Politics

Nigeria’s presidency insists reforms prevented economic collapse

Published

8 months ago

May 4, 2024

Nigeria’s presidency on Thursday reiterated that the current administration’s economic reforms of the past one year “saved the life of the nation”.

Since his swearing-in on May 29, 2023, President Bola Tinubu has driven major economic policies like the removal of subsidies on petrol and the floating of the currency (Naira), leading to an unprecedented rise in the cost of living but Vice President Kashim Shettima has described the policies as necessary given the poor state of Nigeria when he assumed office on May 29, 2023.

“His Excellency, President Bola Tinubu, chose the option that will save the life of the nation instead of one that will merely prolong its imminent and predicted economic death,” said Shettima when he appeared as the guest speaker at the Second Chronicle Roundtable in Abuja.

He argued that the President had selected the most difficult but certain route to recovery when it came to the foreign exchange market intervention and the petrol subsidy programme and stressed that the Tinubu administration does not hold the former government accountable for its choices.

Shettima referred to the debt-service-to-revenue ratio in Nigeria as “an economic death sentence,” noting that it had increased to 111.18 percent prior to Tinubu taking office.

He however urged Nigerians to exercise patience with the administration, telling them that Tinubu is navigating the country through storms and economic upheaval that he has faced since taking office.

“Soon, Nigeria’s economy will experience significant growth once we’ve overcome these sacrifices. Positive changes will soon be evident across all economic indicators – inflation, per capita income, GDP numbers, poverty reduction, food security, and all aspects close to the hearts of our people,” the VP predicted.

“We understood why our predecessor decided to remove the subsidy. We do not resort to blaming the previous administration.

“Leadership is about courage, leadership is about continuity, leadership is about taking far-reaching decisions. Before we took charge, the biggest issue was the fuel subsidy removal. We had to get rid of the subsidy or the subsidy would have destroyed the Nigerian nation, it was a bitter pill to swallow, but necessary.

“The government is a continuum. Whoever succeeded the previous government could either steer the ship through the storm as President Tinubu is doing or let the country implode,” he stated firmly.

Related Topics:Featured Nigeria economic collapse

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Politics

Mozambique’s top court affirms governing party’s victory in recent election

Published

10 hours ago

December 26, 2024

Ifeoluwa Dada

The highest court in Mozambique affirmed Monday that the incumbent Frelimo party won the October election, sparking widespread demonstrations from opposition parties who claim the vote was manipulated.

Fears of fresh bloodshed have been raised in the nation already shaken by weeks of fatal protests after Mozambique’s top electoral court mostly confirmed the results of the country’s contentious October elections, reinforcing the Frelimo party’s decades-long hold on power.

The final decision on the election process rests with the Constitutional Council. Mozambique, a nation of over 35 million people in Southern Africa that Frelimo has ruled since 1975, is expected to see more protests in response to its judgement.

Mozambique operates a framework of a semi-presidential representative democratic republic in a multi-party system. The president of Mozambique serves as both the head of state and the head of government.

The government exercises executive power. The administration and the Assembly of the Republic have the authority to enact laws.

Politics

Alliance of Sahel States opposes ECOWAS disengagement schedule

Published

10 hours ago

December 26, 2024

Ifeoluwa Dada

The Economic Community of West African States (ECOWAS) withdrawal timeline has been rejected by the Alliance of Sahel States (AES), which is made up of Mali, Burkina Faso, and Niger.

The AES claims that the ECOWAS is attempting to destabilise their newly formed organisation.

During a meeting last week in Abuja, Nigeria, the regional organisation announced a six-month withdrawal period to give the three nations time to change their minds after their official departure date at the end of January 2025.

However, this decision is “nothing more than yet another attempt by the French and its auxiliaries to continue planning and carrying out destabilising actions against the AES,” according to the heads of state of the AES.

“This unilateral decision is not binding on the ESA countries,” the statement continues. Before the conference, they stated that their choice to leave the organisation was “irreversible.”

According to the president of the Ecowas Commission, this will be a “transition period” that ends on “July 29, 2025” to “keep the doors of Ecowas open.”

The three nations accused the bloc of neglecting to assist them in resolving their domestic security challenges and of imposing “inhumane and irresponsible” sanctions related to the coup.

The three nations that were involved in the coup have mostly rejected ECOWAS’ attempts to undo their withdrawal. They are creating their alliance and have begun thinking about how to issue travel passports independently of ECOWAS.

It is anticipated that they will finish giving their one-year notice of departure in January.

Visa-free travel to other ECOWAS members is a significant perk of membership, and it is unclear how this would alter after the three nations exit the group.