Business
NLC declares strike in 18 states over minimum wage
The Nigeria Labour Congress on Thursday directed workers in 18 states to proceed on strike over nonpayment of N30,000 minimum wage by their state governments.
The NLC, which said about half the 36 states of the federation were yet to conclude negotiations on payment of the minimum wage, however, did not name the affected states.
Sources at the NLC gave the affected states as Kwara, Imo, Osun, Ekiti, Ebonyi, Zamfara, Gombe, Rivers and Ogun.
The NLC also demanded a downward review of the template used in determining the pump price of petrol to stave off an imminent hike in the cost of the commodity following the rising price of crude oil in the international market.
In a communiqué issued at the end of its National Executive Council (NEC), the union urged the federal government to reduce the cost of gas sold to electricity generating companies to $1.5 cents as a means of driving down electricity tariffs.
NLC resolved to issue a 14-day ultimatum to the management of Turkish Airline and Caverton Helicopter to reinstate all sacked trade union executives and desist from further anti-union actions.
NLC warned that it would take drastic action against state governments that have refused to pay the new national minimum wage and minimum pension, whose benefits have been eroded by the escalating inflation in the country.
A communiqué jointly signed by NLC President, Ayuba Wabba and General Secretary, Mr Emma Ugboaja, stated, “The NEC also resolved to view the refusal to pay the new national minimum wage by state governments as demanded by the law as an act of criminality, betrayal of the oath of office sworn by state chief executives and a dangerous adventure in anarchy.
“The NEC-in-Session directed all states where the national minimum wage of N30,000 is yet to be paid to immediately proceed on industrial action.”
The union rejected deregulation of the downstream sector of the oil industry as long as it is import driven, saying that it negatively impact on the welfare of the working-class family and the masses.
It called on the federal government to rehabilitate local refineries as a sustainable solution to incessant increases in the pump price of petrol.
On the report on electricity tariffs, the NLC urged the federal government to immediately address the conditions within its control that are driving up electricity tariff.
It demanded a review of the power sector privatisation programme, since the law provides for one every two years.
“The NEC also calls for the reduction of the cost of gas to $1.5 cents and also the scrapping of the use of US and Nigeria inflation rates to determine the cost of gas to Gencos,” it stated.
In the case of the Corporate Affairs Commission (CAC), accused of trampling on workers’ rights, the NLC resolved to mobilise workers to picket the national headquarters of the CAC for three days.
The NEC also resolved to issue a 14-day ultimatum to the management of Turkish Airline and Caverton Helicopter to reinstate all sacked trade union executives and desist from further anti-union actions.
It called on banks to desist from imposing unrealistic revenue targets on their employees.
It also tasked the federal government to live up to its constitutional responsibility of protecting lives and property.
Business
Nigeria’s foreign reserves records marginal increase, now $40.88bn – Cardoso
Nigeria’s foreign reserves records marginal increase, now $40.88bn – Cardoso
Nigeria’s foreign reserves rose to $40.88 billion as of November 21, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
Cardoso disclosed this on Tuesday at a press conference after the Monetary Policy Committee’s 298th meeting in Abuja.
He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.
The amount represents an increase of $82 million or 2.05 per cent in 21 days.
“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.
However, from the apex bank’s website, the increase in Nigeria’s foreign reserves showed $40.27 billion on November 22.
Cardoso also said, “The process of getting us where we are in terms of reserves has been a long one”.
“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.
“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.
“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary
“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”
Cardoso also said the bank would continue to intensify efforts to stabilise the currency and prices.
The CBN governor said, “The currency has been stable compared to what it was in June”.
But he said for the value of the country’s currency to be stable, there must be increased exports and diversification of the economy.
Cardoso said diaspora remittance had increased due to policies put in place.
He commended those in the diaspora for helping the country accomplish over $600 million in remittances.
Business
Naira rises to N1,755/$ in parallel market
Naira rises to N1,755/$ in parallel market
The Naira yesterday appreciated to N1,755 per dollar in the parallel market from N1,770 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.44 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.44 per dollar from N1,675.62 per dollar on Monday, indicating N16.18 appreciation for the naira. The volume of dollars traded (turnover) increased by 219.5 percent to $425.98 million from $108.79 million traded on Monday.
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Consequently, the margin between the parallel market and NAFEM rate narrowed to N95.56 per dollar from N117.38 per dollar on Monday.
Naira rises to N1,755/$ in parallel market
Business
PH refinery to blend 1.4-million litre petrol daily – NNPC
PH refinery to blend 1.4-million litre petrol daily – NNPC
Rehabilitated old Port Harcourt refinery is currently operating at 70 per cent of its installed capacity, the Nigerian National Petroleum Company Limited has said.
The Port Harcourt Refining Company (PHRC) operates two refineries: the old refinery with a capacity of 60,000 barrels per stream day (bpsd) and a new refinery with an installed capacity of 150,000 bpsd.
The NNPCL in a statement on Tuesday, said it planned to increase the operation to 90 per cent of the refinery’s capacity.
“The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) express heartfelt appreciation to Nigerians for their support and excitement over the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery,” the statement reads.
“This achievement marks a significant step forward after years of operational challenges and underperformance.
“We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products. For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%.”
According to NNPC, the refinery has commenced production of daily outputs of straight-run petrol (naphtha), which is blended into 1.4 million litres of petrol.
The national oil company said the refinery has also started producing 900,000 litres of kerosene per day and 1.5 million litres per day of diesel.
The NNPC said 2.1 million litres daily volume of low-pour fuel oil (LPFO) would also be produced at the refinery, adding that additional volumes of liquefied petroleum gas (LPG) will be refined at the plant.
“It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications,” NNPC said.
“Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes.”
Additionally, the NNPC said it has made substantial progress on the new Port Harcourt refinery, “which will begin operations soon without prior announcements”.
“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation,” the energy firm said.
According to the statement, malicious attacks on “clear progress” only undermine the “significant strides made by NNPC Ltd and the country”.
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