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UK PM Truss battles to stay in power after tax reforms trashed

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UK prime minister Liz Truss resigns after 45 days in office

Britain’s Liz Truss on Tuesday battled to salvage her position as prime minister after market turmoil at her tax-slashing plans forced a series of humiliating U-turns that have put her job in jeopardy.

The beleaguered leader — only six weeks into her tenure — met senior ministers for their weekly cabinet, the day after new chancellor of the exchequer Jeremy Hunt announced almost all her debt-fuelled tax cuts would be reversed.

Truss reiterated her government “had gone too far and too fast” in its mini-budget unveiled last month, her office said, as she bids to stabilise weeks of economic and political tumult sparked by the package.

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Hunt, who replaced her sacked ally Kwasi Kwarteng last Friday, urged ministers “to look at finding ways to save taxpayers’ money,” ahead of detailing the government’s revised medium-term fiscal plans on Halloween.

“The cabinet are fully supportive of the prime minister and it was an effective and in-depth discussion,” Truss’s spokesman told reporters, denying there were any calls for the embattled premier to resign.

But even Conservative MPs are publicly joining opposition lawmakers in declaring her position untenable, with the 47-year-old’s credibility seemingly in tatters.

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Less than two months after electing her Tory leader, a new YouGov poll of the party’s membership found a stunning reversal in her fortunes, with a majority now saying she should go.

The pollster also found she was the most unpopular leader it has ever tracked, scoring a net favourability of -70.

“Unprecedented unpopularity,” tweeted YouGov’s Patrick English.

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– Spending cuts –
The government’s September 23 mini-budget sent bond yields spiking and the pound collapsing to a record dollar-low on fears of rocketing UK debt.

Truss had already staged two embarrassing U-turns, scrapping tax cuts for the richest earners and on company profits, before then firing close friend Kwarteng.

On Monday, his replacement Hunt announced that not only would the remaining tax curbs be reversed, but a previously two-year cap on consumer energy bills would now be limited to six months.

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He estimated all the changes would raise about £32 billion ($36 billion) per year, after economists estimated the government faced a £60-billion black hole. Hunt also warned of tough spending cuts.

His interventions sent the British pound soaring against the dollar and euro, while bond yields dipped.

Truss sought to draw a line under the largely self-inflicted crisis by apologising for the first time in a BBC interview Monday. But she insisted she would remain in office.

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It followed a day branded farcical by critics, in which she failed to turn up to an urgent question tabled by the leader of the main Labour opposition in parliament, instead sending cabinet colleague Penny Mordaunt.

After she doggedly defended the prime minister for an hour, Truss then appeared sheepishly to take her place next to Hunt as he announced the dismemberment of her economic agenda.

She is set to return to the House of Commons on Wednesday for a session of the Prime Minister’s Questions seen as a crucial, possibly last, opportunity to reassert her authority.

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– ‘Ghost PM’ –
Following Monday’s performance, The Sun tabloid branded Truss “the Ghost PM”, while left-wing tabloid The Mirror called the situation a “catastrophic humiliation”.

Even The Daily Telegraph, typically loyal to Conservatives, questioned her future.

“It’s hard to conceive of a more serious political and economic crisis in recent times than that which Britain now faces,” its editorial said.

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The paper added she faced “the ignominy” of becoming the country’s second shortest-serving prime minister in history unless her own MPs gave her “breathing space”.

But that appears increasingly unlikely, as reports continue of Tory lawmakers plotting to oust her.

Under current party rules, she cannot be challenged internally through a no-confidence vote in the first year, but speculation is rife that they could be changed to allow for a ballot.

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Conservative MP Roger Gale said Monday that Hunt had become “de facto prime minister”, as several MPs publicly urged her to resign.

“I think her position is untenable,” Conservative MP Charles Walker told Sky News.

“If she doesn’t go right now, it will not be her decision.”

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Armed forces minister James Heappey said Tuesday that Truss had “owned” her mistake but cautioned that she could not repeat such errors.

“Given how skittish our politics are… I don’t think that there’s the opportunity to make any more mistakes,” he told Sky News.

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Economy

Bago inaugurates empowerment programme for 716 youths in Niger

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Bago

Gov. Umaru Bago of Niger State has inaugurated an empowerment programme for 716 youths sponsored by a state lawmaker, Alhaji Sani Umar (APC-Kontagora 1), in Kontagora Local Government Area of the state.

While inaugurating the programme that involved disbursement of funds on Sunday in Kontagora, he said it would enable youths to acquire skills for self-reliance.

Bago, represented by his deputy, Mr Yakubu Garba, commended the lawmaker for the empowerment programme, which he described as people-centred.

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He urged the beneficiaries to make good use of the support given to them, saying that the programme was designed to have a positive impact on their lives.

He said that the state government would continue to come up with policies th positive impact on the lives of the people, especially women and youths.

Bago said that youth empowerment was crucial to fighting unemployment, restiveness and hardship.

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He commended the state legislators for their support and collaboration, attributing the government’s successes to their continued assistance and foresight.

The governor reiterated his resolve to foster cohesion between the executive and legislature, ensuring the delivery of democracy dividends to the electorate.

