Showing posts with label government. Show all posts
Showing posts with label government. Show all posts

Tuesday, January 16, 2024

Nigeria set to recover £6.9m looted during Boko Haram incursions

Nigeria will receive some of its stolen assets believed to be worth £6.9m ($8.9m). This is following the verdict of an American court, which ruled that the source of the funds is ambiguous and believed to have been looted. Negotiations with the Nigerian government would precede the return of the stolen loot.

According to a report by the BBC, funds valued at £6.9 million ($8.9 million) were looted from Nigeria’s coffers and deposited in a Jersey bank in 2014. The crime is said to have been perpetrated by some members of the Nigerian government at the time.

“The transfer of money was disguised as government-sanctioned contracts for arms purchases during incursions by Boko Haram in Nigeria between 2009 and 2015,” the BBC report reads in part.

According to the report, Jersey’s government disclosed that the fund, which was originally intended for legitimate arms deals was rerouted via “foreign bank accounts to and from shell companies.”

Based on the statement from the office of the Attorney General, the money was thought to have gone to family members of the administration in question and was distributed among its party members during the 2015 Nigerian general elections.

Representing the Nigerian people’s interest, the Nigerian government has been working closely with Jersey officials to retrieve the stolen property, as disclosed by Mark Temple KC, His Majesty's Attorney General.

"This case again demonstrates the effectiveness of the 2018 Forfeiture Law in recovering the proceeds of corruption and restoring that money to victims of crime,” the Attorney General stated,

"I now intend to negotiate an asset return agreement with the Federal Republic of Nigeria," he added.

By Chinedu Okafor, Business Insider Africa



Nigeria seeks operators for state-owned Port Harcourt oil refinery

Nigeria's state-owned oil company NNPC Ltd on Monday tendered for operators of its Port Harcourt oil refinery in the Niger Delta, which is expected to begin production in the first quarter of this year, the company said.

The refinery, which is undergoing an upgrade, will begin by processing 60,000 barrels per day (bpd), and NNPC expects to operate at the full capacity of 210,000 bpd later this year.

NNPC said in a public notice that it wanted to engage reputable and credible operations firms "to operate and maintain one of its refineries, Port Harcourt Refining Company, to ensure reliability and sustainability towards meeting the nation's fuel supply and energy security obligations".

The oil company said prospective operators should have a turnover of at least $2 billion since 2019, evidence of their latest credit rating and experience in running refineries.

NNPC said on Jan. 4 that it would complete test runs at the Port Harcourt refinery this month before resuming production.

The refinery, which was shut five years ago, is among state-owned refineries that have been mothballed for years, but which the Nigerian government is trying to revive to end the country's reliance on imported refined products.

By MacDonald Dzirutwe, Reuters



Shell to Sell Nigeria Onshore Oil Business for $1.3 Billion

Shell Plc agreed to sell its Nigerian onshore oil business to a consortium of local companies for more than $1.3 billion.

If approved by the government, the transaction would fulfill Shell’s long-term goal of extracting itself from a challenging operating environment in the Niger Delta region, while retaining a presence elsewhere in the country. Beyond the initial price tag, Shell said it will receive additional cash payments of as much as $1.1 billion on completion.

“This agreement marks an important milestone for Shell in Nigeria,” Zoe Yujnovich, integrated gas and upstream director, said in a statement on Tuesday. The deal is “simplifying our portfolio and focusing future disciplined investment in Nigeria on our deepwater and integrated gas positions”

The buyer of the asset, known as Renaissance, is formed of exploration and production companies ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin, all of which are based in Nigeria, according to the statement.

The announcement comes after a labored sales process that had to be halted in 2022 after a court ruling ordered Shell Petroleum Development Company of Nigeria Ltd. to pause its divestment plans pending the outcome of a court case related to allegations of pollution. Earlier this month, Nigeria’s Supreme Court upheld Shell’s appeal against this ruling.

Shell has pumped oil in Nigeria for more than half a century, but almost three years ago then-Chief Executive Officer Ben van Beurden signaled the company’s intention to exit its onshore oil positions. These operations have become increasingly difficult, with accusations of environmental pollution by local communities, as well as persistent oil theft that caused damage to infrastructure.

