Featured post

To combat counterfeit drugs, Governor Soludo unveils a plan to establish a centralized wholesale drug center in Anambra.

-
Image
As part of his efforts to standardize the drug market and eradicate fake and counterfeit drugs, Anambra State Governor Chukwuma Soludo has announced plans to construct a coordinated wholesale drug center in Oba, Idemili South LGA. The relocated and standardized Ogbo ogwu market, Onitsha's arguably largest open drug market, will be housed in the new center. "As a government, we are already building a coordinated wholesale drug centre in Oba, Idemili South LGA, that will accommodate the new and standardised Ogbo ogwu market. This is our own contribution to ending the current chaotic market environment where fake and counterfeit drugs thrive. "Onitsha remains the largest trading hub in Africa, we will further expand this status to a more befitting height," he said. Onitsha's Ogbo ogwu and adjoining market were visited by Soludo, who learned that the nearby plumbing materials market had been shut down because of shops selling illegal drugs. The governor ordered an ex...
Post a Comment

Petrol subsidy is pushing Nigeria to bankruptcy - Sanusi warns

-

 



Former Emir of Kano, Sanusi Lamido Sanusi has warned against petrol subsidy which he said is having a negative impact on the nation’s economy.

Speaking at a book presentation in Abuja on Tuesday, May 9, Sanusi said it amounts to “stupidity” for the Federal Government to  continue  subsidy payments when it is clear that it is pushing the nation into ”bankruptcy.”

The former Governor of Central Bank of Nigeria who called on the incoming government of Asiwaju Bola Tinubu to stop the policy, added that those in support of subsidy must realise that “cheap fuel” is not more beneficial to the poor than education,   healthcare and power. 

He said; 

“In  2011, we tried to explain that it’s bad economics; for every $1 billion Nigeria spends on fuel subsidy, it is $1 billion out of education, $1 billion out of healthcare, $1 billion out of power, $1billion out of infrastructure.

“What you (people in support of subsidy) are saying is that for the poor people in this nation, cheap fuel is more important than education, more important than healthcare, more important than power, etc. If you do that for 30, 40 years, what kind of country are you going to have? Which is what we have had.

“As subsidy is, you’ll say if the price is X, we’ll pay 20 percent of it. That’s a subsidy. You will never pay more than X. For a product, whose price I do not control, it doesn’t matter whether the oil price is $200 or $150 a barrel, the Nigerian government has an unlimited pocket, and it will fund the difference.

“The exchange rate can move from N150 to N500 and the Nigerian government will fund it (subsidy). It’s stupidity. You’re heading to bankruptcy. We are walking into bankruptcy with our eyes open.

“We can’t ignore that, and therefore, if I have a new government on May 29 that tells me, ‘Oh, I’m going to continue paying this subsidy for the next three years,’ I’m going to say you’re not serious.


Comments

Post a Comment

Popular posts from this blog

Female Student Who Attempted Suicide Is Alive And Responding To Treatment — YABATECH

-
Image
  The Deputy Registrar, Yaba College of Technology, YABATECH, Joe Ejiofor, says that the ND1 Marketing student of the institution who attempted   suicide is alive and responding well to treatment. It was gathered that the 18-year-old student identified as Destiny, was allegedly caught for examination malpractice on Wednesday February 8, during the institution's ongoing second-semester examination.  The student, who was also said to have just been dumped by her boyfriend, allegedly slipped into depression, went to her hostel and drank the insecticide suspected to be sniper.  One of her roommates who saw her drinking the substance ran out and raised the alarm. Mr. Ejiofor, also Head of Public Relations of YABATECH, told the News Agency of Nigeria on Friday, February 10, that the college management led by Ag Rector, Uduak Inyang-Udoh, Dean of Students and Tunji Balogun visited and confirmed her state. Mr. Ejiofor said that although the young girl drank some chemical sub...
Read more

Benin Republic, Niger enjoy smuggled fuel as Nigerians keep vigil at petrol stations

-
Image
While numerous Nigerians are keeping vigil at filling stations to fuel their vehicles, drivers in the adjoining nations of Benin Republic and Niger are getting a charge out of fuel snuck from Nigeria, a Saturday PUNCH examination has shown. Our journalists, who visited the two nations found that the snuck petroleum was being sold by dark advertisers, whose rates were less expensive than those working in filling stations. Discoveries show that drivers frequently belittle the dark advertisers on the grounds that their rates are less expensive than the people who purchase from the filling stations. Saturday PUNCH accumulated the higher worth of cefas (CFA) to naira made the Nigerian snuck fuel alluring to residents of the two nations. Nigeria is seeing the fifth significant fuel emergency since President Bola Tinubu accepted office on May 29, 2023, following his expulsion of the fuel appropriation. The evacuation prompted a sharp ascent in fuel costs, causing alarm purchasing, far and wid...
Read more

Nigeria's president warns youth not to join 'sinister' protests

-
Image
  Nigeria's President gBola Tinubu has asked youngsters not to join cross country cost for many everyday items fights anticipated one week from now, saying they are crafted by "evil" individuals "promoting" on the country's financial misfortunes. Coordinators are said to have attracted motivation from occasions Kenya. Dissidents in the East African country are presently approaching President William Ruto to leave in the wake of winning key requests - including the rejecting of arranged charge rises and the excusal of practically the whole bureau. Nigeria's last mass show was quite a while back, against a castigated police unit blamed for extra-legal killings. The #EndSARS development accomplished its point of disbanding the power however was met with a fierce crackdown wherein many nonconformists were killed. As shows anticipated 1 August in Nigeria move closer, President Tinubu has encouraged coordinators to drop their arrangements. "Benefiting fro...
Read more