1st August 2023

Tinubu's Economy Boost Plan

Nigerian President Bola Tinubu unveiled a 500 billion-naira ($652 million) package to alleviate the impact of ending gasoline subsidies, which caused a surge in prices. Following his admission during a national address that “Our economy is going through a tough patch and you are being hurt by it,” he unvield measures aiming to improve food supply, ease transportation costs, and boost manufacturing. The subsidy removal, announced on May 29, led to a tripling of gasoline prices, contributing to inflation and food-price hikes, prompting the government to take urgent steps to address food security.

Nigeria's/Tinubu’s Anti-Corruption Crusade

Tinubu has appointed Jim Obazee as a Special Investigator to probe the Central Bank of Nigeria (CBN) and related entities, citing an anti-corruption effort. Obazee will report directly to the president. The move comes amid the investigation of former CBN governor Godwin Emefiele, who was suspended in June. Emefiele pleaded "not guilty" to firearm and ammunition possession charges last week. Analysts speculate his ordeal is linked to CBN actions under his watch, including a policy to replace currency before elections, causing cash shortages and chaos. Tinubu's administration aims to scrutinize CBN activities in this ongoing probe.

IMF Plays Niger waiting game

The International Monetary Fund (IMF) continues to closely monitor Niger after a military junta seized power. While a $131.5 million loan to Niger was approved on July 5, the IMF has not disbursed it under normal procedures. The organization is concerned about the political events in Niger and its potential impact on the country and its people. The loan aimed to support climate-related investments and reforms to build resilience to climate change. Niger's planned 30 billion CFA francs ($51 million) bond issuance in the West African debt market on Monday has been canceled by the regional central bank. This decision came in response to West African leaders' sanctions imposed on Niger, which included halting financial transactions and freezing national assets

Showdown in Senagal - Sonko 1. Sall 0

Senegal's interior minister dissolved opposition leader Ousmane Sonko's party, Pastef, accusing them of inciting violence during last month's protests. Pastef's supporters allege President Macky Sall is using trumped-up charges to sideline Sonko ahead of the February election. It's the first time a party has been banned in Senegal since independence from France. Demonstrators clashed with police in Dakar, where Sonko was remanded in custody on insurrection charges. TotalEnergies petrol stations began a 72-hour strike amid the crisis. Past protests led to vandalism, with French and Western brands targeted. The government restricted internet access due to "hateful and subversive messages" on social media.