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Nigerian President Buhari defends economic record and election outcome in farewell address

buhari sitting and delivery his farewell address
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    • Buhari defends his legacy of credible elections and fair votes in Nigeria
    • Tinubu faces challenges as opposition rivals dispute his victory
    • Buhari addresses concerns over the economy

In his final address before handing over power to his successor, President Muhammadu Buhari of Nigeria stood firm in defending his economic record and the outcome of the disputed presidential election. Despite criticism from many Nigerians who claim that the economy has worsened during his tenure, Buhari asserted that he leaves behind a legacy of credible and fair votes, cementing the progress of democracy in Africa’s most populous nation.

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The victory of President-elect Bola Tinubu, who ran on Buhari’s ruling party’s ticket, is currently facing challenges from his closest opposition rivals. On Tuesday, a tribunal will commence hearings on the main arguments of the election petition. Buhari expressed confidence in Tinubu’s candidacy, stating that he is the best candidate to emerge from the election.

Acknowledging the challenges that Tinubu will face upon assuming office, including anaemic economic growth, record debt, and shrinking oil output, Buhari defended his government’s economic decisions. He emphasized that the measures taken to reset the economy, albeit causing temporary pain and suffering, were necessary for the overall well-being of the country. However, Nigerians continue to grapple with double-digit inflation, which has eroded savings and wages, presenting a significant concern for the incoming president.

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The Nigerian economy has been plagued by protectionist economic policies and foreign currency interventions, resulting in dollar shortages and investor apprehension. President Buhari recognized the difficulties faced by Nigerians and assured them that his government had made difficult choices to address these challenges.

As President Buhari bids farewell, his legacy in ensuring credible elections and addressing economic concerns becomes a focal point for the incoming administration. The transition of power to President-elect Tinubu will undoubtedly be met with high expectations as Nigeria seeks solutions to revitalize its economy and improve the lives of its citizens.

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Nigeria

Fatal ambush and helicopter crash claim lives of over 36 Nigerian soldiers

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In a tragic incident that unfolded on August 14, the Nigerian military faced a devastating blow in their fight against armed gangs in the northern-central region of Niger state.

The clash near Kundu village resulted in the loss of three officers and 22 soldiers, with an additional seven soldiers wounded.

This assault highlighted the grave challenges posed by rampant criminality in the region, leaving communities living in fear.

Amidst the turmoil, hope turned to tragedy as an Air Force Mi-171 helicopter, sent for evacuation purposes, crashed near Chukuba village in Shiroro.

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This unfortunate incident claimed the lives of 14 personnel who had been previously killed in action, seven who were wounded, two pilots, and two crew members. Sources within the military suggest that the helicopter might have been targeted by gang members, adding to the tragedy.

“The helicopter crashed with 14 of the earlier killed in action personnel, seven of the earlier wounded in action personnel, two pilots, and two crew members.” The heartfelt statement expressed the gravity of the situation, underlining the need for investigation into the air crash and the ongoing efforts to retrieve the fallen, Major-General Edward Buba, the voice of the defense, spoke somberly on the incident.

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Despite these setbacks, Nigeria’s security forces continue to demonstrate resilience and determination on multiple fronts.

The battle against various threats, from violent secessionist groups to the ongoing Boko Haram insurgency, challenges the nation’s defenders across different regions.

In a glimmer of hope, a separate military operation in Kaduna state yielded success against lawlessness. Acting on a tipoff, troops managed to rescue 10 hostages from captors within the Igabi local government.

The operation, though successful, resulted in a fierce gun battle that claimed the lives of the abductors.

These recent events provide a sobering perspective on the multifaceted struggle Nigeria currently faces. Despite the unwavering bravery of its security forces, the toll of this relentless battle for stability and security is undeniable.

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As the nation mourns the fallen soldiers and the helicopter crash victims, the need for continued efforts to combat criminality and restore peace remains paramount.

