NLC: We'll resist fresh fuel price hike without fixing refineries – Newstrends
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NLC: We’ll resist fresh fuel price hike without fixing refineries

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The Nigeria Labour Congress says it will not accept any fresh increase in the pump price of fuel without the Federal Government fixing the refineries.
It said this was part of the issues listed that should be addressed before the Nigerians National Petroleum Corporation could adjust the price of Premium Motor Spirit, popularly called petrol.
This would ensure a cut-down on the importation of refined petroleum products by the NNPC into Nigeria.
The Deputy President, NLC, Joe Ajaero, told PUNCH correspondent on Tuesday that labour unions made this clear to the Federal Government during the last meeting on the petrol price matter.
Ajaero disclosed this while reacting to statements by NNPC that the corporation would only adjust petrol price after the Federal Government had concluded negotiations with labour.
The NNPC’s spokesperson, Kennie Obateru, had stated on Monday that the price of petrol was not going to be adjusted despite the fluctuations in global crude oil prices until the Federal Government, labour and other stakeholders agree on pricing issues.
In an interview with our correspondent, Obateru said, “The Federal Government is engaging labour and other stakeholders to agree on modalities and what would be in the best interest of all Nigerians.
“NNPC would not do anything to frustrate this by adjusting its ex-depot price until an amicable agreement is reached.”
But when contacted and asked what was delaying the meeting between labour and government on the petrol price matter, Ajaero replied that the organised labour had made its position known on the matter.
He said, “After our last meeting with them, which was both on electricity tariff and petrol price, we were clear about it and we said go and do some of the stated items and that the refineries must work.
“That is the situation. So if they are talking of endless meeting and that they are meeting with us in view of increasing the pump price of petroleum products when the refineries are not working, then it won’t work.”
He added, “We were clear about it. You must have listened to the president of the congress that we can’t drive the sector based on imports. We are not going to base the pump price of petroleum products on imports. Our refineries must work.
“So ask yourself, have they done that? So what is the essence of saying continuously that we are meeting when our position is clear to them?”
The NLC official argued that the government was still consulting with its stakeholders, stressing that the issues had yet to be resolved.
Ajaero said, “They are still consulting their stakeholders because they said they were going to consult those who sent them. We are also consulting those who sent us.
“So we have not reconvened and until we reconvene, those issues are not yet resolved.”
When told that the refineries would not be ready in more than a year, Ajaero insisted that fixing the facilities was a key requirement before adjusting petrol price.
He said, “They have to fix it because when you repair the refineries, Nigerians will work there and you will get some other products from there.
“And then all those costs such as cargo cost, landing cost; all of them will disappear and we will be good for it. Those are the issues and that is the only way it will pay us.
“We can’t get a product here and we spend much money to go and refine it and bring it back and sell it to the owners.”
Last month, the Federal Executive Council approved the plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5bn.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, stated at the time that it would take 18 months to complete the first phase of rehabilitation to make the facility produce at 90 per cent capacity.
– The PUNCH

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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