Headlines
Expectations high as Truss takes over, vows to ride out economic storm

Liz Truss took over as Britain’s Prime Minister on Tuesday, vowing immediate action to tackle one of the most daunting set of challenges for an incoming leader in post-War history led by soaring energy bills, looming recession and industrial strife.
Truss, the fourth Conservative prime minister in six years and successor to Boris Johnson who was forced out over multiple scandals, acknowledged the severe global headwinds from Russia’s invasion of Ukraine and the COVID-19 pandemic.
“I am confident that together we can ride out the storm. We can rebuild our economy, and we can become the modern brilliant Britain that I know we can be,” Reuters quoted the 47-year-old former foreign secretary to have said outside her new Downing Street home and office.
Truss appointed close allies to top jobs such as Kwasi Kwarteng as finance minister, Therese Coffey as deputy prime minister and health minister, and James Cleverly as foreign minister.
It was the first time a white man would not hold one of Britain’s four most important ministerial positions.
The new cabinet would be charged with delivering on Truss’ three stated priorities: tax cuts to boost the economy, help over rising energy costs, and sorting out the state-run National Health Service.
She inherits an economy in crisis, with inflation at double digits and the Bank of England warning of a lengthy recession by the end of this year.
Already, workers across the economy have gone on strike.
Truss has promised to scrap plans to increase corporation tax on big firms, and to reverse an increase in a payroll tax on workers and employers, designed to raise additional funding for health and social care, with the extra spending coming from general taxation instead.
Her plan to revive growth through tax cuts, as well as potentially providing around 100 billion pounds ($116 billion) to help with energy bills, has rattled financial markets.
British 30-year government bonds suffered their sharpest one-day fall since March 2020 when the coronavirus pandemic caused turmoil in financial markets, as investors honed in on the extra borrowing Truss’s plans are likely to require, while 10-year borrowing costs rose to their highest since 2011. read more
“I know that we have what it takes to tackle those challenges. Of course, it won’t be easy, but we can do it,” Truss said, adding that Britain would also continue to stand up for freedom and democracy around the world.
One major global ally, United States President, Joe Biden, offered his congratulations.
“I look forward to deepening the special relationship between our countries and working in close cooperation on global challenges, including continued support for Ukraine as it defends itself against Russian aggression,” he said on Twitter.
Also, President Muhammadu Buhari congratulated the new Prime Minister of Britain.
In a statement yesterday, by his Media Adviser, Femi Adesina, the president on behalf of the citizens and Government of Nigeria, congratulated the Truss, on her assumption of this trusted position of leadership.
Buhari rejoiced with the former Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom, whose antecedents in government, politics and diplomacy will further shape and strengthen relations with Nigeria and other nations.
He affirmed that the shared ties between Nigeria and Britain remains strong, positive and mutually beneficial, while working with Prime Minister Truss to deepen that relationship in the interest of both countries.
Buhari appreciated the warmth and friendliness of the immediate past Prime Minister, Boris Johnson, wishing him the best in his future endeavours.
The new prime minister has a weaker political hand than many predecessors.
Having held a place in cabinet for eight years, she defeated former finance minister Rishi Sunak in a vote of Conservative Party members by a tighter margin than expected and despite more of the party’s lawmakers initially backing him.
Johnson, who tried to cling to power in July, despite ministers resigning en masse over scandals including parties during COVID lockdowns, appealed for unity. read more
“It’s time for politics to be over, folks,” he said in his farewell speech. “It’s time for us all to get behind Liz Truss.”
After speaking outside Downing Street’s famous black door, Johnson flew to Scotland to tender his resignation to 96-year-old Queen Elizabeth at one of her homes, before Truss followed him into Balmoral Castle to be appointed. read more
Johnson boasted of his successes, including an early COVID vaccine programme and his staunch support for Ukraine in its battle against Russia.
He also listed “delivering Brexit” as one of his main achievements, although polls now show that a majority of people think leaving the European Union was a mistake.
Britain, under Conservative rule since 2010, has stumbled from crisis to crisis in recent years and there is now the prospect of a long energy emergency that could drain the savings of households and threaten the futures of businesses still weighed down by COVID-era loans.
Headlines
China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).
The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.
Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.
The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.
Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.
Headlines
Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.
Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.
“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”
He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.
Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.
In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”
He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.
Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.
Headlines
Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.
Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.
“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”
The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.
Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.
“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.
The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.
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