President of the Pentecostal Fellowship of Nigeria (PFN), Bishop Francis Wale Oke has cautioned the Nigerian Government against further aggravating the suffering of Nigerians through the proposed fuel subsidy removal.
He said the removal of fuel subsidy will lead to hikes in the prices of petroleum products.
In a release issued on Sunday by his Media Office, Oke warned that the implementation of such a policy could increase the hardship currently being experienced by the people of the country.
He lamented that prices of consumables and other items were increasingly getting out of reach of the people, noting that if the proposed subsidy removal is done, it would worsen the hardship of the people of the nation.
“Everybody will feel it, particularly the underprivileged. The negative effects will surely outweigh the positive. The cost of transportation for humans and goods across the country will skyrocket and other things connected which will have a spiral effect on the general living standard of the populace; the suffering will be multi-dimensional. Please, let all stakeholders be sensitive to this avoidable path and do the needful,” he said.
Oke said the situation has become worrisome due to the reduction in the purchasing power of Nigerians caused by the continuous fall in the value of the nation’s currency at the exchange market.
The PFN president, therefore, admonished the government to do all it could to revive the four ailing refineries in the country, with a view to ensuring they operate at an optimal level for a lasting benefit for the country and its people.
“By whatever means, let the Federal Government put its heart into ensuring that our refineries are back to life. In addition, in order to stem the rising cost of living, farmers and others connected to them should be encouraged. This is what can help our economy,” the cleric said.
While maintaining that the Christian body would always support policies that would enhance good governance, he urged the government to put in place tangible palliative measures that could ameliorate the hardship being experienced.
“Without begging the issue, there should be well-defined palliative measures in place that can cushion the effect of the hardship being experienced by Nigerians, especially the commoners. One is not talking about political palliatives that never last. We have seen enough of such,” he said.
Continuing, the bishop pointed out that “an increase in the price of petroleum from its present N165 to N340 per litre can trigger tension and crises in the country which in turn can paralyse our economy if not handled with utmost care”.
On the proposed N5,000 to be paid to about 40 million poor Nigerians by the President Muhammadu Buhari-led government to ameliorate the effects of the planned fuel subsidy removal, Oke asserted that “Again, the planned introduction of N5,000 for 40 million poor Nigerians is to create a cesspool of corruption. How do you define ‘the poor’? They, mostly, don’t use telephones. They, mostly, don’t have bank accounts. How will the money get to them?”
The renowned cleric advised the government to be wary of policies that could jeopardise the conduct of the 2023 general elections, insisting that all hands must be geared towards steering the wheel of the country to a better place.
As a panacea to the rising cost of food items, the PFN President advised that farmers and relevant stakeholders should be empowered with relevant tools and funds through loans with little interest.
Meanwhile, Oke who is also the presiding Bishop of The Sword of the Spirit Ministries implored the government not to relent in its efforts at ensuring that security challenges in the country become a thing of the past.
Google set to invest $9.5bn in US
Google has announced plans to invest $9.5bn in its US offices and data centers around the country in 2022, up from more than the $7bn it spent in 2021.
According to CNN, the big bet on office space was coming at a point Google was embracing a hybrid work model. The Alphabet-owned company has called for many of its employees to work in an office three days a week after two years of being fully remote.
The Chief Executive Officer of Alphabet and Google, Sundar Pichai, said, “It might seem counterintuitive to step up our investment in physical offices even as we embrace more flexibility in how we work.
“Yet we believe it’s more important than ever to invest in our campuses and that doing so will make for better products, a greater quality of life for our employees, and stronger communities.”
Google said it would open an office in Atlanta this year and continue to develop and expand office space in Austin and New York. It added that it planned to continue investing in data centers in Iowa, Nebraska, and Tennessee, among other states.
As part of the announcement, Google said it expected to create at least 12,000 new full-time jobs at the company this year.
Google and other tech companies were among the first businesses to shift to remote work when the pandemic hit in early 2020. But that shift always appeared to be temporary. Like others in Silicon Valley, Google had previously invested billions in expansive campuses and lavish office benefits for workers.
