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In national broadcast, Nigeria’s Tinubu promises relief as cost of living crisis bites

Published

10 months ago

July 31, 2023

Nigeria’s President, Bola Tinubu, in a nationwide address on Monday, reiterated that his economic reforms were targeted at a lasting legacy for the country despite current hardship.

President Tinubu said it was in the interest of the country that the fuel subsidy be discontinued and other fiscal policies be implemented.

Tinubu said: “I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system was key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.

“Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them.

“As we move to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary”.

The Nigerian president also stressed that he understood the plight of Nigerians amidst the growing cost of living and was committed to providing succour for the situation.

“Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help, not hurt, the people and nation that I love.

“What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class, and the most vulnerable among us”.

Nigerians depend on cheap petrol to run their largely informal small and medium-scale businesses. For many businesses, operating costs since subsidy removal on May 29 have hit the roof, while the cost of transportation has also been impacted.

There are concerns that while the federal government plans provision of palliatives to cover the private and informal sectors, they may not be sufficient to cushion the impact of the policies. Meanwhile, governments at sub-national levels have been announcing approaches to attempt to cushion the effects on their constituents.

Related Topics:Featured Fuel subsidy Nigeria President Bola Tinubu

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Uganda discusses power line to South Sudan with China’s Sinohydro

Published

10 hours ago

May 15, 2024

Ifeoluwa Dada

According to the president’s office, Uganda is in negotiations with Sinohydro Corporation Limited of China to build a $180 million power transmission line that would enable Uganda to export electricity to South Sudan, which is severely short on energy.

Ugandan President Yoweri Museveni received a group led by Vice President of Sinohydro Corporation Yang Yi Xin on Monday as part of the negotiations, according to a late-morning statement from Museveni’s office.

The project, according to the statement, will entail building a new substation and expanding two existing ones in addition to building a 138-kilometre high-voltage transmission line to provide power to South Sudan.

“We are very much willing to help develop this project with the required finance if needed,” Xin was quoted as telling the president.

The statement stated that Museveni endorsed Sinohydro’s proposal to carry out the project. Uganda and South Sudan inked a power sales deal in June of last year, enabling Uganda to sell electricity to South Sudan.

To enable Uganda to export electricity to South Sudan, the two nations inked a power sales deal in June of last year. The Chinese firm is completing a $1.5 billion, 600-megawatt hydropower project on the River Nile in Northern Uganda that is meant to be the source for electricity exports to South Sudan.

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Uganda considers nuclear energy to meet increased electricity demand

Published

11 hours ago

May 15, 2024

Ifeoluwa Dada

Uganda’s Ministry of Energy and Mineral Development announced on Tuesday that it was collaborating with the International Atomic Energy Agency (IAEA) to develop nuclear energy in the country as power demand rises.

Irene Batebe, permanent secretary of the ministry, stated that the government, with the assistance of the IAEA, is investigating and evaluating uranium deposits to ensure a sustainable supply of nuclear fuel for the projected nuclear power plants and research reactors.

“Uranium is the most widely used nuclear fuel material in nuclear power plants and research reactors and is required for Uganda’s nuclear power program.

“The planned nuclear power capacity will require about 4,000 tons of Uranium annually when fully operational. Thus, there is a need for sustainable sources of uranium,” she said at the opening of the nine-day meeting with the experts from the IAEA.

Batebe stated that the government is modifying the Atomic Energy Act of 2008 to tighten the legal framework for the exploration, mining, and processing of nuclear fuel reserves. She stated that even if completely exploited, the country’s electricity generation capacity from hydro, biomass, geothermal, and peat will fall short of Uganda Vision 2040 ambitions.

“To meet our development targets, nuclear energy among other sources must be integrated in the electricity generation mix,” she said.

The Cabinet approved the Energy Policy for Uganda, 2023 in April 2023, which envisions the long-term development of 52,481 MW of generation capacity to meet future demand, with nuclear power accounting for 24,000 MW.