US Treasury Secretary Janet Yellen testifies before the Senate Banking, Housing, and Urban Affairs Committee hearing on The Financial Stability Oversight Council Annual Report to Congress, in Washington.
US Treasury Secretary Janet Yellen testifies before the Senate Banking, Housing, and Urban Affairs Committee hearing on The Financial Stability Oversight Council Annual Report to Congress, in Washington.
US Treasury Secretary Janet Yellen said on Tuesday that Western sanctions have delivered a powerful blow to Russia’s economy following the invasion of Ukraine.
“Their economy is clearly in recession,” Yellen told lawmakers during a hearing on the Financial Stability Oversight Council’s annual report to Congress, adding that there are forecasts the Russian economy will contract by 10% to 15%.
Inflation in Russia is probably running around 20% this year, Yellen said. That would be more than double the 8.5% year-over-year jump in consumer prices in the United States in March.
“Russian firms that have been sanctioned are finding it almost impossible to gain access to goods and services that they need in global markets,” Yellen said, adding that this includes major defense firms that can’t find the computer chips and other components they need to restock their defense arsenals.
Earlier, Yellen said that “Russia’s unprovoked invasion of Ukraine has further increased economic uncertainty.”
The war in Ukraine has disrupted supplies of food and energy, contributing to the highest level of inflation in decades. The average price of regular gasoline has increased about 25% to record highs since Russia invaded Ukraine in late February.
Yellen said financial regulators will continue to monitor developments and “coordinate actions as the risks and threats evolve.”
UN General Assembly elects Czech Republic to replace Russia on the Human Rights Council
UN General Assembly elects Czech Republic to replace Russia on the Human Rights Council
The United Nations General Assembly (UNGA) met on Tuesday to elect the Czech Republic to replace Russia on the Human Rights Council, with 157 votes in favor and 23 abstentions.
The Czech Republic’s term begins Tuesday and will expire on December 31, 2023. It was the only candidate announced to replace Russia.
On April 7, the UNGA voted to suspend Russia from the Human Rights Council with 93 votes in favor, 24 against, and 58 abstentions.
In the draft of the April 7 resolution, the UNGA said the General Assembly would “suspend the rights of membership in the Human Rights Council of a member of the Council that commits gross and systematic violations of human rights.”
Senate President, Ahmad Lawan, has confirmed that former governor of Abia State, Senator Orji Uzor Kalu, withdrew from 2023 presidential to support him (Lawan).
He disclosed this during plenary on Tuesday while announcing a roll call of Senators who are ambitious to contest the 2023 presidential election on the platform of the ruling All Progressives Congress (APC).
In his remark, Lawan commended Kalu and described him as a statesman for withdrawing from the presidential race for him.
He also said senators who had purchased the N100 million APC presidential nomination form include Senator Ibikunle Amosun representing Ogun Central Senatorial District; Senator Robert Ajayi Boroffice, representing Ondo North Senatorial District, and himself representing Yobe North Senatorial District.
He said, “The first person to buy presidential nomination form is Senator Ibikunle Amosun; the next is the distinguished deputy Senate leader, Senator Robert Ajayi Boroffice. “Also I got the nod and I have shown my interest to contest for the Office of the President of our great country on the platform of our great party, the APC.
“So the Senate contingent is a formidable one and by the grace of the Almighty God, the aspirants for the All Progressives Congress and maybe the Peoples Democratic Party (PDP) as well will make headway.
“The Chief Whip, who is also an aspirant, has stepped down to support my aspiration. So the Chief Whip of the Federation, I will thank you for what you have done for being a statesman.
“All our colleagues who are contesting for the governorship in their various states, we wish all of them the best of luck and those who want to come back to the Senate, we also wish them the best of luck.”
Lawan had on Monday claimed to have been presented with the presidential nomination form by a group operating under the aegis of “National Stability Project”, led by one Sam Nkire.
The nomination form was presented to him after an elaborate ceremony at the Senate President’s guest house in Maitama, Abuja where some Senators loyal to him were present.
Senator Orji Kalu had officially pulled out of the 2023 Presidential election.
He said on Monday that the decision to pull out of the race was informed by the fact that the ruling APC would not be zoning the presidency to any region.
According to him, if a candidate of South-East extraction was not successful in clinching the APC ticket, he would support a candidate from another part of the country.
My decision to run is borne out of hunger and desire to add value and impetus against the backdrop of the yearnings of the entire people of Abia state, who believe in the youths as an option and to take Abia to the much-desired place occasioned by their cries and wishes for good governance, inclusiveness and ensuring that Abia takes its rightful place in the comity of States
I decided to run following calls from stakeholders, including the downtrodden, traditional rulers, and eminent sons and daughters of Abia State, and to take up the gauntlet, to stand in the gap to shield our people from any form of hopelessness
Having seen the roles and contributions of our past leaders, there’s no gainsaying that they have done their best, but I’m here to reinvigorate our spirits, minds, and souls to the much-vaunted dreams of our people for a better life.
