Five things to know to start your Monday

AfDB says African countries pay 500% higher costs on global market debt

Africa’s cost of borrowing money has skyrocketed, making it incredibly difficult for African countries to manage their debts. According to Kevin Urama, Vice President and Chief Economist of the African Development Bank, countries are now paying five times more to borrow money from global lenders compared to previous years.

Speaking at the 5th African Union Extraordinary Session of the Specialised Technical Committee on Finance, Monetary Affairs, Economic Planning, and Integration in Abuja, Nigeria, Urama explained that the problem is worsening. Nearly half of Africa’s debt is now owned by private lenders, which means these countries are dealing with much higher and less flexible borrowing rates.

This situation is putting enormous financial pressure on African nations, making it harder for them to invest in critical areas like education, healthcare, and infrastructure.

Biden says he’s forgiven his son, Hunter

President Joe Biden has made a surprising move by pardoning his son, Hunter Biden, after previously stating he would not intervene in his legal troubles. Hunter Biden had previously pleaded guilty to tax violations and faced a conviction on firearms-related charges.

In a direct statement, Biden said: “Today, I signed a pardon for my son Hunter. From the day I took office, I said I would not interfere with the Justice Department’s decision-making, and I kept my word even as I have watched my son being selectively, and unfairly, prosecuted.”

This decision comes after the White House had repeatedly insisted that Biden would not pardon or reduce sentences for Hunter, who has struggled with drug addiction and become a frequent target of Republican criticism, including from former President-elect Donald Trump.

A strike over minimum wage is expected in five states and FCT today

Workers in five Nigerian states and the FCT are poised to go on strike today over unresolved minimum wage negotiations. The states facing potential work stoppage include the Federal Capital Territory, Cross River, Nasarawa, Ebonyi, Kaduna, and Zamfara.

The core issue is the failure of state authorities to negotiate and implement a new N70,000 minimum wage. Despite ongoing meetings between state implementation panels and labour leaders, the local chapters of the Nigeria Labour Congress (NLC) are prepared to halt work.

In the Federal Capital Territory, the NLC Council has specifically directed workers in all six Area Councils to begin an indefinite strike starting today. This directive was issued in a letter signed by Stephen Knabayi, the Chairman of the FCT Council of the NLC, on Saturday.

Read Also: How Nigeria’s planned tax reform bill could impact economic growth and sustainability

The tax reform debate has been suspended indefinitely

The House of Representatives has unexpectedly halted discussions on proposed Tax Reform Bills after facing intense opposition from political leaders in northern Nigeria. The debate, which was originally scheduled for Tuesday, has been suspended indefinitely.

A memo from Dr. Yahaya Danzaria, the Clerk of the House of Representatives, officially called off the planned discussion. The move came after 73 lawmakers from northern states strongly objected to the bills.

The opposition includes 48 Representatives from the North-East region, 24 federal lawmakers from Kano, and notably, Senator Aminu Tambuwal, a former Governor of Sokoto State who currently represents the Sokoto South Senatorial District.

Tinubu is leaving France for South Africa today

President Bola Tinubu is set to travel from France to South Africa for an important bilateral meeting. He will co-chair the 11th session of the Nigeria-South Africa Bi-National Commission with South African President Cyril Ramaphosa.

Bayo Onanuga, Tinubu’s Special Adviser on Information and Strategy, announced the trip in a statement on Sunday. The diplomatic event is scheduled to begin with a ministerial meeting on December 2, 2024, at the South African Parliament Building in Cape Town, followed by the main presidential meeting on December 3.

During the summit, the two presidents are expected to discuss a wide range of topics, including bilateral relations, regional challenges, and international matters of shared interest.