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NLC to IMF: You‘re behind Nigeria’s economic woes
Nigeria Labour Congress, NLC, has dismissed the International Monetary Fund, IMF, denial of any role in Nigeria government’s removal of petrol subsidy and the implementation of other anti-people economic policies, insisting that the body is behind the country’s economic woes.
According to the NLC, the IMF and its cousin in economic mischief – the World Bank remain the twin forces that have a longstanding pattern of recommending harsh and unworkable economic policies to developing nations.
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In a statement yesterday, the President of NLC, Joel Ajaero, urged the World Bank and IMF to remove their knees from our necks so that we can breathe as a nation.
The statement reads: “Nigeria Labour Congress (NLC) believes that it is cynical and indeed typical of the International Monetary Fund’s (IMF) to recently deny responsibility for the Nigerian government’s removal of petroleum subsidy.
“IMF and its cousin in economic mischief – the World Bank remains the twin forces that have longstanding pattern of recommending harsh and unworkable Economic policies to developing nations. In their usual subterfuge, they have continued to present these advisories as growth strategies but which have unfortunately often led to increased socioeconomic hardship and stagnation in Nigeria and other nations that have had the misfortune of drinking their poisoned chalice.
“At a press conference during the IMF and World Bank Annual Meetings in Washington DC, United States, Abebe Selassie, IMF’s African Region Director, described the decision to remove fuel subsidy by Nigeria’s government as a domestic one.
“IMF’s recent statement is a display of subterfuge and evasion. This denial of involvement in Nigeria’s subsidy removal, coupled with the assertion that it was a “domestic decision,” disregards the extensive influence that the IMF wields in policy formation within many developing countries. Despite this assertion, the IMF’s policy dialogues often suggest subsidy cuts as necessary steps toward fiscal sustainability.
“For Nigeria, where successive governments have frequently yielded to these recommendations, the IMF’s disavowal rings hollow, as it underplays the fund’s direct impact on the nation’s economic policies.
“The NLC has become more worried over this denial at this time which is another signpost of the already disturbing policies by the Nigerian government at the behest of the IMF and World Bank and which IMF is now trying to distance itself.
“It shows that the institution is working very hard to stay away from the blame or the backlash that its policy directions will bring in the future. IMF must know that Nigerians are not fools and we are always aware of the destructive influences its awful policy paths for Nigeria and indeed Africa has been.
“It is pretentious and truly too late to begin to deny complicity because we warned the government about the consequences of implementing IMF and World Bank-driven policies.
As IMF and World Bank continue to pretend not to know the apparent obviousness of the social costs of its policy recommendations another layer of concern is added to the entire denial.
“While the IMF acknowledges the “significant social costs involved,” it casually suggests that governments can mitigate these hardships through its idea of expanded social protections which is a system that beggars the people forcing them to dwell on handouts in this case RICE that never gets to the people. The reality in Nigeria has continued to reveal a profound disconnect – subsidy removal and price hikes have pushed essential goods beyond the reach of many, with government-provided social safety nets remaining woefully inadequate.
“This gap between IMF recommendations and the lived experiences of Nigerians highlights a
fundamental and deliberate oversight in the fund’s approach to economic policy.
“In distancing itself from Nigeria’s subsidy removal, the IMF also demonstrates an unsettling inconsistency in its advice to developing nations. It has repeatedly pressured Nigeria to undertake austerity measures, only to distance itself from the results when these recommendations bring hardship to the populace.
“This shifting narrative not only undermines the IMF’s credibility but also raises questions about the sincerity and reliability of its economic prescriptions for third-world nations. The IMF’s insistence that Nigeria is in full control of its economic policies stands in stark contrast to its historical and continued influence, which has often been accompanied by economic turmoil and hardship.
“NLC emphasizes the need for Nigeria and other developing countries to reclaim their economic sovereignty, resisting externally imposed policies that fail to consider local contexts and the needs of the masses.
“The NLC’s stance reflects a broader frustration with the World Bank and IMF’s recurring interventions, which prioritize fiscal metrics over social welfare. By advocating for policies that genuinely benefit Nigerians, we challenge the IMF’s influence and underscore the importance of economic autonomy in building a just, sustainable future.
“This once again is a powerful reminder to our leaders of the impact of international financial institutions on our people and the need to be circumspect in walking their path. “The IMF’s denial of involvement in Nigeria’s subsidy removal rings hollow, considering its decades-long history of recommending
similar austerity measures.
“We hope that our Economic handlers have learnt or are learning the appropriate lessons to sufficiently know that when “shit hits the fan”, IMF and World Bank will wash its hands off and leave the Government carrying the burden and holding the wrong end of the stick. “Nigeria must pursue policies that reflect the real needs of our citizens prioritize economic policies that drive growth, social welfare, and equity, not austerity measures that lead to further economic quagmire and social unrest.
