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It is time for Nigerians to drag the IMF and World Bank

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It is time for Nigerians to drag the IMF and World Bank

By Augustine Osayande

The recent directives issued by the Executive Board of the International Monetary Fund (IMF), emerging from its thorough Post Financing Assessment (PFA), have ignited robust debate within Nigeria’s economic circles. Particularly contentious is the Board’s insistence on the Federal Government, led by President Bola Ahmed Tinubu, to fully eliminate all subsidies, including those pertaining to electricity. This call has elicited a spectrum of reactions ranging from commendations for the President’s economic policies to sharp criticisms. Amidst this discourse, the IMF’s recommendations serve as a focal point illuminating the intricate dynamics between external financial pressures and domestic economic imperatives.
Against the backdrop of Nigeria’s formidable economic challenges, the timing of these recommendations couldn’t be more critical. With inflation skyrocketing to an alarming 28.92 percent and food inflation hovering around 30 percent over the past year, coupled with an unprecedented depreciation of the Naira to an all-time low of N1,540 to a dollar, the nation stands at a crossroads in its economic trajectory.

The IMF’s historical involvement in Nigeria’s economic landscape draws scrutiny, notably regarding the implementation of Structural Adjustment Programs (SAPs) during the 1980s and 1990s. While ostensibly aimed at addressing economic crises, these programs often resulted in stringent austerity measures, currency devaluation, and deep cuts to public spending. Critics contend that these policies exacerbated poverty and inequality, perpetuating Nigeria’s economic challenges instead of fostering sustainable development.

A focal point of criticism towards IMF and World Bank interventions is Nigeria’s substantial external debt burden, a significant portion of which is owed to these international financial institutions. This debt overhang severely restricts the country’s fiscal space, diverting resources away from vital sectors like healthcare, education, and infrastructure. Detractors argue that the terms of debt repayment imposed by these institutions exacerbate Nigeria’s economic woes, underscoring the urgent need for more equitable arrangements.

Furthermore, IMF and World Bank loans often come attached with stringent conditions, including fiscal austerity measures and mandates for privatization. While ostensibly aimed at promoting economic stability and growth, these conditions have faced vehement criticism for their adverse impacts on national sovereignty and socio-economic equality. Critics argue that such conditions fail to account for the unique circumstances of countries like Nigeria, advocating instead for a more nuanced and tailored approach to development.

The IMF and World Bank have been accused of espousing neoliberal economic policies that prioritize market liberalization and privatization, often at the expense of domestic industries and vulnerable populations. This critique underscores broader concerns regarding the effectiveness and fairness of these institutions in addressing the needs of developing countries like Nigeria.

In response to these challenges, there is a growing chorus calling for reforms that prioritize the interests and well-being of the Nigerian people. Advocates stress the importance of empowering local communities, fostering sustainable growth, and ensuring equitable resource distribution. This necessitates bolstering domestic institutions, promoting inclusive policies, and fostering partnerships grounded in mutual respect and cooperation.

Ultimately, the ongoing discourse surrounding IMF recommendations in Nigeria reflects broader calls for reform within international financial institutions. By asserting agency and advocating for alternative approaches to development, Nigerians aspire to tackle entrenched economic disparities and pave the way for a more just and prosperous future.

■ Augustine Osayande, PhD, contributed this piece through austinelande@yahoo.com

It is time for Nigerians to drag the IMF and World Bank

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Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents

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Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has commiserated with the people of Ngoshe affected by the recent Boko Haram attack, describing the incident as tragic.

Ngoshe, a community in Gwoza local government, was attacked on Tuesday evening, scores were killed, while others were abducted.

Addressing members of the community on Friday in Pulka, Governor Zulum said he personally came to sympathize with the affected people and families of those that lost their loved ones.

He assured that efforts are underway to rescue all those abducted, restore security, and provide humanitarian support to victims.

“We are here today to commiserate with the people of Ngoshe that have lost their loved ones following the unfortunate incident that occurred on Tuesday. The situation is very sad and our hearts go out to all those affected by this tragedy,” Zulum said.

“I want to assure you that we will do everything possible to address the unfortunate situation that has befallen this community, and for those who have been abducted, the Nigerian military will do everything within its capacity to rescue them,” Zulum assured.

