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Budget Review Necessary as Oil Prices Fall — IMF Tells Nigeria

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Budget Review Necessary as Oil Prices Fall — IMF Tells Nigeria

Nigeria should review its 2025 budget to account for lower-than-expected global oil prices, according to the International Monetary Fund.

On Wednesday, the IMF revealed this in its Article IV Consultation Report on Nigeria, which was published in Washington, DC, USA.

According to Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), Nigeria’s oil output was 1.745 million barrels of crude oil per day (bpd), and the Fund increased its growth rate projection to 3.4 percent from 3.2 percent on Wednesday. This was due to a declining inflation rate in May, which was 22.97 percent.

The IMF emphasized that in order to take into account market realities, Nigeria’s “2025 budget needs to be recalibrated to lower oil prices.”

Read Also: Ex-Equatorial Guinea Minister Baltasar Engonga Sentenced to 18 Years Over Hundreds of Leaked

The IMF’s advice comes after the country’s 2025 budget of N54.99 trillion was set using a crude oil price benchmark of $75 per day.

As of Wednesday morning, Brent and West Texas Intermediate futures were trading at, respectively, $68.68 and $67.04.

Only during the height of the Israeli-Iranian conflict, in mid-June 2025, were crude oil prices said to have hit $75 per barrel.

Ex-Equatorial Guinea Minister Baltasar Engonga Sentenced to 18 Years Over Hundreds of Leaked

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Ex-Equatorial Guinea Minister Baltasar Engonga Sentenced to 18 Years Over Hundreds of Leaked

As his corruption trial continues in a Malabo court, Baltasar Engonga, the former Director-General of Equatorial Guinea’s National Financial Investigation Agency, could receive a sentence of up to 18 years in prison.
The former head of his nation’s anti-graft agency, Engonga, was reportedly recently involved in a scandal that rocked the political establishment.
Since September 2024, Engonga has been remanded in the notorious Black Beach Prison. He is on trial for embezzlement of public funds, unlawful enrichment, and abuse of office while serving as the Directorate General of Insurance and Reinsurance from 2015 to 2020.

During the hearing on Monday, the national prosecutor asked for the troubled former official to receive a total sentence of 18 years:

Embezzlement for eight years
Unlawful enrichment for four years and five months
One day and six years for misusing the position
A fine of more than 910 million CFA francs (roughly $1.5 million or ₦2.2 billion) and a lifetime ban from holding public office are also imposed on Engonga.

Engonga was accused by the prosecution of masterminding a complex financial network that embezzled public funds for private benefit, a scheme that they claim crippled vital public sector development.

The Equatorial Guinean Sex Tape Scandal in Engonga
According to Naija News, during raids on Engonga’s private office and residence a few months ago, investigators discovered more than 400 sex tapes in a startling turn of events that captured the public’s attention.

Le Bled Parle said the tapes purportedly included relatives of high government officials, security chiefs, and the wives of senior ministers. Authorities said the videos, which were taken with permission, were found on hard drives and CDs. Many of the videos have since been leaked online, causing public indignation and calls for more research.

Read Also: COAS Oluyede Reiterates Army’s Role in Security, Democracy Protection on Army Day

Engonga’s court battle is not an isolated one. In addition, six other former high-ranking officials, including Florentina Iganga Iñandji and Carmelo Julio Matogo Ndong, are on trial for allegedly being part of a large-scale graft syndicate that embezzled public funds.

It is anticipated that the trial, which has enthralled both domestic and foreign observers, will go on all week as defense attorneys start making their case.

Pressure on Equatorial Guinea’s government to fortify its anti-corruption frameworks, guarantee increased transparency, and hold all officials accountable—regardless of their position—has increased as a result of this case.

Watching the proceedings closely are citizens and civil society organizations who want justice to be served and the nation’s long history of financial mismanagement to be finally addressed.

COAS Oluyede Reiterates Army’s Role in Security, Democracy Protection on Army Day

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COAS Oluyede Reiterates Army’s Role in Security, Democracy Protection on Army Day

Lieutenant General Olufemi Oluyede, Chief of Army Staff, has emphasized the Nigerian Army’s unwavering commitment to citizen security and the preservation of Nigeria’s democracy.
Oluyede announced this on Wednesday while addressing journalists in Abuja on the calendar of events for the 2025 Nigerian Army Day Celebration (NADCEL), which will be held on July 6.
The Army Chief praised the annual ceremony as an opportunity to honor former and current commanders and troops for their service to the country.

According to accounts, NADCEL commemorates the formation of the Nigerian Army and the first shot fired during the Nigerian Civil War in Garkem, present-day Cross River State. The celebration started in 1978.

