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IMF Lauds CBN’s Efforts In Strengthening Banking Sector … Urges Review Of 2025 Budget
World’s apex financial institution, the International Monetary Fund(IMF), has applauded the efforts of the Central Bank of Nigeria (CBN) in strengthening the Banking sector and driving recapitalization.
IMF also urged the fiscal authorities to review the 2025 budget in light of some hiccups they will have in the economy.
In its latest released report on Nigeria’s economic reforms analysis, IMF noted that reforms in the foreign exchange market and ongoing stability of the naira have supported price discovery and enhanced dollar liquidity in the economy.
The report analysis revealed that Nigerian authorities had implemented major reforms over the past two years, which had improved macroeconomic stability and enhanced resilience.
The financial body highlighted a significant risk that Nigeria may face, specifically if the fiscal deficit projections for the year is exceeded.
This risk, the report noted, is driven by a combination of falling oil prices, lower production levels, and challenges in executing capital expenditures.
It called the country’s fiscal authorities to take immediate action to recalibrate the country’s fiscal policies and budget expectations to reflect the current economic realities.
“Ensuring that the fuel subsidy savings accrueable to the government would yield the proposed neutral stance—the full-year savings are estimated at two per cent of GDP.
“If the savings are not realised starting H2-2025 and given that tax policy reforms under consideration are not expected to deliver significant revenue gains in 2025, adjustment would have to come from the expenditure side (0.6 per cent of GDP), with staff recommending to prioritise adjustments to recurrent spending to protect growth-enhancing investments”, the report disclosed.
According to the report, IMF directors had noted that the CBN was rightly maintaining a tight monetary policy stance, which should be sustained until disinflation is firmly established.
They also welcomed the cessation of deficit monetisation and commended ongoing efforts to strengthen central bank governance, which is a crucial steps toward laying a solid institutional foundation for effective inflation targeting.
The Fund stressed the need for the implementation of a robust foreign exchange intervention framework focused on containing excess volatility, noting that the exchange rate was an important shock absorber.
It also agreed with the call to phase out existing capital flow management measures in a properly timed and sequenced manner.
The report also lauded the fiscal authorities for the successful signing of the tax reform bills into law, noting that it is a crucial step toward improving revenue generation and creating fiscal space for development spending, all while maintaining debt sustainability.
Recall that President Bola Tinubu recently signed four tax reform bills into law, marking what he called a bold new era of economic governance in the country.
The four bills that have now become Acts are the Nigeria Tax Bill (Fair Taxation), the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
The CBN, led by Cardoso, eliminated the long-standing multiple exchange-rate system by introducing a “willing-buyer, willing-seller” framework supported by a digital trading platform called B-Match.
By: Corlins Walter
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The Nigerian Maritime Administration and Safety Agency, NIMASA has officially launched its 2025 Customer Service Week celebrations under the inspiring global theme, “Mission: Possible.”
The Agency is leveraging this annual celebration to reaffirm its commitment to transforming customer challenges into opportunities and consistently delivering exceptional service to grow the Nigerian Maritime sector.
In his remarks, the Director General/Chief Executive Officer (CEO) NIMASA, Dr. Dayo Mobereola, noted that effective service delivery remains central to the Agency’s mandate, stressing that excellence must begin internally before extending to external stakeholders.
“Providing service is paramount, both internally and externally. We must remain prepared, committed, and available to solve problems together as a team. Excellence in service delivery defines who we are and what we represent,” . Mobereola stated.
He highlighted teamwork, accountability, and continuous improvement as essential drivers of institutional growth and public confidence.
The Head, SERVICOM Unit, Hajiya Rakiyyah Lammai, appreciated the Director General for his continued support in strengthening customer service structures within NIMASA.
She noted that this year’s theme aptly reflects the dedication and resilience of the Agency’s staff in upholding service quality.
The 2025 Customer Service Week was commemorated across NIMASA offices nationwide with recognition programmes, engagement activities, and customer feedback sessions aimed at promoting a culture of responsiveness and efficiency.
As NIMASA continues to promote safety, security, and sustainability within Nigeria’s maritime domain, the 2025 Customer Service Week reinforces that service excellence remains the cornerstone of effective public service.
By: Nkpemenyie Mcdominic, Lagos
The Seme Area Command of the Nigeria Customs Service (NCS) has intercepted five trucks conveying 10,000 bags of expired flour valued at N1.2billion.