“Once again, we call on the World Bank and IMF to remove their knees from our necks so that we can breathe as a nation. They have become the major problem we have as a nation and we may be forced to soon demand that they leave Nigeria entirely as their policies have continued to undermine our Economy and sabotage the people and the nation.
“IMF should not worry for we know that the Petrol price hike and the Electricity tariff hikes were domestic decisions but we also know that it is a case of “Esau’s Hands but Jacob’s voice”. IMF should not present itself cowardly but should stand up and own up! That is what is called honesty and transparency which is
the bedrock of IMF’s much-vaunted institutional integrity!”
By Gloria Ikibah
The Peoples Democratic Party (PDP) in Nasarawa State has suffered a setback following the defection of its former state youth leader, Hon. ABM Jacob Alebura, to the Labour Party (LP) alongside several other party members.
The development is expected to strengthen the Labour Party’s structure in the state, particularly ahead of the 2027 governorship election, in which Hon. Jonathan Gbefwi Gaza is the party’s governorship candidate.
Gaza, who chairs the House of Representatives Committee on Solid Minerals, represents the Karu/Keffi/Kokona Federal Constituency of Nasarawa State in the National Assembly.
Alebura formally expressed his intention to join the Labour Party in a letter sighted by Naijablitznews.com, stating that he had also registered as a member under the Doma Local Government Area structure of the party.
He said his decision was driven by his commitment to the ideals of the Labour Party and his desire to contribute to building a stronger political movement.
“I’m writing to formally express my intent to join the Labour Party LP and to officially register myself as a full member of the Labour Party, under the Doma Local government area structure Nasarawa state, effective from today.
“I’m committed to upholding the ideals, values and constitution of the Labour Party and I look forward to actively participating in the activities of the party at the ward level, towards building a stronger, more inclusive, and people-oriented political movement for the progress of our community and our nation,” the letter read.
Alebura had on September 19, 2026, resigned from the PDP, citing what he described as marginalisation by party leaders and stakeholders.
He also pointed to an unresolved dispute between him and the PDP chairman in Doma Local Government Area as one of the reasons for his departure from the party.
The former PDP youth leader was received into the Labour Party alongside other defectors by the state chairman and the leadership of the party in Doma Local Government Area, as well as other party stakeholders.
The latest movement adds to the political realignment taking place in Nasarawa State ahead of the 2027 elections, with the Labour Party seeking to consolidate its structures across the state.
By Gloria Ikibah
The Federal Government has reduced the interest rate charged on late payment of taxes, with the new regime taking effect from October 1, 2026.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, issued the Nigeria Tax Administration (Interest on Late Payment of Tax) Order, 2026, under Section 65 of the Nigeria Tax Administration Act, 2025.
The new order applies uniformly to federal, state and FCT tax authorities and links the interest charged on late tax payments more closely to prevailing market rates.
Under the new arrangement, interest on tax payable in naira will be charged at the Central Bank of Nigeria’s Monetary Policy Rate plus one percentage point.
However, the rate will not fall below the yield on 364-day Treasury Bills, reflecting the government’s cost of funding when tax payments are delayed.
The new spread represents a reduction from the previous five percentage-point margin.
For taxes payable in foreign currency, the interest rate will be based on the Secured Overnight Financing Rate (SOFR) plus six percentage points. Where SOFR is discontinued, its official successor rate will apply.
The applicable rate will be reviewed monthly and fixed on the last business day of the preceding month.
The Nigeria Revenue Service has been directed to publish the applicable rate on its website by the third business day of every month.
The interest will be calculated as simple interest on a daily basis, running from the tax due date until payment is made.
Explaining the rationale behind the new order, Oyedele said the cost of delaying tax payments should reflect the cost to government of making up for the shortfall.
“Tax that is due belongs to the public. When it is paid late, Government may have to borrow to fill the gap, and the cost falls on everyone. This Order ties the cost of late payment to real market rates, so that delaying tax does not become a cheaper form of credit than the market itself,” he said.
The minister said the new system would also provide taxpayers with greater certainty by ensuring that the applicable rate is published regularly and applied consistently by tax authorities.
“Just as important is certainty. Every taxpayer, whether dealing with the Nigeria Revenue Service or a State revenue service, will know the rate in advance, see it published every month, and be charged in the same way. Clear rules make compliance easier and support a fair, predictable tax system,” he added
The order covers tax payments made through self-assessment, as well as assessments administered by the Nigeria Revenue Service and the State and FCT Internal Revenue Services.
