IMF Urges FG to Discontinue Electricity Subsidy

Published

1 year ago

May 14, 2024

The Nigerian government has been advised by the International Monetary Fund to eliminate what it has described as hidden subsidies on fuel and electricity.

In a recent report from the IMF, Nigeria was informed that subsidies are expected to consume three percent of the country’s Gross Domestic Product in 2024, a notable increase from the one percent in the previous year.

As per the report, the IMF praised the Federal Government for its decision to gradually eliminate expensive and inequitable energy subsidies. The IMF stated that this action is crucial for freeing up financial resources for development initiatives, enhancing social safety nets, and ensuring sustainable debt levels.

IMF said, “once the safety net has been scaled up and inflation subsides, the government should tackle implicit fuel and electricity subsidies”.

“With pump prices and tariffs below cost-recovery, implicit subsidy costs could increase to 3 per cent of GDP in 2024 from 1 per cent in 2023. These subsidies are costly and poorly targeted, with higher income groups benefiting more than the vulnerable”.

“as inflation subsides and support for the vulnerable is ramped up, costly and untargeted fuel and electricity subsidies should be removed, while, e.g., retaining a lifeline tariff”.

France’s former president Nicolas Sarkozy stripped of Legion of Honour

Published

4 hours ago

June 15, 2025

Ekwutos Blog

France’s former President Nicolas Sarkozy has been stripped of his Legion of Honour medal following his conviction last year of corruption and influence peddling while in office, it was announced on Sunday.

The decision was made public via a decree released in the Journal Officiel that publishes the government’s major legal information. It aligns with the rules of the Legion of Honour.

The conservative politician, who was president from 2007 to 2012, has been at the heart of a series of legal cases since leaving office.

He was found guilty of corruption and influence peddling by both a Paris court in 2021 and an appeals court in 2023 for trying to bribe a magistrate in exchange for information about a legal case in which he was implicated.

Trial over illegal campaign financing still ongoing

He was sentenced to wear an electronic monitoring bracelet for one year, a verdict upheld by France’s highest court, the Court of Cassation, in December.

Earlier this year, Sarkozy stood trial over allegations that he received milions of Dollars from Libya for his successful presidential campaign in 2007. He denies the claims. Prosecutors requested a seven-year prison sentence. The verdict is expected in September.

Sarkozy becomes the second former head of state to be stripped of the Legion of Honour — France’s highest distinction — after Nazi collaborator Philippe Petain, who was convicted in 1945 for treason and conspiring with the enemy for his actions as leader of Vichy France from 1940-1944.

Hollywood producer Harvey Weinstein was stripped of his Legion of Honour award in the wake of widespread sexual misconduct allegations against him in 2017. Disgraced cyclist and former Tour de France star Lance Armstrong also had his French Legion of Honour award revoked.

Sarkozy retired from public life in 2017 but still plays an influential role in French conservative politics.

A 37-year-old man named Yusuf Adenoyin was arrested in Isua Akoko, Nigeria, with eight human skulls in his possession.

Published

7 hours ago

June 15, 2025

Ekwutos Blog

This is how bankrupt our minds have become

A 37-year-old man named Yusuf Adenoyin was arrested in Isua Akoko, Nigeria, with eight human skulls in his possession.

The arrest was made by the Police Safer Highway Patrol at a checkpoint.

Adenoyin allegedly claimed he was transporting the skulls from Kogi State to Osun State for a native doctor. The incident is under investigation.

Fresh Tragedy Hits India As Helicopter Carrying Hindu Pilgrims Crashes, Kills All 7 On Board

Published

9 hours ago

June 15, 2025

Ekwutos Blog

Initial findings indicate that poor weather conditions likely played a role in the fatal incident.

India has suffered another aviation tragedy after a helicopter carrying Hindu pilgrims crashed, killing all seven people on board.

The helicopter, operated by Aryan Aviation, went down just minutes after taking off from Kedarnath, a sacred pilgrimage site in Uttarakhand. It was en route to Guptkashi, another popular Himalayan destination for devotees.

According to officials cited by Sky News, the crash occurred around 5:30 a.m. local time in a densely forested area, several miles off the designated pilgrimage route.

Initial findings indicate that poor weather conditions likely played a role in the fatal incident.

Rescue and recovery operations are underway, while aviation authorities are expected to review safety protocols for flights operating in Uttarakhand’s challenging mountainous terrain.

This latest incident has sent shockwaves across the country, coming just days after India was gripped by a far more catastrophic accident — the Air India crash in Ahmedabad that claimed the lives of at least 270 people.

That crash, which occurred on Thursday, involved a London-bound Boeing 787 Dreamliner that plummeted into a residential building near a medical college hostel minutes after takeoff.

Of the 242 people on board, only one passenger survived. Another 29 people were killed on the ground.

In response to that disaster, Indian aviation authorities ordered urgent technical inspections of Air India’s Boeing 787-8 and 787-9 aircraft with GEnx engines. The directive mandates comprehensive checks on takeoff performance, electronic engine control systems, and fuel components.

The global community has continued to mourn with India. French President Emmanuel Macron offered condolences following the Air India crash, stating, “We have learned with deep emotion of the tragic plane crash in Ahmedabad, India. In this time of sorrow, I extend our heartfelt thoughts to the victims’ loved ones and to Prime Minister @NarendraModi.”

Italian Prime Minister Giorgia Meloni also shared her sympathies: “Deeply saddened by the tragic plane crash that occurred in Ahmedabad. On behalf of the Italian Government and myself, I express my sincerest condolences to the families of the victims and our full solidarity with the Indian people in this time of great sorrow.”

Thursday’s crash saw a 40-year-old man, Vishwash Kumar Ramesh, reported as the lone survivor in the deadly incident that rocked India.

“Thirty seconds after take-off, there was a loud noise and then the plane crashed. It all happened so quickly,” Vishwash, who received “impact injuries” on his chest, eyes, and feet, told Hindustan Times.

Vishwash, a British national, was in India for a few days to visit his family and was returning to the UK along with his brother, Ajay Kumar Ramesh (45).

Vishwash, who still had his boarding pass, told HT, “When I got up, there were bodies all around me. I was scared. I stood up and ran. There were pieces of the plane all around me. Someone grabbed hold of me and put me in an ambulance and brought me to the hospital.”