President Tinubu, Change Gear On Subsidy Right Away
"President Tinubu, Change Gear On Subsidy Right Away"
I would like to advise President Bola Ahmed Tinubu and his economic advisers he seems to be lending listening ears to that without massive Compressed Natural Gas (CNG) roll-out, within the next two weeks, the subsidy policy will fail. And the CNG will have to be subsidized for the economy to be rejigged.
The now-mainstream thought about the removal of gas subsidies as championed by Western Economists talks of how much will be saved by countries ($10bn for Nigeria), but conveniently forgets how much the country loses in internal trade as living costs rise sharply.
The problem, though, is that major corporations are always optimized to minimize costs (labour especially) and maximize profits. Their primary goal is not to create more jobs, but to provide the highest possible margins to their shareholders.
Petrol isn’t only used by vehicles in Nigeria, but by millions of businesses as their primary source of energy. That is why its cost affects everything. Millions of businesses in Nigeria are contracting, as customers faced with higher living costs are cutting significantly on spending.
A petrol attendant told me that instead of 3000-4000 litres sold weekly, they barely sell 500 litres now.
US assures Israel of support
The US Secretary of State, Antony Blinken, vowed on Thursday that the United States will always back Israel but said the Palestinians also had “legitimate aspirations” not represented by militant group Hamas.
“You may be strong enough on your own to defend yourself. But as long as America exists, you will never, ever have to. We will always be there by your side,” Blinken said during a meeting with Prime Minister Benjamin Netanyahu as war raged between Israel and Hamas.
“But as long as America exists, you will never, ever have to. We will always be there by your side.” Paying a solidarity visit as Israel’s army hammers Hamas over weekend attacks that killed 1,200 people in Israel, Blinken also gave a new death toll for US citizens, saying at least 25 were confirmed among the dead.
Why Govs Can’t Ban Mining Activities–Alake
Solid Minerals Development Minister Dele Alake has told governors banning mining activities in their states that they lack such a right.
The minister likened a state regulating mining activities to the banning of oil exploration by any other entity other than the Federal Government.
Alake spoke yesterday in Abuja at a pre-event media briefing on the eighth edition of the annual Nigerian Mining Week 2023 to be held from October 16 to 18.
He said: “Mining belongs exclusively in the purview of the Federal Government, according to the Constitution. It is in the Exclusive Legislative List; it is not in the residual. It is not in the Concurrent; it’s in the Exclusive Legislative List. Every item on the Exclusive, Legislative List belongs to the Federal Government.
Igbo Muslims are good, patriotic – Ohanaeze
Chief Emmanuel Iwuanyanwu, the President of Ohanaeze Ndigbo Worldwide, gave the assurance on Thursday when the executive members of the South East Muslim Elders Council (SEMEC) paid him a courtesy visit in Owerri.
He also decried the high level of ethnic and religious profiling against the Igbo people, urging Nigerians to live in peace and harmony.
Iwuanyanwu said that rather than unite Nigerians, ethnic profiling against Igbo can jeopardise the future of the country and democracy.
According to him, Muslims and Christians worship the same God and they have many things in common.
Iwuanyanwu said: “Today is a defining moment. I want you to know that from today on, the picture of Islam in Igboland has changed. I assure you that under my leadership of the Igbo, you can be sure that you will be integrated into Ohanaeze Ndigbo.
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