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.
As Nigerians celebrate Christmas amidst festivities and reflections, the Chairman of the House Committee on Federal Roads Maintenance Agency (FERMA) and lawmaker representing Ibarapa East/Ido Federal Constituency of Oyo state, Engr. Aderemi Oseni has sent a heartfelt message to Nigerians, emphasising the importance of unity, compassion, and selflessness in nation-building.
In his Christmas message on Wednesday, contained in a statement by his media aide, Idowu Ayodele, and made available to journalists in Ibadan, the lawmaker described the season as a time to reflect on the love and sacrifice demonstrated by the birth of Jesus Christ.
He urged citizens to embrace the spirit of giving, kindness, and shared humanity that Christmas symbolises.
“Christmas is a season of hope, joy, and renewal,” Oseni said. “It reminds us of our shared duty to show love to one another, regardless of ethnicity, religion, or political affiliations. Let us work together to foster unity and peace in our country, especially as we navigate through challenging times.”
The lawmaker also highlighted the significance of collective responsibility in nation-building.
“As we celebrate, we must remember the less privileged in our communities. Acts of charity and kindness, no matter how small, can make a significant impact on someone’s life,” he added.
The APC chieftain expressed gratitude to his constituents in Ibarapa East/Ido for their unwavering support, assuring them of his commitment to delivering more impactful governance.
He also called for patience and cooperation as the government works towards addressing issues affecting the nation, including infrastructure development, economic stability, and security.
“Let this Christmas inspire us to continue building bridges of hope and fostering the true Nigerian spirit of togetherness,” he stated.
As the year draws to a close, Oseni encouraged Nigerians to remain optimistic about the nation’s future, assuring them that better days lie ahead with collective effort and unwavering faith.
The Nigeria Civil Aviation Authority (NCAA) has initiated enforcement action against five airlines—two international and three domestic operators—for various violations of its regulations under Part 19.
The offenses include non-payment of passenger refunds within the stipulated timeframe, non-responsiveness to NCAA directives, mishandling of luggage, short-landed baggage, delayed and canceled flights, among other infractions.
Addressing journalists at the NCAA’s corporate headquarters in Abuja on Tuesday, Michael Achimugu, the Authority’s spokesman, stated that airlines must adhere to regulations regarding flight disruptions. He emphasized that failure to comply attracts sanctions.
“Although airlines are not always responsible for flight disruptions, NCAA regulations stipulate actions that airlines must take during such incidents. Failure to comply attracts various levels of sanctions,” Achimugu said.
He reminded airlines of the NCAA’s recent directive mandating refunds to passengers within 14 days for online ticket purchases and immediate cash refunds for tickets bought with cash.
The yuletide season has seen a rise in passenger complaints about delays and cancellations, largely attributed to harmattan-induced poor visibility. Achimugu clarified that airlines are not liable for cancellations due to force majeure but stressed that the enforcement actions are for cases where airlines are found at fault.
“This is harmattan season, so there is poor visibility. Flights must get canceled. This is force majeure, and the airlines do not owe passengers anything in those instances. The enforcement we are initiating today is on cases where the airline is deemed to have been at fault. More will come,” he explained.
Achimugu further disclosed that the NCAA would summon the chief executives of all airlines this week to address flight disruptions and regulatory breaches.
While the names of the sanctioned airlines were not officially revealed, sources close to the Authority identified them as Ethiopian Airways, Royal Maroc Airways, Arik Air, Aero Contractors, and Air Peace.
The Minister of Humanitarian Affairs, Disaster Management, and Social Development, Nentawe Yilwatda, has announced the Federal Government’s plan to reach 15 million households, representing 75 million people, through its conditional cash transfer scheme.
Speaking on Monday during an interview on Channels Television’s The Morning Brief, Yilwatda explained that the initiative is part of President Bola Tinubu’s commitment to mitigating the economic hardships faced by vulnerable Nigerians.
“The president was so specific,” Yilwatda noted.
“There are policies that he brought in to see if that can ease those challenges for people at the lower end of the pyramid. One of those policies is to reach out to 15 million beneficiaries under the conditional cash transfer, targeting households rather than individuals. Each household will receive ₦25,000 monthly, paid three times a year.”
Yilwatda further clarified that the 15 million households being targeted translate to 75 million Nigerians, assuming an average of five persons per household.
So far, the Federal Government has reached five million individuals but is facing challenges in fully sanitizing the social register, particularly with the implementation of the Central Bank of Nigeria’s (CBN) policy mandating digital identities for transparency and traceability of payments.
“Currently, only 1.4 million people on the social register have digital identities. Many of those we are targeting are outside the formal banking system,” the minister disclosed.
Yilwatda emphasized that women are specifically targeted as household leaders under the program to ensure the funds are used effectively for the benefit of children and other vulnerable members of society.
The conditional cash transfer programme, which is administered under the National Social Investment Programme, had earlier been suspended by President Tinubu in January due to allegations of corruption. However, the scheme was reinstated in February, with plans to extend the initiative to an additional 12 million households.
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