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IMF advises FG to stop subsidizing electricity

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The Nigerian government has received a warning from the International Monetary Fund to eliminate what it refers to as implicit gasoline and energy subsidies.

In an IMF report that was just released, the organization informed Nigeria that in 2024, the subsidies will consume 3% of the country’s GDP, up from 1% the year before. The Federal Government was commended by the IMF, according to the report, among other things for phasing out “costly and regressive energy subsidies,” noting that doing so was essential to ensuring debt sustainability while freeing up funds for social security and development expenditures.

On May 29, 2023, President Bola Tinubu’s administration eliminated fuel subsidies. However, the IMF pointed out that “sufficient compensatory measures for the poor were not scaled up promptly and were then paused due to concerns about corruption.” By the end of 2023, implicit subsidies would be reinstated by capping pump prices below cost, assisting Nigerians in adjusting to high inflation and depreciating currency rates. The organization also stated that 15% of the 12 million customers, or 40% of the total, who are high-use premium consumers on Band A feeders now pay three times as much for power.

The IMF stated that “the tariff adjustment will help reduce expenditure on subsidies by 0.1 per cent of Gross Domestic Product, while continuing to provide relief to the poor, particularly in rural areas” in response to Nigerians’ demands for the Band A tariff to be reversed from N206.80 to N68 per kilowatt-hour.

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

The warning read, “Implicit subsidy costs could increase to 3% of GDP in 2024 from 1% in 2023 if pump prices and tariffs remain below cost-recovery.” Higher income groups get more from these expensive, ill-targeted subsidies than do the underprivileged. The IMF reiterated that “expensive and untargeted fuel and electricity subsidies should be removed, while, e.g., retaining a lifeline tariff, as inflation subsides and support for the vulnerable is ramped up.”

The implicit fuel subsidy was predicted to reach N8.4 trillion in 2024, up from N1.85 trillion in 2023, N4.4 trillion in 2022, N1.86 trillion in 2021, and N89 billion in 2020. By the end of 2024, it was estimated that the electricity subsidy given to subscribers under Band B, C, D, and E would total N540 billion.

Heineken Lokpobiri, the Minister of State for Petroleum (Oil), and the Nigerian National Petroleum Company Limited have refuted allegations on multiple occasions that the Federal Government was providing fuel subsidies through a covert channel. Amidst protests by Nigerians demanding that the Minister of Power, Adebayo Adelabu, reinstate the Band A pricing, the IMF has called for the abolition of the electricity subsidy.

If Adelabu ignores their demands, organized labor has threatened to hold a demonstration on Monday.

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Who Is Magnus Carlsen?

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Born on November 30, 1990, Sven Magnus Øen Carlsen is a grandmaster in chess from Norway.

In addition to being the current World Chess Champion, he has won the World Rapid Chess Championship five times, the World Blitz Chess Championship seven times, and the Chess World Cup Champion five times. Since July 1, 2011, he has remained at the top of the FIDE world chess rankings, only surpassed in the amount of time by Garry Kasparov as the highest-rated player in the world. He also holds the record for the longest reign in this ranking. His 2882 peak rating is the highest in recorded history. With 125 games played, he also has the record for the longest winning run in top classical chess.

A chess prodigy, Carlsen became a grandmaster a few months after turning 13 and won first place in the Corus chess tournament in the C category. In addition to becoming the youngest player to ever qualify for the Candidates Tournament in 2005, he won the Norwegian Chess Championship at the age of 15. He tied for first place in Corus’ top group at the age of 17. At the age of 18, he became the youngest person to ever surpass a rating of 2800. He became the youngest person to ever rank #1 in the FIDE world rankings in 2010 at the age of 19.

In 2013, Carlsen overcame Viswanathan Anand to win the title of World Chess Champion. He won the 2014 World Rapid Championship and World Blitz Championship, holding the title against Anand the following year. This made him the first player to hold all three titles concurrently, a feat he repeated in 2019 and 2022. He faced off against Ian Nepomniachtchi in 2021, Fabiano Caruana in 2018, and Sergey Karjakin in 2016 to defend his classical world title. In 2023, Nepomniachtchi made it back to the championship match, but Carlsen turned down the opportunity to defend his crown this time around, claiming a lack of desire.

When he was a teenager, Carlsen was well-known for his attacking play, but he has now matured into a versatile player. He employs a range of openings to hinder opponents’ preparation and lessen the usefulness of computer analysis before to the game.

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Renowned actress Liz Benson makes a comeback to Nollywood

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After a break of several years from performing, veteran actress Liz Benson has returned to Nollywood.

The seasoned actress, who is starring in the upcoming film “A Mother’s Son,” directed by Vincent De Anointed and produced by renowned actress Mercy Johnson, is returning to her first love.

In a behind-the-scenes video that Mercy Johnson shared on her Instagram page, the cast welcomed the seasoned actress with joy.

She claims that the renowned cast of the star-studded film includes, among others, Mike Godson, Mercy Johnson, Evia Simon, Ozioma Maurice, and George Inaibeh. Liz Benson exclaimed, “All the big people in Nollywood are here,” after being taken aback by her coworkers’ cordial greeting. “God bless you; you guys are doing amazing things.” It’s good to meet each of you in person. It is my first time to meet each of you. However, I’m here to see my daughter, Mercy Johnson. According to the News Agency of Nigeria (NAN), Etinan, Akwa Ibom, in southern Nigeria is the birthplace of Liz Benson, 58.

She began her acting career at the age of five in 1971, but it wasn’t until 1993 that she became well-known for her role as Mrs. Agnes Johnson in the NTA television serial opera “Fortunes.” Benson became well-known in the 1990s after starring in a number of iconic films and became well-known in the early Nollywood era.

Her roles in critically acclaimed films include those in “Glamour Girls,” “True Confession,” “Diamond Rings,” “Scores to Settle,” “Evil Men 1 and 2,” “Conspiracy,” and “Dead End,” among others.

Benson revealed that she is a born-again Christian and that she currently serves as a full-time ordained pastor before making her way back to Nollywood.

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Titi Cole intends to retire following a thirty-two-year career in finance

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Titi Cole who served as the Head of Global Operations and Fraud Prevention and the Chief Client Officer for Citi’s Personal Banking and Wealth Management (PBWM) has declared her intention to retire from the financial services industry on May 14, 2024.

She posts on LinkedIn about her retirement aspirations and plans, stating, “

From a youth service posting in Lagos, Nigeria to the C – suite of one of the most important financial institutions in the world, I am thankful for the journey and that I get to decide that it is time to say goodbye and pursue other passions. My career has not been a linear path, but it has exceeded my biggest dreams.
I’ve had amazing experiences, grown as a leader and forged so many close friendships over the years, and I owe a big thank you to the many sponsors, and mentors who supported and advocated for me along the way. They told me what I now tell so many others – step out of your comfort zone.

Purpose has fueled my career and it has been a privilege to help advance economic mobility in communities around the world and also make our industry more representative of the clients we serve.

I am very fortunate to close out my banking career at Citi working for Jane Fraser, a truly inspirational leader, and will always be a proud Citi alum! In the last few years, I’ve had the incredible opportunity to work with colleagues around the world who delivered with excellence for the firm and our clients as we sought to divest our international consumer businesses and simplify the firm in a very significant and meaningful way.

As to what’s next? Some downtime first. I plan to travel with my husband and biggest supporter, Wale Cole to spend quality time with friends and family before beginning my next adventure in the nonprofit sector focusing on women and healthcare and giving back to the communities that have given so much to me.

I look forward to sharing more about my next chapter in 2025…”.

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