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20m More Nigerians Will Be Poor By 2022 -World Bank
The World Bank dropped a bombshell, yesterday, reporting that an additional 20 million Nigerians are likely to join the ranks of the poor in 2022, with the absence of measures to mitigate the twin impacts of the Covid-19 pandemic and the drop in crude oil prices.
The global bank added that the pandemic was disproportionately affecting the poor and most vulnerable, particularly women, and called for pragmatic measures to stem the tide.
The World Bank, in its Nigeria Development Update (NDU), noted that food insecurity has increased substantially, adding that economic precariousness was on the rise because unemployed workers have migrated to the low-productivity agricultural sector.
According to the bank, an average Nigerian will in the next three years see a reversal of decades of economic growth and the country could enter its deepest recession since the 1980s.
The report argues that this path could be avoided if progress in the current reforms was sustained and the right mix of policy measures quickly implemented
While acknowledging measures taken by the government since April, including the efforts to harmonise exchange rates, introduce a market-based pricing mechanism for gasoline, adjust electricity tariffs to more cost-reflective levels, and reduce non-essential expenditures and redirect resources towards the Covid-19 response, it said there is need for a greater policy response to the economic crisis.
It also highlights the greater transparency in the oil and gas sector and public debt as essential steps for a resilient recovery.
The World Bank’s Lead Economist for Nigeria and co-author of the report, Marco Hernandez, said: ‘Nigeria can build on its reform momentum to contain the spread of Covid-19, stimulate the economy, and enable the private sector to be the engine of growth and job creation.
‘It can also redirect public spending from subsidies that benefit the rich towards investments in Nigeria’s people and youth in particular, and lay foundations for a strong recovery to help make progress towards lifting 100 million people out of poverty.’
The report titled, “Rising to the Challenge: Nigeria’s Covid-19 response”, takes stock on the recently implemented reforms and proposes policy options to mitigate the impact of Covid-19 and foster a resilient, sustainable, and inclusive recovery.
The World Bank Country Director for Nigeria, Shubham Chaudhuri, while speaking on the report, said Nigeria is at a critical historical juncture, with a choice to make.
He added that “Nigeria can choose to break decisively from business-as-usual, and rise to its considerable potential by sustaining the bold reforms that have been taken thus far and going even further and with an even greater sense of urgency to promote faster and more inclusive economic growth.”
The latest World Bank NDU projects that the economy could shrink up to four per cent in 2020 following the twin shocks of Covid-19 and low oil prices.
It said the pace of recovery in 2021 and beyond remains highly uncertain and subject to the pace of reforms.
Looking ahead, the Bank, in the report, discusses policy options in five areas that would help mitigate the effects of the crisis and support Nigeria’s recovery.
The areas are managing the domestic spread of Covid-19 until a vaccine is available for distribution; enhancing macroeconomic management to boost investor confidence; safeguarding and mobilizing revenues; reprioritizing public spending to protect critical development expenditures, and supporting economic activity and access to basic services and providing relief for poor and vulnerable communities.
However, Nigeria’s $1.5billion facility would be placed before the World Bank Board for approval, next week, the Country Director (CD) for Nigeria, Mr. Shubham Chaudhuri, revealed, yesterday.
He said during a webinar on the latest Nigeria Development Update (NDU) that the facility was prepared to assist states in the tackling Covid-19 and to address governance issues.
According to the CD, Nigeria was on a fiscal cliff requiring courageous and urgent policy measures by the leaders to avoid the nation from falling so badly as to equal the 1980s’ experience, by 2022.
The World Bank Country Director for Nigeria, Said Chaudhuri, “Nigeria is at a critical historical juncture, with a choice to make.
“Nigeria can choose to break decisively from business-as-usual, and rise to its considerable potential by sustaining the bold reforms that have been taken thus far and going even further and with an even greater sense of urgency to promote faster and more inclusive economic growth.”
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PDP Kicks As APC Wins FCT Council Polls
The Peoples Democratic Party (PDP) has inaugurated a special legal team to handle election petitions arising from last Saturday’s Area Council elections in the Federal Capital Territory.
This comes as the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.
The Tide reports that the council elections were held on Saturday, February 21, 2026, across all six FCT area councils, including Abaji, AMAC, Bwari, Gwagwalada, Kuje, and Kwali.
Results announced so far by the Independent National Electoral Commission (INEC) show that the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.
