Politics

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

Published

1 year 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

Mali’s junta names spokesman Abdoulaye Maiga new Prime Minister

Published

1 hour ago

November 22, 2024

Ifeoluwa Dada

A day after dismissing Choguel Maiga for criticising the government, Mali’s governing junta named its spokesperson, Abdoulaye Maiga, as Prime Minister on Thursday, according to state broadcaster, ORTM.

A source close to Choguel Maiga told Reuters that the ruling generals were incensed by Maiga’s remarks over the weekend denouncing the junta’s inability to hold elections within the 24-month timeframe given for the return to democracy.

After promising to hold elections in February, the military authorities, who took control in two separate coups in 2020 and 2021, have put off the poll indefinitely, citing technological difficulties.

Choguel Maiga’s firing coincides with indications of growing discontent and disarray among Mali politicians, even those who first supported the coup and collaborated with the junta.

As the wait for elections continues, Choguel Maiga, a civilian prime minister who was installed by the military junta in 2021, is the most recent to lose support.

He was cited on Saturday as claiming he learnt of the junta’s decision via the media and that there had been no discussion regarding the delay of the elections inside the cabinet.

“It’s all happening in total secrecy, without the prime minister’s knowledge,” Choguel Maiga told reporters.

Before then, he had frequently stood up for Mali’s junta against criticism from foreign friends and neighbours in West Africa who denounced its repeated election delays and military collaboration with Russian mercenaries.

As government spokesperson, Abdoulaye Maiga, the new prime minister, has also made strong public remarks against France, the previous colonial master. One such speech was demanding French President Emmanuel Macron to stop his “neocolonial” and “condescending” behaviour.

Abdoulaye Maiga and Assimi Goita, the leaders of the junta, announced they had kept all of the important cabinet ministers in their portfolios in the new administration in a statement that was broadcast on state television ORTM.

The announcement said that Abdoulaye Maiga will remain minister of territory administration.

Politics

Congo opposition mobilizes protests against constitution review

Published

23 hours ago

November 21, 2024

Ifeoluwa Dada

In response to President Felix Tshisekedi’s intentions to amend the constitution, opposition lawmakers in the Democratic Republic of the Congo have called for national protests on Wednesday.

Tshisekedi, who was sworn in for his second and last term in January, said that a panel would be formed in October to recommend possible constitutional amendments.

According to critics, it may be a ploy to lift term restrictions and give him another chance to run.

Tshisekedi said the current constitution, ratified by a referendum in 2005, needed to change because it did not align with the country’s current realities.

Opposition politicians, including former president Joseph Kabila and past presidential candidates Martin Fayulu and Moise Katumbi, issued a unified statement on Wednesday urging rallies to “block” Tshisekedi.

A request for a response from the Congo’s presidency was not answered.

Patrick Muyaya, the minister of communications, stated on Monday that discussions surrounding the constitutional revision should be de-politicized and that no one should doubt the president’s intentions.

“We’re at the beginning of our mandate… The President of the Republic still has four years to go, and we must avoid attributing intentions to him,” Muyaya told reporters.