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Tinubu’s reforms struggling to deliver meaningful results – IMF
Eighteen months after the implementation of Nigeria’s ongoing economic reforms, the International Monetary Fund (IMF) has observed that the fiscal policies introduced by the President Bola Tinubu administration are struggling to deliver meaningful results.
Catherine Patillo, IMF Deputy Director, while presenting a report at the Lagos Business School (LBS) on Friday, reported a mixed performance of economic reforms across Sub-Saharan Africa, with notable successes in countries such as Côte d’Ivoire, Ghana and Zambia.
Nigeria was conspicuously absent from the list of success stories in the region.
The report stated that sub-Saharan Africa’s average economic growth rate is projected to remain at 3.6 per cent for 2024. It noted that Nigeria’s growth rate, pegged at 3.19 per cent, falls below this average.
Patillo said that while macroeconomic imbalances have reduced in several countries, Nigeria has yet to show such progress.
She stated that more than two-thirds of countries have undertaken fiscal consolidation, stressing that while the median primary balance is expected to narrow by 0.7 percentage points alone in 2024, there are notable improvements in Cote d’Ivoire, Ghana, and Zambia, among others.
The report stated, “In contrast, Nigeria’s inflation rate, which slowed briefly in July and August, resumed its upward trend in September, rising further in October.
“At 33.8 per cent, it significantly exceeds the 21 per cent target set for 2024, with analysts predicting further increases in November and December.”
The report also observed Nigeria’s struggles with exchange rate stability, highlighting it as one of the worst-performing nations in that regard.
According to the report, other countries in the region are experiencing reduced foreign exchange pressures but Nigeria’s local currency depreciation and instability remain a concern.
On debt servicing, the report said Nigeria ranked among countries suffering the heaviest fiscal burden.
The IMF noted that rising debt service obligations are consuming substantial portions of revenue, limiting resources available for development.
It stated that in Angola, Ghana, Nigeria, and Zambia, the increase in interest payments alone absorbed a massive 15 per cent of total revenue.
The IMF grouped Nigeria among resource-intensive countries struggling with social and political challenges that hinder reform implementation.
Political unrest, public dissatisfaction, and tight financing conditions were identified as major impediments.
The report noted that resource-intensive countries continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most and further noted that adjustment fatigue, public resistance, and weak communication strategies are undermining the impact of reforms in Nigeria.
The IMF recommended rethinking reform strategies, urging countries like Nigeria to adopt measures that mobilise public support for deep structural changes.
It pointed out the need for greater attention to communication and engagement strategies, reform design, compensatory measures, and rebuilding trust in public institutions.
The spokesperson for the Federal Capital Territory (FCT) Minister, Nyesom Wike, Lere Olayinka, has rubbished claims that his principal traveled to London for medical treatment.
Olayinka expressed disbelief, querying how Wike could have been rushed to London on Thursday night and yet returned by Friday to visit the Dape community in Life Camp.
He criticized those perpetuating such rumors, noting the irony of questioning the health of a minister who is actively visible in public.
In a Facebook post, Olayinka said, “Some are claiming that FCT Minister, Nyesom Wike, was flown to London for medical attention on Thursday night.
“They’ve even provided specific times and an aircraft number.
“Well, if Wike was indeed flown to London on Thursday for urgent medical treatment, then he must have used witchcraft to return on Friday to visit the Dape community in Life Camp, as well as Gishiri and Pigba Sama communities in Abuja.
“Interestingly, the Minister will again use his so-called witchcraft to return to Abuja on Monday to commence the commissioning of road projects.
“People who haven’t undergone a medical check-up in over ten years are the ones speculating about the health of a Minister who is actively seen every day performing his duties. Let them continue!”
The Nigerian National Petroleum Company Limited (NNPCL) has disclaimed a purported recruitment announcement for the Port Harcourt Refining Company (PHRC), warning the public against falling victim to fraudulent schemes.
In a statement released on its official X handle (formerly Twitter) on Friday evening, the oil company clarified that no separate recruitment process was ongoing for PHRC beyond the one initiated in 2024.
The statement, titled “NNPC Ltd Disclaims Purported Recruitment Announcement for PHRC,” was signed by the Chief Corporate Communications Officer, Olufemi Soneye.
“The Nigerian National Petroleum Company Limited (NNPC Ltd) has urged members of the public to discountenance purported recruitment announcement for the Port Harcourt Refining Company (PHRC) circulating in certain online platforms,” the statement read.
NNPC Ltd further explained that its recruitment process, which commenced last year, covered all its subsidiaries, including PHRC. The company noted that candidates who passed the Computer-Based Aptitude Test were proceeding to the interview stage.
“The purported recruitment link being circulated in various online platforms is the handiwork of fraudsters who are keen on taking advantage of the newly revamped Port Harcourt Refinery to fleece unsuspecting members of the public with a phantom recruitment announcement. We, therefore, call on members of the public to be wary of the ploy and not fall for it,” the statement warned.
The Adamawa State Muslims Pilgrims Welfare Commission has disbursed N61,080 to each of the 2023 pilgrims from the state over poor services rendered to them by the service providers while in Saudi Arabia.
The executive secretary of the pilgrims commission, Malam Abubakar Salihu, disbursed the refunded money, saying it was a step of accountability.
The disbursement was paid into the account of the pilgrims or, for those without account numbers, through the local government schedule officers of the 21 local governments of the state.
Responding on behalf of the beneficiaries, Alhaji Shuaibu Musa Mele appreciated the commission for ensuring that each pilgrim gets his rightful refund.
The Kingdom of Saudi Arabia had earlier refunded money through the National Hajj Commission of Nigeria, for sharing among the 36 states of the country.
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