News
Subsidy: Poor Nigerians will rise above 100 million without palliatives – W’Bank
This was disclosed during the launch of the June 2023 edition of the Nigeria Development Update on Tuesday in Abuja.
The Washington-based lender also said about 7.1 million poor Nigerians would become poor if the Federal Government failed to compensate or provide palliatives for them, following the removal of fuel subsidy.
According to World Bank data, 89.8 million Nigerian were poor as of the beginning of this year. The lender noted that additional four million Nigerians became poor between January and May this year, raising the figure to 93.8million.
Latest projection means the number of poor Nigerians will rise to 100.9 million if the government fails to compensate vulnerable citizens for fuel subsidy removal.
The World Bank Nigeria Development Update report noted that Nigeria’s inflation has risen to a 17-year high, and has been driven by a number of factors, such as CBN funding of budget deficit, previous multiple exchange rates, devaluation, and trade restrictions.
The report read, in part, “Consumer price inflation has surged and is currently one of the highest globally, which is related to Nigeria’s fiscal imbalance and points to the urgency of reform efforts. Inflation in Nigeria has been high for many years due to structural factors, but it escalated in 2022, to the point where consumer prices increased at their fastest pace for 17 years.
“The consumer price index further accelerated in 2023 through May, up to 22.4 percent y-o-y. High inflation has been driven by the monetization of the fiscal deficit by the CBN, multiple exchange rates and exchange rate depreciation in the parallel market, and intensified trade restrictions, exacerbated by the spike in global food and energy prices.
“The CBN implemented measures to control rising inflation, including raising the monetary policy rate by 700 basis points, but these proved ineffective and monetary policy remained loose overall in the first half of the year. The loss of purchasing power from high inflation has increased poverty in the short-term, pushing an estimated 4 million Nigerians into poverty between January and May 2023.”
The National Bureau of Statistics recently disclosed that inflation in the country rose to 22.41 per cent in May, which is the highest in about 19 years.
Also, the NBS, in its National Multidimensional Poverty Index report, disclosed that 133 million Nigerians are multi-dimensionally poor.
The NBS said 63 per cent of Nigerians were poor due to a lack of access to health, education, living standards, employment, and security.
The Multidimensional Poverty Index offered a multivariate form of poverty assessment, identifying deprivations across health, education, living standards, work, and shocks.
In its new report, the Washington-based bank noted that the loss of purchasing power increased the poverty headcount rate by an estimated 2 percentage points or 4 million people.
This may mean that the total number of poor people in the country has risen to 137 million this year.
The World Bank added that the number of poor people in rural areas increased by an estimated 4 percent, while in urban settings, there was an estimated increase of 11 per cent.
The Brenton Woods institution further noted that with the removal of fuel subsidy, about 7.1 million people are at risk of becoming poor if no form of compensation is provided by the government.
The report read, “In the immediate term, the removal of the petrol subsidy has caused an increase in prices, adversely affect ting poor and economically insecure Nigerian households. Petrol prices appear to have almost tripled following the subsidy removal.
“The poor and economically insecure households, who directly purchase and use petrol as well as those that indirectly consume petrol, are adversely affected by the price increase. Among the poor and economically insecure, 38 percent own a motorcycle and 23 percent own a generator that depends on petrol. Many more use petrol dependent transportation.
“The poor and economically insecure households will face an equivalent income loss of N5,700 per month, and without compensation, an additional 7.1 million people will be pushed into poverty.
The World Bank warned that many newly poor and economically insecure households will likely resort to consequential coping mechanisms, such as “not sending children to school, or not going to the health facilities to seek preventative healthcare or cutting back on nutritious dietary choices.”
The bank stressed the need for adequate compensation, noting that compensating transfers will be essential in helping to shield Nigerian households from the initial price impacts of the subsidy reform.
The lending institution further applauded the removal of the subsidy and FX management reforms, which are crucial measures to begin to rebuild fiscal space and restore macroeconomic stability.
