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The International Monetary Fund (International Monetary Fund) has raised fresh concerns over Nigeria’s near-term economic outlook, warning that citizens may face even tougher living conditions as inflationary pressures, rising transportation costs, and persistent global shocks continue to strain household incomes across the country.

The warning comes at a time when Nigeria is experiencing a rare surge in crude oil prices, offering potential revenue relief for the government. However, the Fund cautioned that the benefits of higher oil earnings may be offset by rising debt levels, structural weaknesses in public finances, and ongoing global uncertainties.

Speaking during the Economic Outlook for Sub-Saharan Africa at the ongoing World Bank–IMF Spring Meetings 2026 in Washington D.C., Director of the IMF’s African Department, Abebe Selassie, said the impact of global geopolitical tensions is already being felt across African economies, including Nigeria.

He noted that rising transport and food costs were driving significant economic pressure on households.

“The immediate effect will be quite a bit of pressure, including on food security… transportation costs have gone up, it’s going to raise the cost of food and so quite a bit of dislocation,” Selassie said.

According to him, higher transportation expenses are already feeding into inflation, especially in urban centres where costs are rising sharply, while rural communities are also feeling the impact due to supply chain constraints.

We’re already seeing quite a lot of increase in transportation prices… Transportation costs are very high for people in urban areas, rural areas even more so,” he added, stressing that the situation is already placing visible strain on livelihoods.

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Nigeria has firmly ruled out any immediate recourse to the International Monetary Fund (IMF), maintaining the growing confidence in the country’s homegrown economic recovery strategy.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this position clear while addressing African Finance Ministers on the sidelines of the IMF/World Bank Meetings in Washington.

Edun stated that Nigeria’s reform programme which has been sustained over the past two years has begun to yield tangible results, restoring credibility to economic management and strengthening the country’s ability to withstand mounting global headwinds.

He further underscored the government’s deliberate shift towards market-led policies, stressing that Nigeria has resisted the temptation of administrative controls, particularly in the areas of management of foreign exchange and petroleum pricing.

“The direction is clear,” the Minister indicated, “Nigeria is staying the course with internally driven reforms rather than turning to multilateral financing.”

He however cautioned that despite Nigeria’s improving outlook, that the broader African landscape remains fragile. He therefore called for accelerated and better-coordinated international financial support for vulnerable economies, as discussions intensify around a proposed $50 billion global assistance package.

While reforms have enabled Nigeria to build critical buffers, the Minister noted that many African countries remain highly exposed to external shocks and urgently require support to stabilise their economies.

Edun concluded that Nigeria’s reliance on market mechanisms has helped soften the impact of necessary adjustments, reducing dislocations and keeping the economy on a steady macroeconomic trajectory even as global uncertainties persist.

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The Kwara State Government has charged former Senate President Bukola Saraki, former Governor Abdulfatai Ahmed and others to court for culpable homicide over the Offa robbery; possible death penalty upon conviction.

The government officially filed a 20-count charge against the defendants over their alleged arming of top suspects convicted in the tragic Offa armed robbery incident of April 2018.

Those charged alongside Saraki and Ahmed included Ahmed’s Chief of Staff, Yusuf Abdulwahab, and another aide, Alabi Olalekan.

If convicted, the two former governors of the state and other defendants could be handed the maximum death sentence.

The long-awaited trial with charge No: kWS/114C/26 came after the Court of Appeal upheld the conviction of the suspects, including Ayo Akinnibosun, who had confessed during the trial to being a hit man of Saraki’s political dynasty.

The charge dated April 9, 2026, was filed by Attorney-General of Kwara State, Ibrahim Sulyman, and would be served on the defendants on Friday, April 17, 2026.

Saraki and the other defendants were specifically charged with culpable homicide and criminal conspiracy, among others, and would be arraigned before Hon. Justice Haleemah Salman of the Kwara State High Court in Ilorin, on June 4.

It would be recalled that vehicles and some exhibits traceable to the crime scenes were recovered from the Kwara State Government House and a government ministry in 2018, and the same were used as exhibits, leading to the conviction of the suspects.

Although Saraki had denied knowing Akinnibosun, the two had been seen together in photographs taken during the wedding of Saraki’s child. Akinnibosun and his gang members also escorted Saraki to Offa on a condolence visit following the same bank robbery.