Why ‘Making It’ Feels Impossible In The U.S. Now

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-820x547.jpg" alt="" class="wp-image-564339" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The World Bank Group headquarters during the spring meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC, US, on Thursday, April 13, 2023. The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy. Photographer: Samuel Corum/Bloomberg via Getty Images</figcaption></figure>



ABUJA, May 12 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s economy recorded its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position, the World Bank said on Monday, but warned that persistently high inflation remains a challenge.



Bold reforms implemented by President Bola Tinubu, including ending costly petrol subsidies, slashing electricity allowances and twice devaluing the naira currency, have added to upward pressure on prices.



The World Bank&#8217;s lead economist for Nigeria, Alex Sienaert, said during a presentation in the capital Abuja that the economy grew by 4.6% year-on-year in the fourth quarter of 2024, and pointed to continued expansion in early 2025 based on high-frequency business indicators.



The World Bank expects Nigeria&#8217;s economy to grow 3.6% this year.



Nigeria&#8217;s foreign exchange reforms have created a market-reflective, unified and stable exchange rate, allowing the central bank to rebuild official reserves, now exceeding $37 billion, Sienaert said.



&#8220;That&#8217;s significant because this is the cushion the economy has against external volatility,&#8221; he said.



Sienaert said government revenue rose by 4.5% of GDP last year, a &#8220;remarkable achievement&#8221; driven by the removal of foreign exchange subsidies, improved tax administration and higher remittances.



The higher revenue helped cut the fiscal deficit to an estimated 3% of GDP in 2024, from 5.4% in 2023. But the full revenue gain from the removal of the fuel subsidy is also yet to fully materialise, Sienaert said.



However, Nigeria continues to grapple with high inflation, and Sienaert cautioned that tight monetary policy and disciplined fiscal policy must be sustained.



(Reporting by Elisha Bala-Gbogbo; Editing by Kirsten Donovan)

Spring Meetings Of The International Monetary Fund And World Bank

Nigeria’s economy grows strongly amid high inflation, World Bank says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg" alt="" class="wp-image-505638" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, May 12 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was steady on Monday at the start of a week in which unemployment and mining figures are likely to be the main focus locally.



At 0910 GMT, the rand traded at 18.22 against the dollar, little changed from Friday&#8217;s closing level.



The rand held steady despite the dollar surging on global markets as U.S. and Chinese officials pledged to slash reciprocal tariffs.



South Africa&#8217;s first-quarter unemployment data is scheduled for publication on Tuesday, followed by March mining production on Thursday.



Oxford Economics said both releases were likely to disappoint, in line with its below-consensus forecast that gross domestic product would grow only 1% this year.



South Africa&#8217;s benchmark 2030 government bond was also little changed, with the yield up 1 basis point at 8.835%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Hugh Lawson)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand stable; local jobs and mining data due this week

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="504" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS-820x504.jpg" alt="" class="wp-image-620180" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS-820x504.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS-768x472.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A couple leaves Tiger Brands factory shop in Germiston, Johannesburg, South Africa, March 5, 2018. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, May 12 (Reuters) &#8211; Tiger Brands, South Africa&#8217;s biggest food producer, on Monday offered to compensate listeriosis victims, marking a major step toward resolving class action after a 2017 outbreak that killed about 200 people and sickened more than 1,000.



The offer was made by the attorneys representing Tiger Brands lead insurer, QBE Insurance Group Limited, on April 25, which made settlement offers to specific classes of claimants who suffered from listeriosis, the company said in a statement.



The current proposal provides for full compensation to claimants for all proven damages, subject to a settlement mechanism that still needs to be finalised &#8211; including how individual damages will be assessed.



In order to protect the privacy of the individuals participating in the settlement offer, no details of the offer and/or payment will be made public,&nbsp;the company said.



The offer has been made &#8220;without admission of liability,&#8221; Tiger Brands said.



In January of 2017 an outbreak of listeriosis, a food-borne disease, occurred in South Africa that was traced back to a factory run by a Tiger Brands subsidiary at the time, Enterprise Foods, which makes processed sausages, bacon and deli meat.



&#8220;Today&#8217;s announcement represents an important milestone and follows shortly on measures already taken in February 2025 to offer interim relief in the form of advance payments to identified claimants with urgent medical needs,&#8221; Tjaart Kruger, chief executive officer of Tiger Brands, said in a statement.



The attorneys representing the plaintiffs will present the offer to the claimants who qualify whereas those who accept the offer will have the damages quantified. It is expected that this process will take several weeks.



