Connect with us

Business

US Government ends White house Shutdown

Published

on

 

WASHINGTON – The US government ended the shutdown on Thursday – just in the nick of time – averted a US debt default in a bipartisan deal that left Republicans little to show for the epic political drama that threatened to rattle the world economy.

The South African Reserve Bank said on Wednesday it was “closely monitoring the situation in the US”, saying it would take the “necessary actions” should the US default on its debt payments for the first time in history.

The Senate voted 81-18 to send the measure to the Republican-controlled House of Representatives, which passed it late Wednesday night 285-144.

WHITE HOUSEPresident Barack Obama signed the measure – which adhered strictly to the terms he laid down when the twin crises erupted more than three weeks ago – shortly after midnight Thursday.

Congress had faced a deadline of 11.59pm on Thursday to raise the government’s borrowing authority or risk a default on its obligations.

The bill reopens the government through January 15 and permits the Treasury to borrow normally through February 7 or perhaps a month longer.

It includes nothing for Republicans demanding to eradicate or scale back Obama’s signature health care overhaul.

“We fought the good fight. We just didn’t win,” conceded House Speaker John Boehner as lawmakers lined up to vote on the bill.

At the White House, Obama hailed the Senate’s vote and promised to sign the legislation immediately.

“We’ll begin reopening our government immediately and we can begin to lift this cloud of uncertainty from our businesses and the American people,” he said.

‘Restoring sanity’
Less than an hour later, as debate began in the House, Republican Representative Harold Rogers said: “After two long weeks, it is time to end this government shutdown. It’s time to take the threat of default off the table. It’s time to restore some sanity to this place.”

The stock market surged earlier Wednesday at the prospect of an end to the crisis that had threatened to shake confidence in the US economy overseas.

The crisis began on October 1 with a partial shutdown of the federal government after House Republicans refused to accept a temporary funding measure unless Obama agreed to defund or delay his health care law, known as “Obamacare.”

It escalated when House Republicans also refused to move on needed approval for raising the amount of money the Treasury can borrow to pay US bills, raising the specter of a catastrophic default.

Obama vowed repeatedly not to pay a “ransom” in order to get Congress to pass normally routine legislation.

The hard-right tea party faction of House Republicans, urged on by conservative Senator Ted Cruz of Texas, had seen both deadlines as weapons that could be used to gut Obama’s Affordable Care Act, designed to provide tens of millions of uninsured Americans with coverage.

The Democrats remained united against any Republican threat to Obama’s signature program, and Republicans in the House could not muster enough votes to pass their own plan to end the impasse.

Furloughed
More than two million federal workers – those who had remained on the job and those who had been furloughed – would be paid under the agreement.

Boehner and the rest of the top Republican leadership told their rank and file they would vote for the measure.

But he vowed Republicans were not giving up on the fight to bring down US debt and cripple “Obamacare,” as the president’s signature health care overhaul is known.

“Our drive to stop the train wreck that is the president’s health care law will continue,” Boehner said in a statement.

Harry Reid, the Democratic Senate majority leader, thanked Senator Mitch McConnell, the Republican minority leader, for working with him to end what had become one of the nastiest partisan battles in recent Washington history.

“This is a time for reconciliation,” Reid said.

A long line of polls charted a steep decline in public approval for Republicans in the course of what Republican Senator John McCain pronounced a “shameful episode” in US history.

Standoff
The deal ends the bitter standoff for now, giving both parties time to cool off and come up with a broader budget plan or risk repeating the damaging cycle again in the new year.

Within moments of the House’s vote, Sylvia Mathews Burwell, director of the Office of Management and Budget, issued a statement saying “employees should expect to return to work in the morning.”

McConnell said the time had come to back away for now from Republican efforts to undermine “Obamacare.”

But the feisty minority boss said Republicans had not given up on erasing it from the legislative books.

Passage in the House depended heavily on minority Democrats to support it.

The risky move was seen as imperiling the House leadership, but Boehner was ready to end the crisis that had badly damaged Republican approval among voters.

Looking forward, lawmakers were also concerned voters would punish them in next year’s congressional elections. Polls show the public more inclined to blame Republicans.