Following the sale, Shell will continue operating in the country through its deep-water oil business, Shell Nigeria Exploration and Production Company Ltd. Another unit that provides gas to domestic industrial and commercial customers, Shell Nigeria Gas Ltd., will continue operating as will solar firm Daystar Power Group. Shell will retain its 25.6% stake in Nigeria LNG, which produces and exports liquefied natural gas.

By Laura Hurst, Bloomberg

Friday, January 12, 2024

Video - Central Bank of Nigeria dissolves boards of three lenders over non-compliance



Nigeria's Central Bank has sacked the boards and management of three lenders due to what it called regulatory infringements and acts that pose a threat to financial stability. The affected lenders are privately-held Union Bank, Keystone Bank and Polaris Bank.

CGTN

Video - Nigeria clamps down on govt officials' foreign trips to ease public spending



Nigerian President Bola Tinubu has slashed his travel budget and that of other senior government officials as part of his government's cost-cutting measures. His office says that the president has directed that the number of aides accompanying him on foreign trips should not exceed twenty.

CGTN

Wednesday, January 10, 2024

Video - Nigeria seeks to increase grain production to address food security



In 2024, Nigeria plans to produce 31 million metric tonnes of grain to address its food security problems. The government says the increased grain output will help deal with food inflation - which stood at 32.8% in November - while creating much needed jobs in the country of 200 million people. 

CGTN

Tuesday, January 9, 2024

President Tinubu suspends humanitarian minister in corruption scandal

Nigeria’s president on Monday suspended the country’s minister of humanitarian affairs and poverty alleviation over the use of a private bank account for ministry financial transactions in the government’s social welfare program.


Betta Edu was suspended with immediate effect while Nigeria’s anticorruption agency carries out a “thorough investigation” of all ministry financial transactions,” presidential spokesman Ajuri Ngelale said in a statement. It said the investigation would extend to the entire framework of Nigeria’s social investment programs.

President Bola Tinubu came to power last year promising to crack down on graft in Nigeria despite longstanding question marks around his source of wealth and educational records. Within a month of his inauguration, he suspended the head of the Economic and Financial Crimes Commission (EFCC) indefinitely for abuse of office.

His government said the suspension follows his commitment “to uphold the highest standards of integrity, transparency and accountability” in how Nigeria’s resources are managed.

Edu’s suspension comes days after local media cited an official memo in which she directed that 585 million naira ($663,000) worth of grants meant for vulnerable groups should be paid into a private account — a decision that the minister’s office said followed due process. The minister has denied any wrongdoing.

In a country where the government’s austerity measures have further squeezed millions of people facing extreme levels of poverty, many Nigerians criticised the use of a private bank account for the grants program and called for the minister to be fired.

The office of Nigeria’s Accountant General of the Federation said in a statement that such funds are meant to be sent directly from government accounts to the beneficiaries.

Meanwhile, Edu’s predecessor, Sadiya Umar Farouq, reported to the EFCC on Monday as it investigated alleged corruption in the disbursement of public funds during her time as minister. Farouq said on social media that she was at the commission’s office to “offer clarifications in respect of some issues that the commission is investigating”.

Al Jazeera

Related story: Court grants bail to central bank chief of Nigeria facing fraud charges

Friday, January 5, 2024

Port Harcourt oil refinery to complete test run this month

Nigerian state-owned oil firm NNPC Ltd will complete test runs at the Port Harcourt refinery in the south this month, in a major step towards resuming operations five years after the plant was shut, the company said on Thursday.

"Testing will conclude shortly, ensuring the refinery's efficient operation. That phase will be completed this month," NNPC spokesperson Femi Soneye said.

The refinery, which is undergoing an upgrade, will begin by processing 60,000 barrels per day, and NNPC expects to operate at the full capacity of 210,000 barrels per day later this year.

Port Harcourt is among Nigerian state-owned refineries that have been mothballed for years, but which the government is trying to revive to end the country's reliance on imported refined products. 

