General
IMF Tasks Policymakers, Leaders on Trade, Debt, Climate Action
By Adedapo Adesanya
As policymakers and business leaders gather at the World Economic Forum in Davos, the International Monetary Fund (IMF) has tasked them to focus on trade, debt, and climate action, which are what matter most amid the current global reality.
In a new blog by its Managing Director, Ms Kristalina Georgieva, titled Confronting Fragmentation Where It Matters Most: Trade, Debt, and Climate Action, the lender called for more actions as the global economic slowdown, climate change, cost-of-living crisis, high debt levels, geopolitical tensions have made it even more difficult to address vital global issues.
She noted that, “Dislocations from trade and technological change have harmed some communities. Public support for economic openness has declined in several countries. And since the global financial crisis, cross-border flows of goods and capital have been levelling-off.”
The IMF chief further warned that trade tensions between the world’s two largest economies – the United States and China – have been rising amid a global surge in new trade restrictions, in addition to Russia’s invasion of Ukraine, which “has caused not only human suffering, but also massive disruptions of financial, food, and energy flows across the globe.”
This has been further compounded by supply chain disruptions during the COVID-19 pandemic have also increased the focus on economic security and making supply chains more resilient.
These and more could see countries lose up to 12 per cent of GDP, with lower-income consumers in advanced economies would lose access to cheaper imported goods while emerging and developing economies would no longer benefit from technology spillovers that have boosted productivity growth and living standards.
“Instead of catching up to advanced economy income levels, the developing world would fall further behind.
“Small, open-market economies would be hard-hit. Most of Asia would suffer due to its heavy reliance on open trade,” she noted.
To confront this, she presented three priorities – strengthening the international trade system, helping vulnerable countries with debt, and setting up climate action.
She said, “Strengthening the role of trade in the global economy begins with vigorous World Trade Organisation reform and by concluding WTO-based market-opening agreements. But finding agreement on complex trade issues remains challenging, given the diverse World Trade Organisation membership, increasing complexity of trade policy, and heightened geopolitical tensions.”
To support those with debt, she said the IMF, World Bank and Indian G20 presidency are working with borrowers and public and private creditors to quickly establish a global sovereign debt roundtable, where we can discuss current shortcomings and make progress to address them.
For climate action, she said a potential game-changer could be an international carbon price floor among major emitters. It would focus on carbon pricing or equivalent measures in an equitable process that would complement and reinforce the Paris Agreement.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Tinubu-led administration and the 36 state governors at the ECOWAS Community Court of Justice in Abuja.
In a statement issued by SERAP’s Deputy Director, Mr Kolawole Oluwadare, it stated that the provisions of the amended Cybercrimes Act remain vague, arbitrary, and repressive, enabling authorities to criminalize legitimate expression and restrict media freedom.
The suit challenged the alleged misuse of the Cybercrimes (Amendment) Act 2024 to suppress freedom of expression, saying it violates human rights, particularly those of activists, journalists, bloggers, and social media users.
The organisation seeks several reliefs, including a declaration that Section 24 of the Cybercrimes (Amendment) Act 2024 is unlawful and inconsistent with Nigeria’s human rights obligations; and an order directing the government to repeal or amend the legislation in compliance with international standards.
“The provisions of the Cybercrimes (Amendment) Act 2024 have opened the door to criminalising legitimate expression and punishing activists, journalists, bloggers, and social media users.
“This is a harshly punitive approach that fails to provide safeguards against misuse, particularly for the peaceful and legitimate exercise of human rights,” the SERAP statement read.
However, no date has been fixed for the hearing of the suit.
By Modupe Gbadeyanka
President Bola Tinubu on Saturday, January 11, 2025, left the shores of Nigeria for the United Arab Emirates to take part in the 2025 Abu Dhabi Sustainability Week (ADSW 2025).
He was accompanied by the Minister of Foreign Affairs, Mr Yusuf Tuggar, and other senior government officials.
A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that Mr Tinubu was invited for the event by his UAE counterpart, Mr Mohamed bin Zayed Al Nahyan.
He will attend the programme starting from today, Sunday, January 12 to Saturday, January 18, 2025.
However, President Tinubu is expected to return to Nigeria before the end of the summit on Thursday, January 16, 2025.
The event, themed The Nexus of Next; Supercharging Sustainable Progress, is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.
In addition, it will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all.
ADSW, a testament to the power of collaboration, has been held annually for over 15 years. It provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.
It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda worldwide.
At the event, President Tinubu will stress his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.
The Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of interest affecting the two nations.
By Dipo Olowookere
The Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, remains at the centre of a storm of corruption allegations that have plagued his tenure.
Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.
Recent reports by People’s Gazette revealed that the 40-member Lagos State House of Assembly, under Mr Obasa’s leadership, spent over N43 billion on “back-up vehicles for honourable members” between January 2023 and the third quarter of 2024.
This expenditure, part of a larger N90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.
Budget documents showed the Assembly spent about N30.1 billion on vehicles in 2023 and about N13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly N1.1 billion per lawmaker, were frivolous.
Mr Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that the lawmaker conducted suspicious foreign exchange transactions totaling $2.4 million (N1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.
In October 2020, the Economic and Financial Crimes Commission (EFCC) invited the Speaker for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.
Mr Obasa has consistently denied these allegations. Speaking at a recent plenary, he dismissed claims of spending N17 billion on constructing a gate as “spurious and funny.”
He also refuted allegations of spending N200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.
However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Mr Obasa’s allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.
Prominent anti-corruption campaigner, Mr Olanrewaju Suraju, has urged the EFCC to act on the mounting evidence against Mr Obasa, warning that his actions undermine legislative independence and public trust.
“These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Mr Suraju said.
Despite the scandals, Mr Obasa appears unperturbed and untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity.
As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.
Observers now await further developments as pressure mounts on anti-graft agencies to act decisively.
For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN