Connect with us

BIG STORY

Fuel Subsidy Removal: TUC Meets Tinubu’s Delegation, Makes Demands To Avert Strike

Published

on

A delegation from the Trade Union Congress (TUC), on Sunday, met with a team selected by President Bola Tinubu over the fuel subsidy controversy.

Dele Alake, a member of the presidential delegation at the meeting held at the State House in Abuja, briefed journalists after the meeting.

Mr Alake suggested that the TUC was already warming up to accepting the removal of the petrol subsidy by the government on the condition that the government meets its demands.

“The TUC that attended today’s meeting presented a list of demands and those demands we have studied and we are going to present to Mr President, for his consideration,” Mr Alake said. “But those demands we can announce to Nigerians that a lot of the items on the list are not impracticable.”

One major item on the list of demands by the TUC, according to Mr Alake, is an increase in workers’ salaries.

“Now, most important and top priority on the list which the government is also looking at very seriously and the president has announced before, is the issue of the minimum wage which the Labour movement has demanded is the consequential impact of this removal of subsidy.

“So, government is looking at that and Mr President is most likely going to constitute a tripartite committee, that is a committee of the federal government, including the state and then the organised Labour and the private sector.”

Although Mr Alake did not list the other items on the TUC list of demands, he said there was also a demand for tax breaks for workers.

He also said that the Nigeria Labour Congress (NLC) was not at the meeting and that further meetings, including with the NLC, were planned.

Both the NLC and the TUC had called on their member unions to commence a nationwide strike on Wednesday after the government announced the removal of subsidy on petrol last week.

The removal of the subsidy led to an increase of almost 200 percent in petrol prices nationwide.

The government has repeatedly said the subsidy on petrol was unsustainable due to the amount spent. Over N4 trillion was used to subsidise petrol last year, more than the government spent on education and healthcare combined.

However, critics of the fuel subsidy removal argue that it will further weaken the purchasing power of Nigerians and impoverish more citizens in a country where almost half of the population is poor.

Read the transcript of Mr. Alake’s full interview with journalists below.

Well, as you all know, we had this reconvened meeting today as we promised you few days ago when we had the initial meeting with the Labour movement.

We said we were going to reconvene today to keep the engagement on in order to diffuse the tension in the land as a result of the withdrawal of subsidy, which is a reality.

Now, we are very happy to announce to Nigerians that this engagement has been very productive. The TUC that attended today’s meeting presented a list of demands and those demands we have studied and we are going to present to Mr President, for his consideration. But those demands we can announce to Nigerians that a lot of the items on the list are not impracticable. What we need to do is to study the numbers very well. Then, we have asked the TUC to also give us a leeway to consult very exhaustively and reconvene on Tuesday to actually look at the numbers, viability, practicability of all the items that have been presented to us.

Now, most important and top priority on the list which the government is also looking at very seriously and the president has announced before, is the issue of the minimum wage which the Labour movement has demanded is the consequential impact of this removal of subsidy.

So, government is looking at that and Mr President is most likely going to constitute a tripartite committee, that is a committee of the federal government, including the state and then the organised Labour and the private sector.

Now, this is a tripartite arrangement, it will be a committee that will study all the dynamics of a wage increase in percentages, the numbers and the categories that will be affected.

So, by Tuesday when we come back to reconvene, to meet with the TUC again, we should have very concrete items to present to the world. But the most important thing for today is that we are making appreciable progress with the Labour.

What are the other demands beyond the minimum wage?

It is a list but we are not going to be listing all of them now. The most important is the minimum wage, that is increase of minimum wage. Because, when this thing is removed, the argument of Labour is that there is an immediate impact on the workers, on the purchasing power because the price of fuel has gone up. So, that will necessarily reduce the purchasing power of the average worker. So, the next thing of immediate consequence is to increase the purchasing power of the worker. So that to me and to all of us on this side is the top most priority on the list.

There are other things like the tax holidays which some categories of workers will be beneficiaries. But the most important is the minimum wage.

No, we are not but we are making efforts to reach NLC. We all agreed that we are going to meet here but again, in this game there are dynamics, sometime they could be meeting with their own executive and not able to meet with us, or they could want to postpone or they have not actually articulated their list of demands as the TUC. But we cannot second guess why they are not here. But efforts are being made to reach them, we are not isolating them at all.

How soon will the committee be set up?

Very very soon. We are going to meet Mr President now and we are going to give him a feedback on this and he is going to take an immediate decision.

And like I said, Mr President himself, you all reported him, he has said that there will be a review of the minimum wage, you all reported it.

So, we are not in disagreement with labour at all on that on that particular issue.

One of the President’s spokesmen, Bayo Onanuga accused the NLC of pandering to the wishes of Peter Obi, did that come up in the discussion?

No not at all. It has no relevance to the discussion on the concrete terms of the welfare of the workers. Our discussion was majorly on the welfare of workers, how to cushion the impact of this subsidy removal on workers that’s all. Not on any political partisanship.