The report added, “Following a bold start with the recent PMS subsidy reforms and FX reforms, the urgency remains for Nigeria to seize the opportunity to chart a new course with ambitious and comprehensive reforms to raise long-term growth prospects.”
In his remarks, the governor of Oyo state, Seyi Makinde, said the reforms of the new administration are a step in the right direction.
However, he said there is a need to ensure that social safety nets are put in place because other than the local disruptions, there are also global headwinds that affect Nigeria as well.
“Social protection programs must be taken with a systemic approach towards long-term objectives,” he said.
Abia State Governor Alex Otti stressed the need for deregulation in the oil sector in order to maintain the reforms in this sector.
“What is important is not that the subsidy is removed, but the ability to sustain that removal, and the only way to do is moving from regulation to deregulation,” he said.
He further stressed the need for a sustainable cash transfer programme and other programmes that are well-targeted to the poor affected by the reforms in the country.
The Resident Representative for Nigeria of the International Monetary Fund, Ari Aisen, noted that the current reforms of the new administration are expected to have side effects.
He said, “There were so many distortions accumulated in the past, it is naturally that when these policies are implemented, you have some side effects. We should all expect that.”
Aisen added that inflation will likely keep rising, and stressed the need for policies that would curb inflation.
“Here, inflation is the main culprit in the room. We have seen inflation already high before the implementation of these policies. Inflation is likely to increase further. In our view, it is going to be critical to tailor macroeconomic policies to reduce inflation,” he said.
The IMF Representative further said that there is a need for further tightening of the monetary rates, which he said, remain loose.
He added that the IMF hopes to continue its long-term relationship with Nigeria, supporting the country with capacity building, policy advisory, and financing.
The Director General, Debt Management Office, Ms Patience Oniha, noted that although the government can borrow from the Central Bank of Nigeria through the Ways and Means Advances, it is important to stick to the limit.
She further stressed the need for urgent support from multilateral organisations in addressing the tough time Nigerians are going through.
Oniha said, “These are tough times because the policies have all been introduced now. In what ways can we get real support? We do appreciate all the concessional funding that we get from the multilaterals. In this short time, in what way can we get that assistance?”
The Special Adviser to the President, Bola Tinubu, on Monetary Policies, Wale Edun, said that other than the $800m loan from the World Bank, there may need for additional financing to ensure the sustainability of the bold reforms under the administrations.
“We have identified some sources of funding, but we are going after many more,” he said.
The World Bank Country Director for Nigeria, Shubham Chaudhuri, further disclosed that Nigeria is the biggest beneficiary of concessional financing from the World Bank, with over $10.5bn since February 2020.
The World Bank lead economist for Nigeria, Alex Sienaert, during a presentation at the event, said that Nigeria is projected to save up to $5.1bn (N3.9tn) in 2023 alone after the removal of fuel subsidy and reforms of its foreign exchange market.
Sienaert also said that the gains from these policies are expected to reach over N21tn between 2023 and 2025.
The Senate on Wednesday passed the constitutional amendment bill seeking the establishment of state police across the country, marking a major step in ongoing efforts to reform Nigeria’s security architecture.
The approval followed extensive consideration of the proposal by lawmakers during plenary.
Before the vote, senators abandoned plans to use the electronic voting system after the device developed technical issues, raising concerns about the possibility of some lawmakers being excluded from the exercise.
To ensure full participation, the Senate resolved to adopt a manual voting process in which senators openly declared their positions on the bill.
The motion for the adoption of manual voting was moved by the Senate Leader, Senator Opeyemi Bamidele, and received the support of the chamber.
The passage of the bill represents one of the most significant constitutional reforms considered by the National Assembly in recent years, as advocates argue that state policing will enhance local security and improve responses to criminal activities.
The constitutional amendment will, however, require further legislative processes before it becomes fully operational.
The trial of six men accused of plotting to overthrow the administration of President Bola Tinubu took a dramatic turn on Tuesday after the Federal High Court in Abuja ordered the Department of State Services (DSS) to investigate the alleged leakage of sensitive court evidence to social media.
