Connect with us

Headline

NECA Expresses Worries Over N3trn FEC’s Approval For Subsidy On Petrol

Published

on

The Nigeria Employers Consultative Association, NECA, weekend expressed fears that the N3trillion approved by the Federal Executive Council, FEC, to cover subsidy on Premium Motor Spirit, PMS, commonly known as petrol for 18 months, was neither desirable nor sustainable for the overall resuscitation of the economy.

It will be recalled that the Nigeria National Petroleum Corporation, NNPC, forwarded a proposal of N3 trillion to the Federal Executive Council, FEC, last Wednesday to cover cost of subsidy for 18 months, July 2022 to June 2023, stating that its removal would be suspended.

NECA, which is the umbrella body for all employers in the country, however, contended that for government to effect total removal of subsidy on petrol, it must take urgent steps to address the predicted socio-economic issues which would arise as a result.

Advertisement

Speaking on the N3 trillion Subsidy on petrol for the next 18 months by the Federal Government, NECA said: “The subject of fuel subsidy has become a matter of perpetual recurrence.

READ ALSO: Why Buhari Suspended Removal Of Fuel Subsidy – Presidency

“In the recent past, we had opined that the removal of fuel subsidy was due and in the best interest of the country.

‘’However, we were deeply concerned about the timing, in view of the nation’s continued dwindling economy.

Advertisement

“Consequently, we encourage the government to engage relevant stakeholders, given the huge impact the removal would have on household income and spending before its implementation.

“The N3 trillion approved by the Federal Government is a follow-up to the suspension of the planned removal of subsidy in the country.

“It should be noted that following the public outcry on government’s intention to stop the subsidy of PMS, the Federal Executive Council approved the sum of N3 trillion to cover subsidy.

‘’In taking this decision, the government noted that the abrupt removal of subsidy would lead to increased hardship in the population and heightened inflation, especially since the necessary structures that would cushion the effects of subsidy removal on the general populace were not yet in place.

Advertisement

“While the Federal Government has rescinded the implementation plan and rather approached the National Assembly to amend the 2022 budget and make additional provision for subsidy from July to June 2023, it is imperative to note that this is certainly not sustainable in the long term, neither is it desirable for the overall resuscitation of the Nigerian economy.

“As often canvassed by the Organised Private Sector on the growing debt debacle, we call for more collaborative efforts in the form of Public Private Partnership, PPP, in addressing the huge infrastructure deficits, in a very short term and at cheaper rate.

‘’ It is our belief that implementing the PPP initiative in provision of the country’s critical infrastructure, decent and sustainable jobs will be provided and desirable number of people will be lifted from the poverty rank, even before the desired date of 2030.

“More so, with the unpredictable nature of global oil prices and developments in usage of alternative sources of fuel and modern technology, it is more appropriate to hasten the process of diversification of the non-oil economy in expanding the revenue sources away from oil.

Advertisement

‘’It is obvious that revenue from non-oil is more feasible than the oil revenue. This will result in a buoyant and robust economy which will reduce the need for external debt to the barest minimum.

“Exploration of the various natural mineral deposits in the country for processing and exportation should be optimized.

“Going forward, government has to take urgent steps to address the predicted socio-economic issues which would arise if subsidy removal is to see the light of the day.

READ ALSO: Fuel Subsidy Removal: Cleric Issues Warning To Buhari

Advertisement

“Government should address the following urgently to foster total removal of subsidy on petrol rather than injecting trillions of naira from an already bleeding economy.

‘’They include the revival of the four refineries in the country to optimal operating capacity and encouragement of more private sector involvement in refining crude oil, complete deregulation of the downstream sector, and provision of socio-economic relief options to address the anticipated drastic reduction in the citizens’ disposable income and standard of living.”

(VANGUARD)

 

Advertisement

 

Advertisement
Comments

Headline

Google To Offer AI-generated Answers In Search Results

Published

on

Google has announced it would introduce AI-generated answers to online queries made by users in the United States, in one of the biggest updates to its search engine in 25 years.

