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Macron faces huge challenge as France’s public-sector debt surpasses €3trn
France’s President, Emmanuel Macron is facing huge domestic leadership challenge as the country’s public-sector debt topped three trillion euros ($3.25 trillion) for the first time ever.
According to official statistics released Friday which presented data for the first three months of 2023.
Following a massive surge of borrowing to cushion the impact of the coronavirus and cost-of-living crises, the debt level reached 112.5 per cent of annual GDP at 3.01 trillion euros by the end of March, far above the European Union’s target of 60 per cent.
On Tuesday, March 28, the National Institute of Statistics and Economic Studies (INSEE), stated that government debt stood at €2,95 trillion at the end of last year, 111.6% of gross domestic product, only down slightly from the third quarter.
On the back of a continued upturn in tax revenue boosted by inflation, the 2022 deficit was slightly better than expected, at 4.7% of GDP, when the government was targeting 5%.
“INSEE’s figures for 2022 confirm that French growth is holding up well, so is our tax revenue, particularly corporate income tax,” said Bruno Le Maire, France’s economy minister. “Our strategy remains the same: Improve France’s growth to reduce debt and control spending.”
On the question of whether a public debt close to the €3 trillion mark could cause alarm in the context of generalized debt addiction, Frédéric Dabi, a director general with polling institute IFOP, said-“In our November 2022 barometer, reducing public debt came at the bottom priorities of those surveyed, only ahead of the fight against Covid and the European Union,”
The hundreds of billions of euros poured in the wake of the Covid-19 pandemic, and then inflation, have “shown that we can live with debt,” Dabi said, adding that “The macroeconomic argument did not work this time to justify the pension reform whereas it was very present when the [retirement] age was raised to 62 in 2010.”
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Breaking: Court of Appeal rules in favour of Turaki -led PDP candidate for Osun governorship election
The Court of Appeal, Abuja Division, on Thursday, ruled that the Peoples Democratic Party, PDP Gubernatorial Candidate in Osun State was validly nominated by the Tanimu Turaki-led National Working Committee.
The court also ordered INEC to list the PDP logo on the ballot ahead of Saturday’s gubernatorial election.
The Court held that access code is neither a creation of the Constitution nor the Electoral Act; rather, a creation of INEC’s guidelines and cannot, in any way, override the provisions of the Constitution.
Section 288 of the Constitution does not specify the method for nominating candidates; it only states that the names of candidates should be forwarded to the Commission.
The court further held that the defendant (INEC) should take steps to include the name of the appellant on the ballot paper.
Additionally, the court ruled that the primary election conducted by the Tanimu Turaki-led National Working Committee (NWC) of the PDP was a valid primary election in law.
The three-man panel of justices—Justice Mahmud, Justice Jaro, and Justice Ankawere, was unanimous in its judgment.
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Breaking: NHRC sets up situation room to monitor and document hate speech, intimidation, threat to life ahead 2027
The national Human Rights Commission, NHRC, has set up a situation room to monitor and document all incidences of hate speech, intimidation and threat to life by politicians and other actors ahead of the 2027 general election.
The National Human Rights Commission (NHRC) has expressed concerns over rising incidences of hate speech, intimidation and outright threat to life by highly placed individuals, especially politicians and religious leaders.
The Executive Secretary of the Commission, Chef Tony Ojukwu, SAN, revealed this on Thursday in Abuja at a press conference.
He said the situation room would enable the Commission harvest data, analysis and document persons, agencies and others involved in the negative statements in order to ensure they are properly tracked and brought to book by relevant agencies.
Ojukwu also took journalists on a tour of the newly set up situation room.
Details later…..
News
Breaking: NHRC expresses concern over rising incidences of hate speech, threat to life ahead 2027 elections
The National Human Rights Commission (NHRC) has expressed concerns over rising incidences of hate speech, intimidation and outright threat to life by highly placed individuals, especially politicians and religious leaders.
At a press conference in Abuja Thursday, the Executive Secretary of the Commission, Chef Tony Ojukwu, SAN, recalled statements credited to Senator Francis Fadahunsi and Sheikh Yahya Jingir and described the das dangerous with capacity to set the nation ablaze.
He called on politicians, religious and traditional rulers, among other stakeholders to call their supporters and faithful to orders.
He urged government to act before rhetorics turn to violence, saying the forthcoming election in Osun State should serve as example of Nigeria’s capacity to conduct political contest in compliance with international best practices.
Details later…..
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