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Imran Khan Ousted as Pakistan Leader, Paving Way for Power Shift

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Pakistan lawmakers ousted former cricket star Imran Khan as prime minister in a no-confidence vote, ending his four-year run as leader after he clashed with the country’s powerful military and Asia’s second-fastest inflation eroded support. 

A united opposition bloc cobbled together 174 lawmakers to vote against Khan after midnight in Islamabad, two more than required to remove him from office. Parliament will convene again on Monday to pick a new prime minister, which will almost certainly be opposition leader Shehbaz Sharif.

“A new morning is beginning, a new day is about to start,” Sharif told lawmakers after the results were declared in the early hours of Sunday. “The prayers of millions of Pakistanis have been heard.”

The political shakeup in the world’s fifth-most populous nation is likely to immediately rebalance Pakistan’s foreign policy more toward the U.S. and Europe. Khan had shifted Pakistan closer to Russia and China, and sought to sabotage the no-confidence vote by claiming the Biden administration conspired with the opposition to remove him from power.

A Sharif-led government is also likely to help secure about $3 billion left from an International Monetary Fund loan needed to bolster foreign reserves and the currency. The rupee is trading near a record low against the U.S. dollar and foreign currency reserves have dropped to the lowest in about two years, enough to cover a couple months of imports. The central bank surprised analysts last week with the biggest rate hike since 1996.

Ahead of his ouster, Khan called on supporters to protest peacefully after evening prayers on Sunday. A national vote must be held by August 2023, and Khan is already pressuring the opposition to go to the polls.

Khan’s loss came after a fallout with Pakistan’s army over a range of issues, including interference in military promotions, his rocky relationship with the U.S. and management of the economy. Pakistan’s military has ruled the country for almost half of its 75-year history, and no prime minister has completed a full term in that time.

Khan didn’t go quietly. Last weekend, his party shocked Pakistan when one of his allies canceled the no-confidence vote over the foreign interference claims, after which Khan quickly called an election. Pakistan’s opposition called the move treasonous, as the constitution doesn’t allow parliament to be dissolved during a no-confidence debate.

Pakistan’s Supreme Court later rejected Khan’s rationale for scrapping the vote and ordered the no-confidence vote to go ahead on Saturday. During the parliament session, Khan’s party triggered multiple adjournments by repeating claims without showing evidence that the U.S. wanted to oust his government — an allegation the Biden administration has denied.

When the vote finally took place, opposition lawmakers cheered and clapped as the numbers were called out. Television channels showed opposition party flags being waved on the street and celebratory fireworks and gunfire sounded in Karachi and Islamabad.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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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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