Who is leading the government team in this negotiation?
Of course, you can see all of us here, you can see the GCEO of NNPC, you can see some of us who have been mandated by the president. And don’t forget that a presidential system of government is executive in capacity. The president can appoint anybody, he can even appoint consultants to act on his behalf, so there is no issue about that. It is not actually germane.

Were you able to convince them to shelve the strike?

Of course, we discussed that, and that is why we are still going to reconvene on Tuesday and that is appreciable progress.

Earlier, Labour said you must revert to status quo, did you attempt to touch on that?

Of course, we did. We touched on that, everybody looked at the practicability of that, the viability and otherwise. Now, the issue is that we will close all of those ones on Tuesday when we reconvene. Concrete decisions will be taken about that and then we will reach logical conclusions.

 

Credit: Premium Times

BIG STORY

BREAKING: Minister Test Runs e-Gates At Airports

Published

on

The Nnamdi Azikiwe International Airport’s electronic gates (e-gates) were tested on Friday by Interior Minister Dr. Olubunmi Tunji-Ojo, who claimed that 99 percent of the work was completed.

He stated that by the next week, the e-gates would be operational.

Among the other high-ranking government officials that joined Tunji-Ojo were Dr. Aishetu Ndayako, Permanent Secretary in the Ministry, and Kemi Nanna Nandap, Comptroller-General of Immigration.

He said the e-gates were being deployed to eliminate human interfaces, reduce bureaucracy and make movements of passengers in and out the country seamless.

The Minister said 29 of the e-gates would be deployed in Lagos, four in Enugu and Kano while Port-Harcourt would have five.

He disclosed that the Airport infrastructure and Command and Control Centres have been subjected to different tests with fake and expired passports rejected while genuine ones were cleared.

Tunji-Ojo said:” With this massive infrastructure, we believe that no unwanted persons or persons of interests can find their ways into Nigeria. Our security through the Airports and in the Airport domains are guaranteed.

“It is a testimony to what Mr President told us from day one on his Renewed Hope Agenda. He asked us to change the narratives and make passengers movements in and out of the country seamless.

 

“You can see that we have all our team here working in synergy with the authorities of the Federal Airport Authority of Nigeria, (FAAN) the Nigeria Customs Service and other stakeholders.

“I must at this point commend the Minister of Aviation, Hon Festus Keyamo (SAN) and other critical stakeholders who have made this transformation possible.”

 

 

More to come…

Continue Reading

BIG STORY

Transcorp Power Plc Records 775% PBT Jump In Q1 2024 With Impressive Revenue Growth

Published

on

Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223%.

The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.

Highlights of Transcorp Group Results

Q1 2024 Revenue N67.86 billion, up 223%, compared to N21.04 billion in Q1 2023.

Profit before Tax rose by 775%, amounting to N28.77 billion in Q1 2024, compared to N3.29 billion in the same period last year.

Profit after Tax grew by 665% year-on-year to N20.1 billion in Q1 2024, compared to N2.6 billion in the same period last year.

Total assets grew to N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.

Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer said, “The Q1 2024 results saw a gross margin of 51%, a cost to income ratio of 70% and net profit margin of 30% compared to Q1 2023 gross margin of 37%, cost to income ratio of 87% and net profit margin of 13%. This highlights the remarkable operational efficiency gains of the Company. Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years. We expect that by year end 2024, we will see a similar growth trajectory recorded between FY 2022 and FY 2023.”

Transcorp Power MD/CEO, Peter Ikenga, commented on the results, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges. Our ability to sustain growth amidst this environment shows the resilience of our business model and the efficient execution of our strategic initiatives.”

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value to all our stakeholders. We will continue to prioritise ingenuity, operational excellence, corporate governance, and stakeholder engagement, to deliver superior value for our long-term growth”. He added.

About Transcorp Power Plc

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors.

Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.

Continue Reading

BIG STORY

Oil Price Surge By 4 Percent As Israel Launches Counterattack On Iran

Published

on

Oil prices have increased by nearly 4 percent as Israel launched a missile attack on a target in Iran, according to international media reports.

The country’s nuclear plant is located in the central Iranian province of Isfahan, where explosions have been reported.

Later, the International Atomic Energy Agency (IAEA) declared that the plant was unharmed.

In reaction to Iran’s last-week missile and drone attacks, Israel had pledged retaliation.

Iran had launched the attacks in response to the April 1 strike that killed its senior security officials at its embassy in Syria apparently carried out by Israel.

A US official told ABC News that Israel carried out a strike inside Iran, confirming reports of the explosion by the Asian country’s media.

There were also reports of blasts in Iraq and southern Syria.

Commercial flights we re-routed as parts of the Iranian airspace were closed.

Iran says it activated its air defence systems.

Israel is not planning further attacks and Iran is not going to retaliate either, according various officials quoted by the media.

Brent crude price is now over $90 per barrel, up from $87 before the strike.

Continue Reading

Most Popular