FG suspends VAT on diesel to avert workers strike

Published

1 year ago

October 2, 2023

Trends Admin

FG suspends VAT on diesel to avert workers strike

The Federal Government has suspended the value-added tax (VAT) on diesel for the next six months.

This was part of the decisions taken with leaders of the organised labour at a meeting on Sunday.

The move is meant to avert a nationwide workers’ strike over the impact of the removal of the petrol subsidy.

The labour unions involved in the four-hour meeting held at the State House Abuja on Sunday are the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC).

President Bola Tinubu’s Chief of Staff Femi Gbajabiamila said the government team and the labour leaders had agreed on the matter.

This was confirmed in statement by the Minister of Information and National 0rientation, Mohammed Idris.

It also said the FG was “committed to fast-tracking the provision of compressed natural Gas (CNG) buses to ease public transportation difficulties associated with the removal of PMS subsidy”.

Gbajabiamila said the government would see to the provision of funds for micro and small-scale enterprises, adding that the value-added tax (VAT) on diesel will be waived for the next six months.

“The Federal Government will commence payment of N75,000 to 15 million households at N25,000 per month, for a three-month period from October-December 2023,” the statement reads.

“A sub-committee is to be constituted to work out the details of implementation of all items for consideration regarding government interventions to cushion the effect of fuel subsidy removal.

“NLC and TUC will consider the offers by the Federal Government with a view to suspending the planned strike to allow for further consultations on the implementation of the resolutions above.”

Labour leader speaks

Speaking to journalists, after the parley, President of the NLC, Joe Ajaero, said the labour groups would take all the promises by the government to its organs for consideration.

Related Topics:diesel VAT workers strike

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

11 hours ago

November 26, 2024

Trends Admin

Port Harcourt Refinery

PH refinery: 200 trucks will load petroleum products daily, says Presidency

No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Breaking: CBN increases interest rate to 27.50%

Published

12 hours ago

November 26, 2024

Trends Admin

Breaking: CBN increases interest rate to 27.50%

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

16 hours ago

November 26, 2024

Trends Admin

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”