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UN Speech: Buhari Describes $9.6bn judgment, P&ID Case As scam
President Muhammadu Buhari warned on Tuesday that Nigeria would not tolerate attempts by persons and organisations he called international criminals to defraud the country.
He also stressed that his administration would sustain its anti-corruption fight. Buhari cited the Federal Government’s prosecution of Process and Industrial Development over the controversial $9.6bn judgment it obtained from a London court against Nigeria as an example of “a scam.”
He was speaking at the General Debate of the ongoing 74th Session of the United Nations General Assembly in New York.
Buhari told the session that the world was facing various crises, including financial crimes, and called for collective efforts by all countries to address the problems.
He stated, “Organised criminal networks, often acting with impunity across international borders present new challenges where only collective actions can deliver genuine results.
“This is true in the battle against violent extremism, against trafficking in people and drugs and against corruption and money laundering.
“The present Nigerian government is facing the challenges of corruption head-on. We are giving notice to international criminal groups by the vigorous prosecution of the P&ID scam attempting to cheat Nigeria of billions of dollars.”
The President’s speech also touched on the social media, blaming them for promoting crimes and mass killings.
He also held technology companies responsible for helping the social media to fuel crises.
He noted, “They cannot be allowed to continue to facilitate the spread of religious, racist, xenophobic and false messages capable of inciting whole communities against each other, leading to loss of many lives. This could tear some countries apart.”
Buhari also spoke on the effects of poverty, saying , “ No threat is more potent than poverty and exclusion”, adding that a link existed between poverty and criminality.
He stated, “They are the foul source from which common criminality, insurgency, cross-border crimes, human trafficking and its terrible consequences draw their inspiration.”
The President told the session that his administration was doing much to tackle poverty as exemplified by its social investment programmes for the vulnerable people.
Making a general case for Africa, Buhari sought the support of the West to develop the continent.He spoke further, “A developed Africa will not be antagonistic to industrialised countries but will become friends and partners in prosperity, security and development. A prosperous Africa will mean greater prosperity for the rest of the world. A poor Africa will be a drag on the rest of the world. Is this what the international community wants?
“A coordinated multi-lateral effort should be set in motion to utilise and maximise use of the enormous resources on the African continent for the benefit of all nations. Investing partners will be able to recoup their investments manifold over time.
“Current attempts to help develop Africa by industrial countries are un-coordinated and plainly incremental. We have the skills, the manpower and the natural resources, but in many instances, we lack the capital – hence my plea for industrial countries to take a long-term view of Africa, come and partner us to develop the continent for the benefit of all.”
Buhari also devoted some time to the Palestinian situation, saying that Palestinians had a right to live on their own land.
He said, “On the international scene, Mr President, the United Nations has new opportunities to take the lead on issues that continue to cloud the prospects for international peace and prosperity, namely;
“The rights of the Palestinian people to have their own country free of occupation. Mr President, the international community has spoken from Resolution 242 of 1967 to the present day on the rights of the Palestinian people to have and live in peace in their own land…”
The President also informed the session on Nigeria’s plans to combat climate change.
He added, “On climate change, Nigeria stands resolutely with the international community in observing agreed carbon emission targets which I signed in 2015.
“We have since issued two sovereign Green Bonds and have added an additional 1 million hectares of forested land taking our total forest coverage to 6.7 per cent through collective national effort.”
He called for the expansion of the membership of the UN Security Council to include more nations.
“As we advocate and strive for inclusion within our societies, we must also ensure inclusion prevails in our collective action as members of International Community. That is why we support the expansion of the Security Council to reflect the diversity and dynamics of the 21st Century”, he said.
The Punch
President Bola Tinubu has held a private meeting with suspended Rivers State Governor Siminalayi Fubara in London, as part of efforts to resolve the political crisis rocking the oil-rich state, according to The Africa Report.
The paper reported that the meeting took place last week following Tinubu’s departure from Paris, and that the talks were initiated at Fubara’s request, amid his growing efforts to regain his position following his suspension and the imposition of a state of emergency in Rivers State.
During the meeting, Fubara reportedly pledged to make certain concessions in a bid to ease tensions. A senior presidential adviser, who spoke on condition of anonymity, revealed that negotiations are still ongoing but suggested that Fubara’s suspension is likely to be lifted before the six-month period elapses.
Another aide to the president indicated that Fubara is considering joining the ruling All Progressives Congress (APC), a move that could improve his standing with the presidency and enhance Tinubu’s political influence in the state. “If Fubara joins the APC, the president’s chances of winning Rivers State will increase significantly,” the aide noted.
Notably absent from the London talks was former Rivers Governor and current FCT Minister Nyesom Wike, who is reportedly uneasy about being sidelined in the reconciliation process. However, President Tinubu is expected to facilitate a broader meeting involving Fubara, Wike, and members of the Rivers State House of Assembly to find a lasting resolution to the impasse.
Pope Francis has died, the Vatican has announced in a video statement.
The first Latin American leader of the Roman Catholic Church, died at the age of 88 at 7:35 am (0535 GMT) on Monday, said Cardinal Kevin Farrell in a statement published by the Vatican on its Telegram channel.
Francis had suffered various ailments in his 12 year papacy, with severe complications in recent weeks after a bout of double pneumonia for which he spent five weeks in hospital.
His death comes one day after a brief appearance before thousands of Catholic pilgrims gathered in St Peter’s Square for the Vatican’s open-air Easter Sunday mass.
Source: Aljazeera
The International Monetary Fund (IMF) says that Nigeria faces significant uncertainty in its economic outlook despite wide-ranging reforms.
It, however, noted that the gains are yet to benefit all Nigerians with poverty and food insecurity remaining high.
Concluding its 2025 Article IV Consultations with Nigeria’s public policy executives during the week, IMF’s team, led by Axel Schimmelpfennig, its mission chief for Nigeria, acknowledged that Nigeria has taken important steps to stabilize the economy, enhance resilience, and support growth.
The IMF team had met with Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Agriculture and Food Security, Abubakar Kyari, Central Bank of Nigeria Governor, Yemi Cardoso, senior government and central bank officials, the Ministry of Environment, the private sector, academia, labour unions, and civil society.
Although the IMF representatives said these reforms have put Nigeria in a better position to navigate the external environment, the macroeconomic outlook remains marked by significant uncertainty.
They said that the elevated global risk sentiment and lower oil prices would impact the Nigerian economy.
They, therefore, recommended that macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.
The final report of the consultations stated: “The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth.
‘‘The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved.
‘‘Gains have yet to benefit all Nigerians as poverty and food insecurity remain high.
‘‘The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.
‘‘The reforms since 2023 have put the Nigerian economy in a better position to navigate this external environment. ‘‘Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth.
“The authorities communicated to the mission that they will implement the 2025 budget in a manner that is responsive to the decline in international oil prices. A neutral fiscal stance would support monetary policy to bring down inflation.
‘‘To safeguard key spending priorities, it is imperative that fiscal savings from the fuel subsidy removal are channeled to the budget.
‘‘In particular, adjustments should protect critical, growth-enhancing investment, while accelerating and broadening the delivery of cash transfers under the World Bank-supported program to provide relief to those experiencing food insecurity.
“A tight monetary policy stance is required to firmly guide inflation down. The Monetary Policy Committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty.
‘‘Announcing a disinflation path to serve as an intermediate target can help anchor inflation expectations.”
