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Petrol Subsidy Removal Would Have Set Nigeria On Fire — NLC

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  • says FG has finally seen the light

Labour unions have described the federal government’s decision to suspend the removal of petrol subsidy as the “best option”.

The federal government had earlier planned to stop subsidy payments on petroleum products from July, but on Monday, a postponement was announced due to “high inflation and economic hardship”.

Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.

Commenting on the development, Benson Upah, head of information, Nigeria Labour Congress (NLC), said the union is glad that the government “has seen the light and decided to do the right thing”.

He said the removal of petrol subsidy “would have set the country on fire”.

“There would have been an instantaneous reaction. Of course, we would have been glad to coordinate those reactions,” he said.

“But happily, they have begun to see the light. Our advice would be that they should take a lesson from the document we gave them on the so-called fuel subsidy removal.

“The answer cannot be far from domestic production.”

Upah said the decision would reduce the corruption in the system while he called on the government to fix the existing refineries or build new ones instead of importing refined petroleum products.

THE PLAN WAS ILL-TIMED — TUC

Nuhu Toro, secretary-general of the Trade Union Congress (TUC), described the government’s decision as a good move.

“Though it’s coming late but the federal government’s decision to suspend the move to remove fuel subsidy has alluded to the fact that such harsh economic policy ought to have been a product of social dialogue which was not done,” he said.

“We told Nigerians earlier on that the policy is ill-timed and is not acceptable. So it is good that the government has done a U-turn because the policy cannot be forced down our throat.”

He added that refurbishing the existing refineries and production of petroleum products in Nigeria is in the best interest of the country.

“First, it would create jobs, make the petroleum products available for consumption and probably reduce the price of the products,” Toro said.

“It will also guarantee foreign direct investment and make Nigeria a better place.

“We are confused that our refineries are not working and we have asked over time, why are the refineries not working.

“So there is a strong need for a deliberate effort by the incoming government to ensure that our refineries work.

“All the monies they claim go to the process of deregulation can actually be utilised to make our refineries functional.”

He urged the incoming government to leverage social dialogue on issues that affect Nigerians, adding that the voices and interests of Nigerians should be accommodated.

“Policies should not just be drafted overnight and pushed through people’s throats. Nigeria belongs to all of us,” he said.

BIG STORY

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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BIG STORY

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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BIG STORY

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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