Business

50% telecom tariff hike: NATCOMS backs decision as NLC bows to FG’s pressure

Published

1 year ago

February 4, 2025

389 Views

The Nigeria Labour Congress has bowed to pressure to halt its planned Tuesday nationwide protest against the 50 percent telecommunication tariff hike.

Also, the National Association of Telecoms Subscribers backed the decision by the organized Labour.

The NLC signed a Memorandum of Understanding with the Federal Government after a meeting with the Secretary to the Government of the Federation on Monday night.

In the MoU signed by the SGF, Senator George Akume, NLC president Joe Ajaero, and the Minister of Labour and Employment, Muhammadu Dingyadi, and the National Secretary of NLC, Emmanuel Ugboaja, both parties agreed to set up a technical committee to resolve gray areas in the 50 percent telecom tariff approval.

However, NLC reiterated its rejection of the tariff hike.

“Arising from the meeting convened by the Federal Government of Nigeria on the proposed 50% hike in telecommunications tariffs in the country, which the Nigeria Labour Congress (NLC) expressed strong opposition to, citing its potential negative impact on the Nigerian workers and the economy with a threat to proceed on a one-day nationwide mass protest, the following resolutions were reached:

That there is a need for the parties to sit together in a technical group to resolve most of the thorny areas raised during the discussion; consequently, a 10-man joint committee was set up of five (5) representatives each from the Federal Government and the Nigeria Labour Congress (NLC); and the committee shall conclude and submit its deliberations within two (2) weeks from this 3rd day of February, 2025.

“The parties call on the Nigerian people to remain calm while this committee concludes its assignment,” the communique after the meeting stated.

Earlier, a civic society organisation known as the National Civil Society Council of Nigeria, NCSCN, had announced the suspension of its planned protest against the 50 percent tariff hike.

Recall that last week, NLC announced Tuesday, 4th February, 2025, as a date for a one-day mass protest against the telecom tariff hike.

In a notice last Thursday by NLC National Secretary, Emmanuel Ugboaja, the union had already asked the state congress and affiliate union to mobilise for Tuesday’s mass protest.

This comes after the Nigerian Communications Commission on January 2025 approved a 50 percent telecommunications tariff hike for operators.

The approval has sparked tariff hike controversy in Nigeria’s telecom sector.

NLC and other telecom subscribers had opposed the tariff implementation, citing the persistent economic hardship Nigerians already face.

Subscribers back nationwide protest suspension

On Monday, the National President of NATCOMS, Adeolu Ogunbanjo recommended suspension of the nationwide protest against the 50 percent tariff hike.

According to Ogunbanjo, the protest would hinder investors’ confidence and negatively impact investment in the sector.

NATCOMS had suggested that the government should review the 50 percent telecom tariff to 10 percent.

“NLC shouldn’t conduct mass protests that will affect investors’ confidence.“

The telecom sector has been a leading example in the country.“

NLC should not protest; that would send in wrong signals to investors. They should allow civility to reign in the telecom sector.

“That is why we are supporting only a 10 percent tariff hike for operators. If that is not enough, they should look elsewhere for capitalisation.

Mobilie Network Opertors such as MTN, Airtel. GLO had earlier said that it would soon implement the new tariff hike.

The Minister of Communications and Digital Economy, ‘Bosun Tijani, had cited rising global inflation as justification for the 50 percent telecom tariff hike approval.

The hike would see the cost of recharging calls and data and other telecom services increase by 50 percent.

Recall that the last time NCC hiked telecom tariffs was in 2013.

Business

President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

8 hours ago

July 22, 2026

OCHEFA

14 Views

President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.

Business

Naira Exchange Rates Wednesday, July 22

Published

15 hours ago

July 22, 2026

OCHEFA

26 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,408 Sell ₦1,413

GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,905

EURO (EUR) Buy ₦1,585Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,375. 31

GREAT BRITISH POUND (GBP) ₦1,841. 13

EURO (EUR) ₦1,569.78.

SWISS FRANC (CHF) ₦1,694.98

JAPANESE YEN (JPN) ₦8.45

CHINESE YUAN (CNY) ₦203. 25

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32

SAUDI RIYAL (SAR) ₦366.36 SOUTH AFRICAN RAND (ZAR) ₦83.50

Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

1 day ago

July 21, 2026

OCHEFA

33 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.