Nigeria's new president Bola Tinubu faces a litany of problems, including widespread violence, double-digit inflation and industrial-scale oil theft.
Presidential candidate Bola Ahmed Tinubu arrives at a polling station before casting his ballot in Ikeja, Lagos, Nigeria February 25, 2023 REUTERS/James Oatwayfaces a litany of problems, including widespread violence, double-digit inflation and industrial-scale oil theft.
Here is how Tinubu proposes to address problems that many Nigerians believe worsened under his predecessor, Muhammadu Buhari, on whose party ticket he ran.Tinubu says he will build on Buhari's public infrastructure programme to create jobs and remove legal limits on government spending. A popular fuel subsidy, which cost $10 billion last year and is driving up debt, will be phased out and the money channelled to infrastructure, agricultural and social welfare programmes.
Any new foreign borrowing will be used to fund projects that generate revenue from which debt can be repaid, Tinubu says.is the biggest headache for oil companies, which have seen production tumble. Oil majors are selling shallow-water projects, mainly due to the theft and vandalism of pipelines, and shifting offshore.
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