I have watched a common denominator in believing in the youths as it is said, that a state that carries along her youths prepares them for a better future
Without the efforts of the past leadership, however, it has become necessary that I bridge the gap, to restore stability, and rebuild the confidence of our youths and the good people of our state.
To that extent, I have joined in this race with my full chest, to say I appreciate other people who as well aspire for the same position, but however, I pledge that I offer a better option, to galvanize the young people, the men, and women of Abia State, to instill a sense of belonging in our administration, which will bring hope and pride to our people.
I possess the requisite skills and experience required to harness the vast resources in the state for productive and developmental purposes.
My team and I are ready to turn around the fortunes of the state by revolutionising all the sectors of governance with focus on the masses.
If given the PDP ticket and elected governor, I will reposition Abia for economic prosperity by creating the enabling environment for industry to thrive, with a better approach to internally generated revenue that would reduce dependence on federation allocations.
Education will be one of the major objectives of my aspiration, the sector will be reformed to include not only building of schools, but also the provision of incentives to teachers.
We’ll revisit the farm settlements, and improve and empower the youth in particular and our people in general, through agriculture, the creative industries will receive a massive boost under our watch. Tourism will be made more attractive and visitors will come to experience our beautiful cultural heritage and sites.
We’ll escalate the commercial viability of our markets to unprecedented new levels with improved infrastructure and security.
Abia will become the ICT hub in West Africa during our tenure.
We shall enhance the road networks and improve transportation.
We are very committed with passion to making sure that Abia occupies its rightful position in the comity of states in the country.
We are determined to replicate in Abia state the record of achievements of our hero, late premier, Dr M.I Okpara in the defunct South Eastern region of Nigeria.
We plan to explore all the areas of possible economic prosperity and development without exploiting the people.
God’s own State, Abia, is blessed with abundant natural and human resources.
We will have a council of eminent personalities drawn from all strata of the society to help oversee our policies and all sectors of our economy.
We can’t continue to live in the past, when we have men of class and honour who are mostly consultants and appreciated across the globe,
Abia nwere madu
Therefore, I urge all our brothers and sisters to give me, this opportunity to serve you, because you’ll never regret it.
We intend to make Abia, a world-class destination for everything beautiful like our people.
It’s time to close ranks and bring in the best of brains to Abia state.
I will ensure that there’s gender balance to give room for our women.
We will ensure that more youths will be recognized and appreciated.
What we need is the right leadership, a candidate with good character, great antecedents, and who is popular, if PDP needs to put its best forward for the poll and if it is serious to retain the seat in Abia.
I, Mayor Lucky Igbokwe is the right person and the best hand for the job.
I have consistently proved that with my track record in philanthropy, business, and human capacity development.
My footprints are everywhere in the state despite coming from Abia central.
I urge you all to come to the table and let’s take Abia to the most enviable heights we desire.
I pledge that nothing short of this will happen. I want us to know that the confidence in me is a confidence of hope, the future, the success, the restoration, and the Freedom from fear.
The Senate on Tuesday passed an amendment to the Electoral Act 2022 to allow statutory delegates to participate in political parties’ congresses and conventions.
The current version, which was assented to by President Muhammadu Buhari in February this year, prevents statutory delegates from taking part in party primaries.
Statutory delegates include councillors, local government chairmen and their vice, political party chairmen in all the 774 LGAs, state and federal lawmakers, governors and their deputies, president and vice president, political parties’ National Working Committee members, state party chairmen, and secretaries.
The Red Chamber amended the clause after considering a bill sponsored by Deputy Senate President Ovie Omo-Agege, during plenary on Tuesday.
The amendment will allow statutory delegates, in addition to the delegates elected by various political parties, to vote during congresses and conventions to elect candidates for various political offices.
Speaking after the bill was passed, Senate President Ahmad Lawan said the “unintended clause” has to be amended before the commencement of party primaries.
He said the House of Representatives would also passed the same amendment on Wednesday before transmitting it to the president for assent latest next week.
He said the amendment had become imperative to ensure that no one is denied his rights during political parties’ activities.
The lead Counsel to the Indigenous People of Biafra, IPOB, Ifeanyi Ejiofor, on Tuesday said the next court outing of the detained IPOB leader, Nnamdi Kanu, will be on 18 May, 2022 at the Federal High Court in Abuja.
Ejiofor disclosed this to newsmen in Owerri, after the IPOB legal team had visited the IPOB leader, at the Department of State Services, DSS, in Abuja, last Monday.
