News
IMF proposes more taxes, higher interest rates after subsidy removal
The International Monetary Fund, on Friday, said for Nigeria’s fuel subsidy removal policy and foreign exchange unification initiative to translate to economic growth and stability, the Federal Government must collect more taxes to fund the national budget and pay public debts.
The IMF Africa Department Director, Abebe Selassie, made the position known during a press briefing on the Sub-Saharan Africa Regional Economic Outlook at the ongoing World Bank Group/International Monetary Fund Meeting in Marrakech, Morocco.
He spoke against the backdrop of the harsh economic conditions in Nigeria on the back of the removal of fuel subsidy and foreign exchange unification by President Bola Tinubu after taking office in late May.
The deregulation of the downstream oil sector has pushed petrol prices from about N185/litre to about N600/litre, a development that has caused pain and untold hardships for more Nigerians.
Aside from this, policies aimed at unifying the official and parallel market rates of the naira announced in early June by the government have worsened the sharp rise in the prices of goods and services following the jump in the pump price of petrol.
Despite the initial savings made from fuel subsidy removal by the Federal Government, over 90 per cent of government revenue still goes into debt servicing, leaving it with a meagre amount to cater to major economic growth and development projects.
However, the IMF said on Friday that Nigerian policymakers must urgently complement the fuel subsidy removal with a set of policies that could ameliorate the economic challenges facing the country.
Selassie said, “The exchange rate reforms that the government did were very, very welcome, trying to unify the rate, similarly the fuel subsidy. But that will not help and will not stick unless you also are tightening monetary policy; unless you’re also doing something to mobilise more tax revenues. So, a holistic package of reforms is what’s needed.
“So, you have a medley of things mainly rooted in the fiscal challenges that Nigeria has faced, not having tax revenues. At the same time, this is a country with incredible potential and we have seen reforms moving in the right direction in recent months. What is needed, we feel, is making the reforms holistic and help reinforce each other. Just as things were not reinforcing each other in the past, I think there is scope to make the reforms reinforce each other.”
The IMF director noted that Nigeria had over-relied on oil revenue, making it difficult to tap its potential in other areas.
He said, “Why are there not enough tax revenues? I think in the past, over-reliance on oil was when prices were high. Second, of course, also is the subsidy regime, which also entails quite a lot of loss of government resources being directed where they perhaps should not be. So, I think these are all interlinked issues, including causing some of the inflation that you’re seeing, because, given the difficulty to tap international capital markets, the government has had to rely more on domestic financing, which has either crowded out the private sector or of course caused the monetary injection, which again has weakened the exchange rate.”
Selassie, however, said the leaders at the Central Bank of Nigeria and the Ministry of Finance were new, adding that there was a need to give them more time to act.
He expressed confidence in their ability to make the right economic decisions, saying, “I think we have to give a bit of time to the new administration also, I mean, the central bank governor has just been appointed. The Minister of Finance has only been in office for a few weeks. So, we’re hopeful that they will move in the right direction, and we stand there to provide any policy advice the government needs.”
Debt talks
On Nigeria’s debt, the IMF director said the country leaders had yet to initiate any discussion on debt cancellation or forgiveness.
The Debt Management Office data showed that Nigeria had a total debt stock of $113.4bn as of June 30, 2023.
The IMF director said, “I am not aware of any discussions that are going on debt profiling and restructuring in Nigeria. There are, of course, like elsewhere in the region, debt pressures. And I think in Nigeria, by far the most important cause of the pressures is the fact that the government doesn’t generate enough tax revenues for all the services it needs to provide. So, interest payment as a share of revenues is very high and not leave much room to spend on other issues. I think that is the key issue and the one that needs to be worked on.”
He also said Nigeria’s debt was still manageable but noted that more revenue must be generated to service it.
“When we look at the debt in Nigeria, our sense is that the stock is manageable in general. It’s the debt servicing that is much more difficult. And the debt servicing is hampered, as I said earlier, by the country not generating enough non-oil tax revenues. I think that is by far the most important area of reform, by far the most important area of work that there is for any administration in Nigeria,” Selassie added.
By Okey Maduforo Awka
Six members of the Indigenous People Of Biafra IPOB have been declared wanted by the Nigerian Police .
The six persons led by Mr Chukwuebuka Ohaechesi, include Emma Okonkwo, Jude Uwa, Gentle Okoro, Uchenna Dike, and Emmanuel Nwankwo who are said to be at large.
The were said to have fled to neighboring states in the South East hence signaling the other four Police Commands in the geopolitical zone to assist in the manhunt for them
The Police accused them of executing protests against the detaintion of the leader of IPOB Mazi Nnamdi Kanu who is currently serving jail terms in Sokoto Correction Center.
According to a statement issued by the Abia Police Public Relations Officer of the Command, ASP Eguavon Omokaro, the individuals are suspected members of IPOB who have allegedly participated in protests at various times and locations within the state.
The statement alleged that the protests were organised in connection with the continued detention of Mazi Nnamdi Kanu and demands for justice through the judicial process.
The Police Command further stated that these protests have allegedly resulted in breaches of peace and disruptions to law and order in Abia State. Consequently, the Police Intelligence Department reportedly concluded that the named individuals were among the principal organisers and coordinators of the demonstrations.
