Business
Electricity tariff hike: Don’t breach agreement, Labour tells FG
The Organised Labour has urged the Federal Government not to flout the agreement entered with the FGN-Labour Committee on Electricity Tariff to freeze further increase of electricity tariff.
The President, Nigeria Labour Congress (NLC), Mr Ayuba Wabba, gave the warning in a statement on Friday, in Abuja
Wabba said that the organised labour was committed to the freezing of further increase in electricity tariff.
According to him, the attention of the NLC has been drawn to a report in one of the dailies on September 21 that the electricity tariff would rise by over a hundred per cent from January 2022.
“The story was purportedly distilled from the remarks of the Special Adviser to the President on Infrastructure at the stakeholders’ engagement of the Nigerian Electricity Regulatory Commission (NERC) held in Lagos on September17.
“To be charitable, Congress had received a refutation of the newspaper report from the Special Adviser and Secretary of the FGN-Labour Committee on Electricity Tariff earlier on September 21.
“He also apprised Congress leadership that he had been contacted by some other newspapers between September 8 and September 20 for confirmation of the story and that he categorically debunked the basis and essence of the attributed statement.
“To quote the Special Adviser, ‘the press article and statements ascribed to me did not emanate from me or my office,” he said.
Wabba said that the Special Adviser ended with the commitment to “engagements with our Labour colleagues in furtherance of joint goals to improve the power sector and the Nigerian economy.”
The NLC president noted that fortunately, the rebuttal by the Special Adviser came before the newspaper was supplied to Congress National Secretariat.
He added that since the Special Adviser had pre-emptively reached out to Congress leadership beforehand, it was reasonable to treat the newspaper report with caution and give the Special Adviser the benefit of the doubt.
“We, however, note that the relevant part of the newspaper report revolves around the point that “the Federal Government is ending N300 billion subsidy by January 2022.
“In essence, Congress hopes that the newspaper report was an overly extended interpretation of the ostensible plan to end the subsidy of the electricity sector.
“It is rather significant to state that the existence of a subsidy or lack of it in the electricity sector is one of the contentious matters the FG-Labour Committee on Electricity Tariff was mandated to handle,” he said.
Wabba, however, reiterated that one of the agreements with the Federal Government on September 28, 2020, included freezing further increases in electricity tariff.
“This is until the FGN-Labour Committee on Electricity Tariff concludes its work and its report is submitted and adopted by the Principals in the broad FG-Labour platform, led by the Secretary to the Government of the Federation and the Presidents of NLC and TUC, respectively.
”This pact to freeze electricity tariff increase entered into by the Principals last year September remains sacrosanct to Congress and would not admit flouting by any form of subterfuge.
“Despite the suppositions, fibs and fabrications, possible prevarications, Congress is inclined to dismiss the probable increase in electricity tariff as a mere conjecture.
“We would, however, be mindful to carefully track the various rumours, decoys and perhaps, arrant mischief concerning the management of electricity tariff,” he said.
He also said that accordingly, congress would indeed keep a monitoring tab on the work of the committee.
He said that congress urges the committee to hasten its work and present a report to the Principals in the shortest time.
“Finally, congress reaffirms its notice to the Federal Government issued on Aug. 30.
“That should the government make true the swirling speculations by approving an increase in electricity tariff, organised labour would be left with no option than to deploy the industrial mechanisms granted in our laws for the defence of workers’ rights,” he said.
The Eagle Online
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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