During proceedings, prosecuting counsel, Rotimi Oyedepo (SAN), informed the court that video recordings already tendered as evidence had surfaced online. He alleged that the materials were published by social media activist Martins Vincent Otse, popularly known as VeryDarkMan, and noted that the activist was present in court during the hearing.
Oyedepo urged the court to investigate how the videos were obtained and made public.
In response, Justice Joyce Abdulmalik directed the DSS to immediately probe the alleged leak. The judge ordered security operatives to determine whether any protected court materials were released in breach of existing witness-protection orders and to identify those responsible.
Justice Abdulmalik ruled that the investigation should proceed alongside the ongoing criminal trial, stressing that neither the defendants nor their legal representatives had admitted involvement in the alleged publication.
Counsel to the six defendants denied any connection to the leaked materials. Some members of the defence team argued that the prosecution should file a formal application supported by an affidavit if it wished to pursue the matter before the court.
The hearing also featured testimony from the prosecution’s fourth witness, identified only as “DDD,” who maintained that the defendants voluntarily made their statements and were neither tortured nor coerced during interrogation.
The witness dismissed claims that the accused were chained while giving statements, stating that they walked into the interview room unassisted. He further told the court that none of the defendants requested the presence of lawyers, family members, Legal Aid Council officials, or a Justice of the Peace before making their statements.
Following the testimony, the prosecution closed its case in the trial-within-trial after calling four witnesses.
The court adjourned proceedings to June 25 and June 30 for the first three defendants to open their defence, while the remaining defendants are scheduled to present theirs on July 1 and July 2.
Justice Abdulmalik also fixed July 20 for a ruling on the defendants’ bail applications.
The six men remain on trial over allegations of participating in a plot to topple the Tinubu administration—claims they have denied and which the court has yet to determine.
News
Good Governance: Nwoye Harps on Prudent Management of Public Funds, Engagement of Competent Hands
A Senior Lecturer at the Institute of Peace, Conflict and Development Studies (IPCDS), Enugu State University of Science and Technology (ESUT), Dr. Ben Nwoye, has emphasized the need for managers of public institutions, especially government-owned establishments, to prioritize prudent management of resources and the engagement of competent personnel.
Nwoye also stressed that placing qualified and capable individuals in positions of responsibility remains one of the surest ways to achieve good governance and sustainable development in any society.
The former Chairman of the All Progressives Congress (APC) in Enugu State and current Deputy National Chairman (South) of the party made the remarks on Monday during a good governance facility tour to the remodeled Government Technical College (GTC), Enugu, alongside PhD students of IPCDS.
He commended Enugu State Governor, Dr. Peter Mbah, for the transformation of GTC Enugu under the leadership of Dr. Amaka Ngene, Chairman of the Science, Technical and Vocational Schools Management Board (STVSMB), noting that the institution has been transformed from a dilapidated facility into a modern learning centre.
According to Nwoye, the visit was aimed at assessing the progress made since a similar tour of the school in 2025.
He described education as the bedrock of national development and stressed the need for governments to continue investing heavily in the sector.
“The massive transformation that has taken place at GTC Enugu would not have been possible without prudent management of resources and the appointment of capable leadership,” he said.
“When we first visited, what we saw were merely buildings and classrooms without teachers or students. We were also shown videos and photographs depicting the terrible state of the institution before the intervention of the Enugu State Government.
“Today, barely a year later, we have returned to see whether the state-of-the-art facilities have become functional, and we are impressed by what we have seen. There are teachers, students, and fully operational departments.
“This success is largely due to the quality of leadership driving the school board. The desired transformation has truly taken place, and this goes beyond politics. It is about commitment, competence, and prudent management of public funds.”
Nwoye noted that the beneficiaries of the reforms are young people whose lives are being positively impacted through quality education and vocational training.
“We must commend Governor Peter Mbah for providing the enabling environment and resources needed to achieve this. More importantly, we must acknowledge the efforts of the Board Chairman, Dr. Amaka Ngene, who has driven the entire process.”
He added that practical examples such as GTC Enugu provide valuable learning opportunities for students studying governance and leadership.