By Isaac Anyaogu, Reuters

Thursday, January 4, 2024

Video - Consumers affected by high import costs in Nigeria



Nigerians love their cars-- but it’s hard to keep them on the road these days. The loss of their currency's value and expensive import tariffs have led to high inflation. That's forcing some Nigerians to wean themselves off imported goods. Al Jazeera’s Ahmed Idris reports from Nigeria's business capital, Lagos.

Al Jazeera

Related stories: Video - Nigerians cut Christmas spending as high inflation persists

Video - Inflation, shortage of foreign exchange causing multinational firms to leave Nigeria

 

 

Tuesday, January 2, 2024

Nigeria to begin passport application automation on January 8, 2024

The minister revealed this during an inspection of facilities of the Nigeria Immigration Service (NIS) alongside the Comptroller General (CG) of the Service, Wura-Ola Adepoju.

Nigerians will now have the convenience of applying and completing their passport application online, eliminating the need for in-person interactions.

The minister had previously announced in December that the Federal Government was actively working towards the complete automation of the passport application system in the country.

During that announcement, the minister stated that the automated application system was "99% done," and it would encompass processes such as uploading passport photos and supporting documents.

What the minister said:

“We are good to go live. We are starting the training and on January 8, the solution will be live and direct for Nigerians to have a good feel, a sweet experience based on the Renewed Hope of Mr President,"

“We have been able to reduce human contact in passport acquisition to the minimum.”


He stressed that this initiative would enhance the country's security architecture by enabling swift detection of fake passport applications and reducing bureaucratic bottlenecks.

As part of this effort, he revealed the deployment of document verification officers across all local government areas in the country. These officers will play a crucial role in meticulously scrutinizing passport applications, ensuring a more secure and reliable application process.

The minister had earlier cleared the backlog of over 200,000 passports awaiting processing within Nigeria.

In a bid to address concerns raised by Nigerians living abroad regarding the slow pace of passport renewal and collection procedures, the Nigerian Government had unveiled plans to establish passport front offices in key cities across the United Kingdom.

This initiative, set to launch in February 2024, would streamline and expedite the passport renewal and collection processes for the Nigerian diaspora, particularly in cities such as Manchester, Birmingham, and Cardiff (Wales).

By Adekunle Agbetiloye, Business Insider

Related stories: Nigerian passport ranks as one of the worst passports to have in the world

Passport Issuance: Nigeria immigration introduces tracking system

Thursday, December 21, 2023

Government eases holiday travel costs with free train rides and bus fare reductions in Nigeria

In a bid to alleviate the financial strain associated with holiday travels, the Nigerian government has introduced measures to provide relief to its citizens during the festive season. The announcement, made on Wednesday, includes free train rides and a 50% reduction in public bus fares across the country.

Dele Alake, the Minister of Solid Minerals Development and head of the inter-ministerial committee on presidential intervention, emphasized that the initiative aims to enable domestic travelers to visit their loved ones and hometowns "without stress and the extra burden imposed by the high cost of transport around this period." The move is seen as a gesture to enhance the well-being of citizens during the festive season.

The discounted inter-state fares and complimentary train rides, slated to be in effect from December 21 to January 4, are part of a collaborative effort with companies operating luxury buses across 22 routes nationwide. President Bola Tinubu has given his approval to this initiative, which notably focuses on the masses, as highlighted by Mr. Alake.

Transport Minister Sa'idu Alkali expressed the government's commitment to ensuring that the substantial reduction in bus fares and the provision of free train rides will allow "every Nigerian to partake in the joy of the season without the burden of exorbitant transportation costs." This move is poised to make holiday travel more accessible and affordable for the general population.

Segun Falade, the spokesperson for the National Union of Road Transport Workers, confirmed that bus operators would adhere to the agreed-upon fare subsidy, as reported by local media. This collaborative effort between the government and transportation stakeholders aims to ease the financial strain on citizens during what is traditionally the busiest month for travel in Nigeria, with the highest number of air, road transport, and railway passengers recorded in December.

By Afolake Oyinloye, Africa News

Dangote refinery of Nigeria gets 1 mln barrel crude cargo from NNPC

Nigeria's new $19 billion Dangote oil refinery has received 1 million barrels of oil from state-owned oil company NNPC Ltd, its second crude cargo this month, as it steps up preparations to begin operations, a Dangote spokesperson said on Wednesday.

The refinery is years behind schedule but its operations are expected to turn Africa's largest oil producer into a net exporter of fuels, a long-sought goal for the OPEC member that almost totally relies on imports.

The Dangote spokesperson said the crude had been loaded at Bonny Terminal operated by Shell and would be discharged at the refinery outside Lagos on Wednesday. Another 3 million barrels were expected before month end, the spokesperson added.

Dangote has said it expects more cargoes to be supplied by NNPC this month as well as one from ExxonMobil.

Nigeria's OPEC oil quota for next year is 1.5 million barrels per day (bpd) but the government says it plans to produce 1.8 million bpd to ensure supplies to the Dangote plant and state-owned refineries that are being upgraded.

By MacDonald Dzirutwe, Reuters

 

Monday, December 18, 2023

Nigeria Supreme Court blocks release of separatist leader Nnamdi Kanu

Nigeria's Supreme Court on Friday overturned a judgment by a lower court that dropped terrorism charges against separatist leader Nnamdi Kanu, ruling that trial on the charges should continue.


Kanu, a British citizen who leads the banned Indigenous People of Biafra (IPOB), disappeared from Nigeria after skipping bail in 2017. He was arrested in Kenya in 2021 and charged with terrorism.

Friday's ruling by Judge Lawal Garba reinstating Kanu's seven-count terrorism trial at a lower federal court has effectively extended his detention, which began two years ago after his arrest.

"Even though illegalities were committed with the deployment of brutal force to invade his home after he was granted bail and the extraordinary rendition (from Kenya) into the country, there is no legislation yet that has ousted the jurisdiction of the court to try him," Garba said.

Kanu had denied the charges of terrorism and knowingly broadcasting falsehoods, which are linked to social media posts he issued between 2018 and last year.

Kanu's IPOB campaigns for the secession of a part of southeastern Nigeria where the majority belong to the Igbo ethnic group. Nigerian authorities have labeled IPOB a terrorist organisation.

An attempt by the southeastern region to secede as the Republic of Biafra in 1967 - the year that Kanu was born - triggered a three-year civil war that killed more than 1 million people.

By Camillus Eboh, Reuters

Related stories: Nnamdi Kanu’s brother loses London court challenge

Nigerian separatist Nnamdi Kanu's Facebook account removed for hate speech

Thursday, December 14, 2023

Video - Inflation, shortage of foreign exchange causing multinational firms to leave Nigeria



Nigeria is urging multinational companies to remain in the country despite the tough economic conditions that exist there. Some of the companies say inflation and a shortage of foreign exchange have made operating in the country more difficult.

CGTN

World Bank says Nigeria needs to curb inflation, stabilize forex to boost growth

Nigeria still needs to control inflation and stabilise its foreign exchange market to boost growth in Africa's largest economy following currency reforms and the removal of a petrol subsidy, the World Bank said on Wednesday.

Nigerian President Bola Tinubu has embarked on the country's biggest reforms in decades, unifying the country's multiple exchange rates and scrapping a popular but expensive petrol subsidy, which the World Bank and International Monetary Fund had for years called on Nigeria to do.

The impact has been record inflation, which has risen for 10 straight months, reaching 27.33% in October, the highest in almost two decades.

World Bank lead economist for Nigeria Alex Sienaert said during a presentation in the capital Abuja that "several complementary reforms are needed to support Nigeria's structural agenda and overall gain in competitiveness and economic diversification".

He said that, with the reforms, Nigeria's economy was expected to grow at an average annual rate of 3.5% in 2023-2026, or 0.5% points higher than without the reforms.

The government still needed to remove remaining import restrictions, despite lifting a forex ban on 43 items, improve infrastructure and pursue clear, consistent trade policies, Siernaert said.