The Command Controller, Comptroller Wale Adenuga, who disclosed this during his Maiden Press Briefing, at the Seme Krake border, last Thursday, said the consignment, which originated from Egypt and came through the Benin Republic border, was seized in a joint operation with the National Agency for Food and Drug Administration and Control (NAFDAC).
According to him, the interception was achieved through credible intelligence shared by the Comptroller General of Customs, Adewale Adeniyi and the NAFDAC Director General, Moji Adeyeye.
Displaying the seized goods, Adenuga said the flour, produced in March 2024, had expired in November, 2024, posing serious public health risk.
He said, “If these things find their way into the country, they change the bag, and it goes into the markets… the health risks associated with consuming such expired products could have led to severe infections, food poisoning, and long-term health complications.
“Beyond health implications, such unwholesome goods undermine local industries and erode consumer trust.”
Speaking on the command’s revenue performance and strides in trade facilitation, Adenuga said a total of N1.5billion was generated in the month of September 2025 alone.
The figure, he said represent an exceptional increase of over 182% compared to the N531.4million generated in August 2025, the month before his assumption of duty.
“This outstanding performance
reflects the effectiveness of the Comptroller General’s reform agenda, which emphasizes compliance, transparency, and data-driven monitoring of goods, as well as dedication of officers and men who continue to embody his vision of a modern, efficient and accountable Customs Service,” he said.
Adenuga said the command guided by the Comptroller General of Customs commitment to transparency and modernization has intensified effort to simplify procedures and ensure that legitimate traders enjoy the full benefits of Customs modernization and regional integration along the Lagos–Abidjan corridor.
“Upon assumption of duty, and in line with the CGC’s strategic vision anchored on the policy thrust of Consolidation, Collaboration and Innovation, I declared trade facilitation as the hallmark of our administration. We believe that when trade is facilitated, processes are streamlined, costs are reduced and more revenue is generated, ” he said.
Beyond the expired flour, Adenuga also showcased other contraband goods seized by the command within the month of September.
The items include 1,104 parcels of cannabis sativa, 98 parcels of 120mg Tramadol, with two suspects handed over to the NDLEA, 2,043 bags of foreign parboiled rice, 150 bales of second-hand clothing and 169 bottles of DSP cough syrup with codeine and five used vehicles with a total Duty Paid Value at N1,999billion.
“Under the guidance of the CGC’s zero-tolerance stance on smuggling, Seme Command remains unwavering in its commitment to suppress smuggling and protect national security, public health and economic stability.
“Our position is clear along the Lagos-Abidjan that any economic resource diverted into smuggling will be a colossal waste; it will be better to channel such resources into legitimate business that could empower thousands of Small and Medium Scale Enterprises (SMEs) and create jobs, ” Adenuga said.
The Customs boss also commended the Nigerian Navy, particularly the Forward Operating Base ( FOB) in Badagry for its support in the fight against smuggling, and handing over seized foreign parboiled rice intercepted on the waterways.
“We shall continue to enhance our operational efficiency through technology, stakeholder collaboration and proactive intelligence. Our collective mission is to ensure that the Seme-Krake border remains a gateway of prosperity not criminality.
“Together with our partners and stakeholders, we are building a smarter, safer and more prosperous border corridor in full alignment with the CGC’s modernization blueprint, ” he said.
By: Nkpemenyie Mcdominic, Lagos
The Lagos State Government, through the Lagos State Waterways Authority (LASWA), will officially launch the Omi Eko Project on Friday, 17th October 2025, at Five Cowries Terminal, Falomo.
The unveiling, to be performed by the Lagos State Governor, Babajide Sanwo-Olu, would feature key speakers and virtual project presentation.
According to a Statement, the event highlights the state’s dedication to advancing sustainable water transportation and smart city solutions.
The project aims to transform Lagos’s water transit with over 78 electric ferries, digital systems, and enhanced safety features, reducing commute times and promoting eco-friendly travel.
“The Omi Eko Project is poised to revolutionize Lagos’s water transportation landscape by integrating innovative technology, strengthening terminal infrastructure, and championing environmental sustainability..
“With the deployment of over 78 high-capacity electric ferries, digital ticketing systems, intelligent terminals, and safety innovations, the project will significantly reduce commute times and establish a reliable, modern transportation option for millions.”the statement added.
The Five Cowries Terminal, a key transport hub, underscores the integration of land and water mobility in Lagos’s Urban Mobility Plan.e Hotel, GRA, Ikeja, for the maiden summit of JustAlive Communications Limited, publishers of JustNet News to discuss infrastructural development trends in the sector.
By: By: Nkpemenyie Mcdominic, Lagos