Connect with us

Government

Cyril Ramaphosa Begins New Term Under Coalition Government

Published

3 months ago

on

Cyril Ramaphosa

Cyril Ramaphosa was sworn in for another term as South Africa’s president on Wednesday, the beginning of a new era under a coalition government.

The ceremony held at the Nelson Mandela Amphitheater in the Union Buildings saw Ramaphosa take the oath of office before Chief Justice Raymond Zondo.

The event was attended by prominent dignitaries, including Nigerian President Bola Tinubu, Democratic Republic of Congo leader Felix Tshisekedi, and Zimbabwe’s Emmerson Mnangagwa, and was marked by a 21-gun salute and an air force flyover.

Ramaphosa’s reappointment comes three weeks after elections saw his party, the African National Congress (ANC), lose its parliamentary majority for the first time since the end of apartheid.

The ANC secured just over 40% of the vote on May 29, with millions of former supporters either backing a splinter party led by ex-leader Jacob Zuma or abstaining due to dissatisfaction over high levels of poverty, unemployment, and crime.

In his inauguration address, Ramaphosa emphasized the resilience of South African democracy and the need for unity.

“The resilience of our democracy has once more been tested, and the people have spoken loudly that they choose peace and democracy over conflict,” he said. “The voters of South Africa did not give any single political party the full mandate to govern our country alone. They have directed us to work together to address their plight and realize their aspirations.”

The ANC’s unprecedented electoral outcome necessitated a power-sharing agreement with long-time rivals. The main opposition Democratic Alliance (DA) and four other parties have agreed to join a government of national unity, supporting Ramaphosa’s leadership in exchange for cabinet and parliamentary positions.

This coalition is expected to prioritize economic growth, investment attraction, structural reforms, and sustainable management of state finances.

The rand strengthened to a level stronger than 18 per dollar for the first time in over ten months, and Johannesburg’s benchmark equity index reached a record high on Wednesday.

Market optimism is driven by the inclusion of business-friendly parties in the government, anticipated to bolster Ramaphosa’s reform agenda aimed at addressing power shortages, logistical challenges, and other economic impediments.

Despite criticism in his previous term for his consultative approach, which opponents labeled as indecisive, Ramaphosa reaffirmed his commitment to inclusive governance.

“Those who would like a president that is dictatorial, who is adventurous, who is reckless, will not find that in me,” he stated last month. “In me they will find a president who wants to consult. All these processes have often been seen as, ‘he is weak, he is not decisive.’ I am decisive, but I want to take people along with.”

The new coalition government faces significant challenges, including negotiating policy differences and accommodating politically powerful figures within the ANC and its partners.

The DA has already expressed concerns over the ANC’s uncosted national health insurance plan and its foreign policy stance.

Susan Booysen, director of research at the Mapungubwe Institute for Strategic Reflection, noted the complexities ahead. “South Africa is really moving into this with minimal on-the-ground preparation and justification,” she said. “The devil is going to be in the exact detail. Once cabinet is announced, some basic agreement will have to be reached on policy positions and on what the red-line issues will be.”

As Ramaphosa begins his new term, the nation watches closely, hopeful that this coalition government can navigate the intricate landscape of South African politics and bring about the much-needed reforms and stability.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Continue Reading
Comments

Government

Minister Reveals FG’s Plan to Toll Major Highways in Nigeria, Says it Will Boost Confidence

Published

2 hours ago

on

September 28, 2024

By

lekki

The Minister of Works, David Umahi, has revealed plans by the Nigerian government to apply toll fees on major highways in the country upon full construction.

According to Umahi, who spoke during an inter-ministerial press briefing held in Abuja as part of the 64th Independence anniversary celebrations, some of the highways targeted for tolling include Lagos-Ibadan expressway, Second Niger Bridge, the Abuja-Kano road, and the Makurdi to 9th Mile route in Enugu State.

He noted that the aim of the tolling is to bring confidence in the use of the highways.

“We have the Lagos-Ibadan (expressway), we are completing it and we are tolling it,” the minister stated.

“For example, we are completing the Lagos-Ibadan, we are working on Makurdi to 9th Mile in Enugu State, we are working from Abuja to Lagos.

“These roads are going to be tolled. But, we are not just tolling them, we are bringing confidence in the use of these roads,” Umahi said.

Investors King gathered that in August, the Federal Government reopened the bidding for the Lagos-Ibadan Expressway Phase 2 project.

The development came after the Minister of Works, David Umahi rejected Julius Berger Plc’s proposal.  

This decision was announced in a statement by the Ministry of Works, following a meeting between the minister and representatives from Julius Berger Plc at the Ministry’s Headquarters in Mabushi, Abuja. 

Umahi expressed his disappointment with Julius Berger’s pricing.

He said, “One of the bypasses, which is 17.27 kilometres by two on asphalt, was awarded to Julius Berger. We changed the pavement elements to concrete, and the cost we calculated was N133 billion. Berger presented a figure almost twice our estimate, at N279 billion.”