Nigeria's central bank should tighten monetary policy, build market confidence around free foreign exchange pricing, phase out "ways and means" advances to the government and discontinue its development finance initiatives, part of a series of unorthodox policies used by former central bank Governor Godwin Emefiele.

New central bank Governor Olawale Cardoso has already begun rolling back Emefiele's policies.

He adopted an inflation-targeting policy, ended all direct interventionist programmes, which he said blurred the lines with monetary policy, and begun clearing foreign exchange backlogs, estimated at $7 billion, that were owed to banks.

"We will be using inflation-targeting and we will ensure that the use of monetary policy actually cascades down and has an impact," Cardoso said in response to Siernaet's call.

The central bank, under Cardoso, has also restarted its Open Market Operations (OMO) to rein in money supply.

Despite unifying its multiple exchange rates, Nigeria has struggled with low oil revenue and foreign exchange shortages, which has dampened investor sentiment and hindered growth.

Finance Minister Wale Edun said the government would scrutinize revenue from oil, its main export and source of foreign currency earnings, and aim to boost output of the commodity ahead of plans "to spend even more".

"What is spent as a proportion of GDP is much lower than in some African countries where government spending as a portion of GDP goes as far as 50% to 60%," Edun said. "If you are willing to do that, you need revenues and the first source of revenue is oil revenue."

By Camillus Eboh, Reuters

Thursday, December 7, 2023

Military of Nigeria attempting to cover up mass killing of civilians

The Nigerian authorities must promptly, thoroughly, independently, impartially, transparently and effectively investigate the killing of more than 120 civilians in two military air strikes on Sunday, instead of engaging in attempts to cover up the crime, said Amnesty International Nigeria.

At around 10pm on 3 December, the Nigerian military launched an air strike on a religious gathering at Tudun Biri – a village near Kaduna northern Nigeria. A second air strike was launched around 30 minutes later, killing dozens, including those who rushed to the scene to rescue victims of the initial strike.

The Nigerian military has since put out two contradictory explanations. An initial statement by the Nigerian army in Kaduna said the air strike was a mistake. This was followed by a statement from Nigeria’s Defence Headquarters claiming that suspected bandits had embedded with civilians.

The victims were buried in two mass graves on 4 December 2023.

“The Nigerian military’s recklessness is a result of the authorities’ consistent failure to hold them to account for a long list of such atrocities. These unlawful killings of civilians cannot be swept under the carpet,” said Isa Sanusi Director Amnesty International Nigeria.

“The President Bola Tinubu administration must promptly set up an independent inquiry into Tudun Biri village air strike and, where these investigations indicate criminal responsibility, ensure that those suspected to be responsible are brought to justice in fair trials. Victims and their families must be provided with access to justice and effective remedies.”

Amnesty International found that 77 people were buried in one of the two mass graves and over 17 people from nearby village who attended the religious ceremony were also buried. Dozens severely injured are currently receiving treatment at Kaduna’s main hospital.

“The contradictory explanations offered by the Nigerian military so far show their complete disregard for civilian lives and suggest attempts by the authorities to cover-up these grave human rights violations. Air strikes with deadly consequences for civilians are becoming routine. This is completely unacceptable,” said Isa Sanusi

On 18 December 2022 an air strike by the Nigerian Air Force killed 64 people in Mutumji village in Zamfara state. On 24 January 2023 a military air strike killed more than 40 herders in Doma region of Nasarawa state. And, in January 2023, dozens of vigilantes were killed by a military air strike in Galadima Kogo in Niger state, central Nigeria.

The Nigerian military has consistently failed to thoroughly, independently, impartially, transparently and effectively investigate these incidents.

“The Nigerian authorities’ persistent failure to hold the military to account is encouraging impunity and increasingly endangering the lives of the civilians the military is supposed to be protecting. The result is that the military is routinely carrying out air strikes that end up killing civilians,” said Isa Sanusi

This is the deadliest air strike since the 2017 air strike on Rann village which killed 115 civilians.

Amnesty International

Related story: Accidental Military drone strikes kill dozens in Nigeria

Accidental Military drone strikes kill dozens in Nigeria

At least 85 civilians were killed when an army drone attack erroneously targeted a religious gathering in northwest Nigeria, officials confirmed Tuesday, as the president ordered an investigation into the latest in a series of such deadly mistakes in Nigeria’s conflict zones.