Before it can take effect, the High Court must review and approve the agreement to ensure it fairly protects class members&#8217; interests.



In a separate statement, the attorneys representing the plaintiffs welcomed Tiger Brands &#8220;effective admission of liability,&#8221; and commended the company, its shareholders and insurers for agreeing to compensate victims.



&#8220;This reflects a positive move towards corporate accountability, responsible citizenship and justice for victims,&#8221; they said in a statement.



(Additional reporting by Nqobile Dludla; Editing by David Evans and Mark Porter)

https___archive-images.prod.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS

South Africa’s Tiger Brands offers settlement to plaintiffs in listeriosis class action

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-820x573.jpg" alt="" class="wp-image-601968" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Delegates walk past the MTN logo at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, May 12 (Reuters) &#8211; South African mobile network operator MTN Group reported a 33% jump in first-quarter core profit due to strong service revenue growth, lower device cost of sales in its domestic market, and a more stable economic environment.



The jump in group earnings before interest, tax, depreciation and amortisation on a constant-currency basis in the quarter to end March reflects a 5.3 percentage point rise in margin to 44.1%, MTN said, without giving the value of EBITDA.



Group service revenue rose 10.4% overall in the quarter, or by 19.8% in constant currency terms. That was buoyed by 40.4% growth in MTN Nigeria and 39.5% in MTN Ghana.



MTN South Africa continued to face challenges, especially in the prepaid segment, the company said, with service revenue up 2.6%.



Customers &#8220;remained value-seeking and dynamic in the context of constrained economic growth and heightened competition in the sector&#8221;, the group said.



Its South Africa unit intends to explore collaboration with rival Vodacom on backup energy, the company said.



&#8220;This could result in benefits around the&#8230; supply of alternative energy in the sector, which is critical to the efficient and reliable operation of network operators,&#8221; MTN added.



The Department of Trade and Industry&#8217;s Energy Users Block Exemption allows energy users to collaborate in ways that might otherwise be prohibited by the Competition Act. This includes joint procurement of backup or alternative energy and sharing generation capacity.



Group President and CEO Ralph Mupita said the group is also strengthening its partnerships with low-earth orbit (LEO) satellite providers including Elon Musk&#8217;s Starlink, Franco-British satellite operator Eutelsat&#8217;s OneWeb, AST &amp; Science, and Lynk to expand services to enterprises.



He did not elaborate.



In March, MTN&#8217;s South African unit and American LEO satellite provider Lynk Global trialled Africa&#8217;s first phone call via satellite, a potential way of providing coverage in underserviced and rural areas.



(Reporting by Nqobile Dludla; Editing by Savio D&#8217;Souza and Jan Harvey)

Investing in African Mining Indaba 2024 conference in Cape Town

South Africa’s MTN Group reports 33% rise in first-quarter core profit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1-820x462.png" alt="" class="wp-image-620173" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1-820x462.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1.png 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between senior US and Chinese officials on tariffs in Geneva on May 11, 2025. Valentin Flauraud | Afp | Getty Images</figcaption></figure>



The U.S. and China on Monday agreed to suspend most tariffs on each other’s goods in a move that shows a major thawing of trade tensions between the world’s two largest economies.



The trade agreement means that “reciprocal” tariffs between both countries will be cut from 125% to 10%. The U.S.′&nbsp;20% duties on Chinese imports relating to fentanyl&nbsp;will remain in place, meaning total tariffs on China stand at 30%.



The breakthrough comes after U.S. and China trade representatives held high-stakes talks in Switzerland over the weekend.



“We had very productive talks and I believe that the venue, here in Lake Geneva, added great equanimity to what was a very positive process,” U.S. Treasury Secretary Scott Bessent said in a news conference.



“We have reached an agreement on a 90-day pause and substantially move down the tariff levels. Both sides on the reciprocal tariffs will move their tariffs down 115%,” Bessent said.



Both China and the U.S. said they will continue discussions on economic and trade policy.



Investors were buoyed by news of the tariff reprieve. Stateside, Nasdaq futures pointed to a 3.6% gain, with the S&amp;P 500 futures higher by 2.8% and Dow up by nearly 1,000 points, or 2.3%.



The ICE U.S. Dollar Index also rose sharply. The index, which measures the U.S. dollar against a basket of global currencies, was last up 1.3% to 101.63.



Elsewhere, the pan-European Stoxx 600 index rose by 0.7% during early morning deals.