“We disagreed with this cost during the negotiation in September 2023. We’ve decided to refer the project back to the Bureau of Public Procurement (BPP) and invite more contractors to bid because this involves public funds,” he added.

Continue Reading

Government

Gates Foundation Donates $600,000 to Nigeria For Flood Victims, Agric Sector Reform 

Published

2 days ago

on

September 26, 2024

By

Bill Gates

Reprieve might be in sight for victims of the devastating flood disaster in Borno State as the Federal Government has secured a $600,000 relief fund and commitments from the Bill and Melinda Gates Foundation.

The Bill and Melinda Gates Foundation led by its head of Global Development Programme, Dr. Christopher Elias made the donation when Vice President Kashim Shettima met with the team on the sidelines of the 79th United Nations General Assembly in New York.

Explaining what the fund is meant for, the Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, revealed in a statement he issued on Thursday said the money is to hasten relief efforts for victims of the devastating floods, as well as for health and agricultural sectors’ reforms.

In a statement titled ‘Nigeria secures $600,000 for flood relief, health, agric sectors’ reforms,’ Shittima noted that the Federal Government is confident in its ability to drive meaningful change and improve the lives of all Nigerians.

The Bill & Melinda Gates Foundation pledged the $600,000 for flood relief in Borno state and other health sector initiatives, with an additional $5m grant approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.

Nigeria’s Vice President, Shettima, reaffirmed the commitment of the administration of President Bola Tinubu to placing health, nutrition, and agricultural development at the forefront of the nation’s national agenda.

He assured the government’s readiness to address the pressing developmental challenges facing the country, particularly the significant malnutrition crisis.

He emphasised the Nigerian government’s dedication to integrity and effective leadership in tackling these issues, pointing out that there is an urgency in securing locations for maize production under the Telemaze programme

Promising swift action on import permits for certified seeds, the VP said food security and industrial agricultural development are key to growth.

Specifically, Shettima mentioned the Cassava Accelerator programme as one of the policies that hold immense potential for the nation’s economy.

He indicated that the government is pursuing digitisation and data exchange systems, which we believe will revolutionise public services.

Expressing firm trust and support of partners like the Gates Foundation,” Shettima assured them that the fund would be judiciously utilized to better the lives of Nigerians.

Speaking, the president of the Global Development Programme at the Gates Foundation, Dr. Christopher Elias, expressed worry about the severe flooding in Borno, reiterating the organization’s commitment to supporting Nigeria in times of crisis.

The Foundation also pledged support for Nigeria’s health sector reforms, particularly in the fight against polio.

Similarly, the president of Global Growth & Opportunity Division at the Bill & Melinda, Rodger Voorhies, detailed plans for scaling up drought-tolerant maize production and advancing the Nigeria Cassava Investment Accelerator programme.

He disclosed that a $5m grant has been approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.

He requested import permits for 5,000 metric tons of certified maize seed to build a foundation seed system in the country.

In his submission, Director of the Nigeria Country Office at the Gates Foundation, Uche Amaonwu, expressed appreciation for the ongoing partnership, particularly highlighting a $60 million investment in sector-wide programmes and collaborations on reproductive health issues.

 

Continue Reading

Government

Tinubu Receives Performance Reports of Ministers, Confirms Planned Reshuffling of Cabinet

Published

3 days ago

on

September 25, 2024

By

President Bola Tinubu has confirmed that he would be reshuffling his cabinet team based on reports he had received about their performance.

While there is no specific time that the president disclosed for the rejig exercise, the presidency noted that it would be soon.

It indicated that President Tinubu was handed the reports of the activities of his ministers before making the decision that he would overhaul his team.

It added that the president has empirical evidence from performance reports he received in the past months to make some fundamental decisions on which of the ministers would be relieved of their duties.

Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, and the Senior Special Assistant to the President on Digital/New Media, Mr. O’Tega Ogra, revealed this to State House Correspondents during a joint briefing at the Aso Rock Villa, Abuja, on Wednesday.

Onanuga said although there is no timeline for the impending reshuffle, the president has “expressed his desire” to do it.

He insisted that there is no timeline for the forthcoming exercise, adding that the President has expressed his desire to reshuffle his cabinet, and he will do it.

According to Onanuga, he is not aware whether the reshuffling would happen before before October 1 or after it but that the cabinet would be rejigged.

In his remarks, Ogra said the decision would not be arbitrary but will be based on performance reports presented by the Special Adviser to the President on Policy Coordination, Hadiza Bala-Usman. Bala-Usman also heads the Central Delivery Coordination Unit.

He said, “The President’s decision to reshuffle his cabinet is also based on empirical evidence” recalling that President Tinubu, had while speaking at the retreat for the ministers noted that they were going to have periodic reviews and the decisions that are extracted from these reviews will be used to make that final decision.

Investors King had reported that some Nigerians had been demanding the replacement of underperforming ministers in line with Tinubu’s earlier threat that he would sack those who are not performing in his team.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending