NEWS
IMF Lauds Nigeria’s Economic Reforms amid Signs of Durable Recovery
By Tony Obiechina, Abuja
Reversing years of economic volatility, the International Monetary Fund’s latest Article IV Consultation affirms a new reality: Nigeria is making meaningful progress following a series of significant structural reforms to restore financial discipline and credibility.
The IMF commended Nigeria’s authorities for bold and politically difficult policies that have “Improved macroeconomic stability and enhanced resilience. ”A critical pillar of Nigeria’s economic reset has been the restoration of central bank independence.After years of excessive fiscal influence for deficit financing, the Central Bank of Nigeria (CBN) has curtailed the use of the “Ways and Means” facility – an emergency funding channel that ballooned beyond statutory limits.As of April 2025, these advances have been cut by nearly 90 percent, demonstrating what the IMF called the “discontinuation of deficit monetisation” and a step to “strengthen central bank governance to set the institutional foundation for inflation targeting.”The CBN’s commitment to price stability is yielding tangible results. Headline inflation, which peaked above 40 percent, dropped to 22.9 percent in May 2025. The IMF noted that the Central Bank is “appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched.”IMF Applauds FX Reforms.As stated in the IMF Executive Board Assessment, the Fund also “praised reforms to the foreign exchange market that supported price discovery and liquidity.”The CBN, under the leadership of Governor Olayemi Cardoso, dismantled the long-standing multiple exchange-rate regime, replacing it with a “willing-buyer, willing-seller” framework supported by a digital trading platform (B-Match).The results have been transformative. As the IMF noted, “gross and net international reserves increased in 2024, with a strong current account surplus and improved portfolio inflows.”The FX premium, or gap between official and parallel markets, has fallen from over 60 percent to below 3 percent. FX inflows have surged to $6.9 billion in Q1 2025, and external reserves climbed to a peak of $40.9 billion at the end of 2024, providing over eight months of import–well above benchmark thresholds. “Reforms to the FX market and foreign exchange interventions have brought stability to the naira,” the IMF noted.In January 2025, Nigeria successfully returned to the Eurobond market, its first issue in four years, reflecting, as the IMF noted, “strengthened investor confidence” and “a resumption of portfolio inflows.”The Fund “recognised actions to strengthen the banking system, including the ongoing process of increasing banks’ minimum capital,” as stated in the IMF Executive Board Assessment. It also “welcomed the authorities’ efforts to boost financial inclusion and promote capital market development.”The CBN’s recapitalisation plan will see banks’ minimum capital raised significantly by March 2026. This move is designed to ensure banks can absorb future shocks, deepen credit access, and support the planning for a$1 trillion Nigerian economy.At the same time, Governor Cardoso’s team is expanding access to banking services for previously excluded demographics through digital platforms and financial literacy programmes, such as the Women’s Financial Inclusion Initiative (Wi-Fi).‘Strong Foundation’As stated in the IMF Executive Board Assessment, the Fund “welcomed progress made in strengthening the AML/ CFT framework”, Anti-Money Laundering and Combating the Financing of Terrorism. It “stressed the importance of resolving remaining weaknesses to exit the FATF grey list,” a designation for jurisdictions under increased monitoring by the Financial Action Task Force due to gaps in their anti-financial crime regimes.Further significant challenges remain. Inflation, though declining, remains a burden. Infrastructure deficits, insecurity, and fiscal slippages could derail progress. The Fund “highlighted the importance of tackling security, red tape, agricultural productivity, infrastructure gaps, including boosting electricity supply, as well as improved health and education spending, and making the economy more resilient to climate events.”Recent reforms “should help establish a strong foundation for sustained and inclusive growth,” the IMF noted. “Fiscal and monetary tightening and exchange rate reforms contributed to improved macroeconomic balances.”The IMF also noted that in light of the challenges posed by an evolving global economic landscape, “nimble policymaking is needed to navigate this fast-moving and volatile environment. Strong policy coordination and communication are key.”Reflecting on the IMF report, Governor Cardoso commented: “At a time of global uncertainty, this assessment reaffirms that responsible, forward-looking policy choices matter. It affirms that Nigeria is regaining credibility, anchoring expectations, and laying the foundation for inclusive, long-term growth. It is both an encouragement to stay the course, and a reminder that resilience and prosperity require continued discipline and vision.”
NEWS
2027: FOOG Women Coordinator Urges Nigerians to Support Tinubu’s Re-election Bid
By Francis Sadhere, Warri
Chief (Mrs) Esther Orighomisan Okotie-Eboh, Coordinator of Felix Omagbemi Ogbe Group (FOOG) Women Support Group for President Tinubu, has called on Nigerians to support President Bola Tinubu’s re-election bid in 2027, urging critics of the administration to present credible alternatives to its policies.
Okotie-Eboh said those opposing the Tinubu administration should go beyond criticism and explain how their proposed policies would improve the lives of Nigerians.
She argued that political opponents had a responsibility to provide concrete reasons for rejecting the government’s programmes and demonstrate what they would do differently if elected.
According to her, critics should be able to present at least five to 10 clear reasons for their positions, rather than engage in endless consultations and political discussions without offering practical solutions.
She maintained that Nigerians deserved constructive political engagement backed by workable policies and measurable commitments.
The FOOG Women Support for Tinubu director-general also cautioned against comparing the Tinubu administration directly with previous governments, arguing that each administration faced peculiar challenges that required different approaches.
According to her, differences in prevailing circumstances, economic realities and governance challenges should be taken into consideration when assessing the performance of successive administrations.
She maintained that the Tinubu administration should be assessed within the context of the challenges confronting it and the policies being implemented to address them.
