Nigeria can seek loan to stabilize naira amid pressure says IMF
The International Monetary Fund (IMF) has stated that the Nigerian naira is currently under pressure and that Nigeria can seek a loan from the IMF to stabilise its currency if it deems it necessary.
- Nigeria can seek loan to stabilize naira amid pressure says IMF
- State governments borrowed N26.31bn from Excess Crude Account in one year
- Atiku accuses Bola Tinubu of serial forgery and lying
- PDP demands INEC reforms and Imo REC’s removal
- Gaza border crossing set to reopen as Israeli troops prepare ground assault
The IMF expressed support for the recent decision by the Central Bank of Nigeria to lift an eight-year foreign exchange ban on certain items.
Inflation in Nigeria remains high at 26 percent, and the naira continues to weaken, reaching 1045/dollar on the parallel market. The IMF made these remarks at a meeting in Marrakech, Morocco.
State governments borrowed N26.31bn from Excess Crude Account in one year
State governments have taken out loans amounting to approximately N26.31 billion from the Excess Crude Account facility, originally intended for development and infrastructure projects.
As of June 30, 2023, around N183.1 billion from the Excess Crude Account facility is held in three banks, marking a decrease from N209.41 billion recorded in June 2022.
The loans are secured by state governments and are priced at 9 percent per annum with a 20-year tenor, and are repaid monthly. This action began in Q2 2021, as indicated in the budget implementation report.
Atiku accuses Bola Tinubu of serial forgery and lying
Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), has accused President Bola Tinubu of being a serial forger and liar.
In a statement made available on Sunday, Atiku’s media adviser pointed to Tinubu’s alleged history of forgeries and lies, including his educational qualifications and work experience.
Atiku defended his own name changes as documented in an affidavit from 1973, while asserting that Tinubu’s history of forgery and deception has been well documented. The statement called on Tinubu to refrain from comparing himself to Atiku.
PDP demands INEC reforms and Imo REC’s removal
The Peoples Democratic Party (PDP) has called on the Independent National Electoral Commission (INEC) to improve its reputation in the upcoming governorship elections in Bayelsa, Imo, and Kogi states.
The PDP urged INEC to replace the Resident Electoral Commissioner (REC) in charge of Imo State, Sylvia Agu, to prevent electoral issues like those in Adamawa State.
The PDP expressed readiness for the elections and insisted on using BVAS and IReV for result transmission as mandated by law. The party also demanded Agu’s removal, citing alleged bias and connections to the APC.
Gaza border crossing set to reopen as Israeli troops prepare ground assault
An Egyptian-controlled border crossing into Gaza is set to reopen as diplomatic efforts aim to provide aid to the Hamas-controlled region hit by intense Israeli bombing.
Hundreds of metric tonnes of aid are held in Egypt’s Sinai Peninsula. The U.S., along with the United Nations and other parties, is working to establish a mechanism for assistance delivery.
The situation in Gaza is dire, with fuel reserves at hospitals running out and the conflict escalating. The U.S. is mobilising to address the humanitarian crisis, urging Israel to follow the laws of war in its response to Hamas.
