News
UK finance minister, Kwasi Kwarteng, sacked
British Prime Minister Liz Truss on Friday dismissed her finance minister, forcing Kwasi Kwarteng to carry the can for turmoil sparked by her right-wing economic platform as restive Conservatives plotted her own demise.
The chancellor of the exchequer was dismissed in person by Truss after he rushed back early from international meetings in Washington, and before she was due to hold her first Downing Street news conference at 2:30 pm (1330 GMT).
Former foreign secretary and former Tory leadership candidate Jeremy Hunt was appointed as Kwarteng’s replacement, making him Britain’s fourth finance minister this year.
“You have asked me to stand aside as your chancellor. I have accepted,” Kwarteng wrote in a letter to Truss, who only succeeded Boris Johnson on September 6.
But he insisted that their economic programme was needed because “the status quo was simply not an option”.
In reply, Truss wrote that Kwarteng had “put the national interest first”.
“I know that you will continue to support the mission that we share to deliver a low-tax, high-wage, high-growth economy that can transform the prosperity of our country for generations to come,” she said.
Financial upheaval sparked by the new government’s September 23 plan to slash taxes — financed via billions in more borrowing — has subsided somewhat since the Bank of England intervened in bond markets.
But the central bank was adamant it would end its bond-buying spree on Friday, and market analysts said only a bigger climbdown by Truss following Kwarteng’s disastrous budget announcement last month would avert fresh panic.
Tony Travers, from the London School of Economics, told AFP Kwarteng had been made “the fall guy for the government’s mistakes” — but that the sacking had not taken the pressure off Truss or calmed the Tories.
“It’s very hard to see them coming back from this” by the next election, he added.
– ‘Not going anywhere’ –
Kwarteng was due to have stayed in Washington this weekend to conclude annual meetings of the International Monetary Fund and World Bank, after earned a rebuke from IMF chief Kristalina Georgieva on the need for “coherent and consistent” policies.
Speaking in Washington on Thursday, Kwarteng had insisted that his job was safe. “I’m not going anywhere,” he said.
But UK broadcasters showed live footage of Kwarteng’s British Airways plane landing at Heathrow airport a day early, after Truss held hurried meetings with her own financial advisors on Thursday in his absence.
Speculation was rife that Truss would row back on planned changes to corporation tax, having already changed her mind about cutting income tax for the highest earners.
The promised tax cuts were the centrepiece of Truss’s successful pitch to Tory party members that she,, rather than rival Rishi Sunak, was the best candidate to replace Johnson.
That programme now lies in tatters, and Truss’s judgement is in question more than ever, after Sunak’s warnings were entirely vindicated: higher borrowing to pay for tax cuts served only to terrify the markets and drive up borrowing costs for millions of Britons.
A new YouGov poll for The Times newspaper said 43 percent of Conservative voters want a new prime minister in Downing Street.
Other polls show a mammoth lead up opening up for the main opposition Labour party, threatening electoral meltdown for the Tories.
– ‘Romcom-worthy dash’ –
Junior minister Greg Hands said “I don’t recognise” multiple reports that senior Tory MPs were plotting to unseat Truss by installing a new leadership team under Sunak and Penny Mordaunt, who also ran to succeed Johnson.
Pressed on whether Truss will still be in 10 Downing Street in a week, Hands told ITV: “Oh definitely.”
The chancellor’s September 23 budget sparked market chaos because of fears it would drive up state debt.
The pound tumbled to a record dollar low near parity with the greenback and bond yields surged, before stabilising thanks to interventions by the Bank of England (BoE).
But with that costly BoE crutch ending on Friday, markets had already priced in a fresh about-turn by the government, leaving Downing Street with no room for manoeuvre.
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said before Kwarteng’s sacking that his “romcom-worthy dash through the airport” showed the government waking up to financial reality.
But for many pundits, the self-inflicted damage risks proving terminal for Truss and her hard-right platform.
Another new poll by Ipsos showed Truss’s net satisfaction score at minus 51, lower than any of her predecessors this century, while Kwarteng left office with historically low ratings for a chancellor.
The Nigeria Customs Service (NCS) has announced a record revenue collection of N5.7 trillion as of November 12, 2024, surpassing its yearly target by 10 percent.
This was disclosed by the Comptroller-General of Customs, Adewale Adeniyi, at the ongoing 2024 Comptroller-General of Customs Conference in Abuja.
Themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose,” the conference showcased the Customs Service’s progress in modernizing its operations and fostering collaborative partnerships.
“Today, I stand before you to demonstrate how our commitments in 2023 have evolved into tangible achievements,” Adeniyi stated.
He attributed the revenue growth to a series of reforms, including the implementation of a one-stop solution for cargo alerts, a revamped ICT infrastructure, streamlined inspection procedures, and enhanced automation.
