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IMF’s Managing Director Addresses Debt Crisis And Announces Successful Fundraising For Poverty Reduction And Growth Trust
IMF’s Managing Director Addresses Debt Crisis And Announces Successful Fundraising For Poverty Reduction And Growth Trust....KINDLY READ THE FULL STORY HERE▶
During the Fund 2023 Annual Meetings Plenary in Marrakech, Morocco, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, emphasized the IMF’s active involvement in mediating the debt challenges faced by both debtor and creditor countries. Georgieva highlighted that more than half of low-income countries continue to be in or at high risk of debt distress.
Georgieva noted that approximately one-fifth of emerging economies are confronted with “default-like spreads,” indicating that debt restructuring may become the next viable option. She mentioned that “the common framework is starting to deliver on debt restructurings, albeit slowly.
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The IMF remains dedicated to providing a lifeline to countries in need through a “global financial safety net.” Since the onset of the pandemic, the IMF has offered approximately $1 trillion in liquidity and financing, which includes $650 billion in Special Drawing Rights (SDRs) and $320 billion in lending to 96 countries, including 56 low-income nations.
Georgieva expressed that reaching fundraising targets for the Poverty Reduction and Growth Trust (PRGT) is a critical milestone that allows the IMF to support low-income countries with zero-interest rate financing to address their evolving needs.
She noted that zero-interest lending through the PRGT has surged fivefold to around $30 billion, benefiting 56 countries. At present, 30 countries, nearly 45 percent of all PRGT-eligible countries, are part of ongoing PRGT-supported programs, marking the largest share since the inception of the PRGT in 2009.
The cumulative financial commitment to support the PRGT is projected to reach nearly $40 billion by the end of 2024, approximately five times the historical average.
Georgieva emphasized that sustaining the PRGT’s adequate resourcing is essential, given the high demand for concessional financing and increasing need for PRGT subsidy resources due to elevated interest rates.
The IMF is committed to conducting a comprehensive review of the Fund’s Concessional Facilities and Financing to ensure the long-term financing capacity of the PRGT remains on a sustainable footing.
Georgieva expressed confidence that the global community will continue to demonstrate commitment and solidarity in supporting low-income countries as they navigate global challenges and transformational issues.
Ekiti State Governor, Biodun Oyebanji, has approved the immediate dissolution of state boards, commissions, and parastatals, alongside terminating the appointments of several political aides.....KINDLY READ THE FULL STORY HERE▶
According to an official statement released on Sunday by the Special Adviser on Media to the Governor, Yinka Oyebode, the termination affects all Special Assistants (SAs), Senior Special Assistants (SSAs), and Technical Assistants (TAs).
The statement clarified that the move is part of a gradual transition as the administration winds down its first term ahead of Governor Oyebanji’s second-term inauguration on October 16, 2026.
Key Exemptions
The governor outlined specific offices, governing bodies, and officials exempted from the directive:
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Statutory Commissions: Members and chairmen of the State Independent Electoral Commission (SIEC), Civil Service Commission, Judicial Service Commission, and House of Assembly Service Commission remain in office.
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Tertiary Institutions: The governing councils of all state-owned higher institutions are unaffected.
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Selected Agency Leadership: The chairmen of the State Universal Basic Education Board (SUBEB), Teaching Service Commission, and Local Government Service Commission retain their positions, though their board members have been relieved of duty.
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Senior Executive Aides: Directors-General and Technical Advisors to the Governor remain in their respective roles.
Governor Oyebanji commended the outgoing appointees for their dedication, hard work, and valuable contributions toward the progress of Ekiti State during his first tenure.
Former Governor of Cross River State and 2027 Peoples Redemption Party (PRP) presidential candidate, Donald Duke, has stated that petrol in Nigeria can sell between ₦200 and ₦300 per litre without government subsidies if fuel prices are pegged to local production costs rather than international market rates.....KINDLY READ THE FULL STORY HERE▶
Speaking in an interview with Vanguard, Duke explained that true subsidy occurs when a product is bought at a high price and sold to consumers below cost. He argued that since crude oil is Nigeria’s collective resource, domestic fuel pricing should reflect what it costs to extract, refine, and distribute the oil locally.
Key Highlights of Donald Duke’s Strategy:
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Production Cost vs. Market Price: Duke noted that while crude oil sells internationally for $70 to $80 per barrel, Nigeria’s local production cost does not exceed $40 per barrel. Out of the ~1.7 million barrels produced daily, Nigeria requires only about 300,000 barrels for local consumption.
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Byproduct Amortization: A single barrel yields seven refined products. Duke proposed that five of those byproducts (such as aviation fuel and kerosene) be sold at commercial international rates, using those revenues to offset the refining costs of petrol and diesel.
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Domestic Pricing Formula: He advocated supplying petrol and diesel to Nigerians at actual production cost plus a modest 5% to 10% margin to cover distribution.
Under this model, Duke asserted, the federal government could completely eliminate subsidy payments while dramatically reducing pump prices for citizens.
Dr. Echuseh Audu, Executive Secretary of the Taraba State Emergency Management Agency (SEMA), is facing renewed scrutiny following financial disclosures linking her and a related business, Katuka’s Kitchen, to transfers totaling ₦49.44 million.....KINDLY READ THE FULL STORY HERE▶
The developments follow earlier, unproven social media allegations that SEMA diverted over 10,000 bags of rice and 1,000 cartons of groundnut oil intended for internally displaced persons (IDPs). Dr. Audu has strongly denied the diversion claims and voluntarily presented herself to security agencies—including the Police, DSS, NSCDC, and the Ministry of Justice—demanding a full investigation.
Key Financial Inflows & Controversial LPRES Transfer
Financial records obtained by SaharaReporters detail multiple transfers across accounts associated with Audu and Katuka’s Kitchen:
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World Bank Project Transfer: On October 28, 2025, the Taraba State Livestock Productivity and Resilience Support Project (LPRES) Draw Down Account transferred ₦12,190,726.80 to Katuka’s Kitchen. The same amount was later returned to the LPRES account. Insiders questioned the propriety of a government project conducting business with a public official’s associated entity, though records do not specify if the transaction was a contract payment, reimbursement, or error.
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Inflows Breakdown (Totaling ₦49.44 Million):
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₦15M: Transferred from an account under Audu Echuseh Echuseh at UBA (May 10, 2024).
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₦7M: Transferred from Katuka’s Kitchen’s Fidelity Bank account (August 16, 2024).
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₦5.25M: Received from Sunday Stephen via Globus Bank (January 30, 2026).
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₦5M: Received from Callistus Obiejezie (February 25, 2026).
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₦5M: Transferred from a UBA account under Audu Echuseh (Date unspecified).
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₦44 Million Hospital Payments
The records also highlight three transactions totaling ₦44 million paid to GTBank accounts belonging to Nizamiye Hospital in Abuja (₦15M on Feb 20, 2026; ₦14M on Feb 26, 2026; and an undated ₦15M payment). Sources close to Audu clarified that these funds were utilized to cover medical expenses for a young girl who subsequently passed away.
Questions Over Business Ownership & Corporate Filings
While sources close to the SEMA Chief claim she formally resigned her role with Katuka’s Kitchen at the Corporate Affairs Commission (CAC), reports indicate her Bank Verification Number (BVN) remains tied to the business’s active accounts across Access Bank, Globus Bank, and Fidelity Bank.
SEMA Maintains Stance on Integrity
TSEMA reiterated its commitment to transparency, noting that over 50,000 emergency victims have benefited from state relief distribution. Dr. Audu had not responded to requests for comment at the time of publication.
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