“The Nigerian Army will not relent in its efforts to ensure the security of the Nigerian people and the perpetuity of our democracy,” Oluyede stated with conviction.

The COAS stated that the annual event allows the Army to display its accomplishments while also fostering tighter engagement with other stakeholders.

“This year’s topic, ‘Developing the Soldier First Concept: Imperative for the Nigerian Army’s Transformation Drive,’ represents the Army’s current strategy of prioritizing personnel welfare and professional development in military reform.

“The Nigerian Army has made significant strides in innovation, research and development, civil-military relations, and technological advancement to better equip the soldier to carry out his constitutional responsibilities,” according to the army’s commander.

The COAS declares that terrorists would not derail Nigeria’s unity.
Oluyede noted that the Nigerian Army has consistently resisted terrorists and criminal elements attempting to destroy national unity.

Read Also: You’ve Struggled Long Enough, Now Cash Out – Igbokwe to ADC Coalition Member

“The Nigerian Army has risen to the occasion to deny these terrorists the opportunity to disrupt our socio-cultural heritage or smear the sanctity of our sovereignty,” he shared with press.

The 2025 NADCEL includes a number of activities aimed at enhancing civil-military relations, promoting education and health outreach, and commemorating military personnel’s sacrifices.

Among the scheduled events are:

Friday, July 4: The Nigerian Army Officers’ Wives Association (NAOWA) will launch civil-military cooperation projects in numerous regions of Kaduna State, as well as host a golf tournament, provide free medical services, and conduct a charity outreach.
Public speaking engagements at selected secondary schools across all army formations in the country.
On Saturday, July 5, the Nigerian Defence Academy in Kaduna will host a public lecture, followed by the 2nd Chief of Army Staff Annual Literary Competition award ceremony.
A Gala Night for Officers and Soldiers at the Umaru Musa Yar’adua Conference Centre in Murtala Muhammed Square, Kaduna.
Sunday, July 6: The Nigerian Army Day celebration concludes with a military parade, equipment display, and the presentation of COAS Commendation Awards to deserving persons.
Oluyede noted that the NADCEL is still a symbol of the Army’s commitment to unity, professionalism, and national development.

You’ve Struggled Long Enough, Now Cash Out – Igbokwe to ADC Coalition Member

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You’ve Struggled Long Enough, Now Cash Out – Igbokwe to ADC Coalition Member

Former National Chairman of the African Democratic Congress (ADC), Okey Ralph Nwosu, is the happiest guy in the party, according to All Progressives Congress (APC) chieftain Joe Igbokwe.

Read Also: If You’ve Got the Courage, Join APC – Momodu Taunts Wike

According to reports, on Wednesday, July 2, 2025, a group of opposition leaders in the nation decided to run against President Bola Tinubu in the 2027 election by using the ADC as their platform.
A founding member and longtime national chairman of the party, Nwosu had resigned along with other party officials to make room for former Senate President David Mark and other coalition members to take over as the party’s leader.

Igbokwe responded by implying in a post on his official Facebook page that Nwosu had fought for the party for years and that now was his moment to make a profit.

His message says: “Chief Okey Nwosu is the luckiest man in this ADC Coalition.” For many years, he has been having trouble with this party.

Go on, Nwannem, gather as much as you can. Your time has come. You didn’t get it easily. However, the tiny bird is unable to fly. “Cash out, bro.”

In the meantime, former Transportation Minister and two-term Rivers State Governor Rotimi Amaechi has claimed that the former President Muhammadu Buhari’s administration improved Nigeria’s economic standing and security.

According to 2027 coalition member Amaechi, President Bola Tinubu was never the best candidate to be Nigeria’s leader.

The accusations were reportedly made by the former minister on Wednesday in Abuja when the African Democratic Congress (ADC) interim national leadership was unveiled.

According to the former All Progressives Congress (APC) presidential candidate, he has doubted Tinubu’s ability to lead and cautioned that the current government has fallen short of Nigerians’ expectations.

If You’ve Got the Courage, Join APC – Momodu Taunts Wike

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If You’ve Got the Courage, Join APC – Momodu Taunts Wike

Nyesom Wike, the Minister of the Federal Capital Territory (FCT), has been challenged by veteran journalist and Ovation Magazine publisher Dele Momodu to switch to the All Progressives Congress (APC).
Momodu said in an interview with Arise News that Wike would rather rule in hell than serve in heaven.
He attributed the protracted internal turmoil of the Peoples Democratic Party (PDP) to Wike’s resentment about not being selected for vice president in 2023.

Momodu raged that the governors of the party have no more authority and that Wike may now disrespect them as he wants without repercussions.

