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Hakainde Hichilema Sworn In As Zambia President

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Zambia President Hichilema- Investors King

Zambia’s newly-elected president, Hakainde Hichilema, has been sworn into office after pulling off a stunning rare victory for an African opposition leader.

Hichilema was inaugurated Tuesday morning at a ceremony attended by leaders such as Tanzania President Samia Suluhu Hassan and Malawi leader Lazarus Chakwera.

Zambia’s second female Vice President Mutale Nalumango was also sworn in during the ceremony.

Hichilema defeated outgoing President Edgar Lungu in a landslide by almost one million votes in his sixth attempt at becoming ruler of Zambia.

It was a stunning turnaround for the politician known as HH — Hichilema spent several months in prison in 2017 for what was widely seen as politically motivated treason charges. The charges were dropped under intense international pressure.

After initially indicating he may challenge the result, Lungu addressed the nation following the elections, saying: “Based on the revelations issued at final results, I will comply with the constitutional provisions for a peaceful transition of power.” 

Despite conceding defeat early, Lungu was booed by some of the crowd as he made his way to the stage at the packed Heroes stadium in the capital Lusaka to hand over power.

Hichilema called Tuesday “a new dawn in Zambia,” in a tweet ahead of the ceremony. “As I sit here in our vehicle being driven to Heroes Stadium, I see the love, the joy and the jubilation as people line the streets on our way. I’m overwhelmed with gratitude. I love you all so much,” he added.

The New President, Hakainde Hichilema also pledged to tackle Zambia’s “unsustainable” debt, lamenting that the national budget was overwhelmed by the cost of servicing it.

Hichilema spoke during his swearing-in as the southern African country’s seventh president, after a landslide election victory earlier this month over incumbent Edgar Lungu.

It marked Zambia’s third peaceful change of power to an opposition party since independence from Britain in 1964.

The new leader, who lost five previous presidency attempts, must now revive an economy weighed down by debt, unpredictable world commodity prices and COVID-19. Zambia became Africa’s first pandemic-era sovereign default in November.

“Over the last decade…, the debt situation has become unsustainable, reducing the country’s capacity to invest,” a masked Hichilema told well-wishers packed into a stadium in the capital, Lusaka after performers danced to loud drum beats in celebration.

“Our national budget has been overwhelmed by debt servicing…We must restore this (previous) situation.”

To do that, the 59-year-old former CEO of an accounting firm faces the unenviable task of striking a deal with a diverse bunch of rival creditors.

Of Zambia’s $12 billion external debt, some $3 billion in Eurobonds, $3.5 billion in bilateral debt, $2.1 billion is owed to multilateral lending agencies, such as the IMF, and along with another $2.9 billion of commercial bank debt.

A quarter of the total is held by either China or Chinese entities via deals shrouded in secrecy clauses – which makes negotiations for IMF relief particularly tough.

“Our focus over the next five years will be restoring macroeconomic stability,” Hichilema said. “We will pay special attention to lowering the fiscal deficit, reducing public debt and restoring market confidence in our country.”

In a sign that confidence in the major copper-mining country may be returning, Zambia’s dollar-denominated sovereign bonds have climbed steadily since Hichilema’s surprise victory, reflecting optimism that its debt crisis can be resolved.

He added that the country was facing a lot of challenges but his government would work to revive the economy, which he said had been “overwhelmed by debt servicing, emoluments and consumption” leaving little room for investment for growth.

“We will pay special attention to lowering the fiscal deficit, reducing public debt and restoring social and market confidence,” he said.

“To the jobless youths, a new dawn is here where you will be skilled and find an opportunity to work or do business in an economy that we will revive,” he said.

President Hichilema said that there would be “zero tolerance for corruption”, vowing to fight “the scourge” professionally and not be vindictive.

He added that his government would work to deal with the high cost of living to ensure food is available and affordable.

Hinting at the mistreatment meted against him by the outgoing president, he said “it was a new dawn”, adding “time has come for all Zambians to be truly free”.

He said the media should work freely without fear, and that his cabinet would be inclusive because he believes “diversity is a strength”.

In his speech, President Hichilema thanked his predecessor for facilitating a smooth transition to his administration but added that this was “not a transfer of power but a transfer of leadership,” saying power resides in Zambians.

This was the third time there had been a peaceful and democratic transfer of the presidency from the candidate of one party to another. This was something that was of great credit to Zambia, President Hichilema said.

“Democracy is the way to go – for Zambia, the people of Africa, and the world,” he said.

Afterward, President Hichilema released hundreds of balloons into the sky over Heroes Stadium – a change from the last inauguration when doves were used and proved problematic when they refused to fly off.

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Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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power project

President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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