The Tinubu Media Support Group (TMSG) - News Agency Of Nigeria

Muhyideen Jimoh
Jul, Wed, 2025

TMSG slams ADC over false refinery sale claims

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By Martha Agas

The Tinubu Media Support Group (TMSG), a think-tank, has described as false claims that the Federal Government was planning to sale its existing refineries.

The group criticised the narrative being promoted by the African Democratic Congress (ADC) media office.

In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group maintained that the claims were also misleading.

They expressed concern that the information could be intended to sway unsuspecting Nigerians.

According to the group, the ADC is employing half-truths and misleading narratives as a strategy to discredit President Bola Tinubu’s administration.

They noted that the ADC quoted Bashir Ojulari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), out of context during his recent interview on the sidelines of the Ninth OPEC International Seminar in Vienna, Austria.

“For the avoidance of doubt, what NNPCL’s Bashir Ojulari said recently on the sidelines of the ninth OPEC international seminar in Vienna, Austria ‎was that NNPCL is now ‘conducting a comprehensive review of its refinery rehabilitation strategy.

“ The conclusions from the exercise could prompt a change in approach,” the group said .

They stated that the NNPCL’s boss response was simply ‘a sale remains a possibility’ so there was no definitive answer to warrant ADC jumping into conclusion of selling the refineries.

“What the NNPCL helmsman said was clear, that the new management, which most Nigerians agree is filled with industry experts, are carrying out a review of refinery rehabilitation strategy.

“After what could be said to be an unsatisfactory revamp of the Port Harcourt and Warri refineries.

“He was not even certain of what the management would do after the review, when he added that all ‘options were on the table’ until after the process,” it stated.

The group also cited assertions by the ADC spokesman, Bolaji Abdullahi, that the Tinubu administration had concluded plans to sell the refineries after his administration spent 2.8 billion US dollars on them before declaring them moribund.

They described the claim as false, noting that the approvals for the refineries overhaul were granted in March and August 2021, about two years before President Tinubu assumed office.

‎”Besides, it is a matter of public record that the Economic and Financial Crimes Commission (EFCC) has been digging into the issue and had only recently quizzed some former NNPCL management staff on funds appropriated for refinery rehabilitation.

‎”While we are not averse to a full audit of funds spent on rehabilitation of the refineries since the Olusegun Obasanjo era if possible.

“We believe that opposition elements, especially those who had been in government, should embrace sincerity if they want Nigerians to see them in a different light,” it stated.

‎The group urged Nigerians to be wary of attempts by opposition figures to spread half-truths under the guise of holding the government to account.(NAN)(www.nannes.ng)

Edited by Muhyideen Jimoh/Sadiya Hamza

IMF”s 3.4 economic projection misrepresents Nigeria’s potential — TMSG

Muhyideen Jimoh
Jul, Wed, 2025

Economy/Business

IMF”s 3.4 economic projection misrepresents Nigeria’s potential — TMSG

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By Martha Agas

The Tinubu Media Support Group (TMSG), says the recently revised economic growth projection for Nigeria by the International Monetary Fund (IMF) under-represents the country’s economic capacity and potential.

The group’s position is contained in a statement jointly signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo,which was made available to newsmen on Wednesday in Abuja .

The News Agency of Nigeria (NAN) reports that the IMF’s revised economic outlook projects a Gross Domestic Growth (GDP) growth rate of 3.4 per cent for 2025, up from earlier forecasts of 3.2 per cent in April 2024 and 3.0 per cent in April 2025.

While acknowledging recent policy reforms and improvements in oil production, the IMF cautioned that on a per capita basis, Nigeria’s economic growth remains low.

It also highlighted vulnerabilities stemming from declining oil prices, persistent inflation, and widespread poverty.

The Fund recommended that Nigeria should focus on building fiscal buffers, scaling up targeted cash transfers, maintaining tight monetary policy, and pursuing further structural reforms to ensure more inclusive and sustainable growth.

The group expressed confidence that the economic reform policies of President Bola Tinubu’s administration would reposition Nigeria’s economy for long-term stability and growth.

“We are not totally surprised that the International Monetary Fund (IMF) has had to improve its projection for Nigeria’s economic growth in 2025 to 3.4 per cent from its earlier projection of three per cent.

“The global body, in its Article IV consultation report with Nigeria, projected a 3.4 per cent economic growth for the country, a few months after it had projected 3.2 per cent, which it later reduced to three per cent.

“It didn’t come to us as a surprise that the IMF upgraded its forecast.

“ This is because we were convinced that the economic reform of Tinubu’s administration are gradually bearing fruit as reflected in the manner the economy grew in the last quarter of 2024.

“We recall that Nigeria recorded a GDP growth of 3.84 per cent in the fourth quarter of that year in what was clearly the fastest pace since 2021 to prove the IMF’s 2024 3.2 per cent projection wrong,” the group stated.

The group recalled that experts had earlier raised concerns about the IMF’s initial three per cent projection for 2025.

According to the group, the experts caution that forecasting a major decline in Nigeria’s economy based solely on oil prices overlooks the country’s ongoing efforts to diversify its revenue sources.

“TMSG also referenced the view of the lead economist at ECOWAS, Prof. Ken Ife, who had publicly criticised the IMF’s earlier forecast, stating that the institution does not understand Nigeria’s economic structure.

“We hope that the global body will make haste to adjust its three per cent growth forecast for 2026.

“This is especially as it recently commended the Tinubu administration on the new Tax reforms, which will take effect in January 2026.”

The group restated its support for the Independent Media and Policy Initiative’s (IMPI) projection of five per cent annual economic growth, attributing this to strengthening macroeconomic stability and continued reform efforts. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams