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‘Catastrophic Cash Crunch’: Falana-Led Coalition To Join NLC Protest At CBN Offices

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The Alliance for Surviving COVID-19 and Beyond (ASCAB), a coalition of 70 labour and civil society organisations (CSOs), says it will join the Nigerian Labour Congress (NLC) in picketing Central Bank of Nigeria (CBN) offices across the country.

On March 22, TheCable reported that the NLC directed public sector workers in the country to embark on strike to protest the scarcity of naira notes and petrol.

The strike is scheduled to hold on March 29.

In a letter to Joe Ajaero, president of the NLC, on Friday, Falana, who is the ASCAB chairperson, said the organisation stands in solidarity with the NLC on the planned action against the cash crunch in the country.

The human rights lawyer said the strike action was long overdue as millions of Nigerians were suffering as a result of the cash scarcity.

“I am pleased to be able to send solidarity greetings from ASCAB to the Nigerian Labour Congress (NLC). These are for the decision to call for action by your members over the lingering cash crisis,” the letter reads.

“We hope that this action will be implemented, as planned, and as soon as possible, as we cannot overemphasise the trauma that the cash restriction policy of the Central Bank of Nigeria (CBN) is causing, especially to poor families.

“We understand that many of the members of your member bodies have faced severe daily difficulties in finding the cash to travel to work over the last two months. So calling for members of the public sector trade unions of NLC to stay at home is nothing less than necessary and practical advice.

“For people working in the informal economy the cash restrictions have been nothing less than catastrophic. The whole POS business sector, for example, which employed approaching two million people, has now been put out of business. Markets and other areas of the informal sector have also been extremely affected by the lack of cash. Millions of poor people are now suffering a further significant cut in their merger incomes.

“This means that millions of people now go hungry on a daily basis, whilst 60 percent of the population were merely multidimensionally poor before the cash crisis started. Like the lockdown and the closure of the borders in 2020, this is another devastation forced on the mass of poor people by the Government.

“Millions of members of the NLC member trade unions are now suffering a further reduction in their living standards that they can ill afford. Over the last four years, since the minimum wage should have been last increased, prices generally have at least doubled – or putting it another way, workers can now only buy half of what they could in early 2019.

“This shows how important it is that the minimum wage is increased again, as soon as possible. In fact the International Labour Organisation (ILO) says that such minimum wages should be increased every year and this does in fact happen in most countries.

“In this situation, it is catastrophic for most working families that they have to struggle to find cash every day to travel to work, to buy food and to try and cope with the situation when any of their family falls ill. It is vitally important that the NLC has now called action over this issue and we hope that the promised action is carried through as soon as possible.

“The immediate prospects for working people do not look good. The president-elect has promised that he will end the fuel subsidy in June. The National Bureau of Statistics recently said that the price of petrol has increased by over 50 percent in the last year. The price of diesel, now at well over N800 per litre, gives some indication of the likely impact of the end of the fuel subsidy. We hope that the NLC will take appropriate action to address this threat.

“ASCAB provides its full solidarity for the action promised by the NLC which if anything is overdue. We look forward to being able to assist with the pickets of the CBN offices in every state and providing any support that we can for the planned stay-at-home action from next Wednesday, 29th March.”

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NCC Unveils Initiative To Combat Fraud, Spam Messaging

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The Nigerian Communications Commission has unveiled a draft regulatory framework aimed at addressing fraud, spam, and other challenges in the “Application-to-Person” messaging sector.

The telecom regulator made this announcement in a statement on Friday.

The proposed framework was introduced during a virtual Stakeholders’ Forum, a key step towards enhancing the sector’s integrity and ensuring a fair, transparent environment for all parties involved.

The draft framework, presented by the acting Head of Legal and Regulatory Services at the NCC, Mrs. Chizua Whyte, on behalf of the Executive Vice Chairman, Dr. Aminu Maida, seeks to regulate the A2P messaging space.

