TodayPrice

Author: Val Kosi

  • IMF Clarifies It Did Not Push for Nigeria’s Fuel Subsidy Removal

    IMF Clarifies It Did Not Push for Nigeria’s Fuel Subsidy Removal

     The International Monetary Fund (IMF)has clarified that it was not responsible for Nigeria’s recent decision to remove fuel subsidies, a move that has sparked criticism due to the resulting inflation and economic hardship for many Nigerians.

    The decision, according to the IMF, was made independently by the Nigerian government.

    Speaking during a press conference at the IMF and World Bank Annual Meetings in Washington D.C., the IMF’s African Region Director, Mr. Abebe Selassie, stressed that the IMF had no direct involvement in the policy decision.

    “The decision was a domestic one. We don’t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK,” Selassie said.

    While acknowledging that the IMF offers guidance on public resource management, Selassie pointed out that Nigeria’s decision to remove fuel subsidies aligns with its long-term strategy to enhance public resource efficiency and foster sustainable economic growth. He emphasized that the choice was deeply rooted in domestic and political considerations.

    “Ultimately, these are profound domestic and political decisions that the government had to make,” he noted.

    Selassie recognized the significant economic impact the reforms have had on Nigerians and urged the Nigerian government to implement social investment programmes to cushion the effects on vulnerable populations.

    “We recognize the significant social costs involved. The government can mitigate these by expanding social protection for the most vulnerable,” Selassie added.

    The IMF reiterated its support for Nigeria’s efforts to balance public resource management while encouraging the government to invest in infrastructure, healthcare, and education to support long-term economic stability.

  • IFC, CBN Partner to Boost Local Currency Financing

    IFC, CBN Partner to Boost Local Currency Financing

    The International Finance Corporation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN)have entered into a strategic partnership to increase local currency financing in Nigeria.

    This move aims to support private businesses across key sectors of the Nigerian economy, including agriculture, housing, infrastructure, energy, small and medium enterprises (SMEs), and the creative and youth economy.

    The agreement will enable IFC to manage currency risks while expanding its investment in the Nigerian naira, facilitating more than $1 billion in financing over the coming years. This funding is essential for boosting critical sectors that require long-term local currency financing.

    CBN Governor Yemi Cardoso highlighted the significance of this collaboration, stating, “This pioneering initiative between IFC and CBN will unlock much-needed long-term local currency financing for private businesses in Nigeria at economically viable rates. It will serve as a catalyst for economic growth and advance the Federal Government’s agenda for economic diversification.”

    Makhtar Diop, Managing Director of IFC, noted the importance of expanding access to affordable local currency financing, emphasizing that it will enhance lending in naira and support job creation across the country. Diop said, “Expanding access to affordable local currency financing for small businesses in Nigeria is essential for IFC to address the increasing demand for diverse funding options and to better manage currency risk.”

    With an active portfolio of $2.13 billion in Nigeria—second highest in Africa—local currency financing is a top priority for IFC as it seeks to support the country’s economic development through innovative financial instruments and partnerships.

     

  • UNICAL’s First Female SUG President Defends Appointment of 50 Aides

    UNICAL’s First Female SUG President Defends Appointment of 50 Aides

    Blessing Alims, the first female President of the Student Union Government (SUG) at the University of Calabar (UNICAL), has justified her decision to appoint 50 individuals as aides, citing the need for effective governance and representation of the university’s diverse student body.

    Alims, who recently made history as the first female SUG President in UNICAL’s 49-year history, faced criticism on social media for her appointment of 50 aides, with some comparing her leadership style to what they described as a “wasteful government” in Nigeria.

    In a statement signed by her Press Secretary, Madueke Chinenye, Alims explained that her decision was aimed at ensuring the welfare and progress of the university’s over 42,000 students from 20 faculties and 110 departments. She emphasized the need for a collaborative effort and a strong, diverse team to implement her initiatives successfully.

    The SUG President noted that the appointments were voluntary and came with no financial compensation, but were designed to foster career development and instill a sense of duty and motivation in the appointees. She also stressed that the selection process was merit-based and that each appointee brought valuable expertise to the administration.

    Alims’ administration has sparked controversy, but she remains committed to effective governance and student welfare.

  • University of Benin Reopens with Conditions for Students

    University of Benin Reopens with Conditions for Students

    The University of Benin has announced its reopening for August 11, following a temporary closure due to student protests and unrest. The university’s management had halted academic activities indefinitely on July 4 and ordered students to vacate their hostels.

