Tinubu Set to Emerge President as Nigerian Bonds Rise in Global Market

Tinubu Set to Emerge President as Nigerian Bonds Rise in Global Market

Though the Independent National Electoral Commission, INEC, is yet to announce the results of only five states out of the 36, including that of the Federal Capital Territory, FCT, the coast is now clear for Asiwaju Ahmed Bola Tinubu, the presidential candidate of the All Progressives Congress, APC, to emerge as Nigeria’s next President.

He will succeed President Muhammadu Buhari on May 29, 2023, if INEC officially declares him as the winner of last weekend’s presidential election, and President-Elect, after the results of the five states left and FCT are announced, any moment from now.

The 2023 presidential and National Assembly elections were held last Saturday, with Tinubu, Alh. Atiku Abubakar of the Peoples Democratic Party, PDP, Peter Obi of the Labour Party, and Sen. Rabiu Musa Kwankwaso of the New Nigerian Peoples Party, NNPP, as the frontrunners in the race.

According to a tally of votes by PRNigeria as at 4pm today Tuesday February 28, 2023, Tinubu of the APC hase so far garnered over 8 million votes, while Atiku, Obi, and Kwankwaso, respectively polled 6.4 million, 5.7 million and 1.48 million votes.

Provisional results from the presidential election showed Tinubu closing in on victory, a Reuters tally of votes in 31 of the country’s 36 states, and the federal capital, also indicates, on Tuesday. https://www.reuters.com/world/africa/partial-results-disputed-nigeria-election-show-tinubu-lead-2023-02-28/

Reuters is one of the largest news agencies in the world.

With only 5 states left to declare, the Reuters’ tally said that Tinubu was ahead with about 35% or 7.78m of valid votes counted, making it highly likely he would be declared winner on Tuesday, of a weekend election, to replace outgoing President Muhammadu Buhari, also APC.

PRNigeria can also authoritatively report that Tinubu has fulfilled the constitutional provision of winning at least 25 percent of 2/3 of the 36 states plus FCT which makes it at least 24 states.

Tinubu has 25% or more in the following 26 states: Akwa Ibom, Edo, Ondo, Ogun, Osun, Ekiti, Oyo, Kwara, Kogi, Benue, Plateau, Nasarawa, Niger, Kaduna, Bauchi, Gombe, Adamawa, Borno, Yobe, Jigawa, Kano, Bayelsa, Katsina, Zamfara, Sokoto, Kebbi.

Meanwhile, Nigerian bonds are posting some of the best gains in emerging markets as investors bet that the ruling-party candidate, Bola Tinubu, who is taking an early lead in the nation’s presidential election tally, will offer reforms to pull Africa’s largest economy out of a fiscal mess, a global business news leader, Bloomberg Africa reported.

Nigerians distracted by the elections as well as local media are yet to report on the positive impact of Tinubu’s early lead on the foreign exchange market

However, five of Nigeria’s dollar bonds ranked among the 10 best performers in a Bloomberg index of 71 emerging and frontier nations.

“The country’s sovereign risk premium narrowed the most this year on Monday, according to JPMorgan Chase & Co. data. The equity benchmark in Lagos rose to an eight-month high,” the foreign newspaper said.

By PRNigeria