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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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Plateau: five killed in Kwi community reprisal after attack on cattle by Berom Militias

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Plateau: five killed in Kwi community reprisal after attack on cattle by Berom Militias

By: Zagazola Makama

At least five persons have been confirmed killed following a reprisal attack in Kwi community, Riyom Local Government Area of Plateau State, after suspected Berom militias reportedly shot and slaughtered several cows belonging to Fulani herders.

Security sources told Zagazola Makama on Saturday that the initial attack on the cattle occurred around 4:45 p.m. on Thursday, Oct. 30, when armed youths invaded grazing areas in Kwi and opened fire on the herders’ livestock.

According to the sources, more than a dozen cows were killed, while several others sustained gunshot and machete injuries. The incident triggered a swift reprisal later that night, resulting in the deaths of five people within the same vicinity.

“The attackers shot over ten cows and butchered some. In the night, there was a counter-attack that led to the death of five people,” sources said.

Zagazola gathered that the situation has heightened tension in the area, with residents fleeing their homes in fear of further violence.

Troops of Operation Safe Haven and other security forces have since been deployed to the area to restore calm and prevent escalation.

Zagazola recalls that Riyom and neighboring Barkin Ladi local government areas have remained flashpoints of recurrent ethno-communal violence between Berom farmers and Fulani herders, as government of the state failed to contain the crises.

Plateau: five killed in Kwi community reprisal after attack on cattle by Berom Militias

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FCT police rescue 23 foreign nationals, bust kidnapping syndicate

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FCT police rescue 23 foreign nationals, bust kidnapping syndicate

By: Zagazola Makama

Operatives of the Federal Capital Territory (FCT) Police Command have smashed a major kidnapping syndicate and rescued 23 foreign nationals who were being held hostage in Nasarawa State.

Zagazola Makama gathered from security sources that the operation, carried out by the elite Scorpion Squad led by ACP Victor Godfrey, followed a credible digital intelligence report and marked another major breakthrough in the ongoing effort to rid the FCT and its environs of criminal elements.

The sources said the suspects were arrested on Oct. 22, 2025, around 8 p.m., when the Scorpion Squad stormed Agwan Adamu Ruga Fulani, Zone B, River Side, Ado area of Mararaba, Nasarawa State.

According to the sources, 14 suspected kidnappers were apprehended during the raid, while 23 victims comprising 14 men, eight women, and a child were rescued.

Investigations revealed that the victims were foreign nationals mainly Malians who had been lured into Nigeria under the guise of securing employment but were subsequently abducted and held captive in two fortified two-bedroom apartments.

The police added that the breakthrough came after a formal complaint was lodged on Oct. 21, 2025, by Mr. Dembele Talibe, a 55-year-old Malian national and President of the Diaspora Malians Citizens Organization in Nigeria.

Talibe had reported the disappearance of several Malian citizens who, according to him, had been tricked with false job offers before being held for ransom.

“The kidnappers were demanding ransom payments from relatives of the victims using WhatsApp as their primary communication channel,” the police source said.

Upon receiving the report, the Scorpion Squad swiftly deployed digital tracking systems that led to the identification of the suspects’ hideout. The subsequent raid resulted in the rescue of the victims and the arrest of key members of the criminal network.

Among the rescued were one Cameroonian, one Nigerien, and one Burkinabé national. Items recovered from the scene included mobile phones, cooking utensils, mattresses, and other household items believed to have been used by the suspects.

Highest Police authorities confirmed that investigation was ongoing to apprehend the landlord of the property and other fleeing accomplices.

The operation illustrates the FCT Command’s renewed focus on intelligence-led policing, the use of technology in crime detection, and collaboration with local and international stakeholders to combat cross-border criminal networks.

The successful rescue has also drawn commendation from diplomatic circles and human rights advocates, who hailed the effort as a step toward dismantling transnational criminal enterprises operating within Nigeria’s borders.

FCT police rescue 23 foreign nationals, bust kidnapping syndicate

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Troops eliminate Boko Haram, repel terrorists’ ambush along Bama–Konduga road in Borno

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Troops eliminate Boko Haram, repel terrorists’ ambush along Bama–Konduga road in Borno

By: Zagazola Makama

Troops of the Joint Task Force (JTF), North East Operation Hadin Kai, have repelled an ambush by Boko Haram/ISWAP terrorists along the Main Supply Route (MSR) between Bama and Konduga in Borno State.

Zagazola Makama gathered that the troops, along with members of the Civilian Joint Task Force, were on ambush operations under Operation Desert Sanity IV when they came under enemy contact.

The incident occurred on Oct. 30 at about 7:38 p.m. around the Charlie 5 axis, along the Bama–Konduga road, during a coordinated ambush mission.

It stated that the troops engaged the terrorists believed to have infiltrated from the Geizuwa–Sambisa forest axis and forced them to flee in disarray after a fierce exchange of fire.

“Subsequent exploitation conducted by the troops on Oct. 31 led to the discovery of one terrorist’s corpse within a 3-kilometre radius toward the Sambisa forest axis,” the sources said.

During the mop-up operation, the troops recovered one AK-47 rifle, a magazine containing eight rounds of 7.62mm special ammunition, 90 rounds of 7.62mm x 54mm ball linked ammunition, and four bicycles believed to have been used by the fleeing insurgents.

Sources confirmed that no soldier was injured during the encounter.

Troops eliminate Boko Haram, repel terrorists’ ambush along Bama–Konduga road in Borno

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