DD
MM
YYYY

CATEGORIES

PAGES

DD
MM
YYYY

spot_img

CATEGORIES

PAGES

Home Blog Page 3956

Backlash Continues Over Nigeria’s 1,411 Delegation to COP28 in Dubai

By
Samuel Nwite
-
0

Backlash has continued to trail Nigeria’s outing in the COP28 held in Dubai, UAE, over the number of delegates that represented the country amid its economic downturn.

Like China, Nigeria graced the event with 1,411 delegates, ranking below only two other nations; the UAE – 4,409 delegates, and Brazil – 3,081. But compared to the other nations, Nigeria ranks below in economic performance. China boasts of N17.89 trillion in GDP value, Brazil – N1.92 trillion, while Nigeria has N477.37 billion as of 2022. 

The situation spurred the uproar on and outside social media over the weekend, mainly, due to Nigeria’s current economic realities that have seen inflation rise to 27.62%. Critics believe among other things, that the government’s decision to deploy a high-numbered contingency to the summit is insensitive to the economic plights of Nigerians. 

Nigeria’s poor economic situation, which has resulted in the rise of multidimensional poverty in the country, has been partly attributed to wasteful spending of scarce resources by the government. 

Although the government, in its response to the backlash, said only a handful of the delegates were sponsored by the Federal Government, critics said no excuses justify the outing.

“Nigeria receives development aid from the United States. Nigeria has more delegates to the Climate Conference in Dubai than the United States. Makes no sense…we can’t hide under “they are paying for themselves”…..it just makes no sense,” financial expert, Kalu Aja noted in a post.

It is believed that the vast majority of individuals within the Nigerian delegation at COP28 consist of non-relevant civil servants or individuals who are either relatives, friends, or associates of high-ranking government officials. Many of them possess minimal understanding or involvement with the subject of Climate Change.

The presidential candidate of Labour Party in the last general elections, Peter Obi, said it is really saddening because this huge contingent is out at public expense at a time when most Nigerians can hardly afford food and basic needs as a result of economic hardship. 

“I pray earnestly that a day will come soon enough when we can focus on competing with China on productivity and the miracle of migrating the highest number of its citizens out of poverty over a relatively short time,” he said.

Attempts by the federal government to defend the contingency have failed to calm the backlash. In a statement on Sunday, the presidency said the summit is “not a jamboree, as it is mischievously represented on social media.” It added that all participants “are not funded by the Federal Government.”

Nigerians have demanded to know the actual number of delegates sponsored by the federal government. The National Publicity Secretary of the opposition Peoples Democratic Party (PDP), Debo Ologunagba, said in a statement that President Tinubu went to the summit with his cronies, political minions, and their mistresses at huge expense to the nation.

“The PDP dismisses the feeble attempt by the Presidency to rationalize the over-bloated delegation by trying to hide under genuine sub-national officials, businesses, journalists and civil societies, who are traveling at their own expense to cover the baggage of cronies, mistresses and other hangers-on associated with the Presidency, who are reportedly attending at government’s expense and have no relevance whatsoever at the Conference.

“Our Party and all well-meaning Nigerians are appalled by the level of profligacy inherent in the APC administration whose actions and policies so far are skewed towards the promotion and institutionalization of corruption,” he said.

Ologunagba added: “Our Party challenges the Presidency to come clean by making public the names of the official delegation sponsored by the Federal Government to the Conference, the relevance of such individuals to the Conference, and the total cost of such sponsorship on the nation.

“Of course, Nigerians have the list and they know the genuine officials of sub-national governments and other self-sponsored entities at the Conference.”

Several others agree, asking “How can a broke nation be spending more money than a wealthy one?”

“Cthief Tinubu packed the entire APC members to a Climate Conference #Cop28 using money that we don’t even have. A country in debt for God’s Sake,” Serah Ibrahim wrote on X. “You will think Nigeria was the host with the number of people Cthief Tinubu packed using Govt. money.”

This development comes in the wake of the controversy surrounding the 2023 supplementary budget recently signed by Tinubu, which included extravagant expenses such as cars, a yacht, and costly renovation allocations for office and residential buildings, totaling billions of naira.

COP28: Peter Obi Criticizes Nigeria’s Wasteful Spending on 1,411 Delegates

By
Samuel Nwite
-
0

Peter Obi, the Labour Party’s former presidential candidate, has joined the chorus of disapproval against Nigeria’s extravagant representation at COP28 in Dubai, echoing sentiments that the massive delegation of over 1400 members is an unnecessary display in the face of Nigeria’s dire economic challenges.

