Elon Musk has hit out at President Donald Trump’s signature tax and spending bill, describing it as a “disgusting abomination”, in a widening rift between the two allies. The budget – which includes multi-trillion dollar tax breaks and more defence spending while also allowing the US government to borrow more money – was passed by the House of Representatives last month. “Shame on those who voted for it,” Musk said in a post on X about the legislative linchpin of Trump’s second-term agenda. The tech billionaire left the administration abruptly last week after 129 days working to cut costs with his team, known as Doge. The comments mark his first public disagreement with Trump since leaving government, after having previously called the plan “disappointing”. The South African-born tech billionaire’s time
Tag Archives: FiscalPolicy
Mar
By Joshua Worlasi AMLANU The mining industry has raised serious concerns over the government’s decision to triple the Growth and Sustainability Levy from one percent to three percent on gross production, warning that the move could significantly erode investor confidence and undermine the sector’s long-term stability. The increase, announced as part of Finance Minister Dr. Cassiel Ato Baah Forson’s 2025 Budget Statement delivered to Parliament on Tuesday, will extend the levy until 2028, shocking industry leaders who claim they received minimal advance notice and no meaningful consultation. Sulemana Koney, Chief Executive Officer (CEO) of the Ghana Chamber of Mines, criticised the government’s approach, saying the industry was blindsided by the policy shift. “What concerns me most is the lack of consultation. I am aware of companies actively seeking investors to
Feb
Senate President Godswill Akpabio (L) with Speaker of the House of Representatives, Tajudeen Abbas (R) during the presentation of the 2025 Budget proposal by President Bola Tinubu on Wednesday, December 18, 2024 in Abuja The National Assembly on Thursday passed the ₦54.99trn 2025 Appropriation Bill. The bill was passed separately by the Senate and the House of Representatives. A breakdown of the budget showed N3.645trn for statutory transfers, N14.317trn for debt servicing, N13.64trn for recurrent expenditure and N23.963trn capital expenditure (development fund), with fiscal deficit put at N13.08trn. The Deficit-to-Gross domestic product (GDP) Ratio was put at 1.52%. Last Week, President Bola Tinubu increased the 2025 fiscal year budget from an initial N49.7trn to N54.2trn, seeking approval from the Senate and the House of Representatives. The Chairman of the House