Business
No local refining, no subsidy removal, NUPENG warns FG
No local refining, no subsidy removal, NUPENG warns FG
Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has warned the Federal Government not to contemplate the removal of the subsidy on petrol without local refining capacity, in view of its socio-economic implications on businesses and ordinary Nigerians.
This is contianed in a communiqué by NUPENG leaders at the end of the Union’s National Executive Council, NEC, meeting in Lagos, which deliberated on the state of the nation, especially after the conduct of the 2023 general elections and the increasing statements from Nigerians on the intention of the Federal Government to end the Petroleum Motor Spirit, PMS, subsidy regime, among others.
The communiqué by President and General Secretary of NUPENP, Prince Williams Akporeha, and Afolabi Olawale, said: “NEC-in-Council also examined the recurrent discussions for the removal of subsidy from the PMS, and expresses deep concerns over the failure of the Federal Government to do the needful as severally advised by organised labour that deregulation of the PMS should not be predicated on importation of the product because of all the obvious negative impacts on the socio-economic life of the people and nation in general.
“The Council-in-session expressed disappointment over the failure of government to deliver on its promises of making the three national refineries work before contemplating the removal of the subsidy on this very important economic item in view of the enormous implication and the impact on the economic activities and considering the socio-economic importance of PMS to ordinary Nigerians.“
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“The NEC-in-session reaffirms that in as much as our inion is not averse to the removal of PMS subsidy, the Federal Government must ensure that our local refineries are put into full operation before a such major policy decision is taken in the interest of the generality of Nigerians.”
On the just concluded general elections, NUPENG vowed to resist any attempt to foist interim or undemocratic government on Nigeria after May 29, as being speculated, expressing concerns over the increasing and unending spread of hate, ethnic and religious bigotry by politicians, religious leaders, elites and the youths in the periods leading to and after the conducts of the 2023 general elections at the detriment of the peace, unity, and coexistence of the people of Nigeria.
The union said: “The NEC-in session affirms that the 2023 general elections marked another watershed in the democratic journey of our nation wherein the youths adequately mobilised and participated in the electoral processes, and wherein the political parties of 20 sitting governors lost to opposition parties and quite unlike before wherein seven sitting governors lost their bids to become Senators, after their tenure expired as governors of their respective states.
“The council-in-session admits that without any doubt, there are still some irregularities in the conducts of the election but opines that rather than fan embers of division and disillusionment among Nigerians, patriotic Nigerians should rise in unison to galvanise the citizenry to mend broken relationships and heal whatever wounds might have been inflicted on one another and collectively strive towards improving our electoral processes as we move forward.”
No local refining, no subsidy removal, NUPENG warns FG
Vanguard
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
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.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
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.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
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%.”
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