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We Stand By Our Advice To Nigerian Government On Subsidy Removal — IMF

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The International Monetary Fund (IMF) says its advice on foreign exchange (FX) rate and subsidy removal was necessary for Nigeria’s macroeconomic stability.

The Washington-based institution reiterated its stance on its policy recommendations to Nigeria in an email to Premium Times on Wednesday.

Abebe Selassie, director of the African department at the IMF, had applauded the economic reforms implemented by President Bola Tinubu’s administration during a press briefing at the just concluded IMF/World Bank meetings in Washington DC., United States.

Selassie said the IMF has consistently advocated for Nigeria’s investment in infrastructure, health, and education; describing the removal of the subsidy as a step which represents a more effective use of public resources.

He said the move would unlock the economy’s vast potential to become more dynamic, attract investments, and drive growth.

Selassie had also said the Nigerian government should direct the savings from petrol subsidy removal to support vulnerable households amid the country’s economic hardship.

However, on October 25, local media reported that the IMF had denied being involved in the removal of the petrol subsidy.

The Nigeria Labour Congress (NLC), on October 28, criticised the international “lender for its denial” of responsibility regarding the Nigerian government’s recent removal of the subsidy.

Speaking on the matter on Wednesday, the IMF said it assessed Nigeria’s petrol subsidy and foreign exchange rate policies prior to the recent reforms but did not consider it “cost-effective”.

“Regarding the petrol subsidy, based on our research and international experience, we do not see this as the most cost-effective way of providing relief to Nigerian citizens,” the lender said.

“This is mainly because the petrol subsidy benefits not just low-income households that need government support, but also high-income and wealthy Nigerians who do not need this financial support from the government.

“Moreover, there is evidence that a share of the subsidised petrol was smuggled to neighbouring countries, where petrol prices were much higher. This means that the petrol subsidy benefitted not only Nigerians but also the citizens of neighbouring countries.

“Thus, removing the petrol subsidy should free resources that the government can allocate to other priority spending items, including social protection, health and education spending, and infrastructure investments.”

The IMF said the fixed exchange rate policy in operations before the recent reforms, was equally not sustainable.

“We have also assessed the viability of the fixed exchange rate regime that Nigeria pursued until mid-2023,” IMF added.

“At the time, not all dollar demand from Nigerians was being met at the official exchange rate. Instead, many Nigerians had to turn to the parallel market and pay a premium of around 60 percent to acquire dollars.

“This means that until mid-2023 some Nigerians were able to purchase dollars at the official rate of around N460 to the US dollar. But many others, at the same time, could only purchase dollars at the parallel market rate of around N750 to the US dollar.

“While some people were able to transact at a subsidized rate, many others had to pay a much higher price. This also put pressures on the CBN’s reserves and was not sustainable.

“By allowing the naira to be determined by market conditions, everyone now has access to US dollars at the same price.”

  • ‘We Stand By Our Advice’

On whether the criticisms could lead to the lender’s withdrawal from the country, IMF said its advice was to all its member countries, as summarised in its annual report on each country.

“We stand by our advice, though it’s important to underscore that individual pieces of that advice cannot be viewed in isolation,” the multilateral added.

“Our advice is a comprehensive policy package where all elements are linked to each other. That package seeks to ensure macroeconomic stability and raise living standards in a sustainable fashion.

“Importantly, our advice on petrol subsidies and the exchange rate, is set in a larger, comprehensive policy mix that also includes scaling up social transfers to provide relief to Nigerians who are already suffering from a cost-of-living crisis or who are impacted by policy reforms.”

The IMF also said governments “listen to advice from many corners and then decide on the best course forward”.

BIG STORY

Somolu Embraces Generational Shift In Line With President Tinubu’s Youth Agenda

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In the heart of Somolu, Lagos, President Bola Ahmed Tinubu’s call to “let the youth breathe” is not just a slogan it’s becoming a lived political reality. The just-concluded All Progressives Congress (APC) chairmanship primaries reflect a growing demand for generational change, transparency, and inclusive governance.

