General News
Will Nigeria listen to IMF’s call to remove fuel subsidy?
The money factored into energy imports as a fuel subsidy for 2018 was at an eye-watering level of N713 billion, far higher than the budgets for education or healthcare, according to reports. The cost of the fuel subsidy fluctuates according to global Oil prices, meaning that inflation in the international Oil markets can spike the subsidies overnight, risking unexpected drains on public coffers. At the time of writing, Nigeria’s economy is improving and the IMF projects full-year GDP growth results of 2.1 percent in 2019 and 2.5 percent in 2020. When balanced out against the prospect of negatively impacting growth, one can understand the caution over abandoning fuel subsidies.
Let’s take a look at both sides of the coin. What if the finance ministry decides to listen to the IMF? In this scenario, it could reinvest the fuel subsidy into social support infrastructure and fiscal savings. These savings could be used to improve Oil refining resources and lessen Nigeria’s reliance on imported processed fuel, thereby boosting the local Oil industry’s domestic market instead of selling foreign fuel. This process would take a long time and risk the likelihood of instability if there is a backlash but in the long term it would increase Nigeria’s fuel independence. Having said that, inflation could rise along with fuel prices, negatively impacting economic growth and consumer spending on fuel. So, if subsidies were to be removed, it’s likely the policy change would be in phases to avoid unexpected economic shocks.
And what if the government decides against the IMF’s advice? The risk of outright instability could be lowered and the economy can stay on track to grow as expected, but the vulnerability of Oil price spikes remains a constant short-term threat amid a steadily climbing national debt. Nigeria’s gross national debt is seen rising to 31.4 percent in 2020, according to the IMF. That’s compared to 28.4 percent in 2018 and 30.1 percent in 2019. When total external debt is factored in, Nigeria faces a cash-flow dilemma that’s not easily solved. External debt, including private and public sector debt, is seen rising to $69.8 billion for the full-year 2019, from $63.4 billion in 2018, while foreign reserves stand at an estimated $38.5 billion. Increased risks to the financial and banking sectors can’t be ruled out if the state doesn’t improve its fiscal strength and readiness to rescue any systemic entities.
The good news is that the economy is back on track towards sustainable growth. If a policy solution to the fuel-subsidy predicament is found which increases fiscal strength while avoiding inflationary pressures, there could be long-term benefits to Nigeria’s economy.
Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.
Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.
The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.
Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
Police Uncover Fake Diplomatic Number Plate Syndicate in Abuja
Davido Shares Past Suicidal Thoughts, Drops Oriadé Album
Gavi Okays $500m for Vaccines, PHCs in Nigeria
82% of Organizations Concerned about AI Risks Even as Adoption Accelerates – Survey Reveals
The Journey to Financial Freedom: Priscilla, a PalmPay Agent Now Owns a Store
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
Telecom2 days agoClydestone Ghana Sues MTN Over Mobile Money
News2 days agoIHS Nigeria Donates Business-Support Equipment to Empower People with Disabilities in Abuja Community
News2 days agoAfrica Prudential Unveils Digital Growth Strategy
E-Business2 days agoKaspersky Uncovers New Mirage Kitten Malware Used in Cyber-espionage Campaign Across Africa, Others
E-Financial2 days agoAfreximbank Raises $1.5b in Largest-ever Bond Issuance
E-Financial2 days agoSEC Begins Full e-Registration for Capital Market Operators
E-Financial2 days agoCBN Fines Banks N430m for Ignoring Customers’ Complaints
E-Financial2 days agoElon Musk Launches Invite-only X Money with Visa Debit Card