Bola Tinubu - The African Mirror

Apr

2024

Nigeria union requests more troops to combat oil theft

NIGERIA'S oil workers union has asked President Bola Tinubu to deploy more troops, including military chiefs, to combat oil theft and boost output to help Africa's largest economy tackle dollar shortages, an official said. Large-scale oil theft from pipelines and wells has been one of Tinubu's biggest challenges in recent years, damaging government finances and limiting the country's output and exports. Nigeria, Africa's top oil producer, relies on the commodity for more than two-thirds of its earnings and about 90% of foreign exchange income. It has struggled to raise output as theft and sabotage have forced oil majors including Shel…

Apr

2024

By NGOUDA DIONE

Faye sworn in as Senegal president, cites ‘profound desire for change’

NEWS

SENEGAL'S once jailed opposition candidate Bassirou Diomaye Faye was sworn in as the West African nation's fifth and youngest president ever, promising to restore stability and bring economic progress. The 44-year-old former tax inspector defeated Amadou Ba, the candidate of outgoing President Macky Sall's ruling coalition, by a landslide in the first round of voting, reflecting high hopes for change in the country of around 18 million. "The results of the election showed a profound desire for change," Faye said after taking the oath of office at a ceremony he attended with his two wives. Over a dozen heads of state and regional representatives…

Mar

2024

By FELIX ONUAH

Nigeria unveils revamped economic management structure amid rising hardship

BUSINESS

PRESIDENT Bola Tinubu announced an overhaul of Nigeria's economic governance intended to ease financial hardship and boost productivity, establishing a multi-layered framework to bolster coordination, planning and implementation. Tinubu, who took office last year, inherited an economy struggling with record debt, high unemployment, low oil output, and power shortages that have crimped growth. But reforms he has implemented since then, chiefly ending a costly petrol subsidy and twice devaluing the naira currency within a year, have spurred price pressures and sparked the worst cost-of-living crisis in decades in Africa's largest economy. Central to the economic management structure is the creation…

Mar

2024

By ABRAHAM ACHIRGA and SEUN SANNI

Hard times in Nigeria as reforms deepen cost of living crisis

BUSINESS

BLESSING Joseph has been weaving bags, sandals and jewellery earning enough money to feed her son and send him to school. But since November, she has fallen on hard times as customers have stopped coming and she and her son routinely go to bed hungry. She is among millions in Africa's largest economy, grappling with the worst cost of living crisis in decades, that has deepened since President Bola Tinubu introduced bold but unpopular economic reforms after he assumed office last May. Last year, Joseph could easily make 30,000 naira ($18.83) a week but now she will be lucky to…

Feb

2024

By The African Mirror

Nigeria mulls state policing to combat growing insecurity

NEWS

NIGERIA is considering the introduction of state police in its 36 states to bolster its national police force as it struggles to contain widespread violence and insecurity, the information minister said. An Islamist insurgency in the northeast, kidnappings for ransom, deadly farmer-herder clashes in the central belt and separatist and gang violence in the southeast are some of the challenges faced by Nigeria's police force. President Bola Tinubu met the country's state governors to discuss insecurity, which is hurting farmers and contributing to high food prices and inflation. The federal government and the state governments agreed that a state police force was necessary, marking "a significant shift" in…

Feb

2024

By CAMILLUS EBOH

Nigeria’s unions tells government to cushion hardship caused by reforms

NEWS

NIGERIA'S main unions gave a two-week ultimatum to the government to meet demands ranging from wage hikes to improved access to public utilities and accused it of failing to uphold pledges to soften the impact of reforms. The Nigerian Labour Congress (NLC) and Trade Union Congress (TUC), umbrella unions that represent millions of workers in Africa's most populous nation, including its dominant oil sector, said millions are facing hunger, erosion of purchasing power and insecurity due to reforms that drove up inflation. President Bola Tinubu scrapped a popular but costly fuel subsidy last May and lifted restrictions on currency trading,…

Jan

2024

By The African Mirror

Nigeria slaps 14 new criminal charges against ex-central bank chief

NEWS

NIGERIAN prosecutors added 14 new criminal charges, including forgery, against former central bank governor Godwin Emefiele in the most high-profile corruption case under President Bola Tinubu. Emefiele, who presided over the affairs of the central bank for nine years, resigned last year after he was arrested and spent five months in detention. Prosecutors told a judge in Abuja that the new charges against Emefiele were linked to forgery, conspiracy to commit forgery and felony, procurement fraud and criminal breach of trust. Emefiele was being tried on six charges of procurement fraud after he was freed on $300,000 bail in November. He denied…

Jan

2024

By CAMILLUS EBOH

Nigerian lawmakers pass 2024 budget after Tinubu seeks extra funds

NEWS

NIGERIAN lawmakers approved a 28.77 trillion naira ($34 billion) budget for 2024, accepting a funding increase that the government had sought due to higher revenue forecasts and a weaker currency. President Bola Tinubu had initially presented a 27.5 trillion naira budget to lawmakers, projecting a deficit of 3.9% of gross domestic product (GDP) and assuming an average exchange rate of 750 naira per dollar. But at a special sitting on Saturday, the Senate and House of Representatives separately debated the budget and resolved to adopt it with the changes sought by the government. The government said it expected more revenue from government-owned…

Dec

2023

By The African Mirror

TotalEnergies pledges $6 billion in Nigeria oil, gas investments

BUSINESS

TOTALENERGIES reaffirmed its commitment to business interests in Nigeria, the French company said, adding that its head Patrick Pouyanne had met Nigeria President Bola Tinubu in Abuja. TotalEnergies said it had signed a cooperation agreement with Nigeria's state oil firm NNPC Ltd to carry out methane detection and measurement campaigns using its advanced drone-based AUSEA technology on oil and gas facilities in Nigeria. TotalEnergies pledged to "invest $6 billion in the coming years," with a focus on offshore oil projects and gas production across all terrain, Tinubu's office said in a statement, citing Pouyanne. Tinubu's meeting with Pouyanne follows similar talks…

Dec

2023

By The African Mirror

Moody’s upgrades outlook on Nigeria to positive

BUSINESS

Ratings agency Moody's revised its outlook on Nigeria to positive from stable, citing a possible reversal of the deterioration in the country's fiscal and external position due to authorities' reform efforts. The agency also affirmed its "Caa1" long-term foreign currency and local currency issuer ratings. Nigerian President Bola Tinubu is seeking to boost growth and attract billions in new investment after taking charge of Africa's biggest economy, which is grappling with shortages of foreign exchange, low oil output and widespread insecurity. Tinubu has undertaken the country's boldest reforms in decades by scrapping a popular but costly fuel subsidy in May,…