Politics

Nigeria’s President Tinubu rolls out N500bn to cushion subsidy removal impact

Published

9 months ago

August 1, 2023

Nigeria’s President Bola Tinubu on Monday announced N500 billion to cushion the effects of the economic hardship being experienced by citizens as a result of the removal of fuel subsidy, and other government policies since coming into power on May 29.

Tinubu, in a national broadcast on Monday night, assured Nigerians that he understood their hardships, and his administration would do everything possible to assuage their pains as he did not come to hurt them, but to help them.

“Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain.

‘’I understand the hardship you face. I wish there were other ways. But there is none. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love,” Tinubu said.

President Tinubu had, on his inauguration on May 29, announced full removal of fuel subsidy, leading to hike in fuel price from N200 to between N518 and N630 per litre across the country.

Another step he took was to, through the central bank, abolish multiple exchange rates, forcing the dollar to exchange for over N850 at the black market. With these came an unprecedented rise in the cost of living with hike in the prices of food items and transportation.

Inflation rate in the West African country also jumped from 22.41 percent in May to an all time high of 22.79 percent in June, without fully accounting for the increments, leading to more pains for the people.

But in the Monday broadcast entitled “After Darkness Comes the Glorious Dawn,” Tinubu said the pains of today were necessary for a better tomorrow.

As part of the palliative measures Tinubu rolled out, he promised to spend N75 billion between July 2023 and March 2024 to fund 75 enterprises with great potential to kick-start sustainable economic growth.

‘’Each of the 75 manufacturing enterprises will be able to access N1billion credit at 9% per annum, with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” he said.

He also promised that the government would spend N50 billion on conditional grants to one million nano businesses between now and March 2024, with the target of N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.

Other measures include the immediate release of 200,000 metric tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices, as well as providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.

The government, according to Tinubu, will also invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses which will be shared with major transportation companies in the states.

He also promised that salary increase which has been a major none of contention will be addressed.

“I want to tell our workers this: your salary review is coming.

Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation,” he assured.

Related Topics:Cost of Living Featured Fuel Subsidy Removal Hardship Nigeria President Bola Tinubu

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Politics

Mozambique: Ruling FRELIMO announces Chapo as presidential candidate

Published

18 hours ago

May 7, 2024

Ifeoluwa Dada

Daniel Chapo has announced that he will run for president in the October election on behalf of the ruling FRELIMO party in Mozambique.

Since achieving independence in 1975, FRELIMO has ruled the nation in southern Africa, and the party is hoping that Chapo can lead it to another win in the election on October 9.

“The soap opera of speculation is over, including speculation about the third term,” President Filipe Nyusi said on state television on Sunday, dismissing the prospect of contesting elections again.

“We must all unite around comrade Daniel Francisco Chapo, in the demanding march towards electoral victory next October,” Nyusi said.

The president of Mozambique is limited to two terms of five years by the constitution. Nevertheless, following his reelection as party leader in 2022, there had been conjecture in the media that Nyusi may run for a third term.

Chapo, a relatively unknown person in national politics, is the governor of the province of Inhambane in southern Mozambique. As to the party announcement, he secured 225 votes (about 94%) from the central committee of the party.

“We are going to work with all social strata,” Chapo said on television after his win.

Chapo, a former radio host, was born in 1977, making him the first candidate for FRELIMO to be born since the nation gained its independence.

He has served in many governmental capacities, most notably as an administrator of the districts of Nacala and Palma. He also has a master’s degree in development management and a law degree.

Politics

Again, Rwanda denies it attacked displaced persons in DR Congo

Published

4 days ago

May 4, 2024

Ifeoluwa Dada

For the sixteenth time, Rwanda refuted US charges on Saturday that its troops attacked a camp for internally displaced persons in the eastern Democratic Republic of the Congo (DRC), placing the blame instead on militants it claimed were backed by the military of the Congo.

The US State Department released a statement in which it vehemently denounced the incident that claimed at least nine lives on Friday.

There have been persistent accusations against Rwanda of providing support to the armed organizations, which has resulted in diplomatic tensions between the neighbours in East Africa.

Citing the threat that Rwanda’s surface-to-air missile systems posed to civilians, U.N. and other regional peacekeepers, aid workers, and commercial aircraft operating in the eastern Democratic Republic of the Congo (DRC), the US demanded in February that Rwanda remove its systems and all of its armed forces from the DRC immediately. Rwanda denies providing any assistance to the rebels.

According to the U.S. statement, the M23 rebel group, which Rwanda supports, and the Rwandan Defense Forces (RDF) held the positions from which the attack was launched. The United States is “gravely concerned about the recent RDF and M23 expansion” in eastern Congo.

Speaking on behalf of the Rwandan government, Yolande Makolo refuted claims that the RDF was responsible for the attack, blaming instead rebels backed by the Congolese military.

“The RDF, a professional army, would never attack an IDP (displaced persons). Look to the lawless FDLR and Wazalendo supported by the FARDC (Congolese military) for this kind of atrocity,” she said in a post on X.

Wazalendo is a Christian sect, while the Democratic Forces for the Liberation of Rwanda (FDLR) is a Hutu organization that was founded by Hutu officials who left Rwanda after planning the 1994 genocide.

Thousands of people from the surrounding areas have fled to Goma in eastern Congo as a result of the M23 rebels’ two-year offensive, which has advanced toward the city in recent months.