The statement further alleged that; ;
“It should be noted that on every 30th day of May, these men and their cohorts convene for the so-called remembrance of Biafra, holding clandestine meetings at various locations in the name of the emancipation of the Biafran Republic and the release of Mazi Nnamdi Kanu.”
According to the police, the six individuals were invited on several occasions for questioning in relation to the allegations against them.
The statement indicated that the first invitation was issued on 18 December 2025, followed by a second invitation on 7 February 2026, and a third invitation on 3 March 2026.
The police alleged that the individuals failed to honour all three invitations.
The statement further asserted:
“These individuals were invited by the police on several occasions. Firstly, on 18 December 2025, they failed to honour the invitation. Again, they were invited on 7th February 2026 and failed to appear. Finally, they were invited on 3 March 2026, and they also failed to present themselves before the police.” It stated.
As a result, the Abia State Police Command announced that all six individuals had been formally declared wanted.
The police appealed to members of the public to provide any reliable information that could lead to their arrest and prosecution, stating that informants would be suitably rewarded.
The declaration of the six individuals as wanted persons is linked to allegations of their participation in pro-Biafra activities, demonstrations concerning the detention of Mazi Nnamdi Kanu, and their alleged association with IPOB, an organisation that has been the subject of extensive scrutiny and security operations by Nigerian authorities.
In a statement shared on social media, VeryDarkMan argued that Wike may not fully understand the pain and trauma experienced by parents of abducted children and affected teachers. He claimed that the minister’s children were educated abroad, away from the security challenges facing many Nigerian families.Nigerian entertainment news
The activist stated that insecurity, kidnapping, and attacks on schools remain serious national concerns and should not be dismissed or reduced to political issues. He stressed that the fears and frustrations of parents whose children face security threats deserve greater attention from public officials.
VeryDarkMan further warned that political power is temporary, urging leaders to remain accountable to the people and sensitive to the challenges confronting ordinary Nigerians.
DSS Detains Novelist Okey Ndibe at Lagos Airport, Awaits Clearance from Abuja
Renowned Nigerian novelist, journalist, and academic, Okey Ndibe, was reportedly detained by operatives of the Department of State Services (DSS) upon his arrival at the Murtala Muhammed International Airport, Lagos, on Monday morning.
Ndibe disclosed his situation in a message sent while in custody, stating: “I’ve been with the SSS now for more than an hour. They’re waiting for clearance from some oga before they let me go.”
According to sources close to the writer, his detention follows a pattern that dates back to previous administrations, including that of former President Goodluck Jonathan, during which he was frequently stopped and questioned over his critical commentaries on Nigerian governance and public affairs.
However, associates noted that Ndibe has largely stepped away from active commentary in Nigerian media over the past two years, focusing instead on writing books and his academic responsibilities at University of Massachusetts Amherst, where he teaches.
A close friend of the author and former Anambra State Commissioner for Information and Public Enlightenment, C. Don Adinuba, said similar incidents had occurred several times in the past. He explained that airport DSS officials typically contacted their superiors in Abuja before eventually releasing Ndibe.
“It is a pity that this agency doesn’t update its database to enable officers on duty at the airport to know that the agency no longer regards Prof. Ndibe as a security threat to the administration,” Adinuba said.
He added that on previous occasions, the DSS had apologized to the respected author after determining that his detention was unwarranted.
As of the time of filing this report, there was no official statement from the DSS regarding the circumstances surrounding Ndibe’s latest detention. The development has raised renewed concerns about the treatment of government critics and the continued use of security watchlists affecting returning Nigerians.
Hegseth made the disclosure during a press conference at the White House on Wednesday, where he said the directive was issued about a year ago after Trump became aware of attacks against Christians in Nigeria.
He explained that the operation involved behind-the-scenes coordination and deployment of military assets, adding that intelligence gathered during the mission contributed to the killing of Abu-Bilal al-Minuki, identified as ISIS’s second-in-command, during a joint operation involving U.S. and Nigerian forces in the Lake Chad Basin.
“Maybe a year ago, he heard the call of Nigerian Christians who were being targeted and killed by ISIS in Nigeria, and he said, ‘Pete, I want the War Department to focus on ensuring that we do everything we can to protect those Christians,’” Hegseth said.
According to him, the operation yielded significant results in the fight against terrorism in the region.
“And we got the assets there, and over the last month, and there hasn’t been much coverage of this, we killed ISIS number two in Nigeria, who’s most responsible for killing Christians and trying to target the U.S. homeland,” he stated.
Hegseth added that working on the Intel gathered, they have killed hundreds of ISIS members who were targeting and killing Christians in Nigeria.
The U.S. defence chief described the operation as part of the Trump administration’s broader commitment to counterterrorism efforts and the protection of vulnerable communities.
“So there are a lot of things we do that the media pays attention to, and a lot of things that the President empowers the Department to do on behalf of the American people that he deserves great credit for,” Hegseth stated.
ISIS second in command, Abu-Bilal al-Minuki was killed in a coordinated U.S.-Nigeria military operation in northeast Nigeria earlier this month.
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