Like China, Nigeria graced the event with 1,411 delegates, ranking below only two other nations; the UAE – 4,409 delegates, and Brazil – 3,081.

In a sarcastic critique he posted on X on Sunday, the former Anambra governor labeled the trip as a “showmanship” and urged Nigerian governments to cease squandering resources, particularly when a significant portion of the population struggles to afford basic necessities.

“In a twist of sad irony, let me congratulate the giant of Africa, Nigeria, for matching the great China, with the same number of contingents at the ongoing COP28 in Dubai, United Arab Emirates,” he said.

He highlighted the irony of Nigeria matching China’s delegation size at COP28 despite vast disparities in their budgets.

China’s $4 trillion budget for 2024 allows for a per capita spend of $2,860, while Nigeria’s $33 billion budget translates to a mere $165 per head. According to him, this discrepancy mirrors the stark differences in their Human Development Index (HDI) rankings, with China at 79 and Nigeria lagging far behind at 163, despite China having a significantly larger population.

Obi emphasized the concerning composition of Nigeria’s delegation, predominantly comprising irrelevant civil servants or acquaintances of high-ranking officials with little understanding or involvement in climate change matters.

He said: “This huge contingent is out at public expense at a time when most Nigerians can hardly afford food and basic needs as a result of economic hardship.

“I pray earnestly that a day will come soon enough when we can focus on competing with China on productivity and the miracle of migrating the highest number of its citizens out of poverty over a relatively short time.”

Expressing hope for a future where Nigeria competes with China in productivity and poverty alleviation, Obi stressed the urgent need to dismantle the tradition of wasteful government practices.

“As we have kept emphasizing, we must stop waste as a tradition of our government and nation. We urgently need to cut the cost of governance and invest in production,” he said.

He urged a shift in focus toward reducing governance costs and redirecting resources into production, advocating for a more purpose-driven and prudent approach to government expenditure.

“We need to de-emphasize unnecessary ceremony and showmanship as a mode of government behaviour. We need to tie spending to necessity and national Priority. A New Nigeria is possible. We only need to do the reasonable and the necessary,” he said.

In response to the backlash, the Nigerian government said in a statement that the summit is “not a jamboree, as it is mischievously represented on social media.” The government clarified that the expenses for every participant’s trip, including UBA Chairman Tony Elumelu and BUA Group Chairman Abdul Samad Rabiu, “are not funded by the Federal Government.” Despite this clarification, Nigerians align with Obi’s viewpoint that the event does not warrant such a substantial allocation of taxpayers’ money, asking the government to provide a list of the people it sponsored.

Ultimately, Obi’s message resonates with the possibility of a renewed Nigeria achieved through rational and necessary actions.

El Salvador’s President Nayib Bukele Reveals Country’s Bitcoin Investment is Currently in Profit

By
Ojukwu Emmanuel
-
0

President of El Salvador Nayib Bukele has recently revealed that the country’s investment in Bitcoin is currently in profit. This is coming after the crypto asset hit a new all-time high of $41,000 this year.

Bukele further disclosed that with the current Bitcoin market price, if the country is to sell its Bitcoin investments, it would not only recover 100% of its investment but also make a profit of $ 3,620 277.13 USD. He however noted that there is no intention to resell, as it has never been the objective.

Speaking on this, he wrote on X,

“El Salvador’s Bitcoin investments are in the black! After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on Bitcoin’s market price at the time.

“With the current Bitcoin market price, if we were to sell our Bitcoin we would not only recover 100% of our investment but also make a profit of $3 620 277.13 USD (as of this moment). Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy”.

The El Saldvador president also took a swipe at Naysayers whom according to him mocked him when the country’s Bitcoin investments were all in losses. He noted that the responsible thing for them to do, with the counrty’s recent profits, is to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit.

He wrote,

“Nonetheless, it is important that the naysayers and the authors of those hit pieces take back their statements. The responsible thing to do would be for them to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit, just as they repeatedly reported that we were incurring losses.

“If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one. We’ll see… Stay tuned!”.

Several users on X, have lauded his move to make Bitcoin as a legal tender in El Salvador, stating that he has turned the country around and made the country the beacon that would eventually lead others countries to adopt Bitcoin.

Recall that on September 7th 2021, Bitcoin officially became legal tender in El Salvador, after the Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency.

