Bola Tinubu - The African Mirror

Oct

2023

Nigeria expects $10 bln in forex inflows in weeks

NIGERIA expects $10 billion in foreign currency inflows in the next few weeks to ease liquidity in a foreign exchange market that has cramped growth in Africa's biggest economy, finance minister Wale Edun said. The West African country has faced chronic dollar shortages after foreign investors exited local assets during a period of low oil prices. Since then, investors have yet to return and the central bank has not yet settled outstanding demand for dollars from foreign investors seeking to repatriate funds or airlines seeking to send money from ticket sales abroad. As a result of the shortages, some businesses…

Oct

2023

By CAMILLUS EBOH

Nigeria opposition asks Supreme Court to overturn President Tinubu’s victory

NEWS

NIGERIA'S two main opposition leaders asked the Supreme Court to quash last month's tribunal ruling upholding President Bola Tinubu's February election victory, in a last bid to reverse the results of a vote widely accepted by the international community. No legal challenge to the outcome of a presidential election has succeeded in Nigeria, which returned to democracy in 1999 after three decades of almost uninterrupted military rule and has a history of electoral irregularities. Elections in the past had been characterised by ballot box snatching, accusations of allowing unregistered voters to cast ballots, and completely made-up results. Atiku Abubakar of the People's…

Oct

2023

By JULIA PAYNE and LIBBY GEORGE

Nigeria buying fuel with cash, rather than crude, in post-reform shift

BUSINESS

NIGERIAN state oil company NNPC has begun buying gasoline via cash tenders, rather than oil swaps, for the first time in nearly a decade, four sources familiar with the matter told Reuters. The company's latest tender to buy gasoline for delivery in November closed this week, the sources said. Two of them added that NNPC would pay the last debts owed under the long-running oil swaps by the end of next month. NNPC did not immediately reply to a request for comment. The shift is the result of efforts by President Bola Tinubu, inaugurated in May, to eliminate costly fuel…

Oct

2023

By The African Mirror

Nigeria’s president nominates new head of anti-graft agency

NEWS

NIGERIS'S president nominated a lawyer to head its anti-graft agency after President Bola Tinubu suspended the previous chief amid corruption allegations, his spokesperson said. Tinubu's nomination of Ola Olukoyede, a former chief of staff to the previous head of the Economic and Financial Crimes Commission (EFCC), comes four months after he suspended indefinitely Abdulrasheed Bawa for alleged abuse of office. The EFCC is tasked with investigating and prosecuting graft in Africa's largest oil exporter and biggest economy, which has grappled with endemic corruption for decades. If confirmed by the Senate, Olukoyede will take the reins of an agency that is leading extradition proceedings for…

Oct

2023

By MACDONALD DZIRUTWE and LIBBY GEORGE

Analysis: Nigerian reform drive falters, threatening Africa’s biggest economy

BUSINESS

NIGERIAN President Bola Tinubu's lightning-fast reform push after taking office in May sparked hope that his administration would be a business-friendly antidote to mounting economic troubles facing Africa's biggest economy. Fast forward to more than 100 days in office, and the key planks of his economic overhaul - unshackling the naira from its rigid regime, and allowing fuel prices to rise - are coming loose. The naira hit a record low of 1,000 to the dollar on the black market this week, widening the gap with the official rate, which stood at 785 on Thursday. Reuters Graphics Reuters Graphics Petrol pump prices, meanwhile, have…

Oct

2023

By FELIX ONUAH

Nigeria’s Tinubu offers wage increase ahead of labour strike

NEWS

NIGERIAN President Bola Tinubu announced an interim wage rise for low-income workers and mass buses running on gas to ease the impact of a petrol subsidy removal, just two days before labour unions embark on an indefinite strike. Tinubu scrapped a decades-old subsidy during his inauguration in May and ended foreign exchange restrictions, which has led to soaring cost of living and angered unions. In a national broadcast marking 63 years of independence, Tinubu defended the reforms as necessary to put Africa's biggest economy on the path to recovery. "I am attuned to the hardships that have come. I wish today's…

Sep

2023

By CAMILLUS EBOH

Nigeria’s labour unions call indefinite strike over cost of living

NEWS

NIGERIA'S two biggest workers' unions plan to start an indefinite strike next week to protest against a cost-of-living crisis after the government scrapped a popular but costly petrol subsidy, union leaders said on Tuesday. Unions have been pushing President Bola Tinubu to reverse his decision in May to scrap the decades-old subsidy that had kept fuel prices low but was draining government finances. Prices have risen sharply, including the cost of food, transport and power as most businesses and households rely on petrol generators for electricity. The Nigeria Labour Congress and Trade Union Nigeria, the biggest unions, said they would begin the strike on…

Sep

2023

By AHMED KINGIMI

Sixteen people freed after kidnapping at Nigerian university

NEWS

SIXTEEN students and workers have been freed after they were kidnapped by gunmen who attacked their university in northwest Zamfara state last week, university authorities said. Security problems are one of the major challenges facing President Bola Tinubu, who is yet to spell out his plans to end the abductions, an Islamist insurgency in the northeast, gang and separatist violence in the southeast and farmer and herder clashes in the north-central region. Federal University Gusau said in a statement the attack had caused tension at the institution and students were worried about their safety. "It is against this background that we appeal…

Jul

2023

By FELIX ONUAH

Nigerian President Tinubu chosen as new West Africa bloc chief

NEWS

WEST African regional bloc ECOWAS has chosen Nigerian President Bola Tinubu as its new chairman at a time of deepening insecurity, including military coups and terrorism, in the region. West Africa has witnessed six successful military coups since 2020, marking a backslide of democracy in a region that had been seen to be making progress in shedding its "coup belt" moniker. Tinubu, who was voted in on Sunday and takes over from President Umaro Sissoco Embalo of Guinea-Bissau, called for swift action against insecurity including terrorism and coups in West Africa which he said had reached "alarming proportion." "On peace…

Jun

2023

By The African Mirror

Nigeria’s elections eroded public trust in voting, EU observers say

NEWS

NIGERIA'S elections early this year were marred by problems that reduced public trust in electoral processes, European Union observers said in a final report, urging reforms to enhance transparency and accountability. President Bola Tinubu won the disputed February vote, whose result is being challenged in court by his two main rivals. The EU mission said the Independent National Electoral Commission (INEC) should improve in six priority areas, including removing ambiguities in electoral law, ensuring the real-time publication of and access to election results and clamping down on electoral offences. "Shortcomings in law and electoral administration hindered the conduct of well-run and inclusive elections and…