Business
Senate to employers: Abolish age limit as requirement for jobs
The Senate has urged employers of labour in the country to de-emphasise age requirement as precondition for employment.
This resolution was adopted by the lawmakers at plenary on Wednesday.
The motion titled “Age Requirement Pre-condition for Employment in Nigeria, Urgent Need for Intervention” was sponsored by Abba Moro (PDP- Benue).
Moro, in his motion, said age limit as precondition for employment violates Chapter 4, section 42(2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), which guarantees every citizen the right to freedom from discrimination.
He said the provision of the International Labour Organisation (ILO) had defined employment discrimination in economic terms as a violation of human rights that entails a waste of human talents with detrimental effects on productivity, economic growth.
He said that it also generated socio-economic inequalities that undermined social cohesion, solidarity and acted as a brake on the reduction of poverty.
Moro, a former Interior minister, said it was pathetic for a graduate in Nigeria who could not get a job upon graduation and decided to go back to school with the hope that a higher qualification, a second or Master’s degree, could give him a better employment opportunity.
“It is ironical that a graduate in this country can serve in the National Youth Service Corps programme at age 30 but cannot be gainfully employed thereafter on the fact that he/she is now above 30 years, a situation that is a flagrant breach of his fundamental rights..
“The circumstances described in the foregoing presents the predicament of the Nigerian youth who has the requisite qualification, knowledge, skills and is ready to work but disqualified or excluded on the sole and unjustifiable ground that he/she is above the age limit by reason of his/ her birth,” he said.
Senate, in its further resolution, urged the Federal Ministry of Labour, Employment and Productivity, other relevant agencies to restrict and discourage public and private employers from depriving millions of job seekers employment opportunities merely for not meeting age requirement.
It urged the ministry to immediately draw up policies that relate to equality of opportunity and treatment in access to employment at all levels.
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”.
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.
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