    According to the university’s registrar, Ademola Bobola, students are expected to return to their halls of residence on Sunday, with lectures resuming on Monday. The management has resolved the issues that led to the shutdown, including electricity and water supply, as well as the renovation of the halls of residence.

    As a condition for resumption, each returning student is required to swear an affidavit of undertaking to be of good conduct while at the university. The affidavit must contain specific points and be uploaded to the student’s Kofa page and submitted to their departmental course adviser within two weeks of resumption. Non-compliance may result in the withholding of results.

    The registrar assured students that all necessary measures have been taken to address the issues that led to the closure and expressed confidence that academic activities would resume smoothly.

  • UNIBEN Launches Investigation into Sexual Harassment Allegations Against Professor

    UNIBEN Launches Investigation into Sexual Harassment Allegations Against Professor

    The University of Benin has established a committee to investigate allegations of sexual harassment against a professor in the Department of Philosophy. The committee, set up by the Vice-Chancellor, is urging staff and students with relevant information or those who have experienced similar incidents to come forward and share their experiences.

    The investigation follows a social media post by a female graduate who accused the professor of sexual harassment during her undergraduate studies. The university has assured that all information gathered will be treated with confidentiality and that identities will be protected.

    This development comes after a recent survey revealed that 70% of female graduates in Nigeria experienced sexual harassment in school, with lecturers and classmates being the main perpetrators.

    The Senate had passed a bill in 2021 stipulating 21 years imprisonment for lecturers found guilty of sexual misconduct, but most indicted lecturers have been simply sacked.

  • University of Benin Bans Use of Hot Plates, Gas Cookers in Hostels

    University of Benin Bans Use of Hot Plates, Gas Cookers in Hostels

    The University of Benin (UNIBEN) has officially prohibited the use of hot plates, ring boilers, and gas cookers in its hostels.

    The directive, aimed at cutting down the university’s growing electricity costs, was announced in a circular signed by the institution’s Registrar, Ademola Bobola.

    The circular warns that any student found violating this prohibition will face rustication from the university.

    The decision comes in the wake of an ongoing electricity crisis that has significantly impacted the university. The Benin Electricity Distribution Company (BEDC) recently increased the monthly electricity billing for UNIBEN from N88 million to a staggering N250 million.

    This sharp increase led to the disconnection of the university’s two campuses from the power grid, sparking widespread disruption.

    The disconnection resulted in weeks of power outages, forcing the university to rely on generating sets for electricity.

    The situation escalated on July 3, when frustrated students staged a protest against the prolonged power outages. In response, the university’s Senate decided to temporarily close the institution to prevent a further breakdown of law and order.

    As the university prepares to reopen on Monday, the management has made it clear that students must adhere to the new regulations regarding the supply, distribution, and utilization of electricity on campus. The registrar emphasized that compliance with these rules is mandatory for all students.

    Bobola also reminded students of the importance of settling any outstanding school charges. He stated that proof of payment would be required for eligibility to participate in upcoming examinations, and that compliance with this directive would be closely monitored.

    “Payment of outstanding school charges with evidence upon resumption will serve as eligibility for examination and will henceforth be strictly monitored to ensure compliance,” Bobola said.

    “Students would also be expected not to involve themselves in any unruly conduct that is against the rules and regulations of the University.

    “They are to be of good conduct and not to sponsor or participate in any unauthorized assembly or demonstration within the precincts of the university.”

  • WAEC Attributes Delay in Releasing Ogun Students’ Results to Technical Glitch

    WAEC Attributes Delay in Releasing Ogun Students’ Results to Technical Glitch

    The West Africa Examination Council (WAEC) has refuted claims that the results of some public school students in Ogun State were withheld due to the state government’s indebtedness. Instead, the examination body attributed the delay to a technical glitch.

    Ayobami Suberu, Branch Controller of WAEC in Ogun State, described the report of indebtedness as “mischievous and unbalanced.” He assured that the Ogun State Government is not owing WAEC any money.

    Suberu explained that the results of the affected students are still pending due to a technical hitch, which is being addressed for quick resolution. He promised that the results would be released before the close of work on Tuesday.

    The examination body had earlier released the results of 1,685,889 candidates, accounting for 93.9 percent, on Monday. The delay in releasing the remaining results has been attributed to the technical glitch, and WAEC is working to resolve the issue promptly.

  • Usmanu Danfodiyo University Sokoto Appoints Bashir Garba as New Vice-Chancellor

    Usmanu Danfodiyo University Sokoto Appoints Bashir Garba as New Vice-Chancellor

    The governing council of Usmanu Danfodiyo University, Sokoto (UDUS) has approved the appointment of Professor Bashir Garba as the new Vice-Chancellor of the institution.

