Category: Cost of Living - Page 3

TUC Tackles Sylva Over Impending Fuel Price Hike

10Feb

By Obiajulu Joel NwoluNo Comments

Cost of Living, Economy, News, Nigeria, Petroleum

TUC Tackles Sylva Over Impending Fuel Price Hike

The Trade Union Congress, TUC, has faulted the Minister of State for Petroleum Resources, Chief Timipre Sylva, over his comment that Nigerians should get ready for the pain associated with the increase in crude oil price. The Manufacturers’ Association of Nigeria, the Lagos Chamber of Commerce and Industry and other critical stakeholders also urged the Federal Government to use rising revenue from crude oil to tackle poverty and drive an all-inclusive growth. They said this in separate interviews with The Punch on Tuesday while reacting to a statement by Sylva, who earlier alerted Nigerians to expect benefits and pain from the rising price of crude oil in the world market. Nigeria’s dependence on crude oi for about 50 per cent of government revenues and over 90 per cent of export ...

Northerners the Poorest in Nigeria Despite Being in Power More – Yakasai

17Jan

By Obiajulu Joel NwoluNo Comments

Cost of Living, Finance, Infrastructure, News, Nigeria

Northerners the Poorest in Nigeria Despite Being in Power More – Yakasai

Alhaji Tanko Yakasai, a founding member of the Arewa Consultative Forum has said other regions in the country have formed the habit of blaming the north for their challenges when the North has the most number of poor people. The elder statesman said that the North had varied challenges despite producing more leaders compared to the South. This was contained in his speech at an online conference monitored by The Punch, themed, ‘The 2nd Never Again Conference: 51 years after the Nigerian-Biafran civil war’, hosted by Nzuko Umunna, an Igbo Think Tank, in partnership with Ovation International and Njenje Media. Some southern leaders have alleged that the North plans to dominate leadership positions and accord other regions second-class citizens status. The North on the other hand t...

Governors Didn’t Hoard COVID-19 Palliatives – Akeredolu

1Nov

By Chinedu IbeakanmaNo Comments

Cost of Living, Covid-19, Nigeria

Governors Didn’t Hoard COVID-19 Palliatives – Akeredolu

The Ondo State Governor, Mr Rotimi Akeredolu, on Sunday,explained that his colleagues did not deliberately hoard palliatives made for their states. Akeredolu, who is also the Chairman of South-West Governors’ Forum, said the insistence on official flag-off ceremony by the Coalition Against COVID-19 before the distribution was largely responsible for the delay in distributing the items to the people of the states. The governor stated this while speaking at the church service marking the 3rd anniversary of enthronement of the Bishop of Owo Diocese, the Church of Nigeria, Anglican Communion, Dr. Stephen Fagbemi, held at the All Saints Church Idasen Owo, Ondo State. He said, “Those states where the palliatives were warehoused, were also waiting for the donation of the remaining items ...

Implementation of New Electricity Tariff to Resume Next Week

31Oct

By Obiajulu Joel NwoluNo Comments

Cost of Living, News, Nigeria, Power

Implementation of New Electricity Tariff to Resume Next Week

Special adviser to the president on infrastrure, Ahmed Zakari has said that electricity distribution companies (DiscCos) will resume implementation of the new electricity tariff next week. A news service-based reflective tariff (SRT) structure was implemented on September 1 by the DisCos after approval by President Muhammadu Buhari. The new tariff was halted after the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) kicked against the hike. The organised labour called for a nationwide strike to protest the new electricity tariff and the hike in petrol pump price. However, the strike was suspended at the eleventh hour after the organised labour reached an agreement with the federal government to suspend the implementation of the new tariff pending the findings of...

IMF Raises Concerns Over Effects of #EndSARS Protests on Nigeria’s Growth Projection

23Oct

By Chinedu IbeakanmaNo Comments

Cost of Living, Economy, Finance, News, Nigeria, Security

IMF Raises Concerns Over Effects of #EndSARS Protests on Nigeria’s Growth Projection

International Monetary Fund (IMF) has warned that the projected economic growth for Nigeria may not be realized on the strength of the #ENDSARS protest. The organization expressed serious concern over the state of the nation as the protests continue. While answering questions during the virtual IMF press conference on the regional economic outlook for Sub-Saharan Africa on Thursday, the IMF Director, African Department, Abebe Selassie, noted the importance for government to find an immediate solution to the protests. His words: “On the growth projections in Nigeria, I mean, these protests happened of course, after we had closed, after the period where the data we looked at in making the growth projections for this economic outlook. And much will depend really on how these protests...

