Fuel subsidy: NEC considers report today, TUC meets, ASCSN threatens showdown – Newstrends
Connect with us

Business

Fuel subsidy: NEC considers report today, TUC meets, ASCSN threatens showdown

Published

on

THE Trade Union Congress will today (Thursday) take a position on the planned removal of the fuel subsidy by the Federal Government.

The TUC Deputy Secretary, Nuhu Toro, disclosed to The PUNCH in Abuja on Wednesday, that the congress would hold a meeting over the subsidy issue.

Toro disclosed this ahead of the National Executive Council’s meeting on Thursday.

NEC consisting of including all 36 governors, Vice-President Yemi Osinbajo and other federal officials is expected to consider the adoption of a report by its ad hoc committee on fuel subsidy removal and the increase of petrol price to N302 per litre.

On its part, the TUC deputy secretary said the congress would hold a meeting over the subsidy issue.

He said, “We are having a meeting tomorrow (Thursday). The congress will disclose its decision after that meeting.”

Also speaking with The PUNCH, the Association of Senior Civil Servants of Nigeria opposed the plan by the Federal Government to remove the fuel subsidy and increase the pump price.

The ASCSN President, Tommy Okon, said his association and Nigerians would resist the move.

He said, “Of course, Nigerians are rest assured that they would be defended by our union; that’s why we are here and that’s why we are saying it is a wrong decision to take at this time when workers wages are still stagnant. No increase, they have not made any provision.

READ ALSO:

“The transport system has not been looked into. So, you just wake up and say you are removing fuel subsidy. Where in other climes has this been done? Even when you give the subsidy, is it not the wealthy few that still hijacked it? The fight is not about workers, it is what Nigerians must rise and resist.”

Okon stated that the union had already taken a position on the issue, insisting that “no sane government should at this point of economic harshness decide to impoverish the people.”

There have been fears of likely fuel price increase since the Minister of Finance and National Planning, Zainab Ahmed, announced the plan to remove petrol subsidy last June.

An online news medium, The Cable, reported on Wednesday that a committee of the National Economic Council had recommended that petrol should be sold at N302 per litre from February when the government would cease to subsidise the petroleum products in the country.

The report explained that NEC made the recommendations last November. The recommendations were reportedly put forward by the NEC ad-hoc committee interfacing with the Nigerian National Petroleum Corporation on the appropriate pricing of PMS in Nigeria.

The report was said to have been presented by Governor Nasir El-Rufai of Kaduna State and the head of the committee.

According to the news report, the committee recommended full deregulation of PMS prices by February 2022 — raising the price by about N130/140 per litre.

It also recommended that all retailers should post PMS prices at all times on a designated website and smartphone app — and they are expected to post price changes no earlier than within 15 minutes of the price change.

READ ALSO:

With the recommendations, the committee added that the federal government would save N250 billion per month on petrol subsidy removal.

“At current rates, the PMS subsidy is reducing transfers into the federation by about NGN 250 billion per month, and could, if PMS subsidies are not eliminated, result in deductions of NGN 3 trillion in 2022.

“The large-scale time-limited (six-month) cash transfer proposed as a way of transferring the subsidy “directly to the people” would cost N600bn but would by paving the way for the elimination of PMS subsidies, enable the federation to recover N3tn in revenues that would otherwise go to PMS subsidies.

“If PMS subsidies are eliminated by February 2022, N250 billion in deductions would have been incurred, but the remaining N195 billion in anticipated PMS subsidy deductions could be redirected towards FGN funding of the cash-transfer programme,” The Cable said in its report.

But the Vice-President’s Spokesman, Laolu Akande, said the discussions were still ongoing and NEC had not yet taken any decision.

“While there are indeed ongoing discussions on the issue of fuel subsidy, at no time has NEC made any such resolution,” Akande said on Twitter.

The Federal Government last year revealed plans to remove fuel subsidy even as governors lamented that the monthly amount spent on subsidy was affecting the revenue that should accrue to states from the Federation Account.

However, Senate President Ahmad Lawan on Tuesday said the President told him that he did not order anyone to remove fuel subsidy.

Punch

Auto

Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner 

Published

on

Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner 

 

Ultimate winner of the forthcoming NAPE Charity Golf Tournament holding in Abuja will drive home Chery Tiggo 8 Pro, a superlative sport utility vehicle.

Carloha Nigeria, one of the major sponsors of the event, disclosed this in a statement issued in Lagos.

The golf tournament is scheduled to take place at the prestigious IBB Golf & Country Club, Abuja, on October 26, 2024.

Carloha, franchise holder and assembler of Chery vehicles in Nigeria, said its sponsorship of the tournament was part of its commitment to fostering sports development in the country.