108143912-1747032478500-gettyimages-2213984202-AFP_46A963L (1)

U.S. and China agree to slash tariffs for 90 days

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="441" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DI47TGYKBVJVPHMSRFMIAXEEVA.jpg" alt="" class="wp-image-620170" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DI47TGYKBVJVPHMSRFMIAXEEVA.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DI47TGYKBVJVPHMSRFMIAXEEVA-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DI47TGYKBVJVPHMSRFMIAXEEVA-131x90.jpg 131w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">A logo of the Boxer store of one of South Africa&#8217;s fastest growing discount grocery chains is seen in Protea Glen, South Africa, on November 25, 2024. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



JOHANNESBURG, May 12 (Reuters) &#8211; South African discount grocery retailer Boxer said on Monday it expects sales growth in a low-teens percentage for its current financial year given the competitive pressure in the food retail market and lower inflationary environment.



Boxer, majority owned by Pick n Pay, competes with Shoprite&#8217;s Usave discounter and SPAR&#8217;s SaveMor in smaller towns, townships and rural areas. Additionally, it also faces competition from independent retailers.



&#8220;All the retailers that operate in this space are well aware that consumers are under pressure,&#8221; Boxer CEO Marek Masojada told Reuters in an interview.



&#8220;Our consumers are looking for value every day and we have a very astute consumer that really does their homework before they choose where they&#8217;re going to buy their groceries.&#8221;



In the 53 weeks ended March 2, Boxer&#8217;s turnover grew by 13.2% to 42.3 billion rand ($2.32 billion), with like-for-like sales growth of 5.6% as promotions drove shoppers to bigger product pack sizes as they seek more value.



Masojada told investors that a significant proportion of its turnover is promotion driven.



&#8220;The lower inflationary environment does dampen the sales growth expectation,&#8221; Masojada said. This, plus the competitive landscape will see sales growth in the financial year to&nbsp;April&nbsp;2026 likely in the low teens, the company said.



The retailer, with 525 stores across South Africa and Eswatini, has an ambitious roll-out plan to help double turnover in the next five years, including plans for 60 new stores this financial year.



When the retailer listed in November, it issued 157.4 million new shares, which Boxer pointed to as the reason for an 11.8% decline in headline earnings per share to 413.76 cents.



Trading profit rose by 9.9% to 2.3 billion rand at a trading margin of 5.5%. However, Boxer anticipates continued moderate margin pressure.



This is due to costs associated with being a listed company, an initial profit drag at its new Tongaat distribution centre and from gross margin reinvestment where necessary to drive pricing competitiveness.



($1 = 18.2198 rand)



(Reporting by Nqobile Dludla; Editing by Himani Sarkar, Kirsten Donovan)

DI47TGYKBVJVPHMSRFMIAXEEVA

South Africa’s Boxer expects low-teens percent annual sales growth amid competition

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-820x429.jpg" alt="" class="wp-image-620117" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



JOHANNESBURG, May 12 (Reuters) &#8211; The first 49 white South Africans deemed victims of racial discrimination and granted refugee status under an offer by U.S. President Donald Trump were flying to the U.S. on Monday in a move deepening frictions between the two nations.



The U.S. government has blocked mostly non-white refugee admissions from the rest of the world but is prioritising Afrikaners, the descendants of mostly Dutch settlers.



Giving refugee status to white South Africans has been met with a mixture of alarm and ridicule by South African authorities, who say the Trump administration has waded into a domestic political issue it does not understand.



It comes at a time of heightened racial tensions in South Africa over land and jobs that has divided the ruling coalition.



The charter plane carrying the 49 from Johannesburg was expected to arrive at Washington Dulles airport on Monday morning.



&#8220;The government unequivocally states that these are not refugees,&#8221; South African foreign ministry spokesperson Chrispin Phiri told local broadcaster Newzroom Afrika.



&#8220;But we are not going to stand in their way.&#8221;



<h2 class="wp-block-heading" id="h-wealth-inequities">WEALTH INEQUITIES</h2>



Since Nelson Mandela brought democracy into South Africa in the 1994, the once-ruling white minority has retained most of the wealth amassed under colonialism and apartheid.



Whites still own three-quarters of private land and have about 20 times the wealth of the Black majority, according to international academic journal the Review of Political Economy.



Less than 10% of white South Africans are out of work, compared with more than a third of their Black counterparts.



Yet the claim that minority white South Africans face discrimination from the Black majority has become an established trope in right-wing online chatrooms, and has been echoed by Trump&#8217;s white South African-born ally Elon Musk.



Since his return to the White House in January, Trump has cut all U.S. financial assistance to South Africa last month, citing disapproval of its land policy and of its genocide case at the International Court of Justice against Washington&#8217;s ally, Israel.



