By Olumide T.
Agunbiade
POLITICS
50 oil firms got N232b
illegally
Fifty oil marketers fraudulently collected N232 billion from
the Federal Government of Nigeria as
fuel subsidy, says Finance Minister Dr. Ngozi Okonjo-Iweala. According to her,
a forensic investigation carried out by the government revealed the subsidy fraud
and the government has recovered only N29 billion through debt swap.
George Osborne, Britain’s
Chancellor of the Exchequer, told the House of Commons that austerity would
continue until 2018, longer than he had hoped. The government is struggling
with stubbornly high debt and a very weak economy.Mr. Osborne announced further
cuts to benefits, but he surprised markets by reducing corporation tax by one
percentage point, to 21%.
Pier Luigi Bersani won a clear victory in a contest for the
leadership of Italy’s recent-left
Democratic Party. Meanwhile Silvio Berlusconi’s disintegrating centre-right
party could not agree on a programme, or on who will lead it in an election
that is expected in the spring.
Ukraine’s prime minister, Mykola Azarov, and
his cabinet resigned, just ahead of talks with the IMF over financial
assistance. It was unclear whom the President, Viktor Yanukovych, would appoint
to lead a new government.
Borut Pahor, a former prime minister of Slovenia, won the country’s presidential run-off election against
Danilo Turk, the incumbent. During and after the election, Slovenians took to
the streets to denounce the political elite and alleged government corruption.
Angela Merkel, Germany’s
chancellor, opened her campaign for re-election next September. Delegates from her
Christian Democratic Union elected her to a seventh term as a party leader with
a record 98% of the vote.
Plans to create a banking
union in the euro zone ran into trouble after Germany warned against moving
too quickly. Another meeting is to be held on December 12th, just
before the next European summit.