGO cautions Gombe residents against indiscriminate dumping of waste

Jewel Environmental Initiative (JEI), a Non-Governmental Organisation (NGO), in Gombr, on Friday tasked residents in the state on proper disposal of waste to mitigate the impact of flooding this 2026.

The Chief Executive Officer of the NGO, Mr Ismail Bima, made the call in an interview with our Correspondent in Gombe on Friday.

According to Bima, the huge losses associated with flooding and its negative impact on the environment and livelihoods has made it imperative for collective efforts to tackle flooding in Gombe.

He urged residents to take responsibility in ensuring a clean environment for their wellbeing.

“We have been sensitising residents for weeks now because of the impact of flooding on our people, communities and livelihoods.

“We must not wait for the rain before doing the right thing.

“Avoid dumping wastes in drains and water channels; this is key to addressing flood related disasters as the rainy season commences,” he said.

Bima disclosed that his team had intensified sensitisation exercise in Kwami, Nafada, Funakaye and Yamaltu/Deba Local Government Areas of the state because they were proned to flooding..

He said that the flooding in Funakaye had been attributed largely to buildings erected in waterways, stressing that,”residents should vacate the area.

“I urge the state government to relocate people from such areas to help save lives and properties.

He commended th State government’s efforts in reclaiming degraded land and building huge concrete gullies in several communities to help manage severe erosion.

He said that the concrete gullies have helped in protecting critical infrastructure and livelihoods of thousands of residents in the state.

Bima urged the government and residents to take advantage of the rainy season to plant more trees to replace those that have been fellen for firewood and charcoal purposes.

Flood: NGO cautions Gombe residents against indiscriminate dumping of waste

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Angwa-Rukuba Killings: Court orders suspects to remain in DSS’ custody*Okays speedy trial

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Angwa-Rukuba Killings: Court orders suspects to remain in DSS’ custody
*Okays speedy trial

By: Our Reporter

A Plateau State High Court on Friday ordered that four suspects standing trial for their alleged involvement in the March 2026 killings in the Angwa Rukuba community of Jos North Local Government Area, remain in the custody of the Department of State Services (DSS).

The court also agreed to a request by the prosecution to speed up the trial. The matter was adjourned to May 26 to consider the report on the case management conference, and 1st and 2nd July for hearing.

The suspects, identified as Isa Umar Ibrahim, Auwalu Abubakar (also known as Auwalu Dogo), Musa Abubakar Ibrahim (also known as Yaroro), and others, are facing charges of terrorism and criminal conspiracy.

The charges were filed by the State Attorney General, Philemon Daffi, under the Plateau State Penal Code Law, 2017.
On Friday, Mustapha Shabbat (SAN), who announced his appearance for the defendants, objected to their continued detention in the facility of the DSS.
In a short ruling, however, the trial judge held it it remained the discretion of the court to determine where to keep suspects under trial.

“Considering the facts and circumstances of this case, this honorable court has jurisdiction to remand the defendant in the custody of DSS or correctional centr provided the place of custody is safe.
“The defendants are hereby remanded in the custody of the DSS. They must however be allowed to have access to his counsels while in detention pending the prompt conclusion of investigation,” ruled the judge.

Court: Case management has already been taken place in accordance with the provisions of the law. The case is hereby adjourned to 26th May for report of the court on case management and further adjourned to 1st and 2nd July, 2026 for hearing.

The particulars of offence read, in part “That you, Isa Umar Ibrahim, Musa Abubakar Ibrahim of Riyom Local Government Area, Auwalu Abubakar (A.K.A Auwalu Dogo) of Jos North Local Government Area, Musa Abubakar Ibrahim (A.K.A Yaroro) of Jos North Local Government Areas of Plateau State; and one Ado Ibrahim (Now at Large) of Riyom Local Government Area of Plateau State, on the 28th day of March, 2025 at Farin Gada, Jos North Local Government Area, did conspire amongst yourselves to commit offences relating to terrorism when you planned, organized, facilitated, aided, and contributed money to carry out the attack in Angwan Rukuba, Jos North Local Government Area of Plateau State within the Jurisdiction of this Honourable Court; you thereby committed the above offence.