Part of the statement read, “Chery is offering its flagship SUV, the Tiggo 8 Pro as the ultimate prize for any player who achieves a hole-in-one during the tournament.

“This event promises to be an unforgettable experience for golf enthusiasts and those passionate about positively impacting our community.”

It specifically noted that the highlight of the tournament would be the incredible hole-in-one winning feat attracting a prize of Chery Tiggo 8 Pro generously provided by Carloha without insurance premium coverage for the tournament.

This prize is said to underscore Chery’s support for sporting initiatives in Nigeria and reflect the brand’s passion for nurturing talent and promoting community engagement through sports.

Director of Sales for Carloha Nigeria, Mr. Joseph Omokhapue, said, “We are glad to be one of the major partners in the NAPE Charity Golf Tournament, and offering an amazing prize for the hole-in-one with Tiggo 8 Pro represents Chery’s dedication to supporting sports in Nigeria, as well as enhancing the excitement and competitiveness of the tournament, making it an event to remember.

“More importantly, this gesture is one of the many ways Carloha is contributing to the underprivileged in our society by associating with the NAPE Charity Golf Tournament.”

By participating in this prestigious event, Golfers have the chance to showcase their skills and also contribute to a worthy cause.

Proceeds from the tournament would go towards supporting local charities, creating a lasting impact on the lives of those in need, the statement added.

The Tiggo 8 Pro, according to the firm, is renowned for its luxury, cutting-edge technology, stylish design, dynamic performance, and it perfectly embodies Chery’s dedication to excellence for on and off-road experience.

The Tiggo 8 Pro features an elegant, high-tech electronic gearshift system that provides effortless and precise control, enhancing safety performance and ease of operation, adeptly tailored for the diverse terrains of Nigeria.

It urged golfers and sports enthusiasts to get ready to swing for success at the NAPE Charity Golf Tournament.

“We look forward to seeing you at the IBB Golf Country Club as we come together to make a difference, promote sports development in Nigeria, and celebrate the Chery brand,” it stated.

As part of its commitment to make vehicle ownership easy and affordable for all, Carloha Nigeria offers a remarkable 6-year warranty/200,000 kilometers, 6-year free service on all Chery vehicles, a flexible auto financing solution with the best price for all vehicles, and 24/7 services and parts support nationwide.

This ensures that owners can enjoy their Tiggo 8 Pro with confidence, knowing they have reliable support and service from Chery for years to come.

Continue Reading

Auto

NNPC to establish 40 new CNG stations nationwide

Published

on

NNPC to establish 40 new CNG stations nationwide

The Nigerian National Petroleum Company (NNPC) has acquired equipment to establish 40 new Compressed Natural Gas (CNG) stations across the country, as part of efforts to expand CNG infrastructure.

This comes as the Federal Government aims to set up 100 CNG stations within six months.

Oluwagbemi Michael, Director of the Presidential CNG Initiative, revealed the plans during an event in Ogun State.

He noted that 12 CNG stations were set up in the past year, six in Abuja and six in Lagos, with further expansion underway.

READ ALSO:

This move follows concerns over the limited availability of CNG stations, which has slowed the adoption of CNG as an alternative to petrol.

Michael highlighted ongoing investments in infrastructure, including a recent N122bn funding for private companies involved in CNG distribution.

He also mentioned the government’s plan to distribute one million CNG conversion kits to commercial drivers, which is expected to increase demand and attract more investors to the sector.

Additionally, existing petrol stations are being upgraded to include CNG refuelling points, with 40 such upgrades planned by the NNPC.

NNPC to establish 40 new CNG stations nationwide

Continue Reading

Business

MTN threatens to shut down services without tariff hike

Published

on

MTN threatens to shut down services without tariff hike

MTN Nigeria has warned of a potential shutdown if tariffs are not increased to address the rising operational costs that are threatening the profitability of the telecommunications sector.

During a tour of MTN’s facilities in Ibeju-Lekki, Lagos, MTN’s CEO, Karl Toriola, said the telecom sector has been facing significant financial losses and urgent measures are needed to reverse the trend.

Toriola pointed out that MTN, which currently has around 78 million subscribers, is operating on reserves accumulated over the past two decades, a situation he described as unsustainable.

READ ALSO:

The company’s operating costs, especially diesel prices needed to power its base transceiver stations, have surged, adding pressure to its financial performance, he added.

The CEO stressed the importance of returning the telecom industry to profitability, warning that without a tariff hike, MTN might be forced to shut down operations.

“There should be no delusion; if the tariff doesn’t go up, we will shut down,” he said.

He noted that MTN, once one of the largest corporate taxpayers in Nigeria, has seen a decline in its tax contributions due to the financial challenges the sector is facing.

MTN threatens to shut down services without tariff hike

Continue Reading

Trending