I’m excited to announce that we will begin launching this fully revamped experience, ‘AI overviews,’ to everyone in the US this week,” Google chief executive Sundar Pichai said at an event in California on Tuesday, May 14.

Google’s search results will feature an AI summary at the top of the page before the more typical unfurling of links.

Advertisement

READ ALSO: Google Agrees To Settle $5bn Consumer Privacy Lawsuit

The AI answers generated by Google’s Gemini technology will offer succinct summaries of what it found on the internet with links to the online sources that supplied the information.

“You can ask whatever’s on your mind or whatever you need to get done – from researching to planning to brainstorming – and Google will take care of the legwork,” said Google Search team boss Liz Reid.

The change comes as Google feels growing pressure from AI-powered search engines like Perplexity, and from the rumors that OpenAI, the creator of ChatGPT, is building its own AI search tool.

Advertisement

READ ALSO: Google Doodle Celebrates Mexican Archaeologist On 128th Birthday

Searches through AI chats have also appeared on Facebook, Instagram and WhatsApp, with users able to get information from the web without Google.

The change will soon spread to other countries, Pichai added, making it accessible to more than a billion people.

Advertisement
Continue Reading

Headline

College Volleyball Player Killed In US Nightclub Shooting

Published

on

Albany State University volleyball player Mariam Creighton has been tragically killed in a nightclub shooting in Atlanta.

Atlanta Police Department said on Tuesday, May 14, that the incident happened around 2:28 AM on Sunday, May 14, when officers responded to shots fired at the Elleven45 establishment.

Six people were shot, two of whom were pronounced dead at the scene, Creighton and 20-year-old Nakyris Ridley.

Advertisement

The police department said in a statement;

READ ALSO: Nigerian Burnt To Death In Bangkok Car Crash

Preliminary investigation indicates the shooting occurred during a physical dispute at the location that escalated to gunfire.”

Creighton was a member of the ASU Golden Rams volleyball team, and was one semester from graduating from the HBCU with a biology degree.

Advertisement

Her family said she was at the club on Sunday celebrating her niece’s birthday. “It’s just senseless,” Creighton’s sister, Tiffany, said. “My sister was just out having a good time, and now our lives are just altered forever.”

Continue Reading

Headline

Nigerian Burnt To Death In Bangkok Car Crash

Published

on

A 35-year-old Nigerian man identified as Daniel was burnt to death in a car accident in Bangkok, Thailand.

Bangkok’s Prawet Police Station, confirmed the identity of the Nigerian national in a statement on Tuesday, May 14, 2024,

Daniel, whose Thai wife came to confirm his identity with the police, died on Saturday, May 11, when his car crashed into a road median and caught fire.

Advertisement

This serious road accident occurred at 5:30 a.m. on a three-lane road near Soi Phatthanakan 53/1, Suan Luang Subdistrict and District, Bangkok.

READ ALSO: EFCC Arrests 13 Fake BDC Operators In Lagos

When officials received the report and arrived at the scene, they found a gray Toyota Vios with Samut Prakan province license plates overturned and engulfed in flames, blocking the middle of the road.

The officers spent about 10 minutes spraying water to extinguish the fire, but the car was completely damaged by the flames.

Advertisement

At that time, rescuers had to use cutting and prying equipment to remove the driver’s body from the wreckage and send it to the Police Hospital for an autopsy. They found a document with a front-facing photo of a foreign man.

READ ALSO: American Comedian, James Gregory Is Dead

Eyewitnesses stated that they saw the car driving at high speed in the far right lane before losing control and crashing into the road median.

The car spun and hit a palm tree with such force that it flipped over and ended up on its roof in the middle of the road.

Advertisement

At that moment, good Samaritans tried to pry open the door to help the unconscious driver, but before they could pull him out, sparks ignited, and the car quickly caught fire.

Continue Reading

Trending