NAIJAFEED

Thursday, March 23, 2023

President-elect of Nigeria denies being unwell after travelling to Europe to rest

Nigeria's president-elect Bola Tinubu on Wednesday dismissed Nigerian media reports of ill health, his campaign saying he had travelled abroad to rest and plan his transition programme after a "very exhaustive" presidential election campaign.

Tinubu's health is being closely watched in a country where a former president died in office after a long illness and incumbent Muhammadu Buhari routinely travels abroad for medical checks and in early 2017 spent three months on medical leave in Britain for an unspecified ailment.

Tinubu's victory in last month's disputed presidential poll is being challenged in court by two of his closest opponents.

The 70-year-old former governor of commercial hub Lagos had appeared frail during some campaign appearances, his speech often slow and slurred, but he repeatedly brushed aside concerns about his health.

"After a very exhaustive campaign and election season, president-elect, Asíwájú Bola Tinubu, has travelled abroad to rest and plan his transition programme ahead of May 29, 2023 inauguration," campaign spokesperson Tunde Rahman said in a statement.

Tunde did not say where Tinubu had travelled to but said he would be back soon.

By Felix Onuah, Reuters

President-Elect Bola Tinubu Leaves Nigeria to Rest in Europe After Campaign

Nigeria’s president-elect left the country Tuesday to rest after his recent electoral campaign, his office said.

Bola Tinubu, who will be inaugurated as president on May 29, will visit Paris and London before traveling to Saudi Arabia to take part in a pilgrimage during the Muslim holy month of Ramadan that begins on Thursday, his spokesman said in a statement.

“While away, the president-elect will also use the opportunity to plan his transition program,” according to the statement. His office didn’t say when Tinubu would return.

Tinubu, 70, is a frequent visitor to London and spent 90 days in the city in 2021 undergoing and recuperating from knee surgery. He dismissed concerns about his health raised by opponents during the campaign before last month’s presidential election.

Visits to London for health-care aren’t uncommon for Nigerian leaders. Outgoing President Muhammadu Buhari was a frequent traveler to the UK capital for medical reasons, which overshadowed his rule of Africa’s most-populous country.

By Ruth Olurounbi, Bloomberg

Wednesday, March 22, 2023

Rates rise in Nigeria due to price and exchange rate pressures

Nigeria's central bank raised its benchmark lending rate by 50 basis points to 18% (NGCBIR=ECI) on Tuesday as monetary authorities continued to tighten policy to rein in inflation which has squeezed consumer purchasing power.

The high cost of living was among major concerns for voters during last month's disputed presidential election that was won by ruling party's Bola Tinubu, who has promised to revive the economy and end widespread insecurity.

The central bank's latest rate hike came after last week's inflation data showed price rises quickened in February despite the recent cashless policy meant to reduce the amount of currency in circulation. Inflation also rose in January.

Central Bank of Nigeria governor Godwin Emefiele said members of the Monetary Policy Committee were unanimous in raising rates, citing price and exchange rate pressures and expectations of the removal of a petrol subsidy that cost $10 billion last year.

"These, in view of members, provided a compelling argument for an upward adjustment of policy rates, albeit less aggressively," Emefiele said.

Razia Khan, head of research, Africa and Middle East at Standard Chartered Bank, said inflation risks remained on the upside but the pace of tightening was more moderate in order to reduce negative real interest rates.

Investors are looking at how quickly the petrol subsidy will be removed as Tinubu prepares to get into office on May 29.

"In terms of reform, there are now firm expectations that we should see fuel subsidy reforms commencing imminently. Less clear is the time frame for any FX policy adjustment," Khan said.

"FX adjustment would likely have to precede any meaningful portfolio inflows, but current global volatility and its impact on the oil price could see fuel subsidy reforms being given prominence near-term, with FX reforms to follow, only later."

Emefiele said Nigeria's banks remained sound and would not be affected by the impact of the collapse of two U.S. lenders and problems at Credit Suisse.

By Chijioke Ohuocha and Camillus Eboh, Reuters

Tuesday, March 21, 2023

Video - Lagos governor re-elected in win for Nigeria’s ruling party

The Lagos state governor — Babajide Sanwo-Olu — has been comfortably re-elected for the ruling party after what was expected to be a tight race against his rival from the Labour Party. Security remains tight across Nigeria as vote counting continues following Saturday's elections for more than 900 assembly legislators and 28 state governors. Election officials reported that some ballot boxes had been snatched by thugs in Lagos. Violence and voter intimidation were also reported in other cities. Al Jazeera's Ahmed Idris reports from Kano, Nigeria.

Al Jazeera

Video - Nigeria skilled labor force leaving to other countries

Nigeria is continuously losing its skilled workers to foreign countries. This mass exodus is known locally as "Japa", which is a Yoruba word for run or flee. But as the most populous African country prepares to install a new president in May this year, there are calls to urgently address this trend by ensuring economic growth, and creating an environment for young people to thrive.

CGTN

How Nigeria can stop doctors’ brain drain – NMA chairman

Frustrated Nigerians 'flee' abroad in punishing pre-election brain drain