Workers will resist fresh increase in fuel price - NLC – Newstrends
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Workers will resist fresh increase in fuel price – NLC

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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.

 

 

 

 

Business

Release Nigerian traders’ data to EFCC, court orders Binance

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Release Nigerian traders data to EFCC, court orders Binance

 

A Federal High Court in Abuja has ordered Binance Holdings Limited, a cryptocurrency exchange platform, to furnish the Economic and Financial Crimes Commission with the comprehensive data of all persons from Nigeria trading on its platform.

Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

This was granted to enable the anti-graft agency to unravel the alleged money laundering and terrorism financing on Binance.

The ex-parte motion was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.

An operative of the EFCC, Hamma Bello, in an affidavit he deposed to, said the matter was of utmost urgent public interest.

He said the data provided would enable the commission to accomplish its investigation activities.

He said it was in the interest of justice to grant the application as refusal of the request would largely hamper the commission’s investigation.

He stated, “That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the naira losing its values against other currencies.

“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform,”

He said the information availed to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 billion.

Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally.

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Railway

UK firm to build PH-Enugu-Abuja standard rail line – FG

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UK firm to build PH-Enugu-Abuja standard rail line – FG

The Federal Government has signed a Memorandum of Understanding with Messrs MPH Rail Development Limited, a United Kingdom company for the construction of the Port Harcourt–Enugu–Calabar–Abuja Standard Gauge Rail Line.

The project when completed will be operated under a public-private partnership framework.

These details are contained in a statement issued by the Federal Ministry of Transportation and published on its website.

Under the MoU, the UK firm will manage the design, construction, commissioning, operation and eventually transfer to the Nigerian Railway Corporation.

The ministry stated that the MoU signing followed the approval of the Outline Business Case and the issuance of a compliance certificate by the Infrastructure, Concession, and Regulatory Commission.

This clearance allows Messrs MPH Rail Development (UK) Limited to focus on assembling the necessary documents for the Federal Executive Council (FEC) approval to proceed with the project.

Some of the essential documents for advancing this initiative are listed as a comprehensive feasibility study report, a full Business Case Study, an Environmental and Social Impact Assessment, the production of a Resettlement Action Plan, and the design of a Financial Model to implement the project.

This would ensure transfer of the line to the Federal Government under a PPP arrangement without incurring loans or debts for the Nigerian government or its agencies.

At the MoU signing ceremony, Alkali pledged the ministry’s support for the successful implementation of the project.

He emphasized the importance of diligent preparation and submission of all requisite documents to expedite FEC’s approval.

The statement read in part, “As part of the initiative to consolidate the ongoing railway modernisation projects consistent with the Renewed Hope Agenda of Presidential Bola Ahmed Tinubu administration, the Minister of Transportation, Senator Saidu Ahmed Alkali, has executed a Memorandum of Understanding on behalf of the Federal Ministry of Transportation with Messrs MPH Rail Development (UK) Limited to enable the company to carry out the design, construction, commissioning, operation and transfer of the Port Harcourt–Enugu–Calabar–Abuja Standard Gauge Rail Line on Public – Private Partnership basis.”

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No approvals from FEC for borrowing through eurobond, says DMO

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No approvals from FEC for borrowing through eurobond, says DMO

The Debt Management Office (DMO) says it has not secured approval of the Federal Executive Council for the appointment of advisers and eurobond issuance.

The Federal Government could raise as much as $1 billion in external borrowing in 2024 through this method to meet its spending needs.

On March 13, there were reports Nigeria had hired investment banks to seek advice on its first eurobond issue since 2022.

But the DMO in a statement on Friday said it had not appointed transaction advisers.

“The appointment of Transaction Advisers by the DMO is done in accordance with the provisions of the Public Procurement Act, 2007 and is subject to the approval of the Federal Executive Council (FEC),” DMO said.

“Also, the Issuance of Eurobonds by the Federal Government of Nigeria in the International Capital Market is subject to the approval of the FEC and receipt of the Resolution of the National Assembly (NASS) in accordance with the provisions of the Fiscal Responsibilities Act, 2007 and Debt Management Office (Establishment, Etc.) Act, 2003.

“Currently, the DMO has not received the requisite approvals from the FEC and Resolution of the NASS for any Eurobond Issuance.”

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