“That you, Isa Umar Ibrahim, Musa Abubakar Ibrahim of Riyom Local Government Area, Auwalu Abubakar (A.K.A Auwalu Dogo) of Jos North Local Government Area, Musa Abubakar Ibrahim (A.K.A Yaroro) of Jos North Local Government Areas of Plateau State; and one Ado Ibrahim (Now at Large) of Riyom Local Government Area of Plateau State, on the 28th day of March, 2025 at Farin Gada, Jos North Local Government Area, did commit the offence of terrorism when you planned, organized, facilitated, aided, contributed and received money to carry out an attack in Angwan Rukuba, which led to the death of over thirty (30) people in Jos North Local Government Area of Plateau State within the Jurisdiction of this Honourable Court.”
Part of the particulars of Alhassan’s offence read, “That you Adamu Isah Alhassan together with one Ibrahim Musa (Now at Large), Imarana Sa’idu (Now at Large), Yusuf Sa’idu (Now at Large) Aliyu Usaini (Now at Large), Yahuza Adamu (Now at Large), Mubarak Yunusa (Now at Large), Yakubu, whose surname is unknown (Now at Large) and others also at large between the months of January to December, 2025 and in January, 2026 at Gwang, Rin Ward, Bachit and Bangai Villages of Riyom Local Government Area and Vom in Jos South Local Government Areas of Plateau State within the jurisdiction of this Honourable Court did commit an illegal act to wit: Culpable Homicide Punishable with Death, when you armed yourselves with guns, attacked and killed the residents of Gwang, Rin Ward, Bachit and Bangai Villages of Riyom Local Government Area and Vom in Jos South Local Government Area of Plateau State, and you thereby committed the above offence.”

Angwa-Rukuba Killings: Court orders suspects to remain in DSS’ custody
*Okays speedy trial

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Breaking; Court Dismisses Sowore’s no-case submission in DSS’ charges of Cyberbulling Tinubu

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Breaking; Court Dismisses Sowore’s no-case submission in DSS’ charges of Cyberbulling Tinubu.

*Fixes May 19 to open defence

Justice Mohammed Garba Umar of the Federal High Court in Abuja on Friday dismissed the no-case submission made by politician-activist, Omoyele Sowore, in the charge of Cyberbullying President Bola Tinubu brought against him by the Department of the State Services (DSS).

The Court upheld DSS’ charges against Sowore for allegedly calling President Bola Ahmed Tinubu a “criminal” in his social media handles. The judge fixed May 19 for Sowore to enter his defence in the charges against him.

Sowore had filed the no-case submission and prayed the court to discharge and acquit him from the 2-count charge.

In the long ruling, Justice Umar punctured Sowore’s arguments that the DSS provided only one witness, that the victim, President Bola Tinubu, wasn’t invited to testify. He held that the DSS successfully linked Sowore to the alleged crime, and that the defendant did not deny posting the offensive messages online.
The judge further ruled that the Supreme Court has long established that any evidence, no matter how small that links a defendant to an alleged crime is sufficient to establish a prima facie case established against the defendant to warrant his defence in the allegations against him.

Shortly after the ruling, counsel to the DSS, Akinlolu Kehinde, SAN, told the court that he was ready to proceed with the trial. However, Sowore’s counsel, Marshall Abubakar, rose to appeal to the judge that his client has something important to tell the court. Even though counsel to the DSS protested the move, insisting that the rule was that a defendant may be represented in court by a counsel or by himself, not both, the judge allowed Sowore use the microphone to address the court.
He began by openly accusing the Judge of bias, and asked the judge to recuse himself, as he wasn’t sure of getting justice in his court.

He alleged that the judge was in cohort with the federal government convict him at all costs so as to prevent him from contesting the 2027 general election.
His counsel, Abubakar echoed the same sentiment, asking the Judge to return the case file to the Chief Judge of the Federal High Court for re-assignment to another judge,

The DSS lawyer, Akinlolu Kehinde SAN who had earlier asked the Judge not to grant audience to Sowore but his counsel on record, prayed that the recusal application be discarded.

In a brief ruling, Justice Umar ordered Sowore to file formal application for recusal and state his grievances,

He thereafter fixed May 19 for the defendant to open his defense.

Breaking; Court Dismisses Sowore’s no-case submission in DSS’ charges of Cyberbulling Tinubu

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