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Nigeria’s president signs budget including funds for yacht, bulletproof cars

Nigeria’s president signs budget including funds for yacht, bulletproof cars

NIGERIAN President Bola Tinubu has signed into law a $2.8 billion supplementary budget that includes funding for new bulletproof cars for himself and his wife, despite widespread criticism from citizens facing a cost-of-living crisis. The budget, which was approved by lawmakers on November 2, also includes allocations for a presidential yacht, official vehicles for the first lady's office, and renovations to the president's residential quarters. The spending plan was initially proposed by Tinubu as a means to address "urgent issues" such as defence and security. The presidency defended the provision for the yacht, describing it as an operational naval boat with specialised security…
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Nigerian President Tinubu chosen as new West Africa bloc chief

Nigerian President Tinubu chosen as new West Africa bloc chief

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…
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Analysis: Nigeria’s Tinubu faces daunting hurdles after reform sprint

Analysis: Nigeria’s Tinubu faces daunting hurdles after reform sprint

NEW Nigerian President Bola Tinubu has moved at lightning speed in his first month in office, implementing a raft of radical changes aimed at finally unleashing the full potential of Africa's sluggish economic giant. But while his rapid headway on reforms has wowed investors, some analysts, observers and business leaders warn that bigger challenges await and question whether the 71-year-old - viewed by many as part of Nigeria's old guard - is really the man to take them on. "There has been a big policy shift (but) I think there are things that investors would like to see happening to really be convinced…
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Nigerian president advised by team to cut state’s stake in oil and gas sector

Nigerian president advised by team to cut state’s stake in oil and gas sector

NIGERIAN President Bola Tinubu has been advised to reduce the state's stake in the oil and gas sector to raise up to $17 billion to boost economic growth during his four-year term, a policy document showed. The proposals, drawn up by Tinubu's policy advisory team and first reported by Nigerian media at the weekend, would represent a major shake-up of the sector that has been Nigeria's economic lifeblood since the 1960s. Under the plans, the state-controlled Nigerian National Petroleum Corporation Ltd (NNPC) would sell part of its stakes in joint ventures it operates with oil majors. The document finalized in…
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