Since 2017, under the leadership of Executive Chairman Hon. Abdul Hamed Salawu (Dullar) Somolu has witnessed significant modernization and people-centered governance. Notably, his administration created opportunities for young, capable leaders with strong grassroots credibility. This laid the foundation for the emergence of Hon. Lateef Ashimi 46 years and Hon. Taiwo Ojomu 40 years as APC candidates for Chairman and Vice Chairman, respectively. Both men are deeply involved in community service and political development, with Hon.Ashimi an alumnus of Yaba College of Technology and Hon. Ojomu a graduate of the University of Lagos.

The APC primary election was conducted through indirect voting, with 27 constitutionally recognized party delegates participating. Hon. Ashimi secured an overwhelming majority, winning 23 votes. In contrast, Hon. Bowale Sosimi despite holding a strategic state appointment garnered only four votes, a result widely viewed as a reflection of his disconnect from local party structures.

Allegations of irregularities emerged post-primary but have largely been dismissed as expressions of political disappointment rather than credible claims. The process was widely regarded as free, fair, and transparent, supervised by a respected panel chaired by Barr. Babatunde Ogala (SAN). Observers praised the peaceful conduct and strict adherence to party guidelines.

Yet, elements resistant to this democratic shift remain active. Chief among them is Hon. Ademorin Kuye, current Member of the House of Representatives for Somolu Federal Constituency. Hon. Kuye has long been accused of dominating local politics, manipulating internal party decisions, and imposing loyal candidates. Notably, in 2017, despite Ashimi winning the APC councillorship primary, he was denied the ticket reportedly on Hon. Kuye’s orders an episode many still regard as emblematic of systemic injustice.

Hon. Kuye’s recent political maneuvers appear aimed more at maintaining influence than fostering growth. Allegations have surfaced that he is sowing division within the Muslim community in Somolu, reportedly leveraging personal ties being the son-in-law of the Oba of Somolu to gain undue influence within religious institutions. Tensions escalated when Grand Chief Imam of Somolu, Sheikh Boonyamin Dabiri, called for religious fairness in political appointments. His stance drew hostile reactions, including an alleged physical assault by Kuye’s loyalists. The fallout led to a sparsely attended Jum’ah service at the Somolu Central Mosque last Friday an incident that sparked concern across the community.

Despite these tensions, support for the Ashimi-Ojomu ticket is growing stronger. From Bajulaiye to Akoka, Okesuna to Onipanu, celebration has erupted among the youth and key stakeholders. Representatives from the NURTW, market unions, religious groups, community leaders, and youth organizations have visited the APC secretariat to congratulate the candidates and pledge their commitment.

A recent attempt at destabilization an alleged protest organized by disgruntled politicians was swiftly thwarted by security agencies. Hired thugs from neighboring areas including Yaba, Mushin, Bariga, and Abule Ijesha were reportedly repelled before they could attack the newly completed Somolu LG Secretariat. Internal conflict among their sponsors, reportedly Hon. Bowale Sosimi and Hon. Rotimi Olowo, led to confusion and the eventual collapse of the effort.

The people of Somolu have spoken. The Ashimi-Ojomu ticket is not only a reflection of youth inclusion but also religious harmony Hon. Ashimi is Muslim, Hon. Ojomu is Christian, and the councillorship seats are equitably distributed between both faiths.

What is happening in Somolu is not political exclusion it is a grassroots driven democratic renewal. It aligns firmly with President Tinubu’s progressive vision, empowering capable, youthful leaders to not just breathe but lead with integrity, vision, and a deep commitment to service of the people.

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BIG STORY

OAU Honors Abundish Nigeria CEO, Barr. Gboyega Adetunji, With Agribusiness Excellence Award [PHOTOS]

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The 14th Faculty Lecture of the Faculty of Agriculture at Obafemi Awolowo University (OAU) was not just an academic gathering, it was a powerful celebration of innovation, resilience, and leadership in Nigerian agriculture.

One of the event’s key highlights was the presentation of the Award of Excellence in Agribusiness to Barr. Adetunji Adegboyega, the visionary MD/CEO of Abundish Nigeria Limited. The award recognized his outstanding contributions to agricultural entrepreneurship and youth empowerment in Nigeria’s agribusiness landscape.

