BusinessDay

Five things to know to start your Tuesday

Atiku Abubakar cmiserates with victims of flood, climate change is real

Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), has called for a change in the mindset of Nigerians towards climate change. The PDP presidential flagbearer has presented a grim picture of the dangers of climate change, calling for a change in attitude towards protecting the environment.

In his official Facebook account, he called for Nigerians to start to take appropriate actions with regard to climate change. He was responding to the yearly flooding challenge that has become a norm in the whole of Nigeria.

“Climate change is real. The flooding that has followed torrential downpours in towns and villages in Nigeria—like other places around the globe, confirms this, “he stated.

“The damage that has been occasioned on account of the floods is troubling. Public social facilities like schools and hospitals have been impacted.
It may be safe to say, however, that no one carries the burden of these floods like our farmers.

“Media reports abound of swathes of farmlands and food crops being washed away.

“The consequence of these losses by our farmers will be felt by all of us. Any hope of a bumper harvest is now diminished. This will further add to the misery in our towns and villages as well as in our cities as food prices continue to soar.

“I share the pain of the victims of these flooding incidents, including communities where their local healthcare centres, markets, and schools have been destroyed. or even individuals who have been displaced. I also sympathise with those who have lost their loved ones.

“Therefore, I urge governments at all levels to unveil a special humanitarian assistance programme to provide immediate succour to the affected communities,” Atiku pleaded, knowing how terrible the situation may become in the near future if we don’t speed up action against poor environmental preservation habits.

Read also: Kwankwaso won’t step down for Atiku, Tinubu- spokesperson

Two for in Lagos flood

At least two people have been reported dead in the flood which is the aftermath of continuous rainfall from the weekend till Monday.

The downpour worsened the flood situation in many communities in Lagos State, forcing many motorists and commuters to navigate their way painfully through the gridlock and flooded roads to get to their respective destinations.

From Obalende to Mile 2, Ikorodu Road, CMS, Lekki Road, and several other affected places, Lagosians posted pictures and videos of their frustration over the now common flooding that has become a given in

The deceased who lived in the Mende area of Lagos State were said to have been swept away by the floods.

“A man simply known as Alfa was swept away as a result of heavy downpour that have caused heavy flooding that took over the whole communities of Ajayi Street, Olubodun Ifesowapo, Olubodun, Fafunwa, Ipaja West, and Tioluwani in Alimosho LGA,” a NEMA official told Channels TV.

“The deceased was said to have initially escaped with his wife and four children, but the man  returned to his house to pick up some items in the course of which he was swept off.”

“The family of Alfa had been evacuated to a relative’s residence.”

“While another adult man was said to have missed his steps on the command bridge and fell on the running water. Before help could reach him, he had been carried away.

FG inaugurates committee on railway security

The Federal Government on Monday inaugurated a committee tasked with the responsibility of safeguarding train passengers and railway infrastructure across the country.

The Federal Ministry of Transportation released a statement stating that the 11-man committee was inaugurated by the Permanent Secretary in the Ministry, Magdalene Ajani, in Abuja.

The members of the committee are the Permanent Secretary of the Ministry of Transport, Magdalene Ajani (Chairman); Managing Director of the Nigerian Railway Corporation, Fidet Okhiria (Secretary); Director, Rail Transport Services, Yusuf Adekunle; Air Vice-Marshall A. O. Adole (Defence Headquarters), Major General T. E. Gagariga (Nigerian Army), Air Commodore C. O. Olayera (Nigerian Air Force) and Ngozi Ezeilo (representing Civil Society Organisation).

Accordingly, the statement revealed that “the committee is to review the use of surveillance equipment along rail lines and set up a special task force on railway lines across the country.”

“It would also develop a comprehensive report on the train attacks along the Abuja-Kaduna route and make recommendations on how to prevent future occurrences of similar attacks,” it added.

This committee is in response to the March 28 Kaduna-Abuja train attack that caused the death of many passengers and the kidnapping of many more. An attack that grounded train transportation and caused millions in damage to the train infrastructure.

William Ruto to be sworn in as Kenya’s president Tuesday

William Ruto is to be sworn in as Kenya’s fifth president on Tuesday. His swearing-in, though behind schedule, comes a week after the Supreme Court validated his victory at the poll following a petition from his closest contender, Raila Odinga, challenging his victory.

Ruto, who takes over from Uhuru Kenyatta, will have to deal with the current food and energy crisis that has led more than 45 percent of the country’s population into poverty.

Ruto, a gifted, brilliant, and energetic politician with years of impeccable achievement in both the private and public sectors, will also try to solve the high unemployment and tackle the rising public debt that his predecessor, Kenyatta, has used to finance development over the past 10 years.

Ruto, who, against the wish of his boss, the president, won the election, will try to achieve all or most of his campaign promises so as to cement his popularity with the masses.

“Mr President-elect, as you walk the path to your inauguration and beyond, you will be president not just for those who voted for you but for all Kenyans,” Kenyatta said in an address on Monday night, wishing Ruto well.

Fed set for another 75-basis-point rate hike

A recent Reuters poll of economists has shown that the Federal Reserve will likely raise the interest rate by another 75 basis points next week.

The pool, which was released on Tuesday, revealed that policymakers are expected to keep the policy rate unchanged for an extended period of time once it reaches its peak.

Policymakers had seen the necessity of the rate hike as an effective weapon to fight inflation, which by the Fed’s measurement is running at more than three times its 2 percent target.

The Reuters poll showed that “a strong majority of economists, 44 of 72, predicted the central bank would hike its fed funds rate by 75 basis points next week after two such moves in June and July, compared to only 20 percent who said so just a month ago.”

The poll went further by saying that “if realized, that would take the policy rate to the 3.00 percent-3.25 percent target range, the highest since early 2008, before the worst of the global financial crisis. The remaining 39 percent still expected a 50-basis-point hike. ”

The immediate impact has been a shift in expectations for the larger hike, pushing the US dollar to a two-decade high against a basket of currencies.

If there has been a shift in the Fed’s tone in recent months, it has been in the direction of a stronger commitment to reducing inflation, even at the risk of a downturn, noted Michael Gapen, chief U.S. economist at Bank of America Securities, who was among those polled.

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