“Today’s PDP governors are helpless,” he said. Wike will go on there and disparage and mistreat them. They are unable to even speak. According to what I’ve heard, Damagum is now claiming that he will court them now that folks have departed. According to another account, he stated that they would be sanctioned.

Read Also: Sowore Fires at Tinubu, Coalition Leaders, Cites Litany of Wrongs – 2027

“They have already departed, so you cannot woo them or sanction them. These aren’t children. They spent two years pleading. Wike has stayed distraught just because his campaign for vice president was unsuccessful. Every time I talk about him, I mention it. Good person, he’s working on infrastructure, but you can’t overlook this rage?

“I dare him to join APC tomorrow,” Momodu added, implying that Wike would choose to remain in the PDP rather than join the APC in order to maintain his position of authority. Tell him to join APC if he has the courage. We’ll welcome you when you’re ready to join us, the president informed him the other day. He is unable to. Because he believes that ruling in hell is preferable to serving in heaven.

Sowore Fires at Tinubu, Coalition Leaders, Cites Litany of Wrongs – 2027

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Sowore Fires at Tinubu, Coalition Leaders, Cites Litany of Wrongs – 2027

Omoyele Sowore, the African Action Congress’ (AAC) 2023 presidential candidate, has said that he will not join the coalition of opposition leaders currently building in front of the general elections in 2027, calling its members “corrupt and complicit in Nigeria’s ruin.”
In a sharply worded Facebook post on Wednesday, Sowore reportedly expressed his stance against calls for unity among opposition leaders after they adopted the African Democratic Congress (ADC) as their political platform.
Earlier Wednesday, human rights attorney Deji Adeyanju urged Sowore to unite with other opposition figures in the effort to topple President Bola Tinubu’s All Progressives Congress (APC) government.

However, Sowore quickly hung up the phone, stating that he could not stand with those who had supposedly betrayed the nation and betrayed the confidence of the people.
“I did not join Bola Ahmed Tinubu in distributing heroin and cocaine in Chicago,” the former presidential candidate claimed in a Facebook post.

“I didn’t participate in Atiku Abubakar’s heist of Nigerian Customs.”

“I refrained from joining David Mark on June 12 when he embezzled money intended to repair our phones and subsequently contributed to the demise of our democratic aspirations.

Under Muhammadu Buhari’s leadership, I refrained from participating in the treasury robbery and human rights violations committed by Abubakar Malami, SAN.

“I refrained from participating in the massacre of Shiites and promoting religious genocide in Southern Kaduna alongside Nasir El-Rufai.”

“When Sani Abacha was tearing apart Nigeria piece by piece, I did not accompany Peter Obi to the Tin Can Ports to help him clear cargo for him.

Read Also: Wike Hails Tinubu as First Nigerian President to Tour FCT Satellite Towns

“I didn’t stand with Sule Lamido and the SDP traitors who betrayed MKO Abiola and the Nigerian people’s will.

While Chibuike Rotimi Amaechi gambled away Rivers State funds and abandoned the already-paid mini-rail project, I refrained from joining him.

“I’ve never been a part of an armed robbery gang. No matter how well-liked, influential, or fantastical, I have never sworn loyalty to a cult.

“I just have one loyalty: to the silenced, the defrauded, the disenfranchised, and the downtrodden. Only those who are prepared and eager to put an end to this national nightmare that these characters mentioned above have created will have my support!

Let people know that I support the front lines of justice. The truth coalition. a squad of revolutionaries to restore Nigerians’ dignity.

“These bad actors must be eradicated from Nigeria.”

Wike Hails Tinubu as First Nigerian President to Tour FCT Satellite Towns

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Wike Hails Tinubu as First Nigerian President to Tour FCT Satellite Towns

The first Nigerian president to visit satellite communities outside of Abuja is President Bola Tinubu, according to Federal Capital Territory (FCT) Minister Nyesom Wike on Wednesday.

According to Wike, Tinubu has bonded with the rural residents of the FCT since taking office.

In the Bwari Area Council, he revealed this when the dualized and upgraded Ushafa to War College/Army Check Point Roads and other ancillary roads were put into service.

On behalf of Tinubu, Vice President Kashim Shettima ordered the project.

This is the first time a sitting president has visited a satellite town to show support and to let the residents know that, just as we are doing in the metropolis, we would also take care of them, he said.

You have come here today, and on Friday you will be at Gwagwalada. Mr. President was in Kwali himself.

The Kabusa-Ketti road was commissioned last Friday, and the speaker spoke on behalf of the president. The fact that this has never occurred demonstrates your affection for the people of the satellite town.

