 The Pentecostal Fellowship of Nigeria has told the federal government that removing fuel subsidy will worsen the suffering of a majority of Nigerians who were already impoverished. The president of the PFN, Bishop Walioqi, urged the government to shelve the proposed policy in order not to worsen the hardship of the people and trigger crises in the country. Well joining us to discuss this is financial analyst Richard Inuyo and Chairman Christian Association of Nigeria Cadunus State Chapter Revan Joseph Hayab. Thank you very much gentlemen for joining us. Thank you for having us. Yeah, thank you for having us. All right, I'm going to start with you Richard because you are into the numbers. It's interesting because every single day that goes by, Nigerians are forced to tighten their belts every day. And the case doesn't seem to be easier by the day. You hope that as the days go by, the government would come up with policies that would one way or the other lighten the load of the average Nigerian. But that doesn't seem to be the case. But let's zero in into this subsidy removal issue. This is one of the things that our president was then a presidential candidate. He and many others who are now members of this APC political party walked through the streets of Nigeria occupying Nigeria on this issue of subsidy removal. But here we are again with the same issue. But this time the government seems to be on that side. Richard, can you hear me? Let me start by saying it's sad that we're going to have the president. Yeah, I can hear you, can you hear me? Yes, I can. Go ahead. Yes, go ahead. Now it's sad that we wouldn't have a president contemplating contemplating to increase the price of oil in Nigeria. It's it's hard to be honest with you. It's just so sad. What I'm saying this is because if you look at the statistics for what poverty clock it is said that over 105 million Nigerians are currently living below the poverty line. They're living in extreme poverty, not just poverty, but they're living in extreme poverty. And what that simply means in the real sense is that for every two Nigerians one is technically poor, okay? And that is why some are false in the financial markets. We're already thinking or coming to the conclusion that the president of Nigeria seems to have a national poverty expansionary plan. A national poverty expansionary plan aimed at dragging more Nigerians into the poverty net. Aim at ensuring that every family at the end of the day produce people who can be classified as poor. People living below $1.9 a day. Why would that be the plan of Mr President when he promised us to give us a better economy to fight corruption and to give us more employment? I'm trying to understand where you're coming from. No, you see, a wise man once said that don't listen to what they say. Watch what they do. Focus on the action. Okay, so if you're to focus on the action of the president, not the speeches, you know, we have to focus on his action. Now let me put it clear to you. This is a country where the cost of doing business is already high. That's one. Two, when you take that cost of doing business, okay, into the metrics of doing that will have constant energy, what we call electricity in Nigeria, that simply means by increasing the cost of assessing the PMX. What you're trying to do technically is to increase energy costs for business oppression. And you want me to explain to you what that implies in terms of running business in Nigeria or what that would mean for manufacturers who have to choose between rukutimolsters investing money, supply the need to be able to car their plants. Laterally, we are going to be faced with not only just rising costs of production, we'll also be first as in face with rising costs of moving our products from one place to the other. So on the overall, this policy is in the real sense when it comes to remove our subsidy, which I don't even think the issue is about subsidy here. It's about an attempt by the presidency because we have more of the presidency than the president. This is an attempt by the presidency and NNPC alongside the international collaborators to ensure that they creep into the Nigerian economy, okay, with this policy. So first we're going to have increasing the cost of doing business in terms of how you get your energy and what is cost to get energy. Also, the cost of moving your products from point A in Nigeria to point B in Nigeria. If you put these two costs together, transport costs and energy costs, I'm not even talking about the cost of raw material that will be impacted with the increase in the price of the PMX. I don't go into that, but if you take these two costs together, what you're going to have is what I call the equivalent of what it's going on in Lebanon where people have money, but yet they cannot use their money, okay, to buy tangible goods that they need. And I'm so, so afraid that's where we're headed to is a place where not only that we want to have more Nigerians dragged into the pit of poverty, we're going to have massive insecurity problems because when people can't get job because companies are folding up, because companies can't stand the cost of energy and the cost of transportation logistics, what that simply means is that they're going to fold up, people lose jobs, insecurity will rise and at the end of the day, we all would be sorry for it. Okay, Reverend Hayab, I know that you have to stand on your pulpit every day and preach that message of hope to the people that are in your congregation, telling them to hold on that God is going to, I really don't know, I'm just trying to presume what you would be saying to people, because people are in church looking for some shred of hope, but then of course Bishop Francis Walloke is saying that we're going to be facing some form of multi-dimensional suffering and from what the financial analyst is saying, it's not, it's not a, it's not a story where we see light at the end of the tunnel, is it? Truly speaking, the situation. Reverend Hayab, are you there? I think we're having a connection issue with you. Well, it is a sad one because when you see someone, a group of people who advocated to stand for the masses, who advocated to defend the masses, who advocated to give services to the masses, turning back to begin to make things difficult for the masses, then it's unfortunate, because all of us are aware that this current leadership came on the platform of telling the masses that the previous leaderships we are not doing right, they were not serving the interests of the people, they were instead exploiting the people, but socially speaking the exploitation at this moment is bad. I don't want to be too technical, it's time God that our brother has actually shared his view as a financial analyst, but let me put it from the practical point of view. Even the solution Government is presenting to Nigerians. It's a big problem. How can Government tell us that they want to remove subsidy, but they are going to pay for it? Again, I think we have lost Reverend Hayab. Reverend Hayab, can you hear me? Are you there? Well, apologies. We're having that connection issue with Reverend Hayab. We'll try to bring him back, but back to you, Richard, while you hold forth for Reverend Hayab. I was speaking with some people over the weekend who said, one person said, I took 30,000 naira to the market and I wasn't able to buy anything. And another said, I bought gas for A5 the other day and now it's almost 10,000 and who knows what it's going to be in December. Let's not forget the Yultide, it's just around the corner naturally. The prices of things literally