(Reporting by Tim Cocks; Additional reporting by Sfundo Parakozov; Editing by Andrew Cawthorne)

7BTO4IEPYZJCDMM2BE2UNJNMRQ

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/P5AVAZCGPNOMLLIH66RYXQU6OI.jpg" alt="" class="wp-image-619155" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/P5AVAZCGPNOMLLIH66RYXQU6OI.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/P5AVAZCGPNOMLLIH66RYXQU6OI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/P5AVAZCGPNOMLLIH66RYXQU6OI-135x90.jpg 135w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">Nigerian President Bola Ahmed Tinubu listens to French President Emmanuel Macron (not seen) as he delivers a statement to the press after a meeting at the Elysee Palace in Paris as part of his a two-day state visit to France, November 28, 2024. REUTERS/Sarah Meyssonnier/Pool/File Photo</figcaption></figure>



ABUJA, May 9 (Reuters) &#8211; Nigeria&#8217;s Senate passed four tax reform bills on Friday aimed at boosting government revenue, nearing completion of a plan that has faced criticism and pushback from within President Bola Tinubu&#8217;s ruling All Progressives Congress.



After ending costly subsidies and twice devaluing the naira currency in his first year in office, Tinubu has shifted his focus to reforming the tax system to boost revenue and efficiency.



Critics say the measures, which include an increase in value-added tax to 12.5% next year from 7.5%, will worsen economic hardship in Africa&#8217;s most populous country of more than 200 million.



Parliament&#8217;s passage of the four bills, despite opposition from lawmakers and governors within Tinubu&#8217;s party, is a victory for his administration&#8217;s efforts to shore up government revenue and overhaul the country&#8217;s fiscal framework.



Nigeria has one of the world&#8217;s lowest tax-to-GDP ratios, at 10.8%, forcing the government to rely on borrowing to fund the budget.



Sani Musa, who chaired the Senate committee that reviewed the bills, said their passage triggered an amendment to Nigeria&#8217;s oil law.



The changes transfer &#8220;fiscal administration duties, such as royalty and petroleum profit tax collection, to the newly proposed Nigeria Revenue Service&#8221;, he said on Friday.



Musa clarified that other provisions in the oil law remain unchanged.



Nigeria&#8217;s lower House of Representatives passed the tax bills in March. Now, the Senate&#8217;s passage requires both chambers to reconcile their versions before sending the final bills to Tinubu for his assent.



(Reporting by Camillus Eboh. Writing by Elisha Bala-Gbogbo. Editing by Mark Potter)

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Nigeria’s Senate passes tax reform bills to boost government revenue

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="405" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/3YA6UIIUXRMADMA57ZTDI4IDYQ_1.jpg" alt="" class="wp-image-619133" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/3YA6UIIUXRMADMA57ZTDI4IDYQ_1.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/3YA6UIIUXRMADMA57ZTDI4IDYQ_1-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/3YA6UIIUXRMADMA57ZTDI4IDYQ_1-142x90.jpg 142w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">Ugandan opposition leader and singer Robert Kyagulanyi Ssentamu, known as Bobi Wine looks on after his arrival to address Ugandans living in South Africa on political issues in their home country, at the sports ground in Germiston, southeast of Johannesburg, South Africa, October 3, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



NAIROBI, May 9 (Reuters)&nbsp;&#8211;&nbsp;Ugandan opposition leader and pop singer Bobi Wine said on Friday he plans to run for president for a second time and criticised the West for not speaking out more against &#8220;gross human rights violations&#8221; in the country.



Wine, 43, whose real name is Robert Kyagulanyi, will be challenging long-serving President Yoweri Museveni, 80, who is widely expected to seek re-election.



&#8220;Yeah, I&#8217;ve expressed my availability on behalf of my team,&#8221; Wine said in an interview with Reuters when asked whether he would stand again in the east African country&#8217;s next presidential election, due in January.



Participation in the election, he said, will also be &#8220;a fighting opportunity to further undress and expose the regime and to further galvanise the people of Uganda to rise up and free themselves.&#8221;



Wine came second in the last election in 2021 but rejected the outcome, alleging ballot staffing, falsification of results, beatings and intimidation by soldiers and other irregularities.



Government and electoral officials denied the accusations.



Wine criticised Western governments for not denouncing what he said were escalating human rights violations, including abductions, illegal detention and torture of his supporters and officials. Wine did not single out any country for criticism.



&#8220;Some leaders in the West are complicit in our suffering. They are here to crack their (business) deals and they don&#8217;t care about human rights,&#8221; he said.



