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Nigeria’s Inflation Expected To Stabilize At 14% by 2029, IMF Forecasts

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Nigeria’s Inflation Expected To Stabilize At 14% by 2029, IMF ForecastsThe International Monetary Fund (IMF) has predicted that Nigeria’s inflation rate will stabilize at 14 per cent by 2029, signaling a potential end to the current upward trend.

This projection offers a glimmer of hope amidst concerns surrounding the escalating inflation rate, which reached 33.69 per cent as of April 2024, as reported by the National Bureau of Statistics. This figure deviates from the IMF’s earlier prediction of 24.6 per cent for the same period.....KINDLY READ THE FULL STORY HERE▶

According to IMF data, the inflation rate is anticipated to gradually decline from 23 per cent in 2025 to 16 per cent in 2026, further decreasing to 15.4 per cent in 2027. By 2028 and 2029, the inflation rate is expected to stabilize at 14 per cent.

This forecasted stabilization is viewed as a positive development for the Nigerian economy, which has been grappling with surging inflation and interest rates.

In recent times, Nigeria’s economy has encountered challenges, with rising inflation and interest rates posing significant threats to economic growth and stability.

The Central Bank of Nigeria has implemented various measures to mitigate these challenges, including the recent increase in interest rates during the 295th MPC meeting in May 2024.

However, economists remain concerned about the persistent rise in inflation and interest rates, urging the government to address the underlying factors driving inflation, particularly food and transportation costs.

Chief Economist at SPM Professionals, Paul Alaje, expressed apprehension over the increase in the Monetary Policy Rate (MPR), cautioning against its potential implications. Alaje emphasized the need for a comprehensive approach beyond monetary tools to address Nigeria’s economic challenges.

Echoing similar sentiments, economist Jonathan Thomas welcomed the IMF’s prediction of a stabilized inflation rate by 2029 but stressed the importance of continued vigilance and implementation of policies targeting the root causes of inflation.

The current inflationary pressures have significant implications for businesses, households, and the overall economy. By addressing the drivers of inflation and maintaining economic stability, Nigeria can foster sustainable economic growth and potentially align with the IMF’s forecast.

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2027: No Law Stops Uzodimma From Contesting Senate Seat As Governor – APC Chieftain.

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The National Vice-Chairman of the All Progressives Congress (APC) in the South-East, Dr Ijeomah Arodiogbu, has maintained that there is no constitutional provision preventing Imo State Governor, Hope Uzodimma, from contesting the Imo West senatorial seat in the 2027 elections while still serving as governor.....KINDLY READ THE FULL STORY HERE▶

News reports that Arodiogbu, who also serves as the South-East Co-Zonal Coordinator of the APC Presidential Campaign Council, made the clarification while responding to arguments questioning the governor’s eligibility.

He cited Section 183 of the 1999 Constitution, which states that “the Governor shall not, during the period when he holds office, hold any other executive office or paid employment in any capacity whatsoever.”

According to him, the provision only prohibits a sitting governor from occupying two offices simultaneously and does not prevent the person from seeking a party nomination, contesting or winning another election.

Arodiogbu also referenced Section 68(1)(f) of the Constitution, which requires a lawmaker to vacate his legislative seat upon assuming an executive position.

He argued that the provision recognises the possibility of moving between executive and legislative offices, provided the two positions are not held at the same time.

He said, “There is no constitutional impediment against Senator Hope Uzodinma’s aspiration. The Constitution does not require a sitting governor to resign merely because he desires to contest another election. What it forbids is dual occupancy of offices.

“Should he win the senatorial election, he would resign as Governor before taking the oath of office as a Senator. That is the clear position of the law.”

The APC chieftain further stated that appellate courts, in interpreting Sections 66, 107, 137, 182 and 183 of the Constitution, had held that resignation was only necessary when a candidate was about to assume a new office.

He added that no provision of the Electoral Act imposes a general restriction on a sitting governor seeking election into the Senate.

