NUPENG to embark on nationwide strike over bad roads – Newstrends
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NUPENG to embark on nationwide strike over bad roads

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The National Union of Petroleum and Natural Gas Workers (NUPENG) says tanker drivers under the union will commence a strike on December 11 over bad roads in the country.

South-West Zonal Chairman of NUPENG, Tayo Aboyeji, in an interview with NAN on Saturday, said the union had lost many members with their vehicles due to bad roads.

He said all calls to the government concerning the situation had fallen on deaf ears, and as a result, tanker drivers from the union would withdraw their services nationwide.

“This is not the first time that we will signify our intention to go on strike, but we had to call it off because it will generally affect majority of Nigerians. But now, our hands are tied,” he said.

“We are going on nationwide strike because of the deplorable and shameful state of our highways.

“When a truck loads petrol in Lagos, the drivers spend five to six days to get to Abuja because of the shameful state of the roads.

“All calls by the executive of petroleum unions have fallen on the deaf ears of the government as the highways continue to deteriorate nationwide.

“The list of the highway are endless and the tanker drivers have been going through harrowing situations while rendering selfless national service.

“The increased rate of fire incidents involving petroleum tankers with accompanying massive destruction of lives and properties of our members and the general public is enough.

“This is because of government failure to enforce installation of safety gadgets on tankers, which will protect the inflammatory contents of their trucks from spilling over in a situation of road accident.

“We see the failure of the government in this regard as the height of insensitivity to lives of innocent Nigerians and the union cannot continue to hold its hands while our members are getting burnt everywhere and everyday.”

Aboyeji said the union had given notice to the government in order to avert the nationwide strike on December 11.

“We know that the present administration would not do anything until we start the nationwide strike,” he added.

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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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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