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Edun Urges Developing Countries to Adopt Measures to Cushion Global Shocks

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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on developing countries to adopt proactive measures to mitigate the impact of global economic shocks.
Edun made this appeal during the G24 news conference held on the sidelines of the ongoing International Monetary Fund meeting in Washington, D.C.

He warned that premature or excessive interest rate hikes could undermine ongoing economic reforms, while delayed policy responses risk fuelling inflation.

According to him, Central Banks in developing economies play a critical role in navigating challenges such as energy crises and geopolitical tensions.

The minister noted that policy responses vary across countries, particularly between oil-producing and oil-importing nations. While countries like Nigeria may benefit from increased oil revenues, oil-importing countries face higher costs. However, both groups continue to grapple with inflationary pressures stemming from energy markets.

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Edun stressed that even oil-exporting nations are not immune, as rising costs of gas, fertiliser, and food are being felt across economies, underscoring the far-reaching effects of the global energy crisis.

He emphasised the importance of building economic resilience, urging countries to utilise existing fiscal buffers and implement targeted, temporary relief measures for vulnerable populations, rather than reversing key reforms already in place.

Cautioning against a return to subsidy regimes, Edun stated that reforms such as fuel subsidy removal and foreign exchange liberalisation have strengthened Nigeria’s economic framework despite recent external shocks.

He further urged governments to prioritise support for the most vulnerable citizens, ensuring they can cope with rising living costs without jeopardising long-term structural reforms essential for sustainable growth.

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Edun observed that positive oil price shocks could strengthen fiscal and external balances for exporting countries, creating room for responsible public investment. However, he stressed the need for disciplined macroeconomic management.

He cited the adoption of hedging strategies by some countries to stabilise oil revenues, noting that such measures enhance predictability and support long-term fiscal planning amid volatile global market conditions.

The minister also pointed out that while developing countries continue to expect support from advanced economies, declining overseas development assistance and rising debt servicing obligations are worsening their fiscal challenges.

According to him, debt servicing costs in many developing countries have now surpassed inflows from aid and investment, significantly limiting fiscal space and constraining efforts toward meaningful economic transformation.

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Edun called on multilateral institutions to increase liquidity support and provide policy guidance to help developing nations manage current economic pressures and financial vulnerabilities more effectively.

He identified domestic resource mobilisation as a more sustainable path forward, advocating improved tax systems and stronger private sector participation to boost revenue and reduce dependence on external financing.

The minister also pushed for concessional financing and innovative risk management tools to lower borrowing costs, noting that high debt servicing burdens continue to hinder development and economic transformation across many developing countries.

On technology, Edun acknowledged that while the rise of Artificial Intelligence (AI) may initially widen inequality, it also presents opportunities to enhance revenue mobilisation through automation and digitalisation.

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He added that improving tax-to-Gross Domestic Product (GDP) ratios would depend significantly on technology adoption, including AI, to boost efficiency, transparency, and overall revenue generation.

Edun expressed concern over slowing global trade growth, noting that fragmentation and supply chain disruptions are prompting developing economies to focus more on domestic production and regional integration.

Also speaking, the Director of the G-24 Secretariat, Iyabo Masha, highlighted that supply-side constraints, particularly in oil production, respond weakly to monetary policy. She therefore urged Central Banks to adopt a cautious, data-driven approach to decision-making.

Masha further called on multilateral institutions to intensify support, especially in reducing borrowing costs and addressing debt-related challenges. She also reaffirmed the importance of a rules-based global trading system in promoting inclusive economic growth.

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Efe Ovuakporie
Head Information and Public Relations Unit

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Atiku Knocks Tinubu Over Three-Week Europe Vacation

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Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised President Bola Tinubu for embarking on a three-week vacation in Europe while Nigeria grapples with economic hardship, insecurity and other challenges.

Tinubu is currently travelling to Europe as part of his annual leave, with presidential aide Sunday Dare describing the trip as well deserved, given the President’s workload.

But Atiku, in a statement posted on his social media handles on Sunday, questioned the timing of the President’s departure, arguing that the country requires strong political leadership amid mounting difficulties.

According to Atiku, although there is no constitutional vacuum in Nigeria, there is “a disturbing vacuum of political leadership.”

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He said the President was leaving behind a country where petrol prices remain high, families are struggling to afford food, transport fares have become increasingly burdensome and insecurity continues to claim lives.

“Atiku said the fact that Vice-President Kashim Shettima is also outside the country on official duty at the African Union Extraordinary Session in Luanda, Angola, makes Tinubu’s decision to travel even more difficult to understand.

“Leadership is not merely the constitutional right to occupy an office; it is the judgment to know when your country needs you at home,” he said.

Using a family analogy, Atiku said a father would not leave for the airport when his house was on fire and members of his family were trapped inside.

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He stressed that his criticism was not against a President taking time to rest or travelling abroad, but against doing so when the country is facing what he described as serious economic and security challenges.

Atiku further accused the Tinubu administration of making Nigeria increasingly expensive for ordinary citizens.

“Millions of Nigerians are being grounded by hardship while their President is airborne. The people can barely afford to move, but the President keeps moving,” he said.

He added that a government that could not appreciate the hardship experienced by citizens would struggle to develop the political will needed to address it.

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“Tinubu made Nigeria expensive. I will make Nigeria affordable again,” Atiku declared.

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Tinubu takes South Africa xenophobia row to AU, demands action

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President Bola Tinubu has taken Nigeria’s concerns over recurring xenophobic and Afrophobic attacks in South Africa to the African Union (AU), demanding urgent continental action to protect the safety, dignity and rights of Africans across the continent.