“The challenge in our country is not the absence of laws but our failure to implement them. Previous boards allowed this institution to remain in a deplorable condition. What we are seeing today demonstrates what is possible when competent individuals are entrusted with leadership responsibilities.”
Nwoye expressed satisfaction with the outcome of the tour, stating that his students were impressed by the level of transformation witnessed across the institution.
“It is gratifying because when we teach governance principles in the classroom, we can now point to practical examples where those principles are being applied successfully. Sustainable development can only be achieved when education is treated as a priority,” he said.
Speaking during the tour, Dr. Ngene attributed the board’s achievements to a fortified database system, zero tolerance for corruption, truancy, and absenteeism, as well as a commitment to accountability and efficiency.
She also praised Governor Mbah for his commitment to education, describing the ongoing reforms as an education revolution in Enugu State.
According to her, the state’s investment in education has surpassed the UNESCO recommendation of 15 to 20 per cent budgetary allocation to the sector.
“Over the last three years, Enugu State has consistently allocated an average of 23 per cent of its budget to education, reflecting the governor’s commitment to human capital development,” she disclosed.
During the facility tour, the visiting students inspected several functional departments, including the automobile repair workshop, welding and fabrication unit, computer laboratory, garment-making section, and hospitality and catering department.
The facilities provide practical vocational training for senior students, equipping them with employable skills and entrepreneurial opportunities for the future.
Dr. Ngene maintained that Governor Mbah’s administration has demonstrated the impact of good governance through strategic investments in education and human capital development, adding that the results are already evident across the state.
With the successful conclusion of the Enugu North Senatorial District by-election, the Enugu State Structures for Signage and Advertisement Agency (ENSSAA) has announced plans to commence a statewide enforcement exercise against unauthorized outdoor advertisements across the state.
The Agency said the operation would target illegally displayed posters, billboards, political campaign materials, banners, and other outdoor advertisements erected without the approval and requisite permits of ENSSAA.
In a statement issued on Monday by the General Manager of the Agency, Mr. Francis Aninwike, ENSSAA said the enforcement exercise would be carried out across Enugu metropolis and all the local government areas of the state in accordance with the provisions of the ENSSAA Law 2016, which regulates outdoor advertising and signage in Enugu State.
Aninwike explained that the Agency deliberately suspended the enforcement exercise in recent weeks to allow the Enugu North Senatorial District by-election to be concluded and to avoid giving political coloration to what is essentially a long-overdue regulatory exercise aimed at restoring order, sanity, and environmental aesthetics within the state’s outdoor advertising space.
He stressed that no individual, political party, candidate, organization, or business is permitted to erect, display, or paste advertisements, including political campaign materials, without first obtaining the approval of the Agency.
According to him, political parties, candidates, and other stakeholders are advised to immediately regularize their advertisements and obtain the necessary permits before displaying campaign materials or other outdoor advertisements in any part of the state.
The General Manager noted that the proliferation of unauthorized advertisements constitutes a violation of the law, contributes to visual pollution, defaces public infrastructure, and undermines the beauty of the environment.
He emphasized that the enforcement exercise is neither targeted at any individual nor directed against any political group.
“This enforcement exercise is not targeted at any individual or political group. It is a routine regulatory action aimed at ensuring compliance with the law and maintaining a clean, orderly, and aesthetically pleasing environment across the state,” Aninwike stated.
To ensure a smooth and peaceful operation, ENSSAA said it has secured armed police escorts for its enforcement teams. The exercise will be conducted daily between 8:00 a.m. and 6:00 p.m.
The Agency urged members of the public to comply with extant regulations and refrain from obstructing officials carrying out their lawful duties.
Aninwike reiterated ENSSAA’s commitment to sanitizing the outdoor advertising sector, enforcing compliance with relevant laws, and ensuring that outdoor advertisements across Enugu State conform to approved standards.
The application is open from June 15 and will close on June 30, 2026, according to a notice published by the U.S. Embassy and Consulate in Nigeria.