In October 2022, the use of bitcoin in El Salvador appeared to be on a low, after the currency lost about 60% of its value, since the experiment started amidst the country facing plummeting economic growth and a high deficit.

El Salvador’s debt-to-GDP ratio, a key metric used to compare what a country owes with what it generates was reported to hit nearly 87% in the same year, stoking fears that the nation isn’t equipped to settle its loan obligations.

Also, data from Bloomberg Economics revealed that El Salvador tops its ranking of emerging market countries that are vulnerable to a debt default.

Even as it retires some of its Outstanding debts, the country’s domestic and multilateral loan obligations was said to have posed a real threat, because the world’s biggest lenders were not wiling to give cash to a country betting its future on one of the most volatile assets on the planet (Bitcoin).

With El Salvador’s Bitcoin investment currently paying off, there are speculations that several countries might be considering making significant investments in Bitcoin, as the cryptocurrency has been predicted to continue on a bullish trend.

The Footballer and the Lessons on Success in Careers [video]

By
Ndubuisi Ekekwe
-
1

Note the #4 player. He missed a tackle (which is unfortunate) but he did not allow that to be the end of the story, as he ran all the way, outperforming all his teammates to tackle the ball carrier at the other end of the field, to prevent a touchdown (a goal in American football). The most successful people among us are NOT the most talented, but those with tenacity, perseverance and a winning attitude.  The footballer demonstrated those as you watch the video.

That guy in your class does not study but he makes B+. If you try that, you make C. But because you study and study, you make A+. And if you use that process and attitude, you can outperform your intrinsic capabilities over time. And with that success will come.

Remember, the reason most companies would like to hire A+ students for jobs is not that A+ students are always smarter; rather, companies reason (statistically) that by the students making A+, they have demonstrated attributes which if they sustain at work, they will thrive. And those attributes include time management, not settling for A-, etc when a little more hard work can deliver A+.

 In school, I was a certified bookworm because it never hurt to be over prepared! Yes, the process to a grade is more important than the grade itself! I would be better if I make C after putting in the best efforts than making B without the right attitude. Why? While a grade is not universal, processes to success are largely universal.

The A+ Student And The Process of Success

Comment on Feed

Comment 1: Prof is simply alluding to the fact that making A+ grades while in school demonstrates attributes such as discipline, diligence, and hard work, hence the reason those A+ individuals get the nod or an edge over their peers with lesser grades.

Spotify Lays Off About 1,500 Employees to Reduce Costs in A Third Round of Job Cuts This Year

By
Ojukwu Emmanuel
-
0

Popular digital music streaming service Spotify, has laid off about 1,500 of its employees (17% of its headcount), in a third round of job cuts in less than a year, amidst rising capital costs.

In a letter to employees, Spotify CEO Daniel Ek said the company hired more workers in 2020 and 2021, noting that the downsizing of the workforce is crucial for the company to face the challenges ahead.

He also cited the slow economic growth and rising capital costs among reasons for the job cuts, stating that the firm took advantage of the lower-cost capital in 2020 and 2021 to invest significantly in the business.

In his words,

“By most metrics, we are more productive but less efficient. We need to be both. We debated making smaller reductions throughout 2024 and 2025. Yet considering the gap between our financial goal state and our current operational costs, I decided that a substantial action to rightsize our cots was the best option to accomplish our objectives”.

Spotify will start informing affected employees on Monday about its latest decision. Employees will get about five months of severance pay, vacation pay, and healthcare coverage for the severance period. Also, the company will offer immigration support to employees whose immigration status is connected with their employment.

Spotify’s recent layoff is occurring for the third time this year after it has let go several amounts of its workers. In January, the company announced the layoff of 6% of its workforce, roughly 600 employees.

Later in June, it announced the layoff of 200 workers from its podcast division. Spotify has generally prioritized growth over quarterly profits throughout its history, but reports disclose that investors have been increasingly pushing for profitability over the past year.

During an investor day event last year, Spotify CEO Daniel Ek said that he intends for Spotify to be profitable by 2024. Although the company posted a quarterly profit in its last earnings release, it reported losses of €462 million (around $502 million) in the first nine months of this year.

While Spotify has enjoyed robust growth over the past year, the company has become less efficient and has moved away from the resourcefulness that defined its early days.

In recent years, Spotify has invested more than a billion dollars to build up its podcast business and signed up celebrities such as Kim Kardashian, Prince Harry and his wife. As of September 2023, the music streaming service, had over 590 million monthly active users, including 226 million paying subscribers.