European markets pull back amid doubts over latest Russian pledges over Ukraine
European stocks retreated on Wednesday following the latest round of talks between Russia and Ukraine, aimed at finding a solution to the conflict.
The pan-European Stoxx 600 fell 0.8% in early trade, with autos shedding 1.9% to lead losses, while oil and gas stocks gained 1.7%.
In terms of individual share price movement, Finland’s Nokian Tyres fell 6.6%, while Sweden’s Lundin Energy added 4.7%.
Investor sentiment was boosted on Tuesday following negotiations between Russian and Ukrainian officials in Turkey, at which Russia’s deputy defense minister claimed Moscow had decided to “drastically” cut back its military activity near Ukraine’s capital.
Alexander Fomin, who spoke following the talks in Istanbul, said Russia would slow its military operations near Kyiv and Chernihiv in order for peace talks to progress. Russia previously claimed that it would reduce military operations in other parts of Ukraine but then continued its advance.
Growing hope for a cease-fire appeared to boost investor sentiment Tuesday, as Dow Jones Industrial Average futures rose 200 points, or 0.6%. S&P 500 futures also climbed 0.6%, while Nasdaq 100 futures climbed 0.7%. Meanwhile, the price of U.S. benchmark West Texas Intermediate crude oil, which spiked on the heels of Russia’s invasion of Ukraine, fell more than 4% to $100 per barrel.
Doubts have set in over the pledge, however, and while the Russian military has begun moving some of its troops in Ukraine away from areas around Kyiv to positions elsewhere in Ukraine, Pentagon Press Secretary John Kirby warned the troop movements do not amount to a retreat.
Shares in Asia-Pacific were mixed in Wednesday trade as investors watch for developments surrounding the war in Ukraine. Stateside, traders are keeping tabs on a slew of key economic reports, while also monitoring the Federal Reserve’s planned interest rate hikes.
The Job Openings and Labor Turnover Survey on Tuesday showed 11.3 million job openings, higher than the 11.1 million expected. The ADP will also release its private payrolls data ahead of the closely watched monthly jobs report, on Friday.
Lagos Assembly kicks against harassment of residents by police
Lagos State House of Assembly Speaker, Mudashiru Obasa, yesterday, cautioned police in the state against harassment, intimidation and extortion of residents.
Obasa said this on the floor of the House when lawmakers honoured outgoing Commissioner of Police, Mr. Hakeem Odumosu, who has been promoted to Assistant Inspector-General, and is due to retire in January 2022.
Obasa said Odumosu was honoured as the first Commissioner of Police in the state to stand before the lawmakers and address Lagosians on his experience policing the state.
The Speaker thanked Odumosu for his openness and responsiveness to issues affecting the peace of the state.
“It is important to call on those behind you to know that the relationship between the police and the people need to be constantly improved upon,” Obasa said, adding that men of the Nigeria Police Force need to build more trust among the people.
“Everybody must be treated with respect, dignity and honour. And that is how we can earn respect. Policing should not be about harassment and extortion but building trust among the people and making them comfortable,” Obasa said.
The Commissioner of Police, who led a team of officers to the House, thanked the lawmakers for their support. According to him, nothing could have been achieved in terms of security and peace in the state without assistance of the House.
He said he would remain grateful to Lagosians for making it possible for him and his team to effectively manage the security of the state.
Odumosu, who described Lagos as ‘mini-Nigeria’, said proactivity of the Assembly led to the creation of laws that helped the police remain successful in the state.
He said the Cultism Prohibition Law also helped to reduce illegal associations in tertiary institutions in the state and enlightened property owners and residents.
“We promise to continue to excel in providing watertight security for people of the state,” he told the lawmakers. He also promised he would encourage his successor to sustain the relationship between the police and the House, while urging the lawmakers to extend their support to his successor.
“Policing Lagos is not a tea party. Without the laws in Lagos, it would have been difficult to police the state. Don’t get tired, don’t relent in making laws that would make Lagos maintain its place as the most peaceful state in Nigeria,” he said.
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