Governor Zulum explained that military operations are currently ongoing in Ngoshe and the Sambisa Forest to rid the area of criminal elements.

“There are ongoing military operations within the Sambisa Game Reserve. What we witnessed yesterday was largely a result of insurgents being pushed out from their strongholds, which led them to launch coordinated attacks on nearby communities,” he explained.

He called on the Nigerian Army to intensify operations to clear insurgents from the Mandara Hills which he described as a major security threat.

“The Mandara Hills remain a major security concern. The insurgents descended from the hills to attack this town. Therefore, I call on the Nigerian Army and the Federal Government to intensify efforts to clear Mandara Hills of insurgents,” Zulum said.

The governor noted that the exact number of casualties is yet to be confirmed as assessments are still ongoing, but acknowledged that several lives were lost while others were abducted.

As part of immediate humanitarian intervention, the governor said the state government had begun distributing relief materials and establishing cooking points to provide food for displaced residents.

“For now, we will distribute food items to those affected and I have directed that cooking points be established so that everyone in this community can receive meals from a central kitchen,” he said.

The governor appealed to residents to remain calm and law-abiding, noting that Borno State government will double its efforts to end this madness. “We shall not relent in our commitment to restoring lasting peace and stability in the state,” he said.

“I strongly believe that with sustained military operations and cooperation between all levels of government, we will overcome this challenge. Insha Allah, peace will return fully to our land,” the governor added.

Similarly, Governor Babagana Zulum inspected houses burned during an attack by Boko Haram insurgents on Thursday in Konduga town.

Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents

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IWD 2026: UN Women Warns Nigeria’s Democracy at Risk as Women Hold Just 3.9% of Parliamentary Seats

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IWD 2026: UN Women Warns Nigeria’s Democracy at Risk as Women¹ Hold Just 3.9% of Parliamentary Seats

By: Michael Michael

The Country Representative of UN Women to Nigeria and the Economic Community of West African States (ECOWAS), Beatrice Eyong, has warned that Nigeria’s democratic progress and development could remain stunted unless urgent action is taken to close the country’s widening gender inequality gap.

Speaking in Abuja during a media parley ahead of the 2026 commemoration of International Women’s Day, Eyong said Nigeria continues to face troubling disparities in women’s representation, safety and access to justice despite years of advocacy and policy commitments.

The global observance this year is themed “Rights. Justice. Action.”

Eyong said the theme reflects a growing international concern that although women’s rights are widely recognised in law and policy, millions of women still struggle to experience those rights in their daily lives.

She particularly raised alarm over Nigeria’s extremely low level of female political representation, revealing that women currently occupy just 3.9 per cent of parliamentary seats, one of the lowest rates anywhere in the world.

According to her, the imbalance not only undermines democratic inclusion but also weakens the country’s ability to make policies that reflect the needs of half of its population.

“Gender equality is fundamentally a question of power, and the power gap in Nigeria remains stark,” Eyong said.

“When women are missing from decision-making tables, the consequences are visible in the policies we adopt, the priorities we fund, and the voices that remain unheard.”

Beyond politics, she said Nigeria continues to grapple with persistently high levels of gender-based violence, noting that many survivors still face enormous barriers in seeking justice.

She warned that violence against women is increasingly spreading into digital spaces, where technology-facilitated abuse has become a growing threat.

“Rights mean little without justice,” she said. “Justice must be experienced in women’s safety, in their freedom from fear, and in their ability to seek protection and accountability wherever abuse occurs.”

To confront these challenges, Eyong said UN Women is intensifying advocacy for the Special Seats for Women Bill, a constitutional reform proposal aimed at guaranteeing women stronger representation in Nigeria’s legislative institutions.

She explained that the organisation is also working with the Federal Ministry of Women Affairs to strengthen the National Sexual Offender Database, a critical accountability tool designed to prevent convicted offenders from evading detection by moving between states.

In addition, she said UN Women has expanded its engagement with traditional and religious leaders across Nigeria to challenge cultural norms and social practices that perpetuate discrimination and violence against women.

The agency is also supporting efforts to institutionalise Gender-Responsive Budgeting at federal and state levels to ensure government spending prioritises issues affecting women and girls, including maternal health, girl-child education, economic empowerment and community safety.

