Headlines
Worsening Insecurity in Nigeria Worries IMF

The International Monetary Fund (IMF) has expressed concern over the deteriorating level of security conditions in Nigeria, stressing that it was contributing to the subdued Gross Domestic Product (GDP) figures in the country.
It also listed other downside risks in the near-term to include the elections, low vaccination against Covid-19 and higher global interest rates.
The Washington-based institution made these known in an end-of-mission statement on Wednesday, at the end of its staff visit with Nigeria. It revealed that an IMF team led by the Country Director, Ms. Jesmin Rahman, held meetings with Nigerian authorities from June 6th to 10th, 2022, to discuss recent economic and financial developments, and the economic outlook for the country.
The fund in the statement noted that Nigeria’s economic recovery continued to gain strength on the back of services and agriculture with GDP growth reaching 3.6 percent (y/y) in first quarter 2022.
It stated that inflation reached 17.7 percent (y/y) in May led by a renewed surge in food prices, exacerbated by the war in Ukraine, and raising food security concerns as over 40 per cent of the population live below the poverty line.
“To contain inflationary pressures, the Central Bank of Nigeria has recently hiked its monetary policy rate by 150 basis points to 13 per cent.
“Regarding the external sector, the current account deficit narrowed significantly in 2021 helped by import compression and higher net oil balance. However, the improving trade balance, which has continued so far in 2022, is having a limited impact on forex strains with the exchange rate premiums in the parallel market staying in the 35-40 percent range since October 2021,” it added.
According to the IMF, despite supportive oil prices, the country’s gross FX reserves fell to $38.6 billion at end-May 2022, having reached $41.5 billion in September 2021 boosted by SDR allocation and Eurobond issuance.
“Regarding the economic outlook, GDP growth is projected at 3.4 percent (y/y) in 2022 while inflation is expected to remain elevated . The fiscal deficit of the Consolidated Government is expected to remain high at 6.1 percent of GDP due in great measure to costly petrol subsidies and limited tax revenue collections.
“Downside risks to the near-term arise from further deterioration of security conditions, elections, low vaccination against Covid-19 and higher global interest rates. On the upside, steady private sector recovery and further broadening of growth, the start of operations at the Dangote refinery and decisive steps to mobilize revenues, in line with the Strategic Revenue Growth Initiative (SRGI) could spur inclusive growth and development.
“The IMF mission would like to thank the authorities and other counterparts for the open and thoughtful discussions and excellent cooperation,” it added.
Headlines
Tinubu arrives Katsina to receive Buhari’s body for burial

President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Headlines
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial

Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
Headlines
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader

His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
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