In his remarks, Alhaji Abdulmalik Sarkindaji, Speaker of the House of Assembly, commended the lawmaker for the initiative aimed at empowering the youths to become self-reliant.

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He lauded the governor for not interfering with legislative engagements, and for promoting democratic principles in governance and the polity.

Earlier in his address, Umar, the sponsor of the programme, said the empowerment was aimed at reducing unemployment and restiveness among youths in his constituency.

He thanked the governor for his support and encouragement for the programme.

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Also speaking, Alhaji Aminu Bobi, Chairman of the All Progressives Congress (APC) in Niger, thanked the governor for his support and administrative prowess, which he said had brought significant changes to the state.

One of the beneficiaries, Aisha Mohammed, thanked the lawmaker for the gesture and promised to make judicious use of the funds to better her life.

The News Agency of Nigeria (NAN) reports that the event was attended by top government officials, traditional rulers, and other stakeholders in the stat

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Economy

Benue at 49: Governor Alia’s Vision for Economic Prosperity and Infrastructure Growth

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Benue at 49: Governor Alia's Vision for Economic Prosperity and Infrastructure Growth

As Benue State celebrates its 49th anniversary, Governor Hyacinth Alia has emphasized his commitment to driving the state to unprecedented levels of economic prosperity and infrastructural development.

In a statement signed by his Chief Press Secretary, Mr. Tersoo Kula, and made available to newsmen on Monday in Makurdi, Alia outlined the significant reforms his administration has set in motion since he assumed office.

“Less than two years into our administration, we have achieved remarkable breakthroughs, unprecedented in the history of the state,” said Alia.

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The governor highlighted key achievements, including the rollout of programs aimed at boosting agricultural productivity and agribusiness to ensure food security and improve livelihoods. “We have rehabilitated roads, opened new ones, constructed and fixed public facilities to make Benue more accessible, enhancing economic growth,” he stated.

Alia also underscored the administration’s focus on healthcare, pledging to advance healthcare facilities to ensure quality and accessible services for all citizens. “Our resolve is to take the state where every citizen experiences prosperity, security, and opportunity,” he added.

The governor stressed that achieving these goals requires the collective efforts of all Benue citizens. “This target cannot be achieved alone. It calls for the collaborative determination of all stakeholders, community leaders, traditional rulers, business owners, and our energetic youth. Together, the administration can build a future that mirrors our joint desires,” Alia urged.

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As the state marks its 49th anniversary, the governor called on the people to remain steadfast in their commitment to promoting Benue’s growth. “I extend a hand of fellowship to all stakeholders to join hands with us in this noble endeavour,” he concluded.

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Economy

NCS Records Historic ₦6.1 Trillion Revenue in 2024

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NCS

The Nigeria Customs Service (NCS) has achieved a historic milestone, collecting a record ₦6.1 trillion in revenue in 2024, surpassing its ₦5.1 trillion target by ₦1.03 trillion. This represents a 20.2% increase above the target and an impressive 90.4% rise from the ₦3.2 trillion collected in 2023.

Speaking at a press briefing in Abuja on January 14, 2025, the Comptroller-General of Customs, Bashir Adewale Adeniyi, attributed the remarkable performance to strategic reforms, enhanced operational efficiency, and strong alignment with government policy objectives. “This growth is historic as it marks the highest year-on-year increase recorded by the Service in recent times,” he noted.

The record-breaking revenue is segmented into ₦3.66 trillion for the Federation Account, ₦816.9 billion for Non-Federation Account Levies, and ₦1.63 trillion in Value Added Tax (VAT) on imports.

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Adeniyi highlighted the Service’s effort to balance revenue collection with trade facilitation, granting concessions worth ₦1.68 trillion to stimulate industrial growth while tightening controls to prevent abuses.

The Service also achieved remarkable progress in trade facilitation, recording a 179.3% increase in total trade value to ₦196.94 trillion in 2024, compared to ₦70.5 trillion in 2023. This growth was driven by a surge in the export trade, which saw a 219.5% increase in value to ₦136.65 trillion.

Significant advancements were made in customs operations, including the introduction of the Advanced Ruling System and the Authorized Economic Operator (AEO) programme. The latter has reduced cargo clearance times to an average of 43 hours for AEO-certified companies. Additionally, the indigenously developed digital clearance platform, “B’Odogwu,” generated ₦31 billion in revenue during its pilot phase.

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In 2024, the NCS received international acclaim, advancing 33 places in the Presidential Enabling Business Environment Council (PEBEC) rankings and being recognised among the top five agencies for trade facilitation. Strategic partnerships, such as with the Healthcare Federation of Nigeria, have streamlined the clearance of medical supplies, aligning with the federal government’s health accessibility goals.

The Service’s trade facilitation efforts under the African Continental Free Trade Agreement (AfCFTA) have also bolstered the participation of Nigerian exporters in global markets, with notable representation at the Biashara Afrika forum in Kigali.

Adeniyi attributed these achievements to the support of President Bola Ahmed Tinubu’s administration and the dedication of NCS officers. He reaffirmed the Service’s commitment to leveraging technology, fostering stakeholder collaboration, and enhancing operational efficiency to sustain growth.

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