The Peoples Democratic Party has alleged that President Bola Tinubu’s media chat validates the All Progressives Congress’ insensitivity and disconnection from the Nigerian people. In his media chat on Monday, President Tinubu stated that financial discipline has been introduced, with additional funds being allocated to development projects. He also mentioned that borrowing is being utilised to finance infrastructure. In a statement on Tuesday, the PDP National Publicity Secretary, Debo Ologunagba, expressed concern that while the APC has failed to explain the savings from the removal of subsidies, Nigerians are enduring severe economic hardship. “The Peoples Democratic Party (PDP) asserts that Monday’s Presidential media chat further confirms the All Progressives Congress (APC) administration’s insensitivity to the current widespread hardship and suffering being faced by Nigerians resulting from the ill-implemented and anti-people policies of the APC “The declaration by President Bola Ahmed Tinubu that he has no regrets for the sudden removal of fuel subsidy without any cushioning measures to mitigate the resultant crippling effect on the productive sector, high cost of living and associated hardship which is now driving citizens to extreme poverty and early death also confirms APC’s disconnection from the primary purpose of government which is the welfare and security of the citizens. “It is instructive that President Tinubu in the chat admitted that Nigerians are bearing the brunt of the failure and inability of the APC administration under his watch to effectively police and secure our nation’s borders as to prevent the smuggling of petroleum products to neighbouring countries. Related News Yuletide: Wike urges residents to obey God’s commandments Celebrating Christ's birth amid adversity a blessing - Atiku Yuletide: Stay hopeful, support Tinubu’s reform, Abiodun urges Nigerians “The PDP is disturbed that while the APC has failed to account for the proceeds saved from the removal of subsidy, Nigerians are subjected to crushing economic hardship because the APC administration has failed in its fundamental duty of ensuring the territorial integrity of our nation”, the PDP said. The PDP stated that the recent food stampede in different parts of the country, which resulted in the deaths of many Nigerians, highlights the perilous times the nation is facing under the APC. It continued “Moreover, Nigerians are appalled that instead of admitting failure and seeking solutions, Mr President again claimed that the nation’s economy has improved under his watch when in reality the situation has worsened with the comatose productive sector, deteriorating value of the Naira at N1,700 to the US Dollar, 34.6% inflation and 40% unemployment rates in the last 18 months. “The widespread food stampede in various parts of the country which recently led to the death of about 80 Nigerians shows that our nation is indeed in a perilous time under the APC. The PDP holds that there is no hope in sight under the APC given its failure to embark on meaningful investments in critical sectors including agriculture and food production, electricity, petroleum and gas, small and medium-scale enterprises, which are the real drivers of the national economy. “Also, alarming is President Tinubu’s claim that Nigerians can now freely and safely travel by road despite the horrible reality of banditry, kidnapping and armed robbery as well as the worsened condition of highways across the country under the APC. “The PDP urges President Tinubu to travel from Abuja to Lagos by road, visit any of our markets or take a walk on the street of any city in Nigeria to properly gauge and appreciate the real situation in the country rather than relying on fabricated statistics being bandied by officials of his government”, the opposition party concluded.Technology stocks led a broad rally on Wall Street Tuesday during a holiday-shortened trading session ahead of Christmas. The S&P 500 rose 1.1% for its third-straight gain. The Dow Jones Industrial Average added 0.9%, and the tech-heavy Nasdaq composite climbed 1.3%. While Big Tech companies, including Apple, Amazon and chip company Broadcom helped push the market higher, the gains were widespread. Advancers outnumbered decliners by more than 3-to-1 on the New York Stock Exchange. Broadcom rose 3.2%, Apple gained 1.1% and Amazon closed 1.8% higher. Super Micro Computer climbed 6%. Tesla jumped 7.4% for the biggest gains among S&P 500 stocks. American Airlines shook off an early loss and ended with a 0.6% gain after the airline briefly grounded flights nationwide due to a technical issue. Elsewhere in the market, U.S. Steel rose 1.9% a day after an influential government panel failed to reach consensus on the possible national security risks of the nearly $15 billion proposed sale to Nippon Steel of Japan. NeueHealth surged 74.9% after the health care company agreed to be taken private in a deal valued at roughly $1.3 billion. All told, the S&P 500 rose 65.97 points to 6,040.04. The Dow added 390.08 points to 43,297.03, and the Nasdaq rose 266.24 points to 20,031.13. Treasury yields held steady in the bond market. The yield on the 10-year Treasury was little changed at 4.59%. European markets closed mostly higher. Markets in Asia mostly gained ground. Tuesday’s U.S. market rally comes as the stock market enters what’s historically been a very cheerful season. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950. The so-called “Santa rally” also correlates closely with positive returns in January and the upcoming year. So far this month, the U.S. stock market has lost some of its gains since President-elect Donald Trump’s win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. Even so, the stock market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up 26.6% so far this year and remains within roughly 1% of the all-time high it set earlier this month — its latest of 57 record highs this year. U.S. markets will be closed Wednesday for Christmas. Wall Street has several economic reports to look forward to this week, including a weekly update on unemployment benefits on Thursday.
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