Armed men abduct 8 in Nigeria

Gunmen kidnapped at least eight people in an attack on the Dan Honu community in Nigeria's northern Kaduna state, residents said on Thursday.

Kidnapping for ransom is rife in northwest Nigeria where armed gangs, often referred to locally as bandits, have targeted schools, villages and travellers, making it unsafe to travel by road or to farm in some areas.

Kaduna police spokesperson Mansur Hassan said the police are investigating the incident, which occurred late Tuesday in Chikum local government area of the state.

Mohammed Danjuma, a resident who was spared, told Reuters about 16 people were taken but eight managed to get away.

"As they were busy trying to break into my apartment, one of the vigilantes in the community fired a shot into the air, which made the bandits uncomfortable and left," he said.

Malam Suleiman, another resident who was kidnapped, managed to escape while being led into the bushes. His teenage sons were taken by the bandits.

Attacks in northern Nigeria are part of widespread insecurity in the country that include a 14-year Islamist insurgency in the northeast and deadly clashes between farmers and herders in the central region. 

By Garba Muhammad, Reuters

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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

Video - Graduates from Nigeria turn to creating jobs instead of looking for them

Nigeria has one of the highest unemployment rates globally. College and university graduates regularly find a job market with few opportunities in the West African nation. However, rather than wait for opportunities, many are now starting their own businesses.

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British-Nigerian hacker pleads guilty to $6m fraud in US court

A British-Nigerian man has confessed in a US court to defrauding and stealing more than $6m (£4.7m) over seven years.

Idris Dayo Mustapha, 33, was part of a hacking ring that infiltrated email and brokerage accounts of US firms between 2011 and 2018, causing losses worth $6m (£4.7m), officials said.

A dual national of the UK and Nigeria, Mustapha was extradited from the UK in August, two years after his arrest.

His crimes carry a jail term of up to 20 years.

He has not yet been sentenced.

Mustapha pleaded guilty plea at a court in Brooklyn, New York, on Tuesday to four charges: computer intrusion, securities fraud, wire fraud and access device fraud.

Authorities say Mustapha and his ring hacked into the computer servers of financial institutions in the US to access confidential user data, such as users' personal identifying information.

They then used the stolen information and passwords to wire funds and transfer securities from the accounts of their victims to accounts under their control.

They also used the hacked accounts to conduct stock trades without the knowledge of the account holder.

US authorities had been pursuing Mustapha for several years.

By Gloria Aradi, Reuters

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Video - Canoe and para canoe 2024 Olympic qualifiers underway in Nigeria

The inaugural Confederation of Africa Canoe Sprint and Para Canoe qualifiers for the 2024 Olympic games in Paris begun in Nigeria. Nearly 15 nations are competing for Olympic berths, with the International Canoe Federation hailing the continent for the enthusiastic turnout.

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