Okotie-Eboh likened governance to building a house, stressing that a solid foundation and a clear plan were necessary to achieve lasting results.
“Governance is like building a house. You must first lay a solid foundation and have a clear plan before you can complete the building,” she said.
She added that abandoning a project halfway through could undermine the desired outcome, arguing that the Tinubu administration should be given the opportunity to implement its policies and deliver on its promises.
Okotie-Eboh further maintained that governments needed sufficient time and space to execute their programmes and address the challenges confronting their countries.
Citing developments in other parts of the world, including the United States and efforts to resolve the Russia-Ukraine war, she argued that governance required continuity and sustained efforts to achieve meaningful progress.
She warned against what she described as a tendency to move backwards by constantly disrupting the process of governance, insisting that elected administrations should be assessed based on their performance and tangible results.
According to her, Nigerians should critically examine the alternatives being proposed by opposition politicians before deciding whether to support a change of government.
“The question Nigerians should ask is simple: what are the alternatives being offered by those criticising the government? Let them tell us what they intend to do, how they plan to do it and how their proposals will improve the lives of ordinary citizens,” she said.
She stressed that anyone seeking the mandate of Nigerians must be prepared to articulate clear policies and demonstrate how such policies would translate into better governance.
Okotie-Eboh maintained that the country needed issue-based political engagement rather than rhetoric, adding that Nigerians deserved concrete policies, clear explanations and measurable results from those seeking public office.
She therefore called on Nigerians to support Tinubu’s re-election bid in 2027, saying continuity would give the administration the opportunity to pursue its programmes and work towards achieving its objectives.
End
PHOTO: Chief (Mrs) Esther Orighomisan Okotie-Eboh, Coordinator of Felix Omagbemi Ogbe Group (FOOG) Women Support Group for President Tinubu.
NEWS
Henry Okeke Commends Mbah for Clearing Pension Arrears in Enugu
By Raphael Atuu, Abuja
Barrister Henry Nnanna Okeke, a member of the Governing Council of Enugu State Polytechnic, Iwollo, has commended. Enugu State Governor ,His Excellency ,Dr Peter Ndubuisi Mbah for clearing verified pension backlogs and approved a ₦32 billion package to settle legacy gratuity arrears dating back to the year 2000 outstanding pension arrears owed to pensioners in Enugu State.
Okeke described the reported development as a significant step towards improving the welfare of retired civil servants who devoted their productive years to the service of the state.
He praised Governor Mbah for fulfilling his promise to pensioners, noting that the payment would bring relief to retirees who depend on their pensions and other entitlements to meet their daily needs.
According to him, pensioners deserve to enjoy the benefits of their years of service without unnecessary hardship, particularly after contributing to the growth and development of Enugu State.
The polytechnic governing council member noted that addressing pension arrears was an important demonstration of responsible leadership and a commitment to the welfare of citizens.
He said the reported clearance of the arrears would help ease the financial burden on affected pensioners and their families, while restoring confidence among retirees who had been awaiting their entitlements.
Okeke further urged the state government to sustain the progress by ensuring regular pension payments and preventing the accumulation of fresh arrears.
He stressed that the welfare of pensioners should remain a priority, adding that retirees deserve dignity, financial security and timely access to their entitlements after years of dedicated public service.
The commendation reflects the importance of policies that place the welfare of citizens at the centre of governance and ensure that government commitments translate into tangible benefits for the people.
Okeke reaffirmed his support for initiatives aimed at promoting good governance, accountability and sustainable development in Enugu State.
He expressed optimism that the Mbah administration would continue to implement policies and programmes that improve the living conditions of residents and strengthen the state’s development agenda.
NEWS
2027: ADC Urges ECOWAS to Insist on Credible Elections in Nigeria
The National Chairman of the African Democratic Congress (ADC), Sen. David Mark, has urged the Economic Community of West African States (ECOWAS) to insist on transparent and credible elections in Nigeria.
Mark made the call on Thursday in Abuja while receiving an ECOWAS delegation on a pre-election fact-finding mission ahead of the 2027 general elections.
The ADC leadership expressed concerns over the Independent National Electoral Commission’s (INEC) preparedness and commitment to conducting free, fair and credible elections during the meeting with the delegation.
Mark said Nigeria’s elections were critical to West Africa’s stability and would attract global attention, emphasising the need for stakeholders to work together to ensure credible electoral outcomes.
“This is why we must all work together to ensure we get it right. You have made us understand that your mission is pursuant to the ECOWAS Conflict Prevention Framework.
“We are quite happy with this. But the best way to prevent conflict, especially in relation to elections, is to ensure that it is free, fair and transparent,” he said.
Mark said the ADC was committed to peaceful conduct before, during and after the elections, urging ECOWAS to support efforts to ensure credible electoral processes.
“We in the ADC have committed ourselves to the highest standards of peaceful conduct before, during and after the elections. But we need ECOWAS to join us in insisting on a credible election now.
“We want the same thing: a peaceful and stable Nigeria and West Africa. This is why you must tell INEC that they must not do anything that could plunge Nigeria into a needless crisis.
“This must form part of your early warning signals,” he added.
The Head of Mission and former Vice-President of Sierra Leone, Victor Bockarie Foe, said the mission aimed to assess Nigeria’s preparedness for credible elections and the political atmosphere ahead of the polls.
Foe promised to convey the party’s concerns, alongside those of other stakeholders, to the regional body, emphasising Nigeria’s importance to peace and stability across West Africa.
Other members of the ECOWAS mission included Francess Piage Alghali, Commissioner for Political Affairs, Peace and Security; Julius Fofanah Sandy, representing the ECOWAS Permanent Representatives’ Committee; and Segrine Mamadou, Head of Electoral Assistance Division.


