Tinubu takes first steps, SA power projects progress

In a positive early move, Nigeria’s President Bola Tinubu removed fuel subsidies in his first week in power. But it looks like the fiscal savings will be spent, leaving public debt on an upwards trajectory. And there seems to be resistance to a devaluation of the naira, underlining that a full U-turn from the unorthodox policies of the Buhari-era is unlikely. Elsewhere, South Africa’s presidency revealed this week that 4GW of private electricity generation capacity is scheduled to come online by the end of next year. There’s still a long way to go, however, to make power cuts a thing of the past.