Connect with us

Headline

Inauguration: 7 Key Takeaways From Tinubu’s Inaugural Speech

Published

on

President Bola Tinubu, has been officially sworn in as the 16th president of Nigeria amid colourful events and festive mood at the Eagle Square today (Monday).

Tinubu, in his inaugural speech, touched on keynote policies and initiatives that will herald the start of his administration.

Advertisement

Here are seven major takeaways from the President’s speech.

Tinubu reaffirmed that the era of fuel subsidy is gone.

He said, “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

READ ALSO: Tinubu ‘ll Unveil Cabinet Within 60 Days – Faleke

Advertisement

“We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.

We’ll create jobs, prosperity for youth.

The president emphasized that his administration must create meaningful opportunities for our youth, saying “We shall honour our campaign commitment of one million new jobs in the digital economy.

“Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill. This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable,” he said.

Advertisement

We shall reform security doctrine

Tinubu noted that security shall be the top priority of his administration, because neither prosperity nor justice can prevail amidst insecurity and violence.

He said, “To effectively tackle this menace, we shall reform both our security DOCTRINE and its ARCHITECTURE.

READ ALSO: Fuel Subsidy Removal: Labour Leaders React To Tinubu’s Inaugural Speech

Advertisement

“We shall invest more in our security personnel, and this means more than an increase in number. We shall provide, better training, equipment, pay and firepower.”

We’ll target higher GDP growth

On the economy, Tinubu said he will target a higher GDP growth and to significantly reduce unemployment.

“We intend to accomplish this by taking the following steps: First, budgetary reform stimulating the economy without engendering inflation will be instituted.

Advertisement

“Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

“Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.

“I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.

Advertisement

“We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home,” he said.

We’ll create agricultural hubs across nation

Tinubu said rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products, adding that “A nationwide programme for storage and other facilities to reduce spoilage and waste will be undertaken.

READ ALSO: Address Insecurity, Unite Nigerians, Ex-lawmaker Advises Tinubu

Advertisement

“Agricultural hubs will be created throughout the nation to increase production and engage in value-added processing. The livestock sector will be introduced to best modern practices and steps taken to minimize the perennial conflict over land and water resources in this sector.

“Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.”

Monetary policy needs thorough housecleaning

President Tinubu noted that the monetary policy needs thorough housecleaning, saying the Central Bank must work towards a unified exchange rate.

Advertisement

This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.

“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender,” he said.

Advertisement

Our foreign policy objective is peace, stability

Tinubu said, “Given the world in which we reside, please permit a few comments regarding foreign policy.

“The crisis in Sudan and the turn from democracy by several nations in our immediate neighbourhood are of pressing concern.

“As such, my primary foreign policy objective must be the peace and stability of the West African subregion and the African continent. We shall work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.

Advertisement

“As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity.”

Advertisement
Advertisement
Comments

Headline

Wildfire Engulfs Mountain Near Western Canada City

Published

on

Nearly 20,000 residents of a community in western Canada were on standby on Wednesday as a wildfire engulfed a mountain overlooking the city of Port Alberni, the latest area threatened in the country’s second-worst fire season on record.

“I’ve lived in Port Alberni since 1956, and this is one of the biggest fires we’ve ever seen,” Russ Wetas, 69, told AFP as smoke from Mount Underwood filled the sky behind him.

Advertisement

The wildfire service in the west coast province of British Columbia has listed the Mount Underwood fire as “out of control,” meaning it is expected to spread further.

But it remained unclear if Port Alberni, roughly 10 kilometres (6.2 miles) north, will be evacuated.

On the opposite end of the vast country, in the easternmost province of Newfoundland and Labrador, parts of the capital, St. John’s, received evacuation orders on Tuesday, following several days of intensifying fire.

Advertisement

READ ALSO:Britain, Canada, France Warn Israel Over ‘Egregious Actions’ In Gaza

A wildfire was also burning on Wednesday on the outskirts of Halifax, a major city in the eastern province of Nova Scotia, with a population of nearly half a million.

This is already Canada’s second-worst wildfire season in terms of landmass burned, based on figures dating back to 1983.

Advertisement

So far, 7.4 million hectares (18.3 million acres) have been scorched, an area nearly as large as Panama, putting 2025 past the 7.1 million hectare mark from 1995.

But this year is not expected to pass 2023, when 17.3 million hectares burned, an extraordinary toll that focused global attention on the growing threat of wildfires boosted by human-induced climate change.

READ ALSO:How False Claims Led To $500m mRNA Vaccine Contracts Cancellation

Advertisement

Smoke from this year’s wildfires has put tens of millions of people under air quality alerts in both Canada and the United States. The haze has even crossed the Atlantic, affecting people in western Europe.