A2P messaging, used for notifications such as bank alerts, promotional campaigns, and government updates, has become a vital communication tool in Nigeria.

However, the sector faces significant challenges, including consumer protection concerns, fraud, and data privacy issues, as well as an unequal distribution of value within the ecosystem.

“The international A2P messaging space in Nigeria faces gaps that have led to issues such as fraud, spam, and data privacy concerns. These challenges threaten the sustainable growth of this communication tool,” the NCC said.

The regulator emphasised its commitment to fostering innovation while ensuring a secure, transparent environment for businesses, consumers, and service providers.

The proposed framework aims to address these challenges by protecting consumers, promoting fair competition, and holding service providers accountable.

“This forum marks a pivotal step towards addressing these challenges,” the NCC said. “We are here to engage with all stakeholders—operators, aggregators, businesses, service providers, and consumers—to refine the framework and ensure it meets the needs of the entire ecosystem.”

The NCC stressed the importance of inclusivity and collaboration in creating an effective regulatory environment.

The commission’s efforts are focused on promoting a sustainable A2P messaging ecosystem that enables business innovation, enhances communication efficiency, and supports Nigeria’s socio-economic growth.

Stakeholders were encouraged to provide feedback and contribute ideas during the forum to help shape the final framework.

The NCC reiterated its commitment to creating a regulatory environment that supports innovation while safeguarding the interests of all stakeholders in the A2P messaging sector.

For further updates, the NCC urged stakeholders to remain engaged throughout the regulatory process, stressing the importance of cooperation in shaping the future of A2P messaging in Nigeria.

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JUST IN: Oil Marketers Reduce Petrol Price By 11.8% To N939.50 Per Litre

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Oil marketers sourcing “Premium Motor Spirit”, “PMS”, also known as petrol, from the Dangote Petroleum Refinery have reduced the price by 11.8 percent to N939.50 per litre, down from N1,060 per litre.

As of Thursday, December 19, petrol was still being sold at N1,060 per litre in Lagos and surrounding areas.

However, by Friday, MRS, a leading marketer, along with others, had adjusted their prices, now selling at N939.50 per litre.

It’s worth noting that the Dangote Petroleum Refinery had earlier lowered the ex-pump price of petrol to N899.50 per litre, down from N970 per litre.

According to the refinery, this price reduction is intended to offer much-needed relief to Nigerians ahead of the holiday season.

Anthony Chiejina, the Chief Branding and Communications Officer of Dangote Group, made this announcement.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on “PMS” (“petrol”). From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM,” Chiejina said.

‘‘Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

 

More to come…

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EFCC Allocates N18bn For Allowances, N5bn For Travels In Proposed 2025 Budget

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The Economic and Financial Crimes Commission (EFCC) has announced plans to allocate N18 billion for allowances in 2025.

This figure is part of the proposed 2025 budget currently under consideration and awaiting approval by the national assembly.

As per the appropriation bill, the EFCC’s total budget for 2025 stands at approximately N62.2 billion.

This budget includes personnel costs (N38.6 billion), overheads (N20.9 billion), and capital expenditure (N2.2 billion).

Within the allowance budget, N1.7 billion is designated for “non-regular allowances,” while “regular allowances” are set at N16.7 billion.

Other proposed expenditures for the EFCC include welfare packages (N1.4 billion), fuel and lubricants (N2 billion), financial charges (N1.2 billion), construction and provision of office buildings (N1.1 billion), and maintenance services (N2.1 billion).

The EFCC also plans to allocate N4.9 billion for “local travel and transport,” with “international travel and transport” expected to cost N1.7 billion.

The proposed budget includes N800 million for the purchase of fixed assets.

On Wednesday, President Bola Tinubu unveiled the N49.7 trillion 2025 “Budget of Restoration: Securing Peace and Rebuilding Prosperity.”

In his address to the national assembly, Tinubu stated that it was time “we rewrite Nigeria’s narrative together.”

The primary focus of next year’s budget will be the defence, infrastructure, health, and education sectors.

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