The lecture, titled “The Place of Smart Agriculture in ensuring Food Security” was delivered by Prof. Kolawole Adebayo, Immediate Past Vice-Chancellor (Development), Federal University of Agriculture, Abeokuta. He emphasized the urgent need for conservation strategies and forward-thinking practices to combat land degradation and food insecurity in Nigeria.

Representing Abundish Nigeria Limited were Barr. Adetunji, team members Young and Paul, who joined a diverse audience of students, academics, and stakeholders to engage in thoughtful discussions on the future of agriculture in Nigeria. The event featured a rich blend of academic insight, artistic expression, and community engagement, including a stirring spoken word performance by emerging artist Khaleda Simola (aka The Dynamic Hadja), who highlighted the struggles of Nigerian youth, food inflation, and the urgent need for reform. Some of the notable persons at the event were; Chairman of the day, Dr. Adebola Ismail Akindele, Group Managing Director, Courtville Business Solutions, Lagos, Prof. Olalekan J. Soyelu, Vice-Dean, Faculty of Agriculture, Oba (Dr.) Jesph Olubiyi Toriola (Ajibise Ogo 1), The Ogunsua of Modakeke able represented and so on.

Abundish Nigeria Limited was celebrated not just for its presence at the event, but for its growing impact in the field. Mr. Adegboyega’s recognition underscored the company’s commitment to sustainable farming and youth-led agribusiness innovation. His efforts have made agriculture more appealing, profitable, and tech-enabled for the younger generation.

Local schools and research groups also showcased their work in a vibrant exhibition segment, adding further depth and collaboration to the occasion.

Reflecting on the experience, being part of this event reaffirmed our mission. As an agri-tech innovation company, we left inspired, having witnessed firsthand the hunger for knowledge, the curiosity of students, and the call for actionable solutions.

We extended heartfelt gratitude to the OAU Faculty of Agriculture for both the recognition and the platform. This award belongs not only to our MD/CEO, but to every young farmer, every AgriPreneur, and every dreamer striving to nourish the nation and transform the land.

In his acceptance remarks, Barr. Adegboyega captured the spirit of the day:

“Agriculture is not in the past, it is now, and it is the future. With knowledge, tools, and partnerships, we will feed Africa from Africa.”

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BIG STORY

How Policeman’s Stray Bullet Killed WASSCE Candidate In Ibadan [PHOTOS]

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A stray bullet reportedly fired by a policeman has allegedly caused the death of a teenage boy. The incident occurred on Tuesday in Ibadan, the capital of Oyo State, while the boy was on his way to school to write his final year examination paper.

An eyewitness reported that the shooting of the student took place at the Ibadan Airport Junction, Alakia, located along Old Ife Road. This pinpointed the exact location of the tragic event.

According to Dauda Oseni, a commercial motorcyclist, the deceased student was in his father’s car with his twin brother. They were en route to write his final West African Secondary School Certificate Examination paper when the incident unfolded.

Oseni stated: “A team of police officers, while pursuing suspected Yahoo boys, fired gunshots, which mistakenly hit the teenager who was inside his father’s car.” This provides a direct account of the circumstances leading to the shooting.

“The father of the deceased got to know about the incident when the other twin brother raised an alarm, seeing blood gushing from his brother.” This highlights the distressing moment the father became aware of his son’s injury.

“The father subsequently packed his vehicle while onlookers reached out to them for possible assistance, but the boy died on the spot.” This details the immediate aftermath and the tragic outcome.

Another eyewitness, a vulcanizer who requested anonymity, reported that the boy, still in his school uniform, was rushed to Welfare Hospital within the area for treatment. Sadly, he was “confirmed dead” upon arrival.

“The aggrieved public, protesting the incident, carried the remains of the deceased to the State Government Secretariat, Agodi, Ibadan, attempting to see Governor Seyi Makinde,” the witness stated. This describes the immediate public reaction and their attempt to engage with the state governor.

The source also mentioned that the protesters were received by Sunday Odukoya, the Governor’s Executive Assistant on Security. Odukoya assured them that the government would “take up the matter,” indicating an official response to the incident.

According to NAN, the Oyo State Police Command’s spokesperson had not yet responded to calls and messages sent to him at the time the report was filed. This suggests a lack of immediate official comment from the police command.

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