Headlines
Fuel Subsidy May Hit N6trn in 2022, IMF Warns Nigeria

By Derrick Bangura
IMF’s Resident Representative for Nigeria, Mr. Ari Aisen made these disclosures while presenting the latest Sub-Saharan Africa Regional Economic Outlook, in Abuja.
He also revealed that Nigeria received a total of $6.8 billion facilities from the IMF following the outbreak of the COVID-19 pandemic in 2020.
According to him, Nigeria received $3.4 billion in Special Drawing Rights (SDR) and as well as a loan in the same amount.
The IMF chief expressed worry that many African countries, including Nigeria risk sliding into critical debt servicing problem unless urgent actions were explored to significantly raise revenue.
Aisen noted that over 80 per cent of the federal government’s revenue was committed to debt service, a situation he described as an “existential problem”
“It is a reflection of low revenue. It is an existential issue for Nigeria. It is essential for macro-economic stability. It is important for the provision for social service,” he said.
Further x-raying the fiscal challenges, he regretted that as an oil exporter, Nigeria was not only unable to take advantage of the current global high oil prices to build reserves, but also confronted by low earnings due to the subsidy on petroleum products.
With N500 billion monthly fuel subsidy payouts, he noted that the country might end up with a record N6 trillion subsidy at by year-end.
However, he raised optimism that the Dangote Refinery would reduce fuel importation when completed, thereby cutting down the subsidy burden.
Speaking on the economic outlook for the continent, the IMF official identified key priority areas as how to reduce debt vulnerabilities, balance inflation and growth; and manage foreign exchange rate pressures.
Aisen stated: “Unrivalled potential for renewable energy and an abundance of minerals, a successful transition offers opportunities for diversification and job creation; ensuring the green transition is also a just transition.”
He also noted that fragile and conflict-affected African countries were at the risk of falling further behind in terms of development, especially now that the world economy was faced with an unprecedented high energy and food prices.
The Fund, he stressed, had done a lot to help to Sub-Saharan African countries, having given them the $23 billion Special Drawing Rights allocation and planning to re-channel additional $100 billion SDR from developed countries.
According to him, Africa needed $425 billion to recover from the COVID-19 pandemic. This was in addition to between $30 and $50 billion per year for climate adaptation and $6-10 billion annually for commodity import.
Aisen further said: “I think the biggest critical aspect for Nigeria is that we have done a macro-fiscal stress test, and what you observe is the interest payments as a share of revenue and as you see us in terms of the baseline from the federal government of Nigeria, the revenue almost 100 per cent is projected by 2026 to be taken by debt service.
“So, the fiscal space or the amount of revenues that will be needed and this without considering any shock is that most of the revenues of the federal government are now in fact 89 per cent and it will continue if nothing is done to be taken by debt service.
“It is a reflection of the low revenue of the country. The country needs to mobilise more revenue to be able to have macroeconomic stability. It has become an existential issue for Nigeria.
“The war in Europe is hunger in Sub-Saharan Africa and Africa. So, I think we should pay very close attention to this issue.”
He added: “In Sub Saharan Africa, Russia and Ukraine are first and the fifth major sources of wheat imports to Sub-Saharan Africa.
“So clearly having this conflict is the epicenter of the wheat-producing countries being hurt, which puts as we said, a big premium on the price of wheat. And it is especially complicated in Sub-Saharan Africa where we have 57 per cent of the population on moderate or severe food insecurity and this is extremely concerning for the IMF because after two years of the pandemic on top of these people already suffering, you have this extra shock affecting the price of basic food items in an already very vulnerable population is something of great concern to us.”
Furthermore, he advised Nigeria to in the short-term to prioritise its debt, inflation, growth and foreign exchange management.
In his contribution, the Director-General of the Budget Office, Mr. Ben Akabueze, who disagreed with Aisen on Nigeria’s debt service/revenue figures, put debt service/revenue at 76 per cent.
He admitted that even at that level, it was way far too high, adding: “There is no doubt that the debt servicing –revenue is way beyond what we want it to be,” adding that the federal government had taken steps to significantly increase revenue.
Akabueze stressed that additional revenue was the only choice before the government, assuring that the nation would not default in its debt service obligations.
He expressed regret that vested interests had made the removal of petrol subsidy very difficult over the years.
“When you try to remove subsidy or raise tariffs, you get summons, you see resolutions get passed, asking you not to,” he said
According to Akabueze, when the executive arm of government prepared the 2022 budget, it was with the understanding that the petrol subsidy would be removed but that somehow, that move was frustrated.
In his remarks, the Director of Policy at the Central Bank of Nigeria, Dr. Hassan Mahmoud explained that the recent upward adjustment of the Monetary Policy Rate (MPR) was to ensure an environment in which the nation could still attract investors and to prevent capital outflows that could hurt the nation’s economy.
The United Nations Resident and Humanitarian Coordinator in Nigeria, Mr. Matthias Schmale, agreed with the food insecurity raised by the IMF representative, saying there was an urgent need to increase social safety net for the vulnerable population.
He said: “By the way, our own analysis is that they are already 15 million people in acute need of food support in the country and that was before the Ukraine-Russia conflict and our prognosis right now is that this may rise to 19.5 million.
“Basically, all the 80 million who live below the poverty line in Nigeria are food insecure. So, the currently almost 50 million need help now. If we want to avoid serious damage to the house, and serious hunger, I mean, a few weeks or months. So there needs to be an element of social protection and direct support to these people.”
Headlines
Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
Headlines
NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
Headlines
Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
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