According to the IPOB legal team, “By the subsisting Court-Order, we visited our Client – Onyendu Mazi Nnamdi Kanu. The visit offered us the opportunity to review the level of the DSS compliance with the positive Court Orders regarding the welfare of Onyendu.
“We had fruitful and quite incisive interactions impacting positively on all dimensions of Onyendu’s case, and he was adequately briefed on relevant matters of urgent importance which will remain private.
“Onyendu is very firm in his conviction and unshaken in his resolve for a better tomorrow for UmuChineke. He reiterated the fact that UmuChineke must remain vigilant now more than ever, and he advised everyone to be conscious of their engagements. He was very emphatic about being focused and never derailing. As usual, Onyendu expresses his profound gratitude to you all, UmuChineke for remaining strong in your solidarity, unshaken faith, and seemingly resolute.”
“Onyendu is particularly enthused about the peaceful conduct of UmuChineke, and consequently, encourages you all to keep it up, and be assured that at the end of the tunnel, there must be light.
“Details of our other engagement with contends may not be made public because our adversaries are all over the place trying to sniff for information on our strategies, but we cannot avail them. May we remind UmuChineke, that your prayers are most compelling now, such devotion is not taken for granted.
The next Court date is the 18th of May, 2022, keep it in your prayers and your mind,” Ejiofor said.
Four teachers of Chrisland Schools, who accompanied some of the pupils to the World School Games in Dubai, the United Arab Emirates (UAE) have been arraigned at the Yaba Magistrate Court, Lagos.
The four are: Oladotun Sotunde, Elesho Tajudeen, Rhoda Olanipekun and Ajiboye Hammed.
They are facing charges of alleged conspiracy and conduct likely to cause a breach of public peace preferred against them by the Police.
The Lagos State ordered the closure of all of the school’s branches after a video emerged showing some of the pupils having s3x in their hotel room in Dubai.
It reopened the schools a week later following a review of the administrative investigation into the incident.
Businessman and entrepreneur, Mayor Lucky Igbokwe popularly known as Don Lulu has officially declared to run for governorship of Abia State in 2023.
At the public declaration rally which took place in Umuahia, the state capital on Tuesday, Mr. Igbokwe says he represents a better option among other aspirants for office of the governor of Abia State, stating that he is poised to galvanize the numerous potentials of the youths and consolidate on the efforts of the past leaders to make Abia great.
Read full text below:
MY DECISION TO JOIN THE ABIA GOVERNORSHIP RACE
By Mayor Lucky Igbokwe
My decision to run is borne out of hunger and desire to add value and impetus against the backdrop of the yearnings of the entire people of Abia state, who believe in the youths as an option and to take Abia to the much-desired place occasioned by their cries and wishes for good governance, inclusiveness and ensuring that Abia takes its rightful place in the comity of States
I decided to run following calls from stakeholders, including the downtrodden, traditional rulers, and eminent sons and daughters of Abia State, and to take up the gauntlet, to stand in the gap to shield our people from any form of hopelessness
Having seen the roles and contributions of our past leaders, there’s no gainsaying that they have done their best, but I’m here to reinvigorate our spirits, minds, and souls to the much-vaunted dreams of our people for a better life.
I have watched a common denominator in believing in the youths as it is said, that a state that carries along her youths prepares them for a better future
Without the efforts of the past leadership, however, it has become necessary that I bridge the gap, to restore stability, and rebuild the confidence of our youths and the good people of our state.
To that extent, I have joined in this race with my full chest, to say I appreciate other people who as well aspire for the same position, but however, I pledge that I offer a better option, to galvanize the young people, the men, and women of Abia State, to instill a sense of belonging in our administration, which will bring hope and pride to our people.
I possess the requisite skills and experience required to harness the vast resources in the state for productive and developmental purposes.
My team and I are ready to turn around the fortunes of the state by revolutionising all the sectors of governance with a focus on the masses.
If given the PDP ticket and elected governor, I will reposition Abia for economic prosperity by creating the enabling environment for industry to thrive, with a better approach to internally generated revenue that would reduce dependence on federation allocations.
Education will be one of the major objectives of my aspiration, the sector will be reformed to include not only building of schools, but also the provision of incentives to teachers.
We’ll revisit the farm settlements, improve and empower the youth in particular and our people in general, through agriculture, the creative industries will receive massive boost under our watch. Tourism will be made more attractive and visitors will come to experience our beautiful cultural heritage and sites.
We’ll escalate the commercial viability of our markets to unprecedented new levels with improved infrastructure and security.
Abia will become the ICT hub in West Africa during our tenure.
We shall enhance the road networks and improve transportation.
We are very committed with passion to making sure that Abia occupies its rightful position in the comity of states in the country.