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Nigeria

NNPC secures $3 billion loan to stabilize Nigeria’s foreign exchange market

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In a bid to bolster its economy and stabilize its currency, Nigeria, the largest economy in Africa, has taken significant steps to address its financial challenges.

The nation’s currency, the naira, recently experienced a sharp decline on the black market, prompting concerns over its impact on inflation and overall economic stability. This decline followed the loosening of trading restrictions on the official market two months prior.

President Bola Tinubu held a crucial meeting to discuss strategies for increasing dollar liquidity on the official market. Acting central bank governor, Folashodun Shonubi, announced that the central bank would soon implement actions aimed at influencing the currency markets.

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While President Tinubu expressed unease over the black market rate’s influence on domestic use and inflation, specific measures to be taken were not detailed.

The reforms, spearheaded by President Tinubu, have marked a significant departure from the norm. The removal of a costly fuel subsidy and the devaluation of the naira were among his boldest initiatives.

These moves garnered the attention of foreign investors, offering a ray of hope to a nation grappling with mounting inflation and surging debt-servicing obligations.

The situation underscores Nigeria’s determination to strengthen its economic landscape and restore confidence in its currency. The government’s proactive approach in engaging with central bank authorities and exploring methods to boost dollar liquidity is a pivotal move towards restoring stability.

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As the country navigates these transformative reforms, global investors keenly watch the unfolding developments, anticipating potential opportunities for investment and growth.

While the precise actions to be taken by the central bank remain undisclosed, the nation’s commitment to addressing currency challenges and enhancing economic prospects remains resolute.

As President Tinubu’s reforms continue to shape Nigeria’s financial trajectory, the world awaits further updates on the nation’s progress in achieving its economic objectives.

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Nigeria

Nigeria cuts electricity supply to Niger amidst sanctions imposed by ECOWAS

A man walks beneath electricity pylons during frequent power outages from South African utility Eskom, caused by its ageing coal-fired plants, in Orlando, Soweto, South Africa, January 16, 2023.
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In a move aligned with the sanctions imposed by West African neighbors of Niger, Nigeria has cut off its electricity supply to the country, as reported by a source close to the management of the Nigerien Electricity Company (Nigelec).

The decision comes in the wake of a recent coup that saw President-elect Mohamed Bazoum being ousted from power.

The high voltage line that carried electricity from Nigeria to Niger was disconnected on Tuesday, leaving many neighborhoods in the Nigerien capital, Niamey, subject to power cuts.

However, local production is currently supplying the capital, offering some relief in an otherwise aggravated situation.

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The Economic Community of West African States (ECOWAS), under the leadership of Nigerian President Bola Tinubu, took decisive action against the coup leaders by imposing several sanctions.

Alongside freezing all service transactions, including energy transactions, ECOWAS also demanded a restoration of constitutional order within a week and suspended financial transactions with Niger.

Nigeria had been a significant source of electricity for Niger, accounting for approximately 70% of its total electricity supply, with most of it purchased from the Nigerian company Mainstream. The electricity was predominantly generated by the Kainji dam in western Nigeria.

To reduce its reliance on neighboring Nigeria for energy, Niger has been diligently working to complete its first dam, the Kandadji dam, by 2025.

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Located approximately 180 km upstream from Niamey, the Kandadji dam is expected to generate an annual capacity of 629 gigawatt hours (GWh).

The imposition of sanctions by ECOWAS is expected to hit Niger hard, as it remains one of the world’s poorest countries and heavily relies on support from foreign partners in various sectors.

Nigerian Prime Minister Ouhoumoudou Mahamadou expressed concern about the severe impact of these sanctions on his country during an interview on France 24.

As the situation unfolds, Niger continues to face challenges in meeting its energy demands and securing a stable power supply for its citizens.

The completion of the Kandadji dam holds promise for a more self-reliant and sustainable future, but until then, the effects of the electricity supply cut from Nigeria will be felt deeply by the people of Niger.

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