By Akintunde Oyedokun
Research Analyst
Oil prices declined over 1% on Thursday, with Brent crude falling to $69.88 per barrel and WTI dropping to $66.55. Concerns over U.S. trade tariffs, a potential Russia-Ukraine ceasefire, and a projected oil supply surplus in 2025 pressured the market.
Despite signs of strong demand, rising OPEC+ output and weakening jet fuel consumption added to investor uncertainty, keeping oil prices under pressure.
U.S. Jobless Claims Dip, But Economic Risks Loom
New unemployment claims fell by 2,000 to 220,000 last week, signaling labor market stability. However, government spending cuts, layoffs in federal agencies, and trade tensions pose risks. Policy uncertainty is dampening business confidence, with February’s unemployment rate hitting a 3.5-year high. The Federal Reserve is expected to hold interest rates steady next week, with possible cuts in June.
Turkey To Spend $1.38bn On Pensions, Maternity Benefits
Turkey will spend an extra 50.4 billion lira ($1.38 billion) this year to increase pension and maternity benefits. A new bill raises Eid holiday payments for 15.5 million retirees by 1,000 lira ($27.32) and expands maternity and child support to address declining birth rates.
In 2025, pension bonuses will cost 28.4 billion lira, while maternity benefits will add 22 billion lira. Over five years, child and maternity support could reach 337 billion lira. The government has declared 2025 the “year of the family” to boost births, but critics say the plan is insufficient given economic challenges.
Tanzania Plans 13.4% Budget Increase For 2025/26 To Cover Debt, Election Costs
Tanzania’s 2025/26 budget will increase by 13.4%, totaling 57.04 trillion shillings ($22 billion), to cover debt repayment, election costs, and economic needs. The government plans to raise 40.97 trillion shillings locally, with the rest from debt.
The budget also reflects the impact of reduced U.S. foreign aid. Key priorities include boosting production, trade, and funding for the 2025 election, where President Samia Suluhu Hassan will seek re-election.
Nigeria’s Parliament Approves Tax Reform Bills
Nigeria’s lower house passed four tax reform bills on Thursday. The changes include raising VAT to 12.5% by 2026, exempting minimum wage earners from income tax, and capping VAT for high-revenue states at 30%.
The bills also replace the petroleum profit tax with a 30% corporate tax and increase the tax threshold for businesses to 50 billion naira ($32.66 million).
The bills will be reviewed by the upper house next week before taking effect.