The strike took place Sunday night in Kaduna state’s Tudun Biri village while residents observed the Muslim holiday marking the birthday of the Prophet Muhammad, government officials said. The military believed it was “targeting terrorists and bandits,” officials said.

At least 66 people also were injured in the attack, the National Emergency Management Agency said in a statement. Eighty-five bodies, including of children, women and the elderly, have been buried so far, as a search continues for any additional victims, the agency said.

Nigeria’s army chief, Lt. Gen. Taoreed Lagbaja, apologized for the drone strike during a visit to the village Tuesday and said it had been carried out “based on the observation of some tactics usually employed by bandits.”

“Unfortunately, the reports we got revealed it was innocent civilians that the drone conducted a strike on,” Lagbaja said.

Since 2017, some 400 civilians have been killed by airstrikes that the military said were targeting armed groups in the deadly security crisis in the country’s north, according to the Lagos-based SBM Intelligence security firm.

“The incidence of miscalculated airstrikes is assuming a worrisome dimension in the country,” said Atiku Abubakar, Nigeria’s former vice-president and the main opposition presidential candidate in this year’s election.

Nigerian President Bola Tinubu ordered “a thorough and full-fledged investigation into the incident.” However, such investigations and their outcomes are often shrouded in secrecy.

Nigeria’s military often conducts air raids as it fights the extremist violence and rebel attacks that have destabilized Nigeria’s north for more than a decade, often leaving civilian casualties in its wake, including in January when dozens were killed in Nasarawa state and in December 2022 when dozens also died in Zamfara state.

Maj. Gen. Edward Buba, a spokesman for Nigeria’s Defense Headquarters, said in a statement Tuesday that terror suspects often “deliberately embed themselves within civilian population centers,” though he wasn’t speaking specifically about Sunday’s holiday gathering.

Analysts have in the past raised concerns about the lack of collaboration among Nigerian security agencies as well as the absence of due diligence in some of their special operations in conflict zones.

One major concern has been the proliferation of drones within Nigerian security agencies such that “there is no guiding principle one when these can be used,” according to Kabir Adamu, the founder of Beacon Consulting, a security firm based in Nigeria’s capital, Abuja.

“The military sees itself as a little bit over and above civilian accountability as it were,” Adamu said.

In the incident in Nasarawa in January, when 39 people were killed, the Nigerian air force “provided little information and no justice” over the incident, Human Rights Watch said.

Such incidents are enabled by a lack of punishment for erring officers or agencies, according to Isa Sanusi, Amnesty International’s director in Nigeria.

“The Nigerian military is taking lightly the lack of consequences ... and the civilians they are supposed to protect are the ones paying the price of their incompetence and lack of due diligence,” Sanusi told The Associated Press.

By Chinedu Asadu, AP

Monday, December 4, 2023

Video - Nigeria faces sanctions for failing to comply with WADA Code



Nigeria has until December 8 to comply with the World Anti-Doping Code or risk having its athletes disqualified from the Paris 2024 Olympics and other global sporting competitions. The World Anti-Doping Agency (WADA) says the country's Anti-Doping Organization will also not receive any funding unless the country complies.

CGTN

Friday, December 1, 2023

Analysts Doubt Boost in Military Spending in Nigeria will Improve Security

Nigerian authorities say national defense, internal security and economic stability are the top priorities in the 2024 budget that President Bola Tinubu delivered to lawmakers on Wednesday.

Improving security is a major challenge for Tinubu's government as it desperately seeks to attract foreign investments to grow the country's struggling economy.

Under the new $35 billion budget, authorities allocated about $4 billion or 12% of the total budget to defense and security — the largest single allocation to any sector.

In his first budget speech since taking office, Tinubu told lawmakers that security is important to safeguard lives, property and investments across the country.

Tinubu said he will overhaul Nigeria's internal security architecture to boost performance operations and achieve better results.