Eyong noted that beyond policy reforms, UN Women is building partnerships with financial institutions and the private sector to increase access to funding for women-led businesses and community initiatives.

She also highlighted ongoing efforts to strengthen women’s participation in peacebuilding and conflict prevention through Nigeria’s Third National Action Plan on Women, Peace and Security.

However, Eyong stressed that meaningful progress will require more than policy declarations.

According to her, Nigeria does not suffer from a shortage of gender policies but from weak implementation, insufficient financing and inconsistent enforcement.

“We must move from commitments to implementation and from plans to measurable impact,” she said.

She called on the media to intensify its role in exposing injustice, amplifying the voices of survivors of violence and promoting women’s leadership across sectors.

Eyong said journalists remain critical partners in shaping national conversations that can influence policy reforms and public attitudes toward gender equality.

“When we secure justice and rights for women, we secure Nigeria’s stability, prosperity and future,” she said.

She added that UN Women remains committed to working with government, civil society, development partners and communities to ensure that the ideals of Rights, Justice and Action translate into tangible change for women and girls across Nigeria.

IWD 2026: UN Women Warns Nigeria’s Democracy at Risk as Women Hold Just 3.9% of Parliamentary Seats

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Zulum Appoints Dr. Sa’id Alkali Kori, 3 others as Chairman, Board Members, Borno Investment Promotion Agency

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Zulum Appoints Dr. Sa’id Alkali Kori, 3 others as Chairman, Board Members, Borno Investment Promotion Agency

By: Our Reporter

The earlier statement inadvertently refers to Dr. Sa’id Alkali Kori as the Director General/Chief Executive Officer of the Borno State Investment Promotion Agency, rather than the Chairman/Chief Investment Adviser to the Borno State Governor.

Therefore, this statement supersedes the earlier one.

Borno State Governor, Professor Babagana Umara Zulum, has approved the appointment of Dr. Sa’id Alkali Kori as Chairman/Chief Investment Adviser to the Borno State Governor.

Dr. Kori is a consummate entrepreneur and investment and infrastructure finance expert, and holds a PhD in Humanities and Social Sciences with a focus on Intellectual Capital from the University of London, United Kingdom.

He serves as the Honorary Special Adviser on International Relations and Investment to the Governor of Yobe State and is the Technical Adviser to the Lake Chad Basin Governors’ Forum.

Dr. Kori is currently the Chairman and Group Chief Executive Officer of Thinklab Group Limited, a leading innovation and development finance firm. He also serves as the Chairman of the Board for the Nigeria Food Corporation.

He has structured financing in excess of $200 million for critical infrastructure in housing, healthcare, and road networks.

The appointment is for the initial term of four years.

Governor Babagana Umara Zulum has also approved the appointment of Laminu Lawan Awana, Abubakar Ahmed Askira, and Danladi Alfaki Isa as Governing Board members representing the three senatorial zones of the state.

This is in accordance with section 6(b) of the Borno State Investment Promotion Law 2026 (as amended).

The appointees are seasoned professionals in trade and investment, development financing, housing, and mortgage finance.

Other members of the Board include:

A representative from each of the following Ministries, Departments, and Agencies, not below the rank of a Director, as Ex-Officio Members:
· Ministry of Commerce, Trade and Industries
· Borno State Geographic Information Service (BOGIS)
· Ministry of Works
· Ministry of Housing and Energy
· Ministry of Justice
· Ministry of Agriculture and Natural Resources
· Ministry of Livestock
· Ministry of Planning
· Ministry of Finance
· Ministry of Local Government and Emirate Affairs

  1. Two (2) representatives from the Organized Private Sector in Borno State.
  2. The Director-General of the Borno State Investment Promotion Agency will serve as the Secretary.

All the appointments take immediate effect.

Governor Babagana Zulum expressed confidence that, with Dr. Kori’s vast experience and the collective expertise of the board members, the state will be positioned as a hub for domestic and foreign investment and will foster viable Public-Private Partnerships (PPPs) to accelerate the State’s economic revitalization and sustainable development.

Zulum Appoints Dr. Sa’id Alkali Kori, 3 others as Chairman, Board Members, Borno Investment Promotion Agency

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