Count me out of Bayelsa guber race – Alamieyeseigha

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Chief Diepreye Alamieyeseigha

Former Governor of Bayelsa State, Chief Diepreye Alamieyeseigha, has distanced himself from the forthcoming governorship race in the state.
The former governor on Friday reacted to a report that he was planning to join the governorship race on the platform of the All Progressive Congress (APC).
But Alamieseigha in a statement in Yenagoa described as complete fallacy and an act of mischief, the reports that he was interested in the race.
The former governor said he neither nursed nor discussed such plans with anybody and called on his teeming supporters and the people of the state to regard the reports as the handiwork of mischief makers.
Alamieyesiegha said he remained a staunch member of the Peoples Democratic Party (PDP) and had no intention to abandon the party to seek an office under the platform of another party.
He said he would rather support and contribute to ongoing efforts at rebuilding and repositioning the PDP.
Alamieyeseigha reaffirmed his total support for the administration of Mr. Seriake Dickson and expressed satisfaction with the performance of the PDP-controlled government in the state.

Source: New feed8

Conservatives win UK election

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Cameron
Cameron
David Cameron has returned to Downing Street with the Tories having defied polls and won the general election, the BBC reports.
The Conservatives made gains in England and Wales and are forecast by the BBC to secure 331 seats in the Commons, giving them a slender majority.
Labour leader Ed Miliband said he would stand down on Friday, saying his party must “rebuild” with a new leader.
Lib Dem leader Nick Clegg has also said he will quit, with his party set to be reduced from 57 to eight Members of Parliament.
UKIP leader Nigel Farage is also quitting after he failed to win Thanet South, losing by nearly 2,800 votes to the Conservatives.

Source: New feed8

Fuel Subsidies: Angola says it just can’t take it anymore

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VENTURES AFRICA – Battered by the collapse of its oil revenue, the Angolan government says it can no longer bear the burden of subsidizing the price of petrol and other fuels. “Gasoline now joins the free price system, ending the burden on the state of the cost of subsidies,” the ministry of finance said on Thursday. It added that the price changes will commence on September 30.

Last year’s plunge in global oil prices dealt a heavy blow to Angola’s economy, pushing the country into a budget deficit of around 8.1 percent of GDP, causing the halving of the proposed 2015 budget, and removing over 4 percentage points in the country’s GDP growth forecast. The local currency, the Kwanza, has also fallen by over 10 percent and sucked off nearly $1 billion dollars spent on defending it. Oil accounts for nearly 50 percent of Angola’s GDP, 80 percent of government revenues and 95 percent of the country’s exports.Despite being Africa’s second largest crude exporter, Angola imports most of its fuel because of its insufficient refining capacity. According to Control Risks, the Southern African nation spent around 4 percent of its 2013 budget on fuel subsidies. The government says it is unrealistic to keep carrying the heavy burden, and argues that the program, against its objectives, enriches a few than benefits the poor for whom it was made. “The ongoing effort to adopt realistic prices will help strengthen social programmes and reduce inequality, since subsidies benefit the most favoured groups and encourage fuel smuggling to neighbouring countries,” part of the statement of Finance Ministry read.The ministry added that while it will still subsidise 21 percent of the price of diesel, it will hand over the fixing of the price of gasoline to state-oil company Sonangol.  By this changes, Diesel price will increase by 25 percent, the same percentage by which the price of gasoline increased last September. The statement said the country has saved 110 billion kwanza ($1 billion) from reduced subsidies since October last year.

Despite the savings from subsidies, the Angolan government is set to embark on a borrowing spree. In February the finance ministry said it plans to borrow $10 billion from the World Bank and China in order to cushion the effect of its drastically reduced revenue. Reuters revealed in the same month that the country plans to issue a debut $1.5 billion Eurobond.

Source: New feed23