We are determined to replicate in Abia state the record of achievements of our hero, late premier, Dr M.I Okpara in the defunct South Eastern region of Nigeria.
We plan to explore all the areas of possible economic prosperity and development without exploiting the people.
God’s own State, Abia, is blessed with abundant natural and human resources.
We will have a council of eminent personalities drawn from all strata of the society to help oversee our policies and all sectors of our economy.
We can’t continue to live in the past, when we have men of class and honour who are mostly consultants and appreciated across the globe,
Abia nwere madu
Therefore, I urge all our brothers and sisters to give me, this opportunity to serve you, because you’ll never regret it.
We intend to make Abia, a world-class destination for everything beautiful like our people.
It’s time to close ranks and bring in the best of brains to Abia state.
I will ensure that there’s gender balance to give room for our women.
We will ensure that more youths will be recognized and appreciated.
What we need is the right leadership, a candidate with good character, great antecedents and who is popular, if PDP needs to put its best forward for the poll and if it is serious to retain the seat in Abia.
I, Mayor Lucky Igbokwe is the right person and the best hand for the job.
I have consistently proved that with my track record in philanthropy, business, and human capacity development.
My footprints are everywhere in the state despite coming from Abia central.
I urge you all to come to the table and let’s take Abia to the most enviable heights we desire.
I pledge that nothing short of this will happen. I want us to know that the confidence in me is a confidence of hope, the future, the success, the restoration, and the Freedom from fear.
The Senate on Tuesday passed the first reading of a Bill seeking to amend the Compulsory free Universal Basic Education Act 2004 and enact provision for increased funding of Basic Education in Nigeria.
The bill sponsored by the Chief Whip of the Senate, Senator Orji Uzor Kalu which was read before the floor of the Nigerian Senate.
The bill titled Compulsory Free Universal Basic Education Act ( Amendment) Bill 2022, ( S.B. 986) also aims to empower the commission to access increased funding from the consolidated Revenue Fund of the Federation, provide for the Administrative Structure, penalties and for related matters.
Further findings in the explanatory memorandum of the bill reveals that the bill seeks to amend some sections of the compulsory, Free Universal Basic Act 2004. They are sections ; 4. (b) 3(2), 7.-(1), 7(2), 8 (3), 10. (4), 11. (1), 15. (1), 15. (1) and 16.
Following the reading of the title of the bill during Tuesday’s plenary by the Leader of the Senate, Senator Abdullahi Yahaya, the bill was passed for first reading after it was put to a voice vote by Senate President, Ahmad Lawan.
A governorship aspirant in Abia State on the platform of the Peoples Democratic Party PDP, Dr. Samson Orji also known as SCOURJ has said if elected governor of the state in 2023, he will reduce the long convoy most state governors travel on.
According to him, this leads to waste of resources, adding that he will also not have a battalion of soldiers to guard him as he will be good to the people.
The former Commissioner stated this in an interview with Vanguard newspaper recently in Umuahia, adding that he will take a cue from what former governor Peter Obi of Anambra State did and save resources in the state.
He said, “I am going to cut down the long convoy that governors go by. They are unnecessary waste. If you are a good Governor nobody will like to kill you. The masses will stand against anyone who wants to throw a stone at you.
“If you are good to the people you don’t need a battalion of soldiers as police to protect you. Peter Obi did it as governor of Anambra state.
“I remember one day I was traveling and I was standing in a line behind Peter Obi to board a plane in Abuja. He was travelling alone without an aide.He was carrying his bag. Why can’t I replicate that in Abia State.”
He also pledged to rebuild Aba and make it the economic hub of the state by providing infrastructure and social amenities to aid commercial activities.
“I will open up all the spaces in Aba for investment to flow in. I will constitute Elders Council that will be peopled by men of veritable quality who have all it takes to reach and engage the Presidency to fix the federal roads in the state. They will be a pressure group exploring their rich contacts to pull the Federal Government to play its part in developing Abia. It’s the federal government that has the resources to tackle some of the federal roads in Aba but besides that, we shall tackle what we should.
“We will enter the markets in Aba and make sure every Kobo collected as levies in the markets are deployed in rebuilding the markets. We will use it to provide access roads to the markets and the necessary amenities for traders and visitors.
“I will make Aba the center of commencing once again this region. People were coming from the North, Cameroon and far places to Aba. I will restore the glory of Aba. When you fix Aba you would have fixed Abia State just like the saying that: You take care of the pennies, the pounds will gather itself.”
![Full Text Of Mayor Lucky Igbokwe's Declaration To Contest For Governorship Of Abia State In 2023 [VIDEO]](https://abntv.com.ng/wp-content/uploads/2022/05/Mayor-Lucky-Igbokwe.jpg "Mayor Lucky Igbokwe")
