Business
JUST IN: FG To Meet NLC Today Over Fuel Subsidy Removal
Federal Government representatives are expected to meet with the leadership of the Nigeria Labour Congress (NLC) today by 2pm over the planned removal of fuel subsidy.
“Government seems to have shown interest in discussion. As at last night, they reached out and we have fixed 2pm today (Wednesday) to commence discussion,” NLC National President, Joe Ajaero, on Channels Television’s Sunrise Daily programme on Wednesday.
“There, all other issues will discussed because you can’t just say there no subsidy and then you are not producing and leave us to the vagaries of the market, to people who want to sell the product they bought for N10 for N100 to maximise profit. If there is no more garri, we must find out what to eat.”
He said the position of Labour has been clear that even if President Bola Tinubu has a good intention, alternatives must be provided.
He said the President should have asked questions and find out the implications of fuel subsidy removal on Nigerians on the streets.
The NLC boss listed the alternatives to include the repair of the nation’s four refineries, provision of transportation of alternatives for the Nigerian workers, amongst others.
“The pronouncement by Mr President is as good as law and if in the process we make a law that is not practicable, the same people that made the law can look at it,” Ajaero said while calling for a review of the President’s pronouncement.
“Does it bring pleasure to us to say subsidy is gone and people start suffering? Is it not part of leadership for us to look at how the suffering of the people can be reduced?” he asked.
Subsidy Removal Only Answer To Make Nigeria Great – IPMAN
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the deregulation of the oil sector and subsidy removal is the only way to make Nigeria great.
“Removing subsidy is the only answer to make Nigeria great,” IPMAN National Public Relations Officer, Yakubu Suleiman said on Wednesday.
On Monday during his inaugural speech at the Eagle Square in Abuja, Tinubu said the era of subsidy payment on fuel has ended, adding that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu said, noting that his government would instead channel funds into infrastructure and other areas to strengthen the economy.
The Nigerian National Petroleum Company Limited (NNPCL) has since backed Tinubu on the removal of fuel subsidy.
However, the Trade Union Congress of Nigeria (TUC) said the President cannot unilaterally take a decision on subsidy removal, saying that there was a reason the immediate past administration of Muhammadu Buhari pushed the “sensitive issue” to the new government.
Fuel queues have since resurfaced across the country since the presidential pronouncement as Nigerians forage for the premium product which is now sold from N300/litre and above.
Business
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The presidential candidate of the National Democratic Congress (NDC) for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major currencies
Obi made the disclosure in a public statement on air, emphasising that his administration would seek to strengthen the currency by prioritising productivity and increasing economic output rather than reversing the floating exchange-rate framework.
Asked to identify one policy of the Tinubu administration he would keep if elected, Obi said, “There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people.”
His position means he would maintain the floating exchange-rate system while seeking to change the economic conditions that determine the strength and value of the naira.
Business
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.
Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.
Business
Brent crude slid to around $106 per barrel
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Brent crude slid to around $106 per barrel on Friday in a likely technical correction, but was still set to end the week sharply higher as the escalating conflict between the US and Iran fueled concerns over prolonged disruptions to global energy supplies.
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Meanwhile, Iranian leaders are reportedly determined to continue fighting despite mounting economic costs, viewing the conflict as an existential threat.
They also claim that Tehran has managed to rebuild its missile capabilities and could intensify attacks on US and Gulf assets if Washington escalates its own strikes.
Fighting has intensified over the past two weeks, with the US targeting Iranian oil tankers while Iran launched missiles at US warships and tankers in the Persian Gulf, as well as American assets in neighboring countries.
Bayelsa deploying 19 doctors, 210 nurses to strengthen primary healthcare centres
Albert Horsfall, Ex-SSS Director-General dies
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
International3 days agoMeet The highest paid world leader
-
Sports3 days agoEguavoen appointed interim Super Falcons coach ahead of 2028 Olympic qualifiers
-
News2 days agoFG inaugurates Committee for nationwide activation of Nigeria’s unified 112 emergency number
-
News2 days agoAbia ranks top in BudgIT 2026 report
-
International3 days agoGlobal media leader Annecchino dies at 55
-
Politics3 days agoINEC fixes Sept 19 for by-elections in 4 states
-
Business2 days agoAfCFTA : Nigerian Goods In High Demand In Africa, says Minister
-
News3 days agoPresidency Loses Media Aide, Onwubuariri