Connect with us

Business

JUST IN: FG To Meet NLC Today Over Fuel Subsidy Removal

Published

on

377 Views

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

Senate approves Tinubu’s $516.3m loan

The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.

Published

on

By

14 Views

The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.

The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).

The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.

The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.

The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.

Continue Reading

Business

Ibukun Awosika resigns from Cadbury board

The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.

Published

on

By

13 Views

Ibukun Awosika has resigned from the board of Cadbury Nigeria Plc, after more than 16 years of service.

The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.

The board expressed appreciation for her contributions since joining as a Non-Executive Director in October 2009 and noted that a replacement would be announced in due course.

Continue Reading

Business

UAE announces exit from OPEC, OPEC+ amid Iran war tensions

UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.

Published

on

By

16 Views

The United Arab Emirates has announced it is withdrawing from OPEC and the broader OPEC+, delivering a significant setback to the oil-producing bloc and its de facto leader, Saudi Arabia, at a time when the ongoing Iran war has triggered a major global energy shock.

Reuters reported that the departure of the UAE, a longstanding member of OPEC, is expected to create uncertainty within the group, which has traditionally maintained a united front despite internal disagreements over geopolitics and production quotas.

UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.

This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” said the energy minister.

When asked whether the UAE consulted with Saudi Arabia, he said the country did not raise the issue with any other nation.

The decision comes amid mounting tensions in the Strait of Hormuz, where Gulf producers have struggled to move exports due to Iranian threats and attacks on vessels.

The strategic waterway typically handles about a fifth of the world’s crude oil and liquefied natural gas shipments.

Continue Reading

Trending