We will Implement Agreement Diligently – NNPC Assures Labour After Strike Suspension

28Sep

By Obiajulu Joel NwoluNo Comments

Cost of Living, Economy, Labour, News, Nigeria, Petroleum

We will Implement Agreement Diligently – NNPC Assures Labour After Strike Suspension

Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has pledged commitment to implement agreements reached with organised labour which led to the suspension of planned strike and protest over the increase of electricity tariff and petrol pump price. Kyari said NNPC would diligently implement the agreement reached on Sunday between labour leaders and Federal Government. Recall that the Nigeria Labour Congress (NLC) and the Trade Union Government (TUC) had planned to commence strike action today over the Federal Government’s refusal to reverse the hike in electricity and fuel pump price. Government had removed subsidy of electricity and petrol leading to an increase in electricity tariff from about N30.23 to about N62.33 per kwh, while the pric...

Strike Called off, Agreement Reached between FG and Labour – Keyamo

28Sep

By adminNo Comments

Breaking News, Cost of Living, Employment, Infrastructure, Labour, News, Nigeria, Power

Strike Called off, Agreement Reached between FG and Labour – Keyamo

Minister of State for labour tweeted in the early hours of this morning that the federal government has reached an agreement with labour leading to a suspension of the scheduled strike action. The tweet read "FG & LABOUR reach agreement at 2:53am. Deregulation to stay as Govt rolls out palliatives for labour (details in 2 weeks); Electricity tariffs suspended by Govt for 2 weeks with a joint Committee headed by @fkeyamo to examine the justification for the new policy. Strike suspended." FG & LABOUR reach agreement at 2:53am. Deregulation to stay as Govt rolls out palliatives for labour (details in 2 weeks); Electricity tariffs suspended by Govt for 2 weeks with a joint Committee headed by @fkeyamo to examine the justification for the new policy. Strike sus...

Nigeria: NLC Insists on Strike Commencing 28th Sept. 2020

27Sep

By adminNo Comments

Breaking News, Cost of Living, Economy, Employment, Labour, News, Nigeria

Nigeria: NLC Insists on Strike Commencing 28th Sept. 2020

The Nigerian Labour Congress has doubled down on its position that there will be a Nation-wide strike from the 28th of September 2020 unless their demands are met. In a post shared on their Facebook Page, the union said "STRIKE BEGINS TOMMOROW MONDAY 28TH SEPTEMBER, UNLESS OUR DEMANDS ARE MET." STRIKE BEGINS TOMMOROW MONDAY 28TH SEPTEMBER, UNLESS OUR DEMANDS ARE MET. Posted by Nigeria Labour Congress HQ on Sunday, September 27, 2020 It will be recalled that a court ordered the strike to be put on hold, an order which the union does not appear to be willing to obey. The Federal Government has invited the union's leaders for a meeting so it is yet to be seen if the strike will be called off before tomorrow the 28th of September. We will keep you posted.

CBN Disburses N3.5tr COVID-19 Intervention Cash

23Sep

By Chinedu IbeakanmaNo Comments

Cost of Living, Covid-19, Economy, Finance, Nigeria

CBN Disburses N3.5tr COVID-19 Intervention Cash

The Central Bank of Nigeria (CBN) says it has disbursed N3.5 trillion to various sectors of the economy to assist in cushioning the effects of the Coronavirus pandemic. The Apex bank says it will also contribute N1.8 trillion into the N2.30 trillion Federal Government’s one-year Economic Sustainability Plan (ESP) through its Participating Financial Institutions (PFIs). CBN Governor Godwin Emefiele who stated this on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja also gave a breakdown of how the funds were disbursed. The breakdown is as follows: Real Sector (N216.87 billion); COVID-19 Targeted Credit Facility (N73.69 billion); Agri-Business/Small and Medium Enterprise Investment Scheme (N54.66 billion); Pharmaceutical and Health Care Support (N44.47 bi...

If we Truly Deregulated, Shouldn’t Fuel Price Drop? Atiku Queries

8Sep

By Obiajulu Joel NwoluNo Comments

Cost of Living, News, Nigeria, Petroleum

If we Truly Deregulated, Shouldn’t Fuel Price Drop? Atiku Queries

Former Vice President, Atiku Abubakar has questioned the recent increase in the price of Premium Motor Spirit (PMS), credited to the deregulation of the petroleum sector by asking, “if we truly deregulated, shouldn’t fuel price drop?” The Peoples Democratic Party (PDP) presential candidate in the 2019 election expressed his lack of understanding of the rational behind the increase in a tweet posted on his official Twitter handle. He said that as a businessman, he is concerned with the economic perspective of affairs. Atiku made a comparison between the present price of crude and what was obtainable in 2019. He added that fuel prices are far lower now in US and Europe than they were in 2019. His reaction adds to the pool of criticisms that have trailed the increment of petrol p...