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Kenyan anti-tax protests extend to more towns and cities

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Protests against the Finance Bill have expanded throughout Kenya, from the capital city of Nairobi to other regions, as citizens remain opposed to President William Ruto’s proposal to raise the Ksh3.9 trillion ($31 billion) national budget.

After a 24-hour respite, street demonstrations in Nairobi resumed on Thursday morning, with armed police using tear gas to scatter the demonstrators. Running clashes broke out between the officers and masses of primarily young demonstrators who were trying to gain entry to the Parliament Buildings.

Several roads close to Parliament were shut by anti-riot police to keep an eye on it and make sure no citizens entered.

“We shall use other ways to get to Parliament and occupy it,” a protester said.

Other towns and cities, like as Mombasa, Kilifi at the Coast, Lodwar, Kakamega, Kisii, Nakuru, Eldoret, Nyeri, Meru, Nanyuki, and Kisumu, also saw similar demonstrations. Mombasa locals participate in a nonviolent protest march against Finance Bill 2024. The demonstrators that compelled Dr Ruto to rescind some of his tax proposals now demand that Parliament reject the entire bill.

“Don’t Amend, Reject! Ruto Must Go!,” they chanted in Nairobi’s Central Business District as they played cat and mouse with the police.

Thousands of young protestors flooded the streets of Eldoret, Dr Ruto’s hometown, stopping any commercial activity. The sizable throngs that participated in the #OccupyEldoret demonstrations mirrored the sea of humanity that was seen both during President Ruto’s inauguration and during the celebration of his victory in the 2022 election.

The protesters created a stir in the community as bystanders expressed support for their effort to get the Kenya Kwanza administration to remove the harsh taxes found in Finance Bill 2024.

Before gathering at several locations on the town’s outskirts, the demonstrators had first divided into four groups of several hundred people, waving protest placards and screaming anti-government, anti-Ruto, and anti-Finance Bill songs.

Calling out their elected leaders, the demonstrators threatened to closely monitor MPs during Thursday afternoon’s legislative vote. The demonstrations were mainly nonviolent; there was not a single instance of police walking side by side with protestors with tear gas canisters.

Despite the large number of police, the marchers were being gently led and protected by the law enforcement officials.

The proposed 16% VAT on bread, sugar transportation, financial services, foreign exchange transactions, and the 2.5% motor vehicle tax were removed from the Finance Bill, according to a Tuesday announcement from the Kenyan government.

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Moroccan annual inflation rises to 0.8% in November

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Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

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According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”

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