The ministry said the new rates will apply to interest arising from October 1, 2026, including interest on tax liabilities that became due before that date.
However, interest that arose before October 1 will remain subject to the rules in force at the time, where specifically provided for under those rules.
The order also supersedes the 2017 notice on interest on unpaid taxes and other earlier notices on the matter.
The ministry clarified that the new order does not alter the 10 per cent penalty for late payment provided under Section 65 of the Nigeria Tax Administration Act.
It added that relevant tax authorities retained powers under Section 66 of the Act to waive penalties or interest where good cause was established.
The Federal Ministry of Finance advised taxpayers to file their returns and pay applicable taxes on time, while those with outstanding liabilities were encouraged to settle them promptly or engage the relevant tax authority.
The Trump administration must immediately reinstate White House access for CNN, MS NOW and Politico, a US federal judge ordered Thursday, after their reporters were banned from the premises.
Trump has long attacked media outlets that have aired critical coverage of his campaigns and administrations, repeatedly blasting the press as the “enemy of the people.”
The three outlets were barred from the White House by the billionaire former reality TV star on Friday as punishment for distributing what he branded “fake news” and “fiction and lies.”
CNN, MS NOW and Politico filed a joint lawsuit asking for a temporary restraining order against the ban on the grounds that it violates the First Amendment of the US Constitution, which upholds the right to a free press.
Judge Timothy Kelly found that the revocation of press passes “likely violated their constitutional due process rights,” according to the eight-page ruling issued Thursday.
“The ‘general rule’ is that ‘individuals must receive notice and an opportunity to be heard before the Government deprives them’ of a constitutionally protected interest,” Kelly wrote.
A reporter looks at his phone in the James S. Brady Press Briefing Room at the White House in Washington, DC, on September 19, 2026.
The judge said that press credentials held by employees of the three outlets will be reinstated “until further Order of the Court or the expiration of this Temporary Restraining Order”, which is to remain in effect for 14 days.
Kelly added that the order cannot be immediately appealed.
Ahead of the ruling, the Department of Justice had argued Trump can “control reporters’ access to restricted presidential areas, such as the Oval Office.”
“Access to the White House is a privilege — not a right,” it said.
‘National security’
The White House Press Office accused CNN in a letter to the cable news outlet of “trafficking in verifiable falsehoods about national security and other issues, and publishing sensitive or classified information,” with similar accusations leveled against MS NOW and Politico.
The letter to CNN cited several stories about the US-Iran war and a story on Trump’s plans to build a military bunker below the planned East Wing ballroom which allegedly “disclosed ‘top-secret’ construction details.”
Theodore Boutrous, representing the media outlets in court on Wednesday, told the judge that in Trump’s Truth Social post announcing the bans, the president “didn’t say anything about national security.”
Boutrous argued that being punished for reporting on national security issues “that the government would rather have not be reported on is just contrary to First Amendment principles.”
Kelly said the stories identified in letters to the outlets were “routine”.
“The Court is skeptical — at least on this record — that Defendants’ interest in safeguarding national security is the actual motivation for, or is even advanced by, the revocation of Plaintiffs’ hard passes,” Kelly said, referring to the White House press credentials.
Journalists for the three news organizations were denied access to the White House grounds on Saturday and had their passes confiscated, in the latest flare-up of the 80-year-old Republican president’s assault on mainstream US media.
‘Shouldn’t be here’
In a previous case involving CNN during Trump’s first term, Kelly, a Trump appointee, ordered the White House to temporarily restore access for a CNN reporter whose pass had been revoked.
In a rare move, the top five US broadcasters said Monday that they were halting pool coverage of the White House — where a broadcaster films on behalf of all television outlets for the day — in solidarity with CNN.
“The public has a vital interest in receiving accurate, independent information about its government. No administration should restrict a news organization because it objects to its reporting,” ABC, CBS, CNN, Fox and NBC said.
The White House Correspondents’ Association and nearly 50 news organizations also filed a brief with the court calling for the bans on CNN, MS NOW and Politico to be reversed.
Trump appeared to suggest on Tuesday that CNN should not be covering him outside of the White House either.
“I’m surprised that CNN is here covering me. You shouldn’t be here,” Trump told a reporter at the UN General Assembly in New York.
The White House launched a streaming channel, Trump TV, on Monday which it said would show “top videos, major remarks, and must-see highlights streaming 24/7 and updated in real time.”
The ban came at a time when Trump’s approval ratings are at record lows, his Republican Party risks losing control of Congress in November’s midterm elections, and the Middle East conflict drags on with no end in sight.
AFP
Nasarawa PDP Suffers Setback as Alebura, Supporters Join Labour Party
FG Cuts Late Tax Payment Interest as New Rate Takes Effect October 1
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