Business
Again NLC vows to shut down Nigeria’s economy indefinitely next week
Again NLC vows to shut down economy indefinitely next week
The Nigeria Labour Congress says it will embark on an indefinite strike next week as a follow-up to the two-day warning strike embarked upon last week.
It said the impending strike would be total as it planned to shut down the nation’s economy unless the government got serious with its palliative measures being rolled out after the removal of fuel subsidy.
It accused the government of failing to provide significant palliatives to assuage the hardships being faced by Nigerians as a result of the fuel subsidy removal.
National Assistant General Secretary of the NLC, Mr Christopher Onyeka, spoke on the fresh nationwide strike in an interview with The PUNCH on Tuesday.
He said the FG was wrong to share a bag of rice to a dozen citizens while reportedly giving N100m palliative to each member of the National Assembly.
The newspaper quoted Onyeka as saying, “We sent the letter to the Federal Government on September 1, 2023; so by September 22, 2023, the 21-day ultimatum will end.
“We have made it clear that the Federal Government has abandoned and absconded from the table for negotiation; that government is no longer negotiating with Nigerians and there is no good faith negotiation that is going on.
“President Bola Tinubu promised Nigerians on his own on the television with the President of NLC, Joe Ajaero, that he was going to restructure the committees. But he did not do that. And since then the committees have not met and there has been no negotiation that is ongoing. As it is, the NLC is not negotiating with the government.”
The NLC and the Trade Union Congress are asking for a minimum wage increase; implementation of palliatives; tax exemptions and allowances to the public sector workers.
Aviation
Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
Emirates Airlines on Thursday announced that its flight operations to Nigeria would resume on October 1, 2024.
It said this in a statement, “The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in Lagos at 1520hrs. The return flight EK784 will leave Lagos at 1730hrs and arrives in Dubai at 0510hrs the next day.
“Tickets can be booked now on Emirates.com or via travel agents.”
It quoted Emirates’ Deputy President and Chief Commercial Officer, Adnan Kazim, as saying the Lagos-Dubai service has traditionally been popular in Nigeria.
“We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard,” Kazim said.
Minister of Aviation and Aerospace Development, Festus Keyamo, on Wednesday said the Emirates Airlines had given a definite date to resume flight operations to Nigeria and would make the announcement in a matter of days.
Emirates Airlines suspended flight operations to Nigeria in October 2022 over its inability to repatriate its $85 million revenue trapped in Nigeria.
Business
Dollar crashes against Naira at official market
Dollar crashes against Naira at official market
The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N61.38.
This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.
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Also, the total daily turnover increased to 289.14 million dollars on Wednesday up from 128.76 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,593 and N1,401 against the US dollar.
Dollar crashes against Naira at official market
Business
Nigeria’s inflation rises further to 33.69%, highest in 28 years
Nigeria’s inflation rises further to 33.69%, highest in 28 years
Nigeria’s inflation rose to its highest in 28 years as it hit 33.69 per cent in April 2024, up from 33.20 per cent in March.
A report by the National Bureau of Statistics revealed this on Wednesday. It showed the food and non-alcoholic beverages category continued to be the biggest contributor to inflation.
Food inflation, which accounts for the bulk of the inflation basket, reached 40.53 per cent in annual terms, against 40.01 per cent in March.
The galloping inflation is attributed largely to President Bola Tinubu administration’s removal of petrol subsidy and naira devaluation due to foreign exchange rates unification.
Reuters in a report recalled that the Central Bank of Nigeria had raised interest rates twice this year, including its largest hike in around 17 years, as it struggles to contain the price pressures.
CBN Governor Olayemi Cardoso has indicated that rates will stay high to bring down inflation.
The bank holds another rate-setting meeting next week.
Price pressures have left millions of Nigerians grappling with the worst cost of living crisis in decades as they struggle to meet their basic needs.
To ease the pressure on government workers, Tinubu recently introduced a wage award of N35,000 and direct cash transfer to the vulnerable.
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