Spotify is available mostly in Europe, as well as Africa, America, Asia, and Oceania, with a total availability in 184 markets. Its users and subscribers are based largely in the US and Europe, jointly accounting for around 53% of users and 67% of revenue. The company hopes to reach a billion users by 2030.

Spotify on Monday announced its third round of layoffs this year. The Stockholm-based music streaming business said it would cut about 1,500 people, or 17% of its staff, across the company. Spotify has invested further into podcasts and audiobooks but has yet to reap the rewards of its expansion. “Economic growth has slowed dramatically and capital has become more expensive,” said CEO Daniel Ek. While the platform is the largest of its kind, it “has long struggled to be profitable because of the terms of licensing deals it has with record labels and music publishers,” according to The New York Times. Spotify also said Monday that those leaving would receive about five months of severance pay. Some Spotify employees affected by the layoffs are posting on LinkedIn, while other members below are offering help or advice. (LinkedIn News)

Spotify set to cut staff by around 17%

Spotify, the world’s leading music streaming service, announced today that it will reduce its global workforce by approximately 17%, affecting around 1,200 employees. The company said that the decision was made as part of a strategic restructuring plan to improve its profitability and competitiveness in the rapidly changing digital music market.

Spotify CEO Daniel Ek said in a statement that the layoffs were “a difficult but necessary step” to ensure the long-term sustainability and growth of the company. He added that Spotify would provide “generous severance packages” and “outplacement support” to the affected employees and thanked them for their contributions and dedication.

Spotify said that the restructuring plan would focus on streamlining its operations, optimizing its product portfolio, and investing in new technologies and markets. The company also said that it would continue to hire in strategic areas such as podcasting, content creation, and data science.

Spotify’s shares fell by 4.5% to €175.6 in early trading on Tuesday, following the news of the layoffs.

As part of a restructuring plan to improve its profitability and competitiveness. The company said the layoffs will affect mainly its marketing, sales and content teams, and will result in a one-time charge of €30 million in the fourth quarter of 2023. The news sent Spotify’s shares down by 4.5% to €175.6 on Tuesday morning, as investors reacted to the unexpected move and its implications for the company’s growth prospects.

Spotify, the world’s leading music streaming service, announced today that it will reduce its global workforce by approximately 17%, affecting around 1,200 employees across various departments and regions. The company said that the decision was made as part of a strategic restructuring plan to streamline its operations and focus on its core business and growth opportunities.

Spotify CEO Daniel Ek said in a statement: “We are grateful for the contributions of our talented and dedicated team members who have helped us build Spotify into the amazing platform that it is today. However, we also have to make some tough choices to ensure that we remain competitive and agile in a fast-changing and dynamic industry. This is why we have decided to implement a workforce reduction that will affect some of our colleagues around the world.”

Ek added that the company will provide severance packages and outplacement support to the affected employees, as well as career coaching and counseling services. He also said that the company will continue to invest in its product development, content acquisition, marketing and customer service, as well as in new markets and regions.

The restructuring plan is part of Spotify’s strategy to improve its profitability and competitiveness in the fast-growing music streaming industry. The company faces fierce competition from rivals such as Apple Music, Amazon Music and YouTube Music, as well as from emerging players such as TikTok and Clubhouse. Spotify also has to deal with high royalty payments to music labels and artists, which account for about 70% of its revenue.

By reducing its headcount and overhead costs, Spotify hopes to increase its operating margin and free cash flow, which will enable it to invest more in innovation and growth. The company also aims to diversify its revenue streams by offering more services and features to its users, such as podcasts, video, live audio and e-commerce.

Spotify has also been struggling to turn a profit, despite having over 365 million monthly active users and 165 million premium subscribers as of June 2021. The company reported a net loss of €20 million ($23 million) in the second quarter of 2023, compared to a net income of €1 million ($1.2 million) in the same period last year.

Spotify said that the workforce reduction will not affect its financial guidance for the third quarter and full year of 2021, which it will announce on October 28. The company expects to generate revenue of €2.31 billion to €2.51 billion ($2.7 billion to $2.9 billion) in the third quarter, and €9.11 billion to €9.51 billion ($10.6 billion to $11 billion) for the full year.

1...3,9553,9563,957...8,605Page 3,956 of 8,605

© Tekedia. All rights reserved.

Term & Privacy

© Tekedia. All rights reserved.

Term & Privacy