But experts say Nigerian authorities have consistently increased military spending in recent years without making Nigerians safer or more secure.

Kabiru Adamu, an analyst for consulting firm Beacon Security in Abuja, cites the previous budget as an example.

"In the 2023 budget, security enjoyed the largest allocation and in this current budget that is submitted to the National Assembly there's almost about 30% to 40% increase in the provision but unfortunately we haven't seen remarkable improvements to equate this attention the government is giving,” he said. “So, what's the challenge? I think it has to do with accountability and monitoring the performance of the security sector."

Africa's largest economy faces many security problems, including a 14-year Islamist insurgency in the northeast, separatist violence in the south, often deadly clashes between pastoralists and farmers, and proliferation of kidnap-for-ransom gangs in the Northwest and central regions.

Tinubu, who embarked on bold economic reforms including the scrapping of fuel subsidies and removal of foreign exchange restrictions, promised to fix security problems if elected.

But this week, local residents in northwest Zamfara state, said they're still reeling after armed gangs last Friday attacked their villages and kidnapped more than 100 residents.

The gangs are demanding about $236,000 for the captives’ freedom.

Security analyst Senator Iroegbu says corruption is the reason the increased military spending is not yielding results.

"Do they have the capacity to actually maximize this budget?” he asked. “Then the issue of corruption, how's this money expended? Is it rightly used for what's it's supposed to be used for? Then there's the issue of political will and interest of conflict merchants."

In October, Tinubu signed a what he called a performance bond with cabinet members. The agreement allows authorities to review the performance of serving officials and hold those underperforming accountable.

But Adamu says he's worried about one thing.

"What we're hoping is that that [the] performance bond would be implemented in a manner that we will see an improvement in security,” he said. “Security personnel do not willingly submit themselves to civilian administration. I worry a little bit."

Meanwhile, Nigerian authorities predict the economy will grow by 3.76% next year — well above the global average.

In recent weeks, the president has been meeting with foreign officials and business leaders with the aim of attracting more investments to Nigeria. In one notable deal, Saudi Arabia agreed to rehabilitate Nigeria’s non-functioning oil refineries.

Timothy Obiezu, VOA

Thursday, November 30, 2023

President Tinubu says Nigeri budget offers 'renewed hope'

Nigeria's president has delivered his first budget since taking office, as the country faces a deepening cost of living crisis.

He announced government plans to spend 27.5 trillion naira ($34.85bn; £27bn) in the new financial year.

Bola Ahmed Tinubu said the plans would attract investment, offering "renewed hope" during tough economic times.

Mr Tinubu had called for patience after inflation skyrocketed following an ambitious set of reform policies.

After winning disputed elections with 37% of the vote back in May, he shocked many Nigerians in his inaugural address when, in an off-the-cuff remark, he scrapped a decades-old fuel subsidy.

The move led to a sharp rise in the price of fuel and other goods, worsening the cost of living crisis for many.

Mr Tinubu also scrapped foreign exchange controls, which also contributed to pushing up inflation to its highest levels in nearly two decades, at 25%.

The value of the naira fell, increasing the cost of imports and making it more difficult to pay off international loans.

But Mr Tinubu stood by his decision, saying the fuel subsidy had proven to be "harmful" to the economy.

He insisted the budget's impact on the cost of living crisis would be temporary and has repeated calls for patience, saying the moves would benefit the country in the long term and attract more foreign investment.

Mr Tinubu said his "Budget of Renewed Hope" would guarantee macro-economic stability, lead to "job-rich" growth and reduce the budget deficit.

The government's spending priorities included improving security and infrastructure, as well as taking measures to ease the cost of living crisis, he added.

Mr Tinubu projected higher oil production and tax collection would boost government revenues and allow his administration to borrow less.

He added that the economy was expected to grow by at least 3.76% in 2024, and inflation would be at around 21.4%.

It stood at 27.3% in October, up from 26.72% in September, according to official statistics.

The economic crisis in Nigeria has led to a huge exodus of young professionals who have struggled to find jobs.

The budget will have to be approved by lawmakers before it comes into effect.

By Danai Nesta Kupemba, BBC