 నోඈయండియినోదానిసిం హరంటితికిగాక్గ హరామికినే సినిదిం ఆమి ఆమాయాక౟ి సికదికి కింట్కో మికమాకంటిక్టం. Thank you so much. It's the first week we have a full week of time. Yes, when we had them holidays. There's another holiday coming up sometime next week in a democracy day on June 12th. So many holidays in June. Well, let's just move on to the business of the day. So good morning once again. Let's talk about this whole fuel subsidy matter in the wake of it all. Label unions and demanding a revert to the status quo while negotiations are continuing tomorrow and needs demand for a view of wages for workers and a pending strike on Wednesday. Are these steps in order really Mukta? I mean, you know it's really about to kick right. They would definitely respond. And I think they responded well. Unity because we are saying that the government is meeting with the trade union congress and normally the trade union congress and the labor congress all meet together with the government. So hopefully we expect that the government should reach out to the largest trade organization is the Nigerian labor congress and see how they can resolve these issues. Will they reverse back? I don't think so. I don't think so. If you hear what they are saying we are not taking off reversing back but we are looking at policy that will reduce the hardship on Nigerians. That's what the government is looking at. And if I hear correctly what you said in your introduction and the government also is looking at tax holiday for workers. They are looking at other things. I think for me that's a good thing. I'm on their bookie for the removal of subsidy for over 15 years and I've been saying that subsidy is doing this economy no good. So finally if we have a president after taking the bull by the horn to do that we have to support him even if the way he went about it most of all we say okay, the speech you didn't have to do it the way you did it but definitely we had to do it. And we must not forget that the three presidential aspirants the three major presidential aspirants the EPC, the PDP and the labor party as always agreed on one thing they all agreed on during their campaign what that subsidy will go. So subsidy have gone and I think it's the right decision, okay but now we need to begin to look at subsidy payment in the productive area. There's no government that does not subsidize for its citizens and I like what De La Lac is saying if they are going to subsidize subsidy subsidizing the area of tax that would be fantastic because that is mean you are subsidizing from the productive sector of the Nigerian economy which is good. So that way okay, subsidy should be there or it should be in the productive sector where we will see results not in the consumption sector because what we are doing is like a man you are earning your salary and all of your salary you keep on spending it on consumption without investing it's good because our main cash guys we need to begin to invest it and then government can in turn take a bite in the productive sector of the economy by subsidizing that sector then it has an effect on the generality of the economy that's what we are seeing minimum wage alone will not do the magic that's what might be incrementing minimum wage alone will not do the magic but with what they are trying to put on ground now our main change is that we are using the growth sector in the era of machines that have been imported we look at software for manufacturers that could assess the effects at the unified good rates that were attract for foreign investors so those are part of the subsidy gift to the economy that is beneficial to everybody subsidizing the energy sector we are seeing that play out in other economies of living, Ghana, our neighbor here the united kingdom that we crave for productive subsidy, not consumption subsidy. All right, fine. Mokta, a whole lot has been said, but I have a concern really now. They are constituting committees, triaportite committee, which is going to include states, organized labour and the private sector to study the dynamics and come out with specific numbers. But how far can this go because committees would meet and labour is saying they are actually going on strike on Wednesday. Can we afford, as in Nigeria, afford another labour strike at this particular time? No, we cannot afford a labour crisis at this time. We have security challenges and we don't want to put them to a very peaceful thing that we are trying to do here. I think the best thing is to labour to give the government time, engage the government. But even if you say auto government was, this is what we are saying. This is what government should be doing without incrementing this price at this time. So in the boss field that you are putting them on the corner because you are supposed to engage them before, on all these things before you would have removed the subsidy. So it wouldn't cause the kind of tension, hardship that is causing. That's what we are saying. What the government is doing now is what they should have done. Immediately they came to power. The Mr. President would have made this speech like, we are going to be her meeting with stakeholders regarding the removal of forced subsidy. We start with the Nigerian Labour Congress. We are contributing with the private sector. That is the way to go. That is, if you say that you are going to be a government, that people are going to be a listening government, an engaging government, that is what you should have done first. But they are saying that it's never too late. It's late than never. So definitely let's see how I think is the right thing. But Labour should exercise patience and get themselves involved in this negotiation too. And I hope the government itself also are not trying to cause confusion within the Labour Union to cause divide and rule and then you cause commotion between TUC and NLC. I don't think that would be the right thing for the government. I think the government, if you are taking sitting with TUC today, I expect them to be sitting with Labour to collect what Labour's demands are because Labour is the largest Labour. We are talking about Labour saying they are going to strike and electricity workers are saying they are going to join them. A lot of people are going to join them. So when you look at the TUC, you see that the people that I have always thought that the major challenge of why we are here today because they are the ones that have been contrasting that subsidy must not be removed, subsidy must not be removed, the trade union Congress, Nupen and Pankas. So they have been the cause of the challenges that we are having now. So it would be good for the government to extend an olive branch to Labour, go and meet them and see how we can collect more strike is going to be more disastrous for us at this moment because the academic staff investing will join the Nigerian Medical Association will join. So it's more engaging for government to engage the Nigerian Labour Congress and then get the TUC also all involved and come out with a common template and both of them work towards one goal on reducing the suffering on the Nigerian because actually it's only a foolish man that will say that Nigerians are not hard hit by this inclement especially with the percentage. But again I can say we are going to a major surgery in this economy and that's surgery. You know when you postpone a surgical and they say that you are at risk. So that's why we have postponed the subsidy in top ten. So we are at risk. Okay Mokhtar, just before we leave this topic now just one final question. You expressed excitement about the tax holiday and of course the federal government is saying that it has actually mentioned the increase of minimum wage to a living wage in the president's inaugural speech but my question right now would be just how can that go when we talk of palliatives of assault because not all Nigerians will actually benefit from tax holidays. What kind of palliative would actually go around that will affect even those in the need to gritty? Definitely you think when you talk about tax holidays and if we have gotten everybody into the tax bracket the informal sector then you would have no what benefit this would have been to Nigerians because we are only looking at the formal sector because that is the sector that is highly taxed we have not been able to come up with ten ways to get the informal sector which would have added up to like 70 to 80% to our tax revenue and also improve our GDP so that's one work that this current administration would need to do so you would have seen the effect of a tax holiday so but I think that's work in progress now increment the minimum wage tax holiday it's not the only way out of the current challenges it's not just the only solution government will need to do for that like I have said there are subsidies in other areas most of the subsidies that can benefit every Nigerian has to be the subsidy that has to do with putting food on the tables of Nigeria you and I know so agriculture must be there must be there either support for farmers in terms of them getting credit to then the transportation subsidy also we need to come up with that and I'm not talking about just going to bring impulses and say take civil servants or take farmers or reduce costs means when there's subsidy I'm talking about looking at the value chain then you talk about infrastructure good food so that maintenance of these vehicles and all that so again the major challenge that we have that is causing our problem in this country even if you look at that is the exchange rate, that's what is driving inflation how do you address that if you address that you bring that inflation and you bring that cost of living alright thank you so much I'll just take a quick break we'll be looking at the issue of unifying our multiple exchange rate and what it means to Nigerians and of course in the country in the moment business insight returns shortly don't go away