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African Economies To Grow At 3.4% In 2024 -World Bank

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The World Bank has projected that growth will rebound in African economies from 2.6 per cent in 2023 to 3.4 per cent in 2024 and 3.8 per cent in 2025.
This is contained in a statement issued by the World Bank on its latest Africa’s Pulse Report released, yesterday.
The report said increased private consumption and declining inflation were supporting an economic rebound in Sub-Saharan Africa.
It, however, said the recovery remained fragile due to uncertain global economic conditions, growing debt service obligations, frequent natural disasters, and escalating conflict and violence.
“However, this recovery remains tenuous. While inflation is cooling across most economies, falling from a median of 7.1 to 5.1 per cent in 2024, it remains high compared to pre-COVID-19 pandemic levels.
“Additionally, while growth of public debt is slowing, more than half of African governments grapple with external liquidity problems and face unsustainable debt burdens.
“Overall, the report underscores that in spite of the projected boost in growth, the pace of economic expansion in the region remains below the growth rate of the previous decade (2000-2014).
“This is insufficient to have a significant effect on poverty reduction.
“Moreover, due to multiple factors including structural inequality, economic growth reduces poverty in Sub-Saharan Africa less than in other regions.”
The report said transformative policies were needed to address deep-rooted inequality to sustain long-term growth and effectively reduce poverty.
The statement quoted Andrew Dabalen, World Bank Chief Economist for Africa as saying:
“Per capita Gross Domestic Product (GDP) growth of one per cent is associated with a reduction in the extreme poverty rate of only about one per cent in the region, compared to 2.5 per cent on average in the rest of the world.
“In a context of constrained government budgets, faster poverty reduction will not be achieved through fiscal policy alone.
“It needs to be supported by policies that expand the productive capacity of the private sector to create more and better jobs for all segments of society.”
The report highlighted that external resources to meet gross financing needs of African governments were shrinking and those available were costlier than they were before the pandemic.
“Political instability and geopolitical tensions weigh on economic activity and may constrain access to food for an estimated 105 million people at risk of food insecurity due to conflict and climate shocks.
“African governments’ fiscal positions remain vulnerable to global economic disruptions, necessitating policy actions to build buffers to prevent or cope with future shocks.
“What’s more, inequality in Sub-Saharan Africa remains one of the highest in the world, second only to the Latin America and Caribbean region, as measured by the region’s average Gini coefficient.
It stated that access to basic services, such as schooling or healthcare, remained highly unequal in spite of recent improvements.
“Disparities also exist in access to markets and income-generating activities, irrespective of people’s skills. Taxes and poorly targeted subsidies may also have an outsized impact on the poor.”
The report called for several policy actions to foster stronger and more equitable growth.
“These include restoring macro-economic stability, promoting inter-generational mobility, supporting market access, and ensuring that fiscal policies do not overburden the poor.”

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Learn How To Form Coalition Party From Tinubu, Sowunmi Tells Atiku 

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Spokesman to former Vice President Atiku Abubakar, and chieftain of the People’s Democratic Party (PDP), Mr Segun Sowunmi, has advised his principal, Atiku, to learn from President Bola Tinubu on how to form a coalition.

The Tide reports that in a bid to wrest power from President Tinubu in 2027, Atiku has been leading the movement by opposition politicians to form a coalition of political parties ahead of the next general election.

Last month, opposition politicians set up a team comprising former Minister of Transpiration, Rotimi Amaechi, and former Governor of Cross River State, Liyel Imoke, to decide whether to float a new party or fuse into an existing platform.

While the main opposition party, PDP, struggles with a perennial leadership crisis, the former Vice President is bent on establishing another political force to take power from the ruling party in 2027.

But Sowunmi, who has been Atiku’s ally for many years, disagrees with his move, saying instead of forming a coalition with another political platform, he should coalesce opposition politicians into the PDP.

Speaking during an interview on TVC on Tuesday, Sowunmi, who was Atiku’s campaign spokesperson in the last election, asked his principal to learn from President Tinubu on how to form a coalition.

Sowunmi believes Atiku, having benefitted from the PDP as a former Vice President and getting the party’s presidential ticket twice, should not seek to form a coalition that will not have the PDP as its base.

He said, “I’ve always said to people, people love with their hearts. I love atiku with my bones. But I can’t help him against himself. You can’t run vice presidency on PDP two times with Obasanjo, get presidential candidate on that same party two times. I don’t agree with him that the next best thing is to be shopping for…(a platform) If you want a coalition, why are you not coalescing them into your party?” he asked.