In a statement issued yesterday by PDP’s National Publicity Secretary, Ini Ememobong, the party congratulated its candidates, who emerged winners in the chairmanship and councilor elections.
The opposition party acknowledged the victories, noting that the number of wins was lower than expected but significant given the alleged irregularities during the polls.
“We specifically congratulate the Chairman-elect of Gwagwalada Area Council, Mohammed Kasim, and the councillors who have been declared successful by the Independent National Electoral Commission (INEC).
“This victory, though less in number than we anticipated, is particularly gladdening because it is against the background of unprecedented intimidation, high-powered money politics, and brazen executive brigandage,” the statement read.
Ememobong claimed that there are reports and video evidence indicating voter intimidation and unlawful conduct that influenced the outcome of the elections.
“Reports and video evidence abound where armed security personnel were used to cart away result sheets in polling units, intimidate voters, and unduly influence the outcome of the elections.”
To address complaints and litigations arising from the polls, he said the party has set up a legal team headed by its National Legal Adviser, Shafi Bara’u, Esq.
The statement urged candidates with legitimate grievances to contact the Legal Adviser promptly, as delays could jeopardise their chances in election petition cases.
“The incredible voter apathy in these polls is a direct response to the anti-people Electoral Act 2026, where the people have completely lost faith in the electoral outcomes from elections conducted under this Act.
“These Local Council polls may just be a foreshadowing of the forthcoming general elections in 2027 if changes are not urgently made,” the statement added.
The PDP called on the National Assembly and the President to take corrective action to safeguard the integrity of Nigeria’s democracy.
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S’Court Gets New Justice As CJN Swears In Oyewole, Wednesday
The Chief Justice of Nigeria, Kudirat Kekere-Ekun, will on Wednesday swear in Justice Joseph Oyewole as a Justice of the Supreme Court of Nigeria.
The ceremony is scheduled to be held at 2pm at Courtroom Two of the Supreme Court complex in Abuja.
The court urged guests to adhere strictly to the court’s protocols and security measures.
This was contained in a statement issued yesterday by the Supreme Court’s Director of Information and Public Relations, Dr Festus Akande.
The court described Oyewole’s appointment as a step towards reinforcing the capacity of the apex court to deliver fair and timely judgments.
Recall that Oyewole was, until his elevation, a Justice of the Court of Appeal and Presiding Justice of the Enugu Division, and joins the apex court bench as part of ongoing efforts to strengthen the judiciary.
The National Judicial Council recommended Oyewole for the position alongside 35 others for various judicial offices, following its 110th meeting held on January 13, 2026, and presided over by Justice Kekere-Ekun.
The statement partly read, “The Chief Justice of Nigeria, Hon. Justice Kudirat Kekere-Ekun, GCON, will on Wednesday, 25th February, 2026, preside over the swearing-in ceremony of the newly appointed Justice of the Supreme Court, Hon. Justice Joseph Olubunmi Kayode Oyewole, JCA.”
According to the statement, Oyewole served with distinction at the Court of Appeal and as Presiding Justice of the Enugu Division prior to his elevation.
“His appointment underscores the commitment of the Nigerian judiciary to upholding the rule of law, ensuring justice, and strengthening the bench with experienced and dedicated jurists. He brings a wealth of legal expertise and integrity to the apex court to further enhance its capacity to deliver fair and timely judgments,” the statement added.
The apex court further described the swearing-in as “another significant step in rejuvenating the judiciary and ensuring the continued delivery of justice in line with the highest standards of integrity, competence, and impartiality.”
The Supreme Court reiterated its commitment to justice, fairness and judicial independence for the benefit of Nigerians.
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Fubara Mourns Senator Mpigi
Rivers State Governor, Sir Siminalayi Fubara, has expressed deep shock and sadness over the sudden passage of Senator Barinada Mpigi, the Senator representing South East Senatorial District of Rivers State.
In a tribute to mourn the deceased, Governor Fubara described Mpigi as a brother, a consummate politician and one of the leading lights in Rivers State.
He said that Mpigi died at a critical time when his services were still needed by the people of Rivers State and prayed God Almighty to grant him eternal rest.
The governor commiserated with his immediate family, the Rivers South East Senatorial District and the Senate at large, asking them to take solace in the fact that the deceased lived a good life and impacted positively on the people.
Senator Mpigi died at the age of 64. Until his death, he was the Chairman of the Senate Committee on Works.
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