Business

Workers will resist fresh increase in fuel price – NLC

Published

2 years ago

December 6, 2022

Workers will resist any hike in pump price of fuel in the name of petrol subsidy removal, the Nigeria Labour Congress has warned the Federal Government.

Ayuba Wabba, President of NLC, said this at the opening ceremony of the 18th edition of NLC Harmattan School, on Monday in Ilorin, Kwara State.

As fuel scarcity bites harder across the country, Many filling stations are currently selling petrol between N230 and N250 per litre. It costs more in the black market whereas the official price is N170.

Wabba said, “We will resist any price increase in the name of removal of subsidy. Let us look at the issue of subsidy. Subsidy is inefficiency; our inefficiency or inability to refine products. That is what we call subsidy.

“We said, we will not discuss anything subsidy. What they have told us is that the refineries will be fixed by 2023 and it will start production.

“So, once we start production, we can now come to the table and discuss the issue of subsidy. I think that is how to start the conversation and we are taking this issue very seriously.

“Although there is nothing bad about subsidy, in our case, it is shrouded in secrecy. It is not a transparent process, the consumption and all details are shrouded. This is typical of a capitalist economy.’’

The NLC president, however, called on the government to find a way of refining petrol and put transparent structures in place to address the issue.

“If you privatise without transparent process like we have seen in the banks, which government has supported with public funds, but failed because they lack transparency and good governance templates, it will not work.

“This is what we have been arguing. Nigerians should reflect on this. Once you say you remove subsidy and you follow the trend of the diesel, it means it will be out of reach,’’ he said.

He also added that the price of diesel is almost N850 to N860, per litre, asking ”is it the same thing we want to apply to PMS? How many people can afford it”.

According to him, these are the very important questions that we need to interrogate and these are what Labour has been interrogating.

“So, we are not running away from and we have never run away or shy away from discussing the issue of subsidy. Whether there is or not, we can discuss it,’ he said.

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

11 hours ago

November 26, 2024

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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.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Business

Breaking: CBN increases interest rate to 27.50%

Published

12 hours ago

November 26, 2024

Trends Admin

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

Published

16 hours ago

November 26, 2024

Trends Admin

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%.”