The World Bank has advised the Federal Government of Nigeria against reversing its ongoing economic reforms, cautioning that such actions could have severe negative implications for the country.

This warning comes in the wake of significant public discontent regarding the government’s economic policies, particularly the removal of fuel subsidies and the abolition of multiple foreign exchange systems, which were introduced on the first day of President Bola Tinubu’s administration.

At a press conference held in Abuja during the launch of the Nigeria Development Update (NDU) report, Dr. Ndiame Diop, the World Bank Country Director for Nigeria, acknowledged that while the reforms may cause immediate hardship for many citizens, they are essential for the nation’s long-term stability.

He stressed that reversing these reforms would be detrimental, stating, “Reversing these reforms would be detrimental and would spell doom for Nigeria.”

The economic landscape has shifted dramatically since the removal of the fuel subsidy, with the pump price of petrol surging from ₦198 to over ₦1,000 per litre.

Similarly, the naira has depreciated significantly, now trading above ₦1,700 for one dollar in the parallel market, compared to just below ₦600 prior to the reforms.

In support of the reforms, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reiterated the government’s commitment to sustaining these policies.

He emphasized that any effort not sustained would be futile. “Together with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we’ve been discussing how to stay on course, tackle inflation, and ensure we move in the right direction,” Edun stated.

The focus, he noted, is on reducing inflation while ensuring that investments flow into critical sectors such as industry, which can create jobs. The government anticipates significant investments in the near future.

However, not everyone agrees with the World Bank’s stance. Andrew Mamedu, the Country Director of ActionAid Nigeria, criticized the World Bank’s comments as insulting to the millions of Nigerians enduring unprecedented economic hardship.

President Bola Tinubu has sent a note of congratulations to the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, on the occasion of his 50th birthday anniversary.

President Tinubu, in a statement on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga, described the Ooni as a traditional ruler with a deep sense of duty, wisdom, and knowledge.

He also commended the Ooni of Ife for his critical roles and unifying duties as Co-Chairman of the National Council of Traditional Rulers of Nigeria.

Tinubu lauded other virtues of the traditional ruler and prayed for God to grant him a more prosperous lifetime and reign on the throne.

“The statement by Onanuga reads: “President Bola Tinubu proudly joins Nigerians, the people and chiefs of Ile-Ife, and the global Yoruba community in commemorating the 50th birthday of the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, CFR, the Ojaja II.

“The President notes Ooni’s extraordinary leadership and maturity since ascending the throne at 41, emphasising his significant role in preserving the rich traditions of the Yoruba people in the ancient city known as The Source.

“President Tinubu acknowledges Oba Ogunwusi’s deep sense of duty, wisdom, and knowledge as he fulfils his responsibilities as both the traditional ruler of Ile-Ife, Osun State, and the revered spiritual leader of the Yoruba people.

“The President also recognises Ooni’s critical contributions as Co-Chairman of the National Council of Traditional Rulers of Nigeria, where he serves as a unifying figure, a steadfast supporter of government policies, and a passionate advocate for religious tolerance, peace, and the unification of our nation.

“President Tinubu commends Oba Ogunwusi’s tireless advocacy for women and youth empowerment through education and entrepreneurship, underscoring his admirable philanthropy and unwavering commitment to uplifting those in need throughout Nigeria and beyond.

“With heartfelt optimism and support, the President pays tribute to the Ooni for exemplifying the traditional Yoruba values of humility, peace, and generosity while also honouring the dignity and integrity of his exalted throne.

“As the esteemed Yoruba monarch celebrates this significant milestone, President Tinubu offers his sincere prayers for the continued success and prosperity of His Imperial Majesty’s reign, which will undoubtedly benefit the people of Ife and the nation at large.”

Professor Iliyasu Usman, an Igbo man, has been appointed as the Imam of the Abuja National Mosque.

Naija News reports that Usman delivered his first khutbah (sermon) today during the Jumm’at prayer, signifying an important occasion for the Muslim community in Nigeria.

This appointment has been widely celebrated, particularly among the South East Muslim Organisation of Nigeria (SEMON), which regards it as a reflection of Usman’s dedication to Islamic scholarship and leadership.

In a statement, SEMON commended the inclusivity demonstrated by the Nigerian Supreme Council for Islamic Affairs (NSCIA), led by the President-General and Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar.

SEMON highlighted that this appointment represents not only a personal achievement for Usman but also a sacred responsibility to guide the Muslim community in worship and service to Allah.

The organization expressed optimism that his leadership would strengthen the Igbo Muslim community and promote unity within the broader Nigerian Muslim populace.

The statement reads, “We, the South East Muslim Organisation of Nigeria (SEMON), extend our heartfelt congratulations to Professor Ilyasu Usman on your recent appointment as an Imam of the National Mosque, Abuja.

“This prestigious role is not only a testament to your unwavering dedication and scholarly excellence but also a divine blessing and responsibility to lead the Ummah in worship and service to Allah.

“We pray that Allah (SWT) grants you the wisdom, strength, and steadfastness to discharge this sacred duty with diligence, integrity, and humility. May your leadership inspire unity, peace, and piety.”