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Nigeria’s Current Account Surplus Rises By $1.43 Billion: IMF Report
According to a report by the International Monetary Fund (IMF), Nigeria’s current account balance has seen a surplus of $1.432 billion in 2024, marking an improvement from the $1.21 billion surplus recorded in 2023.....KINDLY READ THE FULL STORY HERE▶
The increase in the federal government’s account for the period is attributed to the country’s growing gross national savings and investment.
- Gross National Savings: In 2024, Nigeria’s gross national savings increased to 26.32% of Gross Domestic Product (GDP), up from 24.61% in 2023.
- Total Investment: Total investment also rose to 25.75% of GDP in 2024, compared to 24.28% in 2023.
A country’s current account balance reflects the combined total of its trade balance, net income, direct transfers, and asset income, providing a comprehensive picture of its international economic transactions.
- Positive Balance: A positive balance indicates a net lending position.
- Negative Balance: Conversely, a negative balance indicates a net borrowing position.
The IMF data underscores a positive outlook for Nigeria’s economic growth and stability, indicating a growing economy with increasing investment and savings. This trend is expected to sustain economic growth and stability in the region.
However, the report comes amidst challenges following subsidies removal by President Bola Tinubu in May 2023. This removal has led to increased electricity tariffs, food prices, transportation costs, house rents, and inflation rates. Consequently, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) declared a nationwide industrial strike on Monday in response to these challenges.
The IMF report provides valuable insights into Nigeria’s economic trajectory, emphasizing the importance of prudent fiscal management and sustainable economic policies to support continued growth and stability.
I synthesized the key points from the IMF report on Nigeria’s current account surplus, highlighting its significance for the country’s economic outlook and addressing the challenges it faces. Let me know if you need further information!
Former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, has publicly rejected his inclusion in the African Democratic Congress (ADC) presidential campaign council as a member of Atiku Abubakar’s policy team for the 2027 election.....KINDLY READ THE FULL STORY HERE▶
The controversy arose following the release of Atiku’s campaign council list via a statement signed by his aide, Phrank Shaibu. The announcement named Kashim Ibrahim-Imam as chairman, former Kaduna State Governor Nasir El-Rufai as deputy chairman, and Senator Austin Akobundu as director-general, alongside a policy team headed by Mohammed Hayatudeen and featuring individuals such as Professor Mohammed Sagagi and Professor Kingsley Moghalu.
Moghalu’s Reaction and Clarification Expressing surprise at the announcement, Moghalu stated that he was never consulted nor did he give consent for his name to be published.
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No Partisan Ties: Moghalu emphasized that he has quit partisan politics in Nigeria since 2022 and maintains a completely non-partisan posture in national affairs.
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Denial of Membership: He clarified that he is not a member or sympathizer of any political party, nor is he part of Atiku’s policy team in any official, unofficial, or advisory capacity.
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Current Focus: He noted that his primary focus is serving as the President of IGET Africa—a non-partisan public policy think tank and executive education academy—and as the CEO of Sogato Strategies, a geopolitical risk and regulatory strategy advisory firm.
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Path of Statesmanship: Reaffirming his commitment to Nigeria’s progress, Moghalu stated that national service does not require partisan alignment, choosing instead the path of statesmanship.
The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has officially released the list of members for his Presidential Campaign Council ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
According to a statement issued on Thursday by Phrank Shaibu, Senior Special Assistant on Public Communication to Atiku, the campaign structure was intentionally shaped around the daily economic hardships faced by Nigerians, particularly soaring food prices, high transport costs, and shrinking household incomes.
Key Leadership Appointments
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Campaign Council Chairman: Kashim Ibrahim-Imam
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Deputy Chairman: Malam Nasir El-Rufai
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Director-General and Campaign Manager: Senator Austin Akobundu
Operational Structure and Key Portfolios The campaign organization features six Deputy Directors-General overseeing operational directorates alongside 30 specialized directors:
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Media and Communications: Headed by Dele Momodu
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Contact and Mobilization: Led by Dino Melaye
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Policy Team: Chaired by Mohammed Hayatudeen, working alongside key figures like Professor Mohammed Sagagi and Professor Kingsley Moghalu to formulate practical solutions for economic challenges.
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Campaign Advisory Board: Chaired by John Oyegun.
Describing the lineup as a structure built strictly for execution, the campaign emphasized that every appointee carries a direct assignment and will be held accountable for results. The core benchmarks for success will center on tackling unemployment, rising living costs, insecurity, and declining purchasing power to make life in Nigeria more affordable.
The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has named former Kaduna State Governor, Malam Nasir El-Rufai, as the Deputy Chairman of his Presidential Campaign Council.....KINDLY READ THE FULL STORY HERE▶
In an official statement released on Thursday, Atiku announced that El-Rufai will oversee high-level political coordination and nationwide stakeholder engagement. He will serve alongside Kashim Ibrahim-Imam, who has been appointed Chairman of the council, and Senator Augustine Okwudiri Akobundu, who takes on the role of Director-General and Campaign Manager.
Legal and Detention Status The appointment comes while El-Rufai remains in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) facing charges brought by both the Federal and Kaduna State governments. He is also dealing with separate legal battles initiated by the Department of State Services (DSS) regarding allegations of communication interception involving National Security Adviser Nuhu Ribadu.
El-Rufai Responds to Silence of Allies Addressing his current situation, El-Rufai released a statement titled “My Relationships and the Aftermath,” addressing public discussion over former allies and associates who have distanced themselves during his detention.
The former governor stated that he holds no grudges against those who remained silent, clarifying that his past support for individuals was driven by his Islamic faith, Arewa heritage, and personal conscience rather than an expectation of reciprocation.
“Over the years, I have stood by people and for causes I believed in, sometimes in difficult circumstances and at considerable personal cost,” El-Rufai stated, emphasizing that his loyalty was never conditional.
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