Republican Senator Lindsey Graham said the party had hurt its cause through the long and dangerous standoff.

“This package is just a joke compared to what we could have gotten if we had a more reasonable approach,” he said. Sapa-AP

– REUTERS

1 Comment
0 0 votes
Article Rating
Subscribe
Notify of
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
user-556182
user-556182
6 months ago

awesome

Business

Dangote Refinery’s Expansion to 1.4m bpd Creates Jobs for 95,000 Skilled Workers

Published

on

President of the Dangote Group, Aliko Dangote, has announced that the expansion of the Dangote Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers at peak construction.

Dangote disclosed this at the weekend in Lagos during his induction as an Honorary Fellow of the Nigerian Academy of Engineering (NAE), describing the project as a major milestone in Nigeria’s industrial transformation.

According to him, the expansion underscores the Group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.

“This award is particularly meaningful because it recognizes what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Dangote said.

Upon completion, the expanded Dangote Refinery will surpass the Jamnagar Refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.

ALSO READ: PwC Recommends Nigeria’s Oil Sector to South African Investors

Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the Group’s long-term vision for industrialization in Nigeria and across Africa.

Beyond employment generation, the refinery expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain. It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.

“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Dangote stated.

In his remarks, President of the Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, described the honour as well deserved, noting that Dangote’s impact transcends physical infrastructure.

“What makes this recognition fitting is not only what has been built, but what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.

Photo Caption
From Left: GED Oil & Gas, Dangote Industries Limited, Fatima Aliko Dangote; GED Operations, Dangote Sugar Refinery Plc, Mariya Aliko Dangote; President/CE, Dangote Industries Limited, Aliko Dangote; President, The Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, at The Nigerian Academy of Engineering Induction of Aliko Dangote as Honorary Fellow in Lagos on Friday, April 24, 2026.

Continue Reading

Business

Airlines Threaten Shutdown over Skyrocketing Fuel Price

Published

on

Alleging unbearable and unsustainable aviation fuel prices, domestic operators have set Thursday, April 30, 2026 as the shutdown date of local flights in Nigeria.

According to industry insiders, the airlines had engaged both the Federal Government and oil marketers without a breakthrough, and appeared left with no option but to ground flights from Thursday.

The looming shutdown comes after several complaints by operators, who have watched the price of Jet A1 surge by over 300 per cent compared to February levels, pushing operating costs to the brink.

Passengers, many of whom rely on domestic flights for business and urgent travel, now face uncertainty.

In a bid to avert the crisis, the Minister of Aviation and Aerospace Development, Festus Keyamo, convened a meeting with airline operators and fuel marketers in Abuja last week. However, findings indicate that the tripartite talks ended in a deadlock, with operators unwilling to shift their stance unless decisive action is taken.

ALSO READ: Dangote Leads East Africa’s Industrial Revolution

At the end of the two-day meeting, the minister announced a 30 percent reduction in aviation-related taxes as part of efforts to ease the burden on airlines. While the gesture was acknowledged, operators insist it falls short of addressing the root problem.

On the first day of the meeting, Vice President of the Airline Operators of Nigeria, Allen Onyema, welcomed the government’s intervention but maintained that fuel marketers must account for the sharp rise in prices.

Onyema said, “This government has helped the industry more than anyone since 1999, and the President is even willing to waive 30 percent of the debts airlines are owing.

“But the truth is that the marketers must be brought to book to explain how they came about the 300 percent increase when even Dangote is surprised because what he is selling to us is still the cheapest.”

At the end of the second day, Onyema issued a stark warning, giving a seven-day ultimatum from midnight last Thursday for action to be taken. “Since the advent of the US-Iran war, there has been a spike in aviation fuel in Nigeria, which we, the Airline Operators of Nigeria, feel is not proportionate to the hike internationally.

“We expect that in the next 48 hours something drastic should be done because no airline will fly in this country in the next seven days if nothing is done, not because they don’t want to fly, but because fuel may not be available to us at sustainable pricing.”

Providing further insight into the financial strain, Onyema disclosed that fuel prices have skyrocketed from about N900 per litre before the crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.

“Before the crisis, we were buying fuel at about N900 per litre. Now it has risen to between N2,700 and N2,900, with some selling as high as N3,300 to N3,500,” he said.