Tinubu, who spoke through Vice President Kashim Shettima at the 21st Extraordinary Session of the Assembly of Heads of State and Government of the African Union in Luanda, Angola, said the attacks undermined the ideals of African solidarity, unity and peaceful coexistence.

The President called on the AU to place the issue on the agenda of its 40th Ordinary Session of the Assembly scheduled for January 2027, for consideration and appropriate action by African leaders.

“Nigeria wishes to express its concern over the recurring xenophobic and Afrophobic attacks against Africans and other nationals in South Africa,” Tinubu said.

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While acknowledging South Africa’s sovereign right to enforce its immigration laws and its contributions to the continent, the President stressed that such attacks could not be divorced from Africa’s broader commitment to unity and solidarity.

“While recognising South Africa’s sovereign right to enforce its immigration laws and acknowledging its contributions to the continent, Nigeria stresses that such attacks undermine African solidarity, unity and peaceful coexistence, and require urgent collective attention,” he said.

He added: “It is on this note that Nigeria calls on this august Assembly to place the matter on the agenda of the upcoming 40th Ordinary Session of the AU Assembly, scheduled for January 2027, for consideration and appropriate action.”

Tinubu urged the continental body and member states to intensify efforts to combat xenophobia and Afrophobia, stressing that dialogue, preventive diplomacy and collective action remained critical to preserving African unity.

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The President’s intervention came against the backdrop of Nigeria’s longstanding concern over attacks and hostility directed at Nigerians and other African nationals in South Africa.

On the wider security challenges confronting the continent, Tinubu backed the adoption of the Luanda Action Plan as a practical framework for strengthening conflict prevention and addressing the root causes of instability.

He argued that preventing conflicts remained more cost-effective and sustainable than attempting to manage them after they had escalated.
“For Nigeria, conflict prevention remains more cost-effective and sustainable than conflict management,” the President said.

He, however, warned that fragmented peace initiatives and growing external interference through foreign military forces, mercenaries and private defence contractors could undermine the AU’s conflict-prevention architecture and weaken the principle of African ownership.

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Tinubu also called on arms-producing and exporting countries to strengthen cooperation with African states to prevent weapons and ammunition manufactured within their jurisdictions from being diverted to terrorists and other non-state armed groups.

According to him, although the AU has established mechanisms for conflict prevention and resolution, limited trust among member states and inconsistent implementation have continued to constrain their effectiveness.

“The growing reliance on external actors risks weakening African institutions and the principle of African ownership,” he warned, urging member states to renew their commitment to collective responsibility for Africa’s peace and security.

Nigeria also supported sustainable and predictable financing for AU peace operations, as well as the full operationalisation of United Nations Security Council Resolution 2719, aimed at strengthening the continental body’s capacity to respond effectively to conflicts and crises.

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Tinubu urged African leaders to recommit to home-grown solutions, deeper cooperation and shared responsibility in confronting the continent’s security challenges.

“Let us therefore renew our collective commitment to solidarity, cooperation, and shared responsibility as we build the Africa we want,” the President said.

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Jay-Jay Okocha Steals the Show with Emotional Father-Daughter Dance at Daughter Daniella’s Marbella Wedding

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Nigerian football legend Austin “Jay-Jay” Okocha has melted hearts online after sharing a joyful and emotional father-daughter dance with his daughter, Daniella, at her glamorous wedding in Marbella, Spain.

The touching moment took place on Saturday, August 29, 2026, during the lavish destination wedding of 27-year-old Daniella and her husband, Leonard Okorocha.

Daniella, a law graduate, and Leonard had previously celebrated their union with legal and traditional wedding ceremonies in Lagos earlier in the year before taking their celebrations to the Spanish coast for their grand white wedding.

At the Marbella ceremony, Daniella looked stunning in an elegant, flowing beaded wedding gown as she joined her famous father on the dance floor.

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Okocha, one of Nigeria’s most celebrated footballers, appeared in high spirits as he danced alongside his daughter, displaying the same playful energy and charisma that made him a global football icon.

Videos from the celebration quickly made their way onto social media, with thousands of fans reacting to the heartwarming display between the football legend and his daughter.

Music executive Paulo Okoye, who attended the wedding, shared a video of the special moment online with the simple caption, “Father and daughter dance.”

The footage showed Okocha enjoying the moment with Daniella as guests celebrated around them, offering fans a glimpse into a more personal side of the former Super Eagles captain.

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Okocha’s legendary football career was built on extraordinary skill, creativity and entertaining footwork, qualities that earned him worldwide recognition and made the phrase “Jay-Jay, so good they named him twice” synonymous with his football legacy.

However, it was his role as a proud father that took centre stage in Marbella as he celebrated one of the biggest milestones in his daughter’s life.

The emotional dance also triggered nostalgic reactions from fans who remembered watching Okocha produce some of his most memorable performances during his playing career, including his appearances for Nigeria at the 1994 FIFA World Cup.

Many social media users praised the warmth between father and daughter, while others commented on how quickly Daniella had grown from a child into a bride.

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The moment also resonated because of its simplicity. Away from the glamour surrounding the destination wedding, Okocha was simply a father celebrating his daughter as she began a new chapter of her life.

The Marbella ceremony brought together family, friends and prominent personalities for a glamorous celebration filled with music, dancing and memorable moments.

As images and videos from the wedding continue to circulate online, the father-daughter dance has emerged as one of the most widely celebrated moments from the occasion.

For Okocha, whose football career gave millions of Nigerians unforgettable memories, the Marbella celebration provided another special moment—this time not on a football pitch, but on the dance floor with his daughter.
Daniella and Leonard have continued to receive congratulatory messages from family, friends and well-wishers as they begin their journey together as husband and wife.

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