&#8220;If they were standing for the values that they profess, then they would be castigating all these gross human rights violations.&#8221;



Uganda is considered by the West as an ally in the fight against jihadists and has deployed troops in Somalia.



Uganda&#8217;s justice minister said this week that Eddie Mutwe, an activist in Wine&#8217;s National Unity Platform (NUP) party, who also doubles as his personal body guard, appeared to have been tortured while in captivity.



Museveni&#8217;s son and head of the military, Muhoozi Kainerugaba, said he had kept him in his basement and that he was using him as a punching bag.



After missing for a week Mutwe was on Monday produced in court, charged with robbery and remanded.



Wine said Mutwe told him he had been electrocuted, waterboarded and beaten.



Police spokesman Rusoke Kituma did not respond to a Reuters call for comment on the allegations. Reuters contacted a spokesperson for Uganda&#8217;s defence forces seeking comment from Kainerugaba. He did not respond.



Wine said that if was elected, his priorities would include restoration of political and civil rights and a crackdown on corruption.



(Reporting by Nairobi Newsroom; Editing by George Obulutsa, Ammu Kannampilly and Timothy Heritage)

3YA6UIIUXRMADMA57ZTDI4IDYQ_1

Ugandan opposition leader Bobi Wine to seek presidency, chides West over rights

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/RKGINCHHUJLZVOSZT3GTU3OJNI.jpg" alt="" class="wp-image-619127" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/RKGINCHHUJLZVOSZT3GTU3OJNI.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/RKGINCHHUJLZVOSZT3GTU3OJNI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/RKGINCHHUJLZVOSZT3GTU3OJNI-135x90.jpg 135w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">Medicines are seen in this illustration taken, June 27, 2024. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



LUSAKA, May 9 (Reuters)&nbsp;&#8211;&nbsp;The United States said it would cut $50 million in annual aid to Zambia&#8217;s health sector because the government had failed to stop &#8220;systemic theft&#8221; of donated medicines and medical supplies.



U.S. President Donald Trump&#8217;s administration is finalising a broader review of its foreign aid, but the cut for Zambia is &#8220;wholly separate from that process,&#8221; U.S. ambassador to Zambia Michael Gonzales said in a statement.



&#8220;I am disappointed to share publicly today that since 2021 we have uncovered systemic theft of  life-saving medicines and other products  that were intended for free for the Zambian public,&#8221; Gonzales said, adding medicines stolen included antiretroviral drugs used to treat HIV.



Zambia&#8217;s health ministry responded in a statement acknowledging the U.S. ambassador&#8217;s concerns and said recurrent theft of medicines was a &#8220;persistent challenge&#8221; dating back to before 2021.



After he was alerted to the issue Zambian President Hakainde Hichilema commissioned an independent forensic audit of the entire medicines supply chain, the ministry said.



A number of officials found to have been involved had been removed from office or suspended, while others were arrested and are set to appear in court.



&#8220;We want to assure the public that Zambia currently maintains sufficient stocks of essential medicines, including antiretroviral, antimalarial, and other critical drugs, with no immediate risk of shortages,&#8221; Zambia&#8217;s health ministry said.



Gonzales said he had recommended to Washington that the U.S. continue to procure and deliver lifesaving medicines and medical supplies to Zambia until January 2026 to provide time for the government to develop a transition plan.



After January, the U.S. will still offer technical and logistics assistance to support humanitarian activities and prevent drug resistance and disease transmission, he said.



(Reporting by Chris Mfula; Editing by Sfundo Parakozov and Toby Chopra)

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Why ‘Making It’ Feels Impossible In The U.S. Now

Nigeria’s economy grows strongly amid high inflation, World Bank says

South African rand stable; local jobs and mining data due this week

South Africa’s Tiger Brands offers settlement to plaintiffs in listeriosis class action

South Africa’s MTN Group reports 33% rise in first-quarter core profit

U.S. and China agree to slash tariffs for 90 days

South Africa’s Boxer expects low-teens percent annual sales growth amid competition

First white South Africans fly to US under Trump refugee plan

Why Real Madrid Is Set To Top The Sports Valuation Charts — It’s Not All About Mbappé

Should We Be Clear Cutting Forests?

How TikTok’s rise sparked a short-form video race

How Forests Power Sweden’s Economy

How Sweden Makes Money From its Forests

Who Owns Sweden’s Forests?

Nigeria’s Senate passes tax reform bills to boost government revenue

Ugandan opposition leader Bobi Wine to seek presidency, chides West over rights

US to cut health aid to Zambia over ‘systemic theft’

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