The former PDP governorship candidate in Ogun State advised the ex-VP to learn from Tinubu on how to build a coalition without dumping his political party.

“Look at your rival, your friend. You guys started together. At best, even if you want to say he’s building a coalition is he not coalescing opponents into his place”? Sowunmi asked again.

The PDP chieftain, who recently showered praises on Tinubu after he visited him, said the President has an “uncanny ability to make everybody individually feel special” regardless of political affiliations.

His words: “That guy (Tinubu) is something oh, he has this uncanny ability to make everybody individually feel special. It doesn’t matter whether you are a former foe or a president’s friend, every moment you share with him, I don’t know how he does it, though you’re going to leave the place feeling that you matter, feeling that he gets it, feeling that what you guys are talking about is important. And there’s something about him, when he gives you his word, he will say something like ‘ko le ye’, meaning that to the best of human ability, it will stand.”

Meanwhile, there have been conversations about Sowunmi’s political stance as many questioned his relationship with Atiku, with whom he shares a longstanding political relationship.

Asked about his relationship with Atiku following his meeting with Tinubu, Sowunmi said he doesn’t know if the former Vice President is upset.

“I don’t know whether Atiku is upset or not upset, but I know a lot of our followers are talking a lot of nonsense, and I’m wondering how I became attached to Atiku when I’ve been in PDP since 1999 never leaving,” he responded.

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FIRS Introduces New SOP To End Tax Confusion Nationwide 

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The Federal Inland Revenue Service (FIRS) has introduced a new Standard Operating Procedure (SOP) to fix inconsistencies in tax services across its over 300 offices nationwide.

The move aims to make tax processes clearer, more transparent, and easier for Nigerians.

In a statement, Special Adviser on Communications and Advocacy to the FIRS Executive Chairman, Mr. Collins Omokaro, said the updated SOP is a key part of the agency’s plan to improve taxpayer experience.

He explained that, in the past, different FIRS offices used different methods, which often confused taxpayers.

“This is about people, experience, and impact. It’s a step towards a tax system that supports voluntary compliance and national development,” Omokaro said.

The new SOP provides a single guide for key processes like registration, payment, audit, and enforcement. This will ensure all FIRS offices follow the same steps, making the system fairer and more predictable.

FIRS Executive Chairman, Dr. Zacch Adedeji, described the SOP as more than just a set of rules.

“This SOP is not just a technical document; it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people,” he said.

The SOP also supports FIRS’s digital transformation, combining human and technological systems to deliver faster and more reliable services. It will also improve internal efficiency by providing clear guidance and better training for staff.

“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” Omokaro added.

The reform is part of FIRS’s efforts to become a more service-driven organisation, focused on clarity, consistency, and national growth. The agency hopes the new SOP will make tax services better for Nigerians and increase public trust in the system.

 

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FG Working Towards World-Class Public Service -Walson-Jack 

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The Head of the Civil Service of the Federation (HCSF), Mrs Didi Walson-Jack, says the Federal Government is committed to building a world-class public service in Nigeria.

Walson-Jack made this known in  Abuja, on Wednesday, at a World Press Conference ahead of the International Civil Service Conference and the African Public Service Week scheduled for June 25 to 26 in Abuja.

She said a recent study tour to Singapore was part of preparatory activities aimed at positioning Nigeria’s civil service for excellence and attracting global participation in the upcoming events.

“The study tour to Singapore was the first major activity we undertook under the collaboration between the Office of the Head of Civil Service of the Federation and the Heads of Service of the 36 states and the FCT,” she said.

According to her, the visit, supported by the United Nations Development Programme (UNDP), involved 20 State Heads of Service and was designed to benchmark best global practices and enhance Nigeria’s public service delivery.

“The idea was born out of our ongoing collaboration, where we share ideas and knowledge across federal and state levels.

“Singapore was chosen because it is globally recognised for excellence in public service,” she explained.

Walson-Jack noted that the second phase of the tour will involve the remaining 17 heads of service later this year.

She said the tour provided participants with the opportunity to engage with both public and private sector institutions in Singapore, compare administrative practices, and gain insights into global standards.

“It was an eye-opener and a capacity-building opportunity.

“Since our return, several state civil services have begun implementing reforms in collaboration with the federal service, particularly in areas such as capability development and digital transformation,” she added.

Walson-Jack further disclosed that Nigeria would host a reciprocal study tour during the upcoming African Public Service Week, where foreign delegates will engage with various federal institutions.

“They will see firsthand our digitalisation efforts, performance management systems, and other reform initiatives aimed at transforming our civil service.

“We hope the experience will inspire similar actions in their home countries,” she said.

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