Arodiogbu also argued that Uzodimma’s tenure, which is expected to end in January 2028, does not constitute a legal obstacle, insisting that any transition would be carried out in accordance with the Constitution after the inauguration of the new National Assembly.

He said, “The law is clear, the Constitution is clear, and the judicial authorities support this position.

“Those peddling the contrary view are either deliberately misinterpreting the Constitution or attempting to create political distraction. Senator Hope Uzodinma remains free to pursue his legitimate political aspiration without any constitutional disability.”

He reaffirmed the APC’s support for Uzodimma as its candidate for the Imo West senatorial seat and urged party members to disregard what he described as speculative legal arguments.

Meanwhile, the Federal High Court in Abuja had, on October 29, ruled that former Imo State Governor, Rochas Okorocha, won the APC senatorial primary for the district.

The Imo State Government has indicated that it would appeal the judgment.

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‘We Will Be Refined And Rugged In 2027’ – Aisha Yesufu Vows After Lagos NDC Attack.

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Human rights activist and chieftain of the Nigeria Democratic Congress (NDC), Aisha Yesufu, has vowed that the party will adopt a tougher approach ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

Yesufu declared that the NDC would be both refined and rugged, insisting that no group or individual had a “monopoly of madness.”

She warned that the party would not tolerate intimidation or attacks against its members, adding that supporters would stand their ground whenever they were threatened.

Naija News reports that she made the declaration on Thursday following an attack on NDC supporters ahead of the party’s town hall meeting at the Classic Event Centre in the Oregun area of Lagos State.

According to Yesufu, the political campaign was not solely about the party’s presidential candidate, Peter Obi, but belonged to everyone supporting the movement.

She said, “In 2023 we were refined, in 2027 we will be refined and rugged. Nobody has monopoly of madness and anybody wey say him dey crase we go send am go psychiatric hospital. We are not slaves, we are citizens. This campaign is not Peter Gregory Obi campaign, it is our campaign.”

Recall that the NDC town hall meeting in Oregun, Lagos State, turned violent after suspected political thugs invaded the venue and attacked party supporters.

According to The Cable, the attackers, who were armed with cutlasses, cudgels and stones, disrupted the event and forced participants to flee for safety.

Chairs and other items at the venue were reportedly scattered during the attack.

The incident allegedly left some supporters injured and several vehicles damaged. A journalist covering the event was also reportedly assaulted, while his recording equipment was taken.

The confrontation later spread to Kudirat Abiola Way, disrupting traffic before police operatives arrived and fired tear gas to disperse the crowd.

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Fresh Loss Hits Zamfara As Serving Commissioner Passes Away.

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The Zamfara State Commissioner for Commerce, Tasiu Musa Shinkafi, has died at the age of 50.....KINDLY READ THE FULL STORY HERE▶

Shinkafi reportedly passed away on Wednesday in Kaduna State following a brief illness.

News reports that Governor Dauda Lawal announced the commissioner’s death in a statement issued through his spokesperson, Sulaiman Bala Idris.

Reacting to the development, Lawal expressed sadness over the loss, describing Shinkafi’s death as an irreparable loss to the state government and the people of Zamfara.

The governor noted that the late commissioner’s contributions to governance, politics and public service would remain memorable.

He said, “With heavy hearts and in total submission to the will of Almighty Allah (T), we received the shocking news of the passing of the Commissioner for Commerce, Tasiu Musa Shinkafi.

“Tasiu’s death is a great loss not only to his family and the state government, but also to the people of Zamfara.

“He will be remembered for his dedication, honesty, and commitment to Zamfara State.

“He served diligently as Commissioner for Youth and Sport before being redeployed to the Ministry of Commerce.

“As a valued member of my administration and a brother in service, his contributions to governance, politics, and public service will be remembered.

“May Almighty Allah forgive his shortcomings and give his family the strength to bear this great loss.”

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