FG hints at fresh petrol price increase, TUC kicks – Newstrends
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FG hints at fresh petrol price increase, TUC kicks

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The Minister of State for Petroleum Resources, Timipre Sylva, on Tuesday said Nigerians should be prepared for a higher regime of the pump price of petrol, following the rise in crude oil price in the international market currently hovering around $60 per barrel.

But reacting to the issue, President of Trade Union Congress, Quadri Olaleye, condemned the move and wondered why the government was always in rush to increase fuel price any time there was a rise in crude price at the international market.

According to the pricing template of the Petroleum Products Pricing Regulatory Agency (PPPRA), the landing cost of petrol is over N179 per litre, while the expected Open Market Price (OMP) is about N202 per litre.

However, the product is still being sold for between the N162 and N165 per litre price band.

Sylva urged Nigerians to prepare for the pains of the increase, saying that it could no longer absorb the difference.

He said, “Since we are optimising everything, the NNPC needs to also think about the optimisation of product cost because as we all know, oil prices are where they are today, $60.

“As desirable as this is, this has serious consequences as well on product prices. So, we want to take the pleasure and we should as a country be ready to take the pain. Today the NNPC is taking a big hit from this. We all know that there is no provision in the budget for subsidy.

“So, somewhere down the line, I believe that the NNPC cannot continue to take this blow. There is no way because there is no provision for it. As a country, let us take the benefits of the higher crude oil prices and I hope we will also be ready to take a little pain on the side of higher product prices.”

But the TUC leader kicked against any fresh plan to raise fuel price, wondering why the government never for once deemed it fit to bring down the price of petrol when there was a fall in price of crude oil.

He told Daily Trust in a telephone interview, “Why is it that the government is always in a hurry to implement an increase any time crude oil price rises in the international market? Last time when the price went down in the market, Nigerian government didn’t reduce the price of the PMS.

“Why are they now rushing to increase it? They need to be intelligent with it if they want more problems in this country. Besides, we are still expecting the report of the technical committee set up last time by February 22; so, why the rush?”

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Appeal court takes over NURTW case as NIC withdraws

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Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

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Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

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Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.

Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.

Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.

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The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.

News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.

For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

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As controversy over Maersk-FG port investment rages, Onanuga says no $600m deal signed

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As controversy over Maersk-FG port investment rages, Onanuga says no $600m deal signed


The Nigerian government and a shipping giant, Maersk, have not signed any investment agreement, Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, has said.
Onanuga was reacting to the controversy surrounding the reported sealing of a $600 million deal for the development of the nation’s seaports.
He said there was only talk “of possible investment in Nigeria” by Maersk.
Interestingly Onanuga had hinted about the deal in a tweet said to have been pulled down after the social media backlash.
After President Tinubu’s discussion with Maersk’s Chairman Robert Uggla on April 28, on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, the presidency had released a statement announcing that the shipping company had pledged to inject $600 million into the Nigerian seaport industry.
“Danish shipping company, A.P Moller-Maersk plans $600m investment in Nigeria. Danish shipping and logistics company A.P Moller-Maersk has disclosed a planned investment of $600 million in Nigeria to accommodate more container shipping services in Nigerian ports,” Onanuga wrote on X.
In a statement, Tinubu’s spokesperson, Ajuri Ngelale, also said “President Tinubu meets Chairman of Danish shipping giant Maersk, secures $600 million investment in Nigerian seaport infrastructure.” He quoted Uggla as saying, “We believe in Nigeria, and we will invest $600m in existing facilities and make the ports accommodating for bigger ships.”
In response to this. Maersk officials have denied any such agreement and stress no deals have been signed.
Onanuga in a new report by TheCable, an online news platform admitted no agreement on investment had been reached by the two parties.
“I think the statement issued by Maersk did not talk about a deal. There was no deal according to that statement that I read.
“However, there was talk of investment,” the special adviser said.
“No document or agreement was signed, so there was no deal. But there was talk of a possible investment in the country.
“So, go and read the statement again. They never said any deal was signed between the Nigerian government and the Dutch company. There was nothing like that.”
Onanuga however said the shipping company did not expressly deny that there was an investment talk.
He said people are “unnecessarily giddy over nothing.

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