According to him, airlines are now operating primarily to service fuel costs. “All the airlines in Nigeria have been flying to pay fuel marketers only, and you don’t want to compromise safety,” he added.

Despite speculations about indebtedness, senior airline officials who spoke to our correspondent in confidence on Sunday, due to the sensitive nature of the matter, insisted that operators are up to date with payments to key aviation agencies, including the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA).

Consequently, the Airline Operators of Nigeria (AON) have formally requested additional relief measures from the government.

In the letter dated April 21 and signed by AON President Abdulmunaf Sarina, the group called for the immediate suspension of aviation taxes, fees, and charges for at least six months.

The operators argued that the unprecedented rise in fuel costs threatens not only airline operations but also jobs and the stability of the aviation sector. Among other demands, the AON proposed the introduction of a non-taxable fuel surcharge, a standard practice in international aviation to help airlines manage rising costs.

They also urged the government to direct oil marketers to issue credit notes to airlines affected by what they described as excessive and arbitrary price hikes. In addition, the group called for the establishment of an industry tax reform committee to review existing charges, assess their relevance, and align them with global standards.

As the deadline approaches, uncertainty hangs over Nigeria’s aviation sector. Another airline executive, who spoke anonymously on Sunday because he was not authorised to comment publicly, warned that the shutdown threat remains real. “If nothing is done, no airline will be flying by Thursday,” he said.

Continue Reading

Business

Dangote Leads East Africa’s Industrial Revolution

Published

on

The ship of industrial revolution is about to berth in East Africa, with the continent’s leading industrialist, Alhaji Aliko Dangote, making clear his intention to take the driver’s seat on investments conceived to lead the continent into energy security and industrial revolution.

To this end, Alhaji Dangote whose company operates the largest petroleum refinery on the continent has offered to lead a consortium to build a major crude oil refinery in East Africa, as governments across the region push for greater energy self-sufficiency following supply disruptions linked to the Iran conflict.

The cost profile of the proposed East Africa Refinery was not disclosed but the proposed facility, to be located in the Tanzanian port city of Tanga, is expected to mirror the scale and capacity of Dangote’s flagship refinery in Lagos, which processes about 650,000 barrels per day.

The project is being discussed as a joint regional initiative, with crude supplies expected from Democratic Republic of Congo, Kenya, South Sudan and Uganda.

Kenyan President William Ruto stated at a conference in London that the refinery would serve multiple East African economies, many of which remain heavily dependent on imported refined petroleum products.

The region currently relies largely on supplies from the Middle East, leaving it exposed to global price volatility and logistical disruptions, including those caused by instability around the Strait of Hormuz.

Dangote said he would take the lead in delivering the project if participating governments reached agreement, with a proposed construction timeline of four to five years.

The move reflects a broader shift across Africa toward building domestic refining capacity after recent geopolitical shocks exposed vulnerabilities in fuel supply chains.

ALSO READ: Why Osun is Tapping into $2 Trillion Global Creative Industry Economy

In Nigeria, Dangote’s refinery has already reshaped the domestic energy landscape since operations began in 2024, significantly reducing the country’s long-standing dependence on imported fuel despite being Africa’s largest crude producer.

The facility has also positioned the Dangote Group as a central player in regional energy markets.

The proposed East African refinery is expected to complement emerging upstream production in the region, particularly in Uganda, which is preparing to begin commercial oil output. Kampala has also announced separate plans for a smaller refinery project in partnership with a United Arab Emirates-based investor.

Beyond refining, Dangote indicated plans to expand industrial investments across the continent, including the development of around 20 fertilizer blending plants by 2028 to support agricultural productivity and reduce import dependence.

He also signaled that a future listing of the Nigerian refinery could be opened to African investors, encouraging broader continental participation.

According to Dangote, the expansion strategy is aimed at building integrated industrial capacity that keeps more value within Africa while reducing exposure to external supply shocks.

Analysts say the success of the Tanga project will depend on regional coordination, regulatory alignment and financing, but note that it represents one of the most ambitious attempts yet to create a shared energy infrastructure serving multiple African economies.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

1
0
Would love your thoughts, please comment.x
()
x