In October, President Muhammadu Buhari presented an Appropriation Bill of N20.51trn ($43.7bn) for the fiscal year 2023 to the joint session of ... the lower and upper Chambers of the National Assembly. He described the 2023 proposed budget as one “of fiscal sustainability and transition" - his very last budget as Nigeria's president. However, what financial legacy is he leaving behind?
The country’s gold export boom, which started around 2015, coincided with the opening of Africa Gold Refinery, the largest gold refinery in East Africa, located less than a kilometre from Entebbe International Airport in Entebbe city.
The end of the gold export boom also coincided with the reported quiet departure of Alain Goetz, the Belgian businessman who sold 99% of the shares he owned in the refinery, but stayed around, according to documents obtained by The Africa Report from Uganda Registration Service Bureau. Goetz had brought gold into Uganda from as far as South America.