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Reduction In Diesel Price Can Help Tackle Inflation — Dangote

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The richest man in Africa, Aliko Dangote, claims that a decrease in the retail cost of diesel, or motor petrol, can contribute to a reduction in inflation.

During his visit to President Bola Tinubu in Lagos on Wednesday, Dangote had a conversation with reporters.

He claimed that the nation is headed in the right direction because of the recent significant economic success.

The businessman claimed that cutting the price of diesel from N1,650 to N1,200 would have a significant impact and would even help to immediately reduce rates of inflation.

“There’s quite a lot of improvement because if you look at it, one of the major issues that we have had was the naira devaluation that has gone very aggressively up to about N1,900,” Dangote said.

“But right now, we are back to almost N1,250, N1,300, which is a good reprieve. Quite a lot of commodities went up. When you go to the market, for example, something that we produce locally like flour, people will charge you more. Why? Because they are paying very high diesel prices.

“Now, in our refinery, we started selling diesel at about N1,200 instead of N1,650 and I’m sure as we go along, things will continue to improve quite a lot.

“If you look at it now when you are buying N1,650, N1,700 for a litre of diesel and that one has been caught up by almost one-third to now be paying diesel at N1,200.”

Dangote also said there is a possibility of diesel prices dropping.

“Maybe eventually going forward, even though the crude prices are going up, I believe, people will not get it much higher than what it is today, N1,200, it might be even a little bit lower but that can help quite a lot,” the businessman said.

“Because if you are transporting locally produced goods, rice and other stuff, you are paying N1,650. Now you are paying two-thirds of that amount to N1,200, it is a lot of difference. You know, people don’t know that can actually help to bring inflation down immediately.

“And I’m sure when the inflation figures are out for the next months, you will see that there is quite a lot of improvement in the inflation rate.”

Dangote said the government is tirelessly striving to improve the situation, urging entrepreneurs to collaborate with the government to enhance the welfare of the citizens.

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FG Inaugurates Port Harcourt-Aba Train Service, Declares Four Days Free Ride

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The Port Harcourt-Aba train service, spanning 62 kilometres, has been launched by the federal government.

To promote and increase the use of the rail service, FG also announced a 4-day free train ride from May 1-4.

It is anticipated that commercial services will begin on May 7.

Transportation is one of President Bola Tinubu’s eight top priorities, according to a statement released by the federal ministry of transportation on Tuesday. As a result, the minister has directed his attention on the eastern rail corridor project since entering office.

Alkali said the commencement of the train service is part of the intensified drive by FG to facilitate trade, enhance mobility, and accessibility, as well as ensure connectivity between regions.

“With the completion of the rehabilitation of the Port-Harcourt to Aba rail corridor, the Ministry will continue to vigorously drive the contractor Messrs CCECC towards the speedy completion and delivery of the 181 kilometres Aba-Enugu stretch,” Alkali said.

“The fare for the Port-Harcourt to Aba train service has been pegged at #1000 for VIP & #800 for economy class.”

Fidet Okhiria, the managing director of the Nigeria Railway Corporation (NRC), said the locomotives and coaches used for the flag-off are refurbished ones.

Okhiria said the contractor is expected to deliver 50 narrow gauge locomotives and 100 narrow gauge coaches to be deployed along existing train corridors in the country.

On March 2, FG said the train services would commence by the end of March.

However, on March 29, the launch was postponed to April.

The rail line is a section of the Port Harcourt-Maiduguri railroad project initiated by former President Muhammadu Buhari’s administration.

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FG’s 35% Pay Rise Mischievous, Living Wage Should Be N615k — NLC President Ajaero

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President of the Nigeria Labour Congress (NLC), Joe Ajaero says the federal government’s announcement of a pay rise for civil servants is mischievous.

The federal government, on Tuesday, approved a pay rise of between 25 and 35 percent for civil servants across various consolidated salary structures.

Ajaero, speaking on Wednesday during an interview on Sunrise Daily, a Channels Television programme, said the last minimum wage of N30,000 expired on April 18.

“We should be in the regime of new minimum wage as of today. Discussions were supposed to have been concluded,” Ajaero said.

“The federal government through the national assembly legislated on it. But we saw that the discussion entered voice mail because the federal government refused to reconvene the meeting that was adjourned.

“I think the announcement now appears mischievous because there is no wage increase that government is announcing. For them to announce it now, it is an issue that we are worried about at the NLC and even at the TUC.”

  • Breakdown Of Living Wage

Ajaero further said organised labour has agreed on N615,000 as the living wage for civil servants.

“Living wage is such that will, at least keep you alive. It is not a wage that will make you poor and poorer. It is not a wage that will make you borrow to go to work. It is not a wage that will lead you to be in the hospital everyday because of malnutrition. For that living wage, we have tried to look at N615, 000,” he added.

“Let me give you a breakdown of how we arrived at that figure. We have housing and accommodation of N40,000. We asked for electricity of N20,000 — of course that was before the current tariff increase. Nobody can spend this amount currently. We have utility that is about N10,000. We looked at kerosene and gas that is about N25,000 to N35,000.

“We looked at food for a family of six, that is about N9,000 in a day. For 30 days, that is about N270,000. Look at medical, N50,000 provided there will be no surgery or whatever.

“For clothing, we looked at N20,000. For education, N50,000. I don’t know for those who tried to put their children in private school, they will not be able to cope with this amount. We also have sanitation of N10,000.

“I think where we have another bulk of the money is transportation. This is because the workers stay in the fringes and because of the cost of PMS, that amounted to N110,000.

“That brought the whole living wage to N615,000 and I want anyone to subject this to further investigation and find out whether there will be any savings when you pay somebody on this rate.”

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$600m Investment: FG, Maersk Didn’t Seal Any Deal — Bayo Onanuga

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Special adviser on information and strategy to President Bola Tinubu, Bayo Onanuga, says no agreement or deal was signed between the Nigerian government and the shipping giant, Maersk.

According to The Cable, Onanuga, on Tuesday, said there was only talk “of possible investment in Nigeria” by Maersk.

Following the meeting between President Tinubu and Robert Maersk Uggla on April 28, the presidency declared in a statement that the shipping business had committed to investing $600 million in Nigeria’s seaport sector.

“Danish shipping company, A.P Moller-Maersk plans $600m investment in Nigeria. Danish shipping and logistics company A.P Moller-Maersk has disclosed a planned investment of $600 million in Nigeria to accommodate more container shipping services in Nigerian ports,” Onanuga wrote on X.

It was gathered that the presidential aide’s social media post has been deleted, Maersk officials have confirmed that no such agreement is in place and no deals have been signed.

When contacted, Onanuga confirmed that no agreement on investment had been reached by the two parties.

“I think the statement issued by Maersk did not talk about a deal. There was no deal according to that statement that I read. However, there was talk of investment,” the special adviser said.

“No document or agreement was signed, so there was no deal. But there was talk of a possible investment in the country.

“So, go and read the statement again. They never said any deal was signed between the Nigerian government and the Dutch company. There was nothing like that.”

Citing Maersk’s statement, Onanuga said the company was unable to comment on investment talks, stressing that it did not expressly deny that there was an investment talk.

He said people are “unnecessarily giddy over nothing”.

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