Adeniyi explained that these changes reflect the agency’s commitment to elevating operational transparency and efficiency.
“We pledged to re-align our free trade operations, elevate cargo integrity standards, and expand our scanning capacities,” he said.
“Above all, we promised to usher in a new era of customs operations—one built on transparency, efficiency, and genuine collaborations with our partners.”
As of Tuesday, November 12, Adeniyi confirmed that the NCS collected N5.07 trillion, achieving the anticipated 10 percent revenue surplus.
“This performance validates our partnership-driven approach to revenue collection and trade facilitation,” he added.
Adeniyi also highlighted recent strides in trade facilitation, revealing that six companies have been selected to benefit from the Authorised Economic Operators programme, which provides fast-tracked customs clearance and other trade facilitation benefits.
Similarly, the NCS has processed 21 requests under an advance ruling programme, designed to expedite customs decisions on import and export cargoes before they reach Nigerian ports.
The Comptroller-General expressed optimism about the NCS’s potential to drive further economic growth, citing the agency’s commitment to fostering partnerships and advancing innovative practices within the customs sector.
Nineteen out of the thirty-eight directors who were shortlisted to fill permanent secretary vacancies within the Federal Civil Service have failed the qualifying examination, a memo from the Office of the Head of Civil Service of the Federation (OHCSF) revealed on Tuesday.
The memo, signed by Dr. Emmanuel Meribole on behalf of the examination committee, disclosed that the qualifying exam was conducted on Monday, November 11, 2024.
The Federal Government, through the OHCSF, launched the recruitment drive in October to fill permanent secretary vacancies in eight states.
Providing insights into the progress, Eno Olotu, Director of Press at OHCSF, stated, “Of the 38 eligible directors who sat for the exam, 19 have passed the first stage and will move on to the second stage, which will assess their competency in using Information and Communication Technology (ICT) in government operations on Wednesday, November 13, 2024.”
Olotu highlighted the rigorous three-stage selection process, designed to ensure that only the most capable individuals are appointed to these high-ranking civil service roles.
This comprehensive approach, according to OHCSF, aims to elevate the quality of leadership across federal ministries.
The directors who advance beyond the ICT proficiency test will face a final stage on Friday, November 15, 2024, where a panel of senior government officials and private sector experts will conduct a final evaluation to determine their suitability for the permanent secretary positions.
The Chairman of the House Committee on the Federal Road Maintenance Agency (FERMA) and representative of Ibarapa East/Ido Federal Constituency in Oyo State, Engr. Aderemi Oseni, on Saturday urged the community to unite in advancing key development projects aimed at transforming Ikogosi.
Speaking at this year’s Ikogosi Day celebration and the launch of a N1 billion development project in Ekiti, the lawmaker, who served as the Chairman of the occasion, emphasised the importance of unity and collective action.
He encouraged attendees to approach the celebration as a call to action for the betterment of their community.
“As we all know, Ikogosi is not merely a town; it is a treasured gem in the heart of Ekiti State and Nigeria as a whole,” he said. “Ikogosi, a historic and vibrant town, plays a vital role in the tourism and economic landscape of Ekiti State. Its rich cultural heritage and unique resources draw visitors and stimulate economic activities that benefit us all.”
“Today is not just a celebration; it is a call to action,” he continued. “Let us come together, united in purpose, to support these transformative projects that promise to uplift the Ikogosi community. I urge everyone here to invest their time, resources, and energy in this endeavor. Together, we can build a legacy of self-help and development that future generations will cherish.”
Reflecting on the broader challenges facing the country, Oseni encouraged the people of Ikogosi and all Nigerians to remain hopeful and resilient, assuring them of President Bola Ahmed Tinubu’s commitment to a brighter future for the nation.
“To the good people of Ikogosi and all citizens of Nigeria, I urge you to remain steadfast and hopeful. President Bola Ahmed Tinubu means well for all Nigerians. The APC-led administration’s Renewed Hope agenda holds the promise of a brighter future. Though the beginnings may be challenging, perseverance will guide us toward a prosperous new Nigeria,” he stated.
In a statement released by his media aide, Idowu Ayodele, the lawmaker lauded the Ekiti State government under Governor Biodun Oyebanji’s leadership for its transformative efforts in governance and development.
He acknowledged the strides made by the governor and praised his impactful initiatives, which have set Ekiti on a progressive path.
“First and foremost, let me commend the Ekiti State government under the leadership of His Excellency, Mr. Biodun Abayomi Oyebanji. The trailblazing development initiatives and effective governance during your tenure have not gone unnoticed,” Oseni remarked.
“Under your stewardship, we have witnessed remarkable progress and commendable governance that have undoubtedly made Ekiti State a shining example of peace and development,” he added.
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