President Tinubu, Change Gear On Subsidy Right Away – Leadership News
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.
Austerity measures blow away small businesses and obliterate the middle class, leaving out the big corporate class who can survive removal of energy subsidies.
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.
Makinde declares Monday public holiday to mark Isese day
Governor Seyi Makinde of Oyo State has approved 20th August of every year as Isese Day in the state.
Makinde made this announcement on Friday.
DAILY POST recalls that traditional religion adherents in the state have in the last few years demanded their own public holiday.
They have asked the state government to declare 20th August as their own public holiday in commemoration of the Isese day.
The governor has now granted the request of the traditional religion adherents by declaring Monday, August 21, 2023 as the maiden public holiday to commemorate the day.
He added that every 20th August would be observed as a public holiday in commemoration of the Isese day in the state.
The governor made the declaration in a statement signed by the Secretary to the Oyo State Government, Professor Olanike Adeyemo.
Buni approves N667m for 475 pensioners in Yobe
Mai Mala Buni, governor of Yobe, says the sum of N667 million has been approved for the payment of pension in the state.
In a statement on Friday, Mamman Mohammed, director general of press and media affairs to the governor, said about 475 persons from 17 LGAs will benefit from the payments.
Mohammed said the government had earlier constituted a committee for the payment.
He said the intended beneficiaries have been screened and verified, adding that the list included names of pensioners living or dead.
“The committee has verified a total of 475 beneficiaries and hereby attached lists of beneficiaries and summary according to local government areas for both living and deceased pensioners,” NAN quoted Mohammed as saying.
Governor Sanwo-Olu unveils Optimus Bank
Governor Babajide Olusola Sanwo-Olu has unveiled Optimus Bank, the latest addition to the Nigeria’s financial space in grand style.
The governor, in his speech, emphasized the bank’s potential to further drive economic growth and stability in Lagos state. He said, “Optimus Bank will not only play a crucial role in the banking sector and the established organizations but also in start-ups and SMEs. They are set to lift the people out of poverty.”
The governor also praised Optimus Bank for employing cutting-edge technology and innovative practices, which aligns with the state’s push for technological advancement and financial modernization. The governor further commended the commitment of Optimus Bank towards being customer-centric stating that the bank has “the interest of its customers at heart and is ready to journey with each customer individually.”
He also stated that Optimus bank service “will take personal banking to another level” and is willing to collaborate with not just Lagos state government in every sector but also with Nigeria in financial transactions. He acknowledged that Optimus Bank is”People-centric and consumer-focused” and implored Nigerians to “explore the services and encourage Optimus Bank with the changes it will bring.”
The governor further assured Optimus Bank of the support of the Lagos state government and promised to continually improve the business environment where safety of lives and properties is a priority and make Lagos state conducive for business to thrive.
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