    The decision was made during the council’s 168th special meeting on Wednesday, chaired by Attahiru Jega.

    Professor Garba, currently serving as the Vice-Chancellor of Sokoto State University, will assume his new role at UDUS on September 1, for a single term of five years.

    This appointment marks a significant homecoming for Garba, who is an alumnus of UDUS.

    Born in Sokoto South Local Government Area, Garba’s academic journey began at UDUS where he earned a B.Sc in Applied Chemistry in 1988.

    He later obtained a Master’s degree in Applied Organic Chemistry from the University of Jos in 1994, and a Ph.D. in Applied Chemistry from UDUS in 1998.

    Garba commenced his academic career as a Graduate Assistant at UDUS in 1989. His dedication to academia saw him rise through the ranks, eventually becoming a Professor in 2002. Over the years, he has held various administrative positions within and outside the university, demonstrating his versatility and leadership capabilities.

    His career outside UDUS is equally distinguished. He has been the Vice-Chancellor of Sokoto State University since May 2022, on a leave of absence. Prior to this, Garba served in several high-profile roles, including as Commissioner in the Sokoto State Executive Council from June 2019 to January 2022, Secretary to the Sokoto State Government from September 2015 to May 2019, Rector of the Polytechnic of Sokoto State from August 2012 to September 2015, and Director of the Energy Commission of Nigeria (ECN) from April 2006 to March 2010. He also led the Sokoto Energy Research Centre (SERC) as its Director from August 1999 to 2005.

    Professor Garba will be succeeding Professor Lawal Suleiman Bilbis, who has served as the Vice-Chancellor of UDUS since 2019.

  • Tertiary Institutions, Not Students, Responsible for Declaring Illegal Admissions – JAMB

    Tertiary Institutions, Not Students, Responsible for Declaring Illegal Admissions – JAMB

    The Joint Admissions and Matriculation Board (JAMB) has reiterated that the onus of declaring illegal admissions rests more with tertiary institutions than with students.

    This clarification follows the board’s recent directive giving institutions a one-month ultimatum, starting in early August, to declare all admissions processed outside of the Central Admissions Processing System (CAPS).

    JAMB introduced CAPS in 2017 to centralise and regulate admissions into Nigerian tertiary institutions, ensuring transparency in the process.

    However, it was discovered that over one million students were admitted outside this system between 2017 and 2020. A subsequent ministerial waiver led to the regularisation of these admissions due to their overwhelming numbers.

    Despite this, JAMB has expressed concern that some institutions continue to admit students outside of CAPS and attempt to bypass the system by backdating these admissions. The board has warned that any vice chancellor, provost, or rector who engages in such practices will face severe sanctions.

    In a statement issued by JAMB’s Public Relations Officer, Fabian Benjamin, the board underscored the importance of institutions complying with the directive to disclose all candidates admitted outside CAPS before the August 31, 2024, deadline.

    The statement also noted that while many candidates have been coming forward to self-report issues related to non-disclosure of admissions outside CAPS, the focus should remain on the actions of the institutions.

    “While we appreciate the enthusiasm, we must correct the misconception that the focus is on candidates’ actions,” JAMB said.

    “The true emphasis lies with the institutions, which must disclose all candidates admitted outside CAPS before the August 31st, 2024 deadline. This directive requires immediate attention and compliance.”

    The board urged all tertiary institutions to review the initial directive and ensure full compliance to avoid any repercussions.

    JAMB also reminded candidates not to accept any admissions processed outside CAPS.

  • ASUU Gives FG 21-Day Ultimatum Over Unfulfilled Demands

    ASUU Gives FG 21-Day Ultimatum Over Unfulfilled Demands

    The Academic Staff Union of Universities (ASUU) has issued a 21-day strike notice to the Federal Government over unmet demands, including the renegotiation of the 2009 agreement and funding for the revitalization of public universities.

    The decision was reached during the union’s national executive council meeting held at the University of Ibadan over the weekend. ASUU has been pressing for improved infrastructure, conducive teaching and learning environments, and the removal of its members from the Integrated Personnel and Payroll Information System (IPPIS) platform.

    Other outstanding issues include university autonomy, the proliferation of public universities, the backlog of earning academic allowances amounting to N50 billion, and the withheld three-and-a-half months’ salaries of its members across the country.

    The union has warned that if the Federal Government fails to address these demands within the 21-day timeframe, it will embark on a nationwide strike. This development comes after previous threats and meetings between ASUU and the Federal Government, with little progress made in resolving the issues.