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Nigeria’s Bola Tinubu presents N27.5 trillion 2024 budget of ‘Renewed Hope’

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Exactly six months after his inauguration, Nigeria’s President, Bola Tinubu, presented the N27.5 trillion 2024 budget proposal to a joint session of the 10th National Assembly in Abuja.

The president said, “The 2024 Appropriation has been themed the Budget of Renewed Hope” with intentions to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.

“Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property, and investments across the country,” he said in his presentation on Wednesday.

The budget also prioritizes human development, with particular attention to children, whom he called “the foundation of our nation”.

The Nigerian government under Tinubu has sought to stabilize the country’s economy with two major policy actions: the removal of petrol subsidies to address fiscal wastage, and the unification of the exchange rate. Although the policies have yet to positively impact standard of living, Tinubu insisted that the Nigerian economy had performed well in 2023 despite the challenges, and the government continued to meet its obligations.

According to him, “an aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1% of GDP. However, as of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96% of the targeted 8.28 trillion naira”.

Tinubu commended the legislature for its swift consideration and passage of the 2023 Supplementary Appropriation Bill and the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper last week. He noted that their “prompt action underscores your devotion to economic development and to the greater welfare of our people.”

Nigeria’s main revenue source is oil, but earnings have been affected by its industrial-scale theft, and dwindling global oil prices. However, it produced 1.49 million barrels of oil per day last month, the most in nearly two years, after increasing its output by 60,000 barrels per day.

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South Africa: Petrol, diesel prices to rise on Wednesday. Here’s why

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Following an increase in the price of oil due to the crisis between Iran and Israel, petrol and diesel prices will be raised in South Africa on Wednesday.

The cost of unleaded petrol will go up by 25 cents per gallon for both 93 and 95. Depending on the sulphur concentration, diesel’s wholesale price will increase by either 20 or 21 cents per litre.

Illuminating paraffin’s wholesale price will increase by 21 cents per litre, and the maximum retail price of LP gas will rise by 36 cents per kilogramme.

Fuel prices dropped to their lowest points since February 2022, when Russia’s invasion of Ukraine disrupted supply chains and limited the import of Russian crude oil, sending oil prices to multi-year highs. This was at the beginning of October.

The Department of Mineral and Petroleum Resources stated on Monday that the average price of Brent Crude oil rose from $72.82 per barrel to $75.07 over the last month, following several months of pressure on the price of oil.

“The main contributing factor is the continued conflict in the Middle East and the stand-off between Iran and Israel,” the department said in a statement.

Investors are worried that an Israeli strike on Iran’s oil infrastructure will not only remove Iranian crude from the market but also incite a larger confrontation including other oil exporters in the region.

Since oil is priced in dollars, the rand exchange rate also affects fuel prices in South Africa.

According to the department, the rand averaged R17.53/$ over the previous month, down from R17.68 in September. However, this was insufficient to offset the rising price of oil.

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Fitch upgrades Egypt’s credit rating to ‘B’

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Fitch, a credit rating agency has upgraded Egypt’s rating from “B-” to “B” citing tighter monetary circumstances and the country’s improved financial standing thanks to a number of foreign investments and assistance.

“Egypt’s external finances have been bolstered… FX buffers have recovered, and we have somewhat greater confidence that the more flexible exchange rate policy will prove more durable than in the past,” Fitch said, as it also assigned Egypt a stable outlook.

As it attempts to recover from a protracted economic crisis that has resulted in record inflation, a growing debt load, and significant currency devaluations over the last two years, the North African country has been looking for significant investments.

In order to stabilise its economy, Egypt obtained a $8 billion loan package from the International Monetary Fund (IMF) this year, along with a $35 billion real estate investment package from Abu Dhabi and about $1 billion from the EU.

The IMF insisted that the loan amount was suitable, despite Egyptian President Abdel Fattah al-Sisi’s suggestion last month that his government should reevaluate the agreement in light of the country’s growing regional concerns.

Fitch also cautioned on Friday that Egypt faces a significant risk from a further escalation of the regional conflict.

Yemen’s Houthi attacks on Red Sea ships have caused trade to be rerouted from the Suez Canal, which has negatively impacted tourism and Egypt’s revenue stream. There are also dangers associated with the larger Middle East conflict.

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