SATURDAY 12TH DECEMBER

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IMF Article IV: Nigeria’s Outlook Challenging, Forex Reforms Needed Says real GDP contracting, inflation increasing, external vulnerabilities remain large Festus Akanbi in Lagos and Ndubuisi Francis in Abuja The International Monetary Fund (IMF) yesterday returned a gloomy verdict on the Nigerian economy

for 2020, declaring that the nation’s economic outlook is challenging. The multilateral institution, which recently conducted its 2020 Article IV Consultation with Nigeria, said the

country’s economy “is buffeted” from side to side by a cocktail of issues including the uncertainty over the COVID-19 pandemic, low oil prices, capital outflows and balance of payment challenges.

During an Article IV consultation, an IMF team of economists visits a country to assess economic and financial developments and discuss the country's economic and financial policies with

government and central bank officials. The IMF team, led by Ms. Jesmin Rahman, conducted this latest virtual mission between October 30 and November 17, 2020 in the

context of the 2020 Article IV Consultation with Nigeria. The IMF, in a statement made available to THISDAY on its findings, said: “The Continued on page 5

Court Declares Banks’ Stamp Duty Charges Illegal… Page 8 Saturday 12 December, 2020 Vol 25. No 9378

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Fayemi:Youths Right to Demand Good Governance, End to Police Cruelty Urges them to employ stealth rather than brigandage in pushing for social change Charles Ajunwa Ekiti State Governor, Kayode Fayemi, yesterday said Nigerian youths have a right to demand good governance

and an end to police brutality in the country. However, he said they should employ stealth rather than brigandage in pushing for social change.

The governor, who spoke at a virtual symposium titled, “The Africa Policy Dialogue Series: Harnessing Africa’s Demographic Dividend for Peace, Security and

Productivity through Investments in Youth”, organised by the Harvard Kennedy School Alumni Association of Nigeria, said during his time as an activist,

he knew when to pause and negotiate with the government, hence his successes. Fayemi said: “We do owe them (youths) a duty to begin to respond to those reasonable

demands that they make for a good education which is a right not a privilege, for accountable governance, for Continued on page 5

Presidency Deplores Breakup Threats, Says Buhari Won’t Succumb to Pressure Charles Ajunwa As tempers flare over the state of the nation, the Presidency has reiterated its resolve not to be stampeded into taking hasty measures which may be counter-productive to the yearnings and aspirations of majority of Nigerians. In a series of tweets yesterday, the Senior Special Assistant, Media and Publicity, to the President, Garba Shehu, apparently responding to the activities of war mongers behind an orchestrated campaign of a possible breakup of the country, as a result of the rising insecurity and the clamour for restructuring, said the president won’t be intimidated. Shehu also warned those issuing threats to the president, "to take certain actions", to desist from such. He stressed that the President, as an elected leader

under this constitution, “will continue to work with patriotic Nigerians, through and in line with the Parliamentary processes to finding solutions to structural and other impediments to the growth and wellbeing of the nation and its people.” Shehu tweeted: “The Presidency responds to the recurring threats to the corporate existence of the country with factions giving specific timelines for the President to do one thing or another or else, in their language, ‘the nation will break up’. “This is to warn that such unpatriotic outbursts are both unhelpful and unwarranted, as this government will not succumb to threats and take any decision out of pressure at a time when the nation’s full attention is needed to deal with the security challenges facing it at a time of the COVID-19

"The President as an elected leader under this constitution will continue to work with patriotic Nigerians, through and in line with the parliamentary processes to finding solutions to structural and other impediments to the growth and wellbeing of the nation and its people"

Continued on page 5

ICC Prosecutor Seeks Probe of Military, Boko Haram... Page 6

BUHARI IN DAURA... Emir of Daura, Alhaji Farouk Umar Farouk (left) and President Muhammadu Buhari during the President’s arrival at his hometown, Daura Katsina State on a private visit... yesterday


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SATURDAY 12TH DECEMBER by THISDAY Newspapers Ltd - Issuu