More than 700 wildfires were burning across Canada on Wednesday, including 161 considered out of control, with nearly every province and territory impacted.

Mount Underwood is on Vancouver Island, making the blaze there part of a worrying trend of increased wildfire activity near the coast.

Advertisement

Experts have said that historically, coastal areas did not burn, but more serious wildfires near the ocean are being recorded, even if they remain less intense than blazes further inland.

READ ALSO:Trump’s Tariff War: Airline Travel Between Canada, US ‘Collapsing’

This is a fire that hasn’t been seen on Vancouver Island,” John Jack, a First Nations chief and regional official, told the public broadcaster CBC.

Advertisement

Ted Hagard, who works at Port Alberni’s paper mill, told AFP he had been watching the fire’s progression on social media but needed to see it for himself.

It’s “insane how huge it is,” the 46-year-old said, standing on the shores of a lake adjacent to Mount Underwood.

Canada is experiencing a rise in conditions that are conducive to fires, experts say, linking the trend to climate change, which has caused elevated temperatures, reduced snow, shorter and milder winters, and earlier summer weather.

Advertisement

Continue Reading

Headline

Zelensky Rules Out Swapping Territory, Calls For ‘Fair Peace’

Published

on

President Volodymyr Zelensky said Wednesday that Ukraine and its allies must work together to pressure Russia into ending its invasion, ahead of talks in Berlin with European leaders and US President Donald Trump.

“Pressure must be exerted on Russia for the sake of a fair peace. We must learn from the experience of Ukraine and our partners to prevent deception on the part of Russia,” Zelensky wrote on social media.

Advertisement

“There are currently no signs that the Russians are preparing to end the war,” he added.

Zelensky is due in Berlin on Wednesday for talks with European leaders and Trump ahead of the US president’s summit with Russian counterpart Vladimir Putin.

READ ALSO:Trump Bans Citizens Of Chad, Congo, 10 Others From Entering US

Advertisement

The Ukrainian leader said he and his team had held more than 30 conversations with world leaders and high-ranking officials ahead of the talks.

The flurry of diplomatic engagements have been overshadowed by rapid, but so far limited Russian push in the eastern Donetsk region, which the Kremlin claims is part of Russia.

A member of the Ukrainian delegation travelling with Zelensky to Berlin told AFP that the Russian gains around the mining hub of Dobropillia “did not influence” preparation for Wednesday’s talks.

Advertisement

Zelensky conceded one day earlier that Russian forces had advanced by up to 10 kilometres (six miles), but ruled out swapping territory with Moscow as part of any deal with Russia.

AFP

Advertisement
Continue Reading

Headline

S’Africa Offers US New Trade Deal To Avoid 30% Tariff

Published

on

South Africa will offer a “generous” new trade deal to the United States to avoid 30 percent tariffs, ministers said Tuesday.

Washington on Friday slapped the huge tariff on some South African exports, the highest in sub-Saharan Africa, despite efforts by Pretoria to negotiate a better arrangement to avoid massive job losses.

Advertisement

The ministers did not release details of the new offer but said previously discussed measures to increase imports of US poultry, blueberries, and pork had been finalised.

“When the document is eventually made public, I think you would see it as a very broad, generous and ambitious offer to the United States on trade,” Agriculture Minister John Steenhuisen said at a press briefing.

READ ALSO:Ogun Govt Seals Gbenga Daniel’s House, Hotel

Advertisement

Officials have said the 30 per cent tariff could cost the economy around 30,000 jobs.

Our goal is to demonstrate that South African exports do not pose a threat to US industries and that our trade relationship is, in fact, complementary,” Trade Minister Parks Tau said.

The United States is South Africa’s third-largest trading partner after the European Union and China.

Advertisement

However, South African exports account for only 0.25 per cent of total US imports and are “therefore not a threat to US production”, Tau said.

READ ALSO:NDLEA Arrests 46 Suspects, Seizes 40,000 KG Of Drugs

Steenhuisen said US diplomats raised issues related to South African domestic policies, which was a “surprise given the fact we thought we were in a trade negotiation”.

Advertisement

The two nations are at odds over a range of policies.

US President Donald Trump has criticised land and employment laws meant to redress racial inequalities that linger 30 years after the end of apartheid.

Things like expropriation without compensation, things like some of the race laws in the country, are issues that they regard as barriers now to doing trade with South Africa,” he told AFP on the sidelines of the briefing.

Advertisement

“I think we’re seeing some form of a new era now where trade and tariffs are being used to deal with other issues, outside of what would generally be trade concerns,” Steenhuisen said.

Advertisement
Continue Reading

Trending