Read Also: JUST IN: Power Shift in ADC as Leadership Steps Down for David Mark, Aregbesola

The president has been complimented by the minister for completing the projects he promised to commission in rural areas.

He went on to say: “When we wanted to get started, I met with the president to inform him that it would be more appreciated if you could schedule a visit to the rural region. Mr. president indicated that we would not only come once, but also 1, 2, and 3, and you have fulfilled it.

“You have exceeded it, and by Friday, it will be the fourth time. I want to sincerely thank you for that.”

JUST IN: Power Shift in ADC as Leadership Steps Down for David Mark, Aregbesola

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JUST IN: Power Shift in ADC as Leadership Steps Down for David Mark, Aregbesola

To speed up the shift to the 2027 opposition coalition, the entire leadership of the African Democratic Congress (ADC) in every state has formally resigned.
At an expanded meeting on Wednesday at the Shehu Musa Yar’Adua center in Abuja, Ralph O. Nwosu, the departing National Chairman of the ADC, reportedly made this announcement.
He revealed the appointment of Rauf Aregbesola as the party’s National Secretary and former Senate President David Mark as the acting National Chairman.

Rotimi Amaechi, Peter Obi, Nasir El-Rufai, Rauf Aregbesola, and former Vice President Atiku Abubakar are among the opposition coalition leaders who attended the formal announcement.

Read Also: BREAKING: Political Bigwigs Atiku, Obi, El-Rufai Attend ADC Coalition Event

Other attendees include former APC National Chairman John Oyegun, former Governor of Sokoto State Aminu Waziri Tambuwal, former Attorney General of the Federation Abubakar Malami, Dino Melaye, former Youth and Sports Minister Solomon Dalong, Dele Momodu, Senator Gabriel Suswam, former Deputy Speaker of the House of Representatives Emeka Ihedioha, former Chief of Air Staff Air Marshal Sadique Abubakar (retd.), and others.

BREAKING: Political Bigwigs Atiku, Obi, El-Rufai Attend ADC Coalition Event

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BREAKING: Political Bigwigs Atiku, Obi, El-Rufai Attend ADC Coalition Event

At the Yar’Dua Center in Abuja, members of the opposition coalition have assembled to see the African Democratic Congress, or ADC, being unveiled as the political movement’s platform.

The Peoples Democratic Party’s 2023 presidential candidate, Atiku Abubakar, Mr. Peter Obi of the Labour Party, former Kaduna State Governor Malam Nasir El-Rufai, and former Rivers State Governor Rotimi Amaechi were reportedly in attendance.

In attendance are former Senate President David Mark and former Osun State Governor Rauf Aregbesola, who were recently named the ADC’s national secretary and interim national chairman.

Details will be provided.

IMF Urges Nigeria to Adjust 2025 Budget Over Falling Oil Prices*

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IMF Urges Nigeria to Adjust 2025 Budget Over Falling Oil Prices*

The International Monetary Fund (IMF) has called on the Nigerian government to revise its proposed ₦54.99 trillion 2025 budget to reflect declining global oil prices and increasing economic risks.

In its latest Article IV Consultation, the IMF acknowledged Nigeria’s recent macroeconomic reforms — including the removal of fuel subsidies, the halt of central bank financing of fiscal deficits, and the liberalization of the foreign exchange (FX) market. However, it warned that more work is needed to sustain progress and protect the economy from external shocks.

The Fund stressed that implementing the budget without adjusting for lower oil revenues could expand the fiscal deficit from 4.1% to 4.7%, worsening Nigeria’s debt burden.

Despite a 3.4% GDP growth in 2024, the IMF noted that growth remains too low on a per capita basis, with poverty and food insecurity rising. It forecasts a similar 3.4% growth for 2025, driven by improved oil production, the commissioning of a new refinery, and a strong services sector.

The IMF urged the Central Bank of Nigeria (CBN) to maintain its tight monetary policy until inflation — currently at 22.97% year-on-year in May 2025 — shows consistent decline. It also stressed the importance of keeping real interest rates positive to support exchange rate stability and investor confidence.

On FX management, the Fund praised recent reforms but emphasized the need for a robust, transparent intervention framework to manage volatility and protect against short-term portfolio risks.

The IMF also welcomed Nigeria’s tax policy reforms and advised the government to improve budget execution, public spending quality, and the delivery of targeted cash transfers to vulnerable citizens.

Additionally, it called for stronger regulation of mortgage lending, consumer finance, fintech, and crypto assets, and urged swift completion of reforms to exit the FATF grey list.

While Nigeria has made strides in stabilizing its economy, the IMF concluded that deeper investment in infrastructure, agriculture, education, and security is critical to achieving inclusive growth and long-term development.

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