hit the roof. What is the fate of the average Nigerian is the December going to be dirty in any way? Well, first, you see, okay, there's a saying that how the weekend is going to be, we're going to know by Friday. So the truth is that I don't see Nigerians even celebrating. I think someone made a joke recently and said that he's received the Christmas carol no longer playing. He's received the jingle bell songs and no longer singing. Who stole the bell? That goes to show that we're getting to the point where people don't feel like celebrating anything anymore because the money you have is competing with so many other needs so that you don't even want to celebrate where it matters. And it's sad to know that the president is already indirectly through his proxy telling Nigeria that the biggest gift we're going to get in a new year would be something that will torture our lives. And it's worrisome. Isn't that safe? Some of us enjoy coming to talk on TV or attending to interviews or radio, but when you see the policy and the direction of the policy and what it implies in terms of poverty and insecurity, business costs and all of those things, you come to realize that we are in a very serious problem. And the only way out is for us to reverse the policy. In fact, the idea that we have the presidency thinking in this direction makes me feel very sad. Don't forget that one of the reasons why the likes of Jonathan lost the election was because it was proposing increase in the price of the PMS. And that was what actually led to all the persons coming together to form a coalition to rest power from him. So if that is the fundamental reason for which power left the PDP, for instance, all views that Nigerians want him to do exactly what he stood against and also stood for him for standing against tax. So it does not really make sense in the real sense. I think there's a cartoonist that came up with a joke where a man was standing upside down and the wife was particularly asking the man what I tried to do. He said he's trying to understand the policy of this government. All I can see right now is that there's a total disconnection that's under Nigerian people. The price of oil, Nigerians would pat him on the back, get at the end of the day would just be increase in agony and likely in nationwide protests because he's no longer about he's from south, he's from the north, or he's a Muslim, or he's a Christian. He's about, also in this country, get affected by policies. It seems to me something dangerous to us. Finally, before I let you go, quickly before I let you go in a few words, the presidency that you have been referring to has great economists. There's an economic team that is being headed by the vice president and I know that I know one of the most intelligent people in terms of the economy, Bismarck Rewany, actually walks in the presidency. Are you trying to tell me that these people have not necessarily looked at the aftermath of this fuel subsidy removal before they're okayed it for the government to even bring it to the fork in closing? I don't even believe that they have been listened to because I have high level of respect for the likes of everyone. Okay, so I don't even believe that he's been listened to. I don't even believe that the vice president has been listened to. Maybe they are part of those who choose to actually okay this dangerous economic disaster, the core policy, but I believe they're not been listened to, but let me quickly chip this in before I leave. It's very important for us to understand the question. That is why I'm saying we have to construct this policy. The question here is that why is working? If we fix our refineries and we have the three refineries working, the all issue about subsidies as it would go away, how can us as a country with over 70 billion have functional refinery? So we should not make it look as if it's a debate around subsidy removal or increase in price of four. It's about the dysfunctionality of our refinery system. So we have to fix our refinery and that will help us to reduce the price of four and all Nigerians will have cost to tighten this government for doing the right thing. All right. Well, thank you very much. Richard Inoyo is a financial analyst. We apologise. Reverend Hyab was disconnected as a result of the internet connection. Thank you so much for speaking with us. What would leave you with what Nigerians have to say about the cost of living in the country because this is the order of the day, but I want to thank you for being part of the conversation. I am Mary Annacon. I'll see you tomorrow. Anything about the country. And we are hoping for 2022 for another election, but they are not doing anything. The individual that can afford food, they are not many. And the one that are suffering for this food, they cannot get anything from it. Today they said onions, it is like this. You know, Gary, everything, nothing is going well. Everyone, even the little ones knows that everywhere the economy is, you know, like everybody, the mass are suffering due to the high cost of goods in the market. So these admit some people, you know, if there are people that are feeding thrice in a day, you see them, they feed twice and some even once in order to do what, in order to make sure that there are other things they can solve problem with money. And secondly, you see that even in the case of the price of goods, hiking, the salary are not being increased, both in the government sectors, in all parts of the house anyway. So it has caused more of suffering to the mass. It's not easy. The truth is, most of us have adopted the 101 feeding for feeding. So without the 101 or the 010 feeding method, because honestly eating three times a day in this Nigeria, you are a big go. EFCC will have to probe you. Things are not all that easy for every Nigerians. I don't talk saying that only me because the price of everything now is skyrocketing. I see yourself, no. So everybody is just managing. All what we are buying in the market, the price has gone up starting from the full stock, starting from gas that we are using for domestic purposes and all sorts of things. But the question is that the salary that the salary earners are taking is nothing to write or me about. And there is no increase in salary. But the price of things keep on going higher and higher. So, and there is nothing we are going to do. It is so pathetic that the full situation and the full crisis is pathetic. Nobody knows where to go. We are suffering. Everybody is living beyond. Everybody is living beyond 10, 10 error per two days. It's not good. So please, we have to improve the economy. Our readers should know that what we are going now is not good. For the common people like us, things are not really going smooth. We work from relaxing hand to mouth. I know the foreigners but the price of buses is getting high, the full stock is getting high. But the finance part is our salary is not being increased. So it doesn't make sense. At least, even if this price goes up, they should try and make out and see the reasons with our salary. You can imagine any like 50,000 having a budget, a monthly budget of like 80k. So you don't have to spend the person to go forward to buy a car or to get the desire kind of lifestyle that he or she wants. Everything is going expensive and salary is not increasing. People are just suffering in this country. The government should try to help people. People are the best here. People are the best here. People want to die here. People are the best for this country here. We got to manage this. See, people are the best here. It gives us money.