Economy
Trump’s move to cut WHO funding prompts world condemnation
U.S. President Donald Trump’s move to halt funding to the World Health Organization over its handling of the coronavirus pandemic prompted condemnation on Wednesday from world leaders who appealed for cooperation and unity. Trump, who has reacted angrily to accusations his administration’s response to the worst epidemic in a century was haphazard and too slow, had become increasingly hostile towards the U.N. agency before announcing the halt on Tuesday.
The WHO, which is based in Geneva, had promoted China’s “disinformation” about the virus that likely led to a wider outbreak than otherwise would have occurred, Trump said. WHO had failed to investigate credible reports from sources in China’s Wuhan province, where the virus was first identified in December, that conflicted with Beijing’s accounts about the spread and “parroted and publicly endorsed” the idea that human to human transmission was not happening, Trump said.
“The WHO failed in this basic duty and must be held accountable,” Trump told a White House news conference on Tuesday.
A U.S. official told Reuters that Trump made the move despite pushback within his administration, especially from top health advisers. There was no immediate reaction from the WHO, which has been appealing for more than $1 billion to fund operations against the pandemic. The United States is the biggest overall donor to the WHO, contributing more than $400 million in 2019, roughly 15% of its budget. Nearly 2 million people globally have been infected and more than 127,000 have died since the disease emerged in China late last year, according to a Reuters tally. U.N. Secretary-General Antonio Guterres said it was not the time to reduce resources for the WHO. “Now is the time for unity and for the international community to work together in solidarity to stop this virus and its shattering consequences,” he said in a statement. China, which has won WHO praise for its actions to curb the virus’s spread, urged the United States on Wednesday to fulfil its obligations to the WHO.
“This decision weakens the WHO’s capability and harms international cooperation,” Foreign Ministry spokesman Zhao Lijian said. EU foreign policy chief Josep Borrell said on Twitter: “Deeply regret U.S. decision to suspend funding to WHO. There is no reason justifying this move at a moment when their efforts are needed more than ever.” German Foreign Minister Heiko Maas said apportioning blame did not help. “The virus knows no borders,” Maas said on Twitter.
New Zealand Prime Minister Jacinda Ardern said the WHO was essential to tackling the pandemic.
“At a time like this when we need to be sharing information and we need to have advice we can rely on, the WHO has provided that,” she said. “We will continue to support it and continue to make our contributions.” Australian Prime Minister Scott Morrison said he sympathised with Trump’s criticisms of the WHO, especially its “unfathomable” support of re-opening China’s “wet markets”, where freshly slaughtered, and live, animals are sold.
“But that said, the WHO also as an organisation does a lot of important work including here in our region in the Pacific and we work closely with them,” Morrison told an Australian radio station.
“We are not going to throw the baby out of with the bathwater here, but they are also not immune from criticism.” John Sawers, the former head of Britain’s MI6 foreign intelligence service, said China concealed crucial information about the outbreak from the rest of the world and that it would be better to hold China responsible rather than the WHO. In its latest Strategy Update, the WHO said countries that ease restrictions should wait at least two weeks to evaluate the impact before easing again. It said that the world stands at a “pivotal juncture”. More than 2,200 people died in the United States on Tuesday, a record toll according to a Reuters tally, even as it debated how to reopen its economy. New York City, hardest hit by the outbreak, revised its death toll sharply up to more than 10,000, to include victims presumed to have died of the lung disease but never tested.
U.S. health advocacy group Protect Our Care said Trump’s WHO funding withdrawal was “a transparent attempt … to distract from his history downplaying the severity of the coronavirus crisis and his administration’s failure to prepare our nation. To be sure, the World Health Organization is not without fault but it is beyond irresponsible to cut its funding at the height of a global pandemic,” said Leslie Dach, who chairs the group.
Global shares dipped into the red on Wednesday as warnings of the worst global recession since the 1930s underlined the economic damage done during the pandemic.[MKTS/GLOB] The International Energy Agency forecast a 29 million barrel per day dive in April oil demand to levels not seen in 25 years. The world economy is expected to shrink by 3% this year, the International Monetary Fund said, marking the steepest downturn since the Great Depression. Trump, who has declared he will decide when to lift U.S. lockdowns, suggested some Democratic state governors were “mutineers” after New York Governor Andrew Cuomo said he would refuse any order that risked reigniting the outbreak.
Reuters
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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