NIGERIA: More of the same from the central bank
The furious official reaction to allegations of an opposition governor that ways-and-means funding of the federal budget by the Central Bank of Nigeria (CBN) goes on unabated does little to dispel the assumption that this is still the case. The CBN would need to resume publishing… Become a member to read the rest of […]
NIGERIA: Tussle over naira devaluation amid grim macroeconomic picture
On 5 April, unidentified gunmen attacked the police headquarters and freed some 2,000 inmates from a nearby prison in Owerri, the capital of the south-eastern Imo State. While the government labelled the attack an act of terrorism and ascribed it to the Eastern Security Network (… Become a member to read the rest of […]
NIGERIA: Tussle over naira devaluation amid grim macroeconomic picture
During a foreign-press briefing on 22 March, Finance Minister Zainab Ahmed announced that the government had abandoned the official exchange rate and would instead use the market-based Nigerian Autonomous Foreign Exchange (NAFEX) rate. Although this would constitute the third de-… Become a member to read the rest of this article
NIGERIA: Fuel subsidy makes a comeback
On 1 March, the state-owned Nigerian National Petroleum Corporation (NNPC) announced that domestic fuel prices would remain fixed in March, despite the ongoing oil price rally. Echoing a similar statement in February, today‘s announcement provides the latest indication that the f… Become a member to read the rest of this article
NIGERIA: Critical IMF report further dents multilateral loan prospects
The International Monetary Fund (IMF) last week published critical and unusually prescriptive assessments of the administration’s macroeconomic policies as part of the annual article IV consultation. Meanwhile, the cabinet raised the medium-term debt ceiling from 25% to 40% of GD… Become a member to read the rest of this article
NIGERIA: Petroleum Industry Bill (PIB) about to enter crucial stage
Petroleum Industry Bill (PIB) about to enter crucial stage During last week’s public hearings, industry stakeholders voiced various concerns regarding the bill’s investment provisions. Representatives of the oil-producing Niger Delta region meanwhile advocated for a larger revenu… Become a member to read the rest of this article
NIGERIA: Overdue military reshuffle may smooth US security relations
On 26 January, President Muhammadu Buhari replaced the four service chiefs in the first reshuffle of the military top brass since taking office in 2015. Given the persistently deteriorating security situation, the move could have been made long ago; however, a particular string o… Become a member to read the rest of this article
NIGERIA: Covid-19 challenges abound
Nigeria faces a second wave of Covid-19 infections, with a steady surge since December 2020. The government is hesitant to reintroduce restrictions on movement that proved hugely unpopular and were in fact widely ignored in spring last year. Meanwhile, hugely ambitio… Become a member to read the rest of this article
NIGERIA: Massacre attributed to Boko Haram does not alter strategic outlook
On 28 November, at least 110 civilians have reportedly been killed by armed men in a village close to Maiduguri, the capital of north-eastern Borno state. The style of the attack, which was apparently carried out by a group of armed men on motorcycles, fits the established patt… Become a member to read the […]
NIGERIA: What next for #endSARS?
The #endSARS movement will likely retreat to social media for the foreseeable future and forfeit much of its leverage as a result. Past precedent suggests little of substance will emanate from the official commissions of inquiry set up to investigate the armed forces’ huma… Become a member to read the rest of this article