The programme, coordinated by the Public Diplomacy Section of the U.S. Mission through EducationUSA Nigeria, is designed to assist academically outstanding Nigerian students with leadership potential in pursuing higher education in the United States.
According to the mission, the initiative supports access to U.S. higher education while advancing “American leadership, commercial diplomacy, and the shared economic interests of the United States and Nigeria.”
It added that the 2026 cohort aligns with the Freedom 250 celebration, marking 250 years of American leadership, innovation and democratic values.
The statement read, “Freedom250 marks 250 years of American leadership, innovation, and democratic values, and the OFP 2026 cohort will advance these priorities by preparing globally competitive talents aligned with U.S. economic and strategic interests.”
The mission said the programme also reinforces U.S. priorities on “secure, lawful, and well-managed student participation” in American higher education institutions.
It stated, “The program reinforces U.S. priorities on secure, lawful, and well-managed student participation of U.S. higher education systems, ensuring participants understand and uphold the proper use of student visas and full compliance with U.S. immigration regulations.”
It noted, “Priority consideration will be given to the highest-performing students whose academic profiles and career trajectories align with U.S. strategic interests in STEM, AI, and critical emerging technologies.”
The Opportunity Fund Programme provides financial support for essential upfront application costs, including standardised testing fees, application fees and other related expenses.
To qualify, applicants must demonstrate academic excellence, leadership potential, a clear intention to pursue post-secondary education in the United States, notable achievements, research capability, and a commitment to visa compliance and responsible participation in U.S. exchange programmes.
The statement further stressed that participants would be expected to maintain high ethical standards throughout the programme.
It said, “Participants are expected to uphold the highest standards of integrity, compliance, and accountability, including adherence to all U.S. visa regulations.
Apply here: EducationUSA Nigeria Opportunity Fund Program (OFP) 2026 – U.S. Embassy and Consulate in Nigeria
The United States Mission in Nigeria has opened applications for the 2026 cohort of the EducationUSA Nigeria Opportunity Fund Programme, inviting qualified Nigerian students seeking higher education opportunities in the US to apply.
The application is open from June 15 and will close on June 30, 2026, according to a notice published by the U.S. Embassy and Consulate in Nigeria.
The programme, coordinated by the Public Diplomacy Section of the U.S. Mission through EducationUSA Nigeria, is designed to assist academically outstanding Nigerian students with leadership potential in pursuing higher education in the United States.
According to the mission, the initiative supports access to U.S. higher education while advancing “American leadership, commercial diplomacy, and the shared economic interests of the United States and Nigeria.”
It added that the 2026 cohort aligns with the Freedom 250 celebration, marking 250 years of American leadership, innovation and democratic values.
The statement read, “Freedom250 marks 250 years of American leadership, innovation, and democratic values, and the OFP 2026 cohort will advance these priorities by preparing globally competitive talents aligned with U.S. economic and strategic interests.”
The mission said the programme also reinforces U.S. priorities on “secure, lawful, and well-managed student participation” in American higher education institutions.
It stated, “The program reinforces U.S. priorities on secure, lawful, and well-managed student participation of U.S. higher education systems, ensuring participants understand and uphold the proper use of student visas and full compliance with U.S. immigration regulations.”
It noted, “Priority consideration will be given to the highest-performing students whose academic profiles and career trajectories align with U.S. strategic interests in STEM, AI, and critical emerging technologies.”
The Opportunity Fund Programme provides financial support for essential upfront application costs, including standardised testing fees, application fees and other related expenses.
To qualify, applicants must demonstrate academic excellence, leadership potential, a clear intention to pursue post-secondary education in the United States, notable achievements, research capability, and a commitment to visa compliance and responsible participation in U.S. exchange programmes.
The statement further stressed that participants would be expected to maintain high ethical standards throughout the programme.
It said, “Participants are expected to uphold the highest standards of integrity, compliance, and accountability, including adherence to all U.S. visa regulations.
Apply here: EducationUSA Nigeria Opportunity Fund Program (OFP) 2026 – U.S. Embassy and Consulate in Nigeria
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