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

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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.

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Nigeria 2027: Opposition party chieftain Atiku vows to support Obi if …

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In Nigeria, the 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has hinted that he would support the candidacy of another opposition leader, Peter Obi, in 2027 if the PDP decided that it was the South-East’s turn.

“I have said repeatedly and I even said it before the 2023 general elections that if the PDP decides to zone the presidential ticket to the South or South-East specifically, I won’t contest it. As long as it’s the decision of the party, I will abide by it. But I contested the 2023 presidential ticket because it was thrown open to all members of the party.

“If the party decides that it’s the turn of the South-East and Peter Obi is chosen, I won’t hesitate to support him,” Atiku declared in a recent interview with BBC Hausa Service.

Responding to questions following his meeting with Obi earlier this week, Atiku said, “It’s just a normal friendly meeting that we often have, particularly among us in the opposition parties. Such meetings are healthy for Nigeria’s democracy and in the country’s interest.”

On whether this will bring about a merger, he said, “Yes, it’s very much possible. We can merge to achieve a common goal. So, it’s possible, and nothing can stop it if we wish to achieve that.”

The former Vice President, who denied that the choice of presidential candidate might frustrate the possibility of likely political coalition stressed, “That’s not true. That challenge will not arise. I can tell you that the choice of who will fly the flag of the party won’t be an issue.”

Atiku responded, “Yes, we can’t keep quiet and watch things go wrong,” when asked whether he was still involved in politics. We are dedicated to improving Nigeria because we know that people are suffering.

“It means you are not tired of the politics of Nigeria? Not at all. I am still in active politics in Nigeria, at least, as long as God permits.

“My age doesn’t stop the young ones from testing their fate. Everybody, irrespective of age, is allowed to aspire to be anybody in the society, politically or otherwise.”

On his 2027 Presidential ambition, Atiku revealed “That would depend on the decision of my party. I can’t make any categorical statement on that. The party must decide on the way to go in the next election.

“Until that time comes. Let’s just wait and see how it will turn out.

“It must not be interpreted like that. I must not be eyeing elections to have meetings with political friends and associates. Currently, we are practising democracy in this country which we fought for with our blood.”

In 2019, former APC President Muhammadu Buhari beat Atiku and Obi running jointly on the PDP platform. But Obi, who was Atiku’s running partner in 2019, defected from the PDP to run for president of the Labour Party in 2023 because of internal strife.

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Senegal: PM Sonko condemns French military bases on territory

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Senegal’s Prime Minister, Ousmane Sonko, in a detailed speech on Friday, touched a range of national issues, including the euro-backed CFA franc, oil and gas transactions, and LGBTQ rights.

Firebrand Sonko, who came to prominence in March after his hand-picked presidential candidate, Bassirou Diomaye Faye, won a resounding victory also stressed the potential of closing French military posts in the West African nation.

“More than 60 years after our independence … we must question the reasons why the French army for example still benefits from several military bases in our country and the impact of this presence on our national sovereignty and our strategic autonomy,” Sonko said at a joint conference with the French left-wing politician Jean-Luc Melenchon in the capital Dakar.

“I reiterate here the desire of Senegal to have its own control, which is incompatible with the lasting presence of foreign military bases in Senegal … Many countries have promised defence agreements, but this does not justify the fact that a third of the Dakar region is now occupied by foreign garrisons.”

After driving out French forces, neighbours Mali, Burkina Faso, and Niger looked to Russia for assistance in quelling Islamist insurgencies on their own. A commercial is presently playing on the video player. With a mouse or keyboard, you can skip the advertisement in five seconds.

They have also established their alliance with Sahel states and distanced themselves from the West African group ECOWAS, which denounced their coups. However, Sonko spoke kindly to them on Thursday.

“We will not let go of our brothers in the Sahel and we will do everything necessary to strengthen the ties,” he said.

Additionally, he stated that in order to enhance export competitiveness and to absorb shocks, Senegal, which shares the euro-linked CFA franc currency with seven other nations, would prefer a flexible currency pegged to at least two currencies.

Faye had originally promised to do away with the CFA franc during the election campaign, but he later changed his mind. Renegotiation of oil and gas contracts in Senegal, where production is scheduled to start this year, was one of Sonko’s repeated promises.

In addition, he urged Western nations to approach social issues like gender equality and LGBTQ rights with “restraint, respect, reciprocity, and tolerance.” He claimed that although homosexuality had always existed in Senegal, it had always been “managed” by the nation under its sociocultural circumstances and that this would continue.

“Senegal and many other African countries cannot accept any truth in legalising this phenomenon.”

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