The Organised Labour has suspended its nationwide strike for five days to allow uninterrupted meetings with the tripartite committee on the new national minimum wage.
This new development was disclosed to Vanguard by a top source among the labour union leaders under the condition of anonymity.
Previously reported on the new resolutions regarding the minimum wage after Labour leaders met with the Secretary to the Government of the Federation (SGF), George Akume, and other government officials on Monday night. During the meeting, Akume confirmed that President Bola Tinubu’s administration is committed to paying more than N60,000 as the minimum wage.
He also assured that no worker would face repercussions for participating in the strike and that the tripartite committee would convene daily for the next week to finalize the new minimum wage.
Following the scheduled 10 a.m. meeting with the FG Tripartite Committee today (Tuesday), Labour decided to suspend the strike. Consequently, all government and private offices are expected to reopen and operate as usual.
This development marks a critical step towards resolving the minimum wage issue, ensuring that the tripartite committee can work towards an agreeable National Minimum Wage without further disruptions.
Petrol Hits 176.02% Per Litre Price Increase As Nigeria Quietly Resume Payment Of Fuel Subsidy – Experts Reveal
Admin
The latest data from the National Bureau of Statistics (NBS) indicate that the average national petrol price has risen by 176.02 per cent year over year (YoY), from N701.24 per litre in April 2024 to N254.06 per litre in the same month of 2023.
On a month-to-month, or MoM, comparison, there was a 0.64 per cent increase from N696.79 per litre in March 2024.
Naija News reports that in the last few months, the price of foodstuffs and other commodities has skyrocketed due to the high cost of fuel across the country.
This development has further worsened the country’s economic challenges, as some businesses find it difficult to cope with the price changes, though recently, the price of petrol dropped.
However, there are indications that the price of Premium Motor Spirit (PMS), commonly known as petrol, has increased significantly year-on-year. In May 2024, the landing cost of PMS rose by 46.8% to N1,026.71 per litre, compared to N545.83 per litre in the same period of 2023.
It is important to note that the landing cost does not include additional expenses such as depot-related charges, transportation logistics, and marketers’ margins.
When these costs are taken into account, the total cost of delivering petrol to filling stations is estimated to be nearly N1,052.39 per litre, assuming an exchange rate of N1,510 to a dollar (resulting in a differential of N458.71 per litre).
These findings contradict the federal government’s claim that petrol subsidies have been eliminated under the Bola Tinubu administration.
Sources within the oil marketing industry have informed Energy Vanguard that the landing cost for June is expected to increase further due to worsening factors that contributed to the rise in May.
Furthermore, foreign exchange scarcity and a deteriorating exchange rate have been highlighted as major concerns. Additionally, the cost of fuel imports has risen in response to recent increases in international crude oil prices.
According to Vanguard, a transactional analysis conducted recently by a major operator revealed that marketers are currently paying a total direct cost of N1,052.39 per litre.
The breakdown reveals that the product cost per litre is N1,026.71, with additional costs such as freight (Lome-Lagos) at N10.37, port charges at N7.37, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) levy of N4.47, storage cost at N2.58, Marine insurance cost at N0.47, fendering cost at N0.36, and miscellaneous expenses at N0.06, along with a finance cost totalling N28.04.
The detailed analysis indicates that the landing cost of 28,000 metric tons of imported petrol exceeds $25 million, encompassing the total product cost, total direct cost, and total finance cost.
This could potentially yield sales revenue of over N39 billion, highlighting a loss of more than N19 billion.
In light of these findings, marketers have expressed concerns about the lack of profitability in importing at the current pump price, especially with the absence of a guaranteed free float of pump prices by the government.
Consequently, the Nigerian National Petroleum Company Limited (NNPCL) remains the sole importer of the product.
The situation is further exacerbated as Nigerians grapple with the rising cost of living due to increased transportation expenses, leading to higher prices of goods and services nationwide.
Nigeria Still Paying Fuel Subsidy
In a recent chat with journalists, the Managing Director/CEO of Pinnacle Oil, Robert Dickerman, mentioned that Nigeria is currently spending approximately N1 trillion each month on petrol subsidies.
He highlighted the significant subsidy that is still in place, which results in the product being sold at a lower price and leads to smuggling activities to neighbouring countries.
He added: “The consequences of this subsidy are: the cost of gasoline in Nigeria is the lowest in Africa by far, which encourages smuggling out, further depriving Nigeria of value. Smuggling causes Nigeria to subsidize neighbouring countries even while our economy struggles. The cost is hurting the entire budget, federal and state, as critical programs cannot be funded to pay this subsidy. It is currently calculated to be about 1 trillion Naira/month.”
In the meantime, the Nigerian government has quietly reinstated the payment of subsidies on petrol, also known as premium motor spirit (PMS), as reported by the International Monetary Fund (IMF).
The IMF recently released its Post Financing Assessment report on Nigeria, highlighting its concerns over the government’s decision to set price limits for fuel at retail stations.
To ensure efficient governance, the global financial institution advised President Tinubu’s administration to cease all subsidies on petrol, emphasizing that this practice disproportionately benefits the wealthy at the expense of the less privileged.
Indigenous people of Lagos State have said they will never be part of the Western Region or Province, should a purported Bill seeking Nigeria’s return to the regional government system turn out to be true.
The natives, under the aegis of the De Renaissance Patriots Foundation, said this in a statement released by Prince Adelani Adeniji-Adele.
The statement was reacting to a proposed Bill seeking approval of the National Assembly to return Nigeria to an already defunct regional system, which it said is set to be considered by the House of Representatives.
Although the National Assembly has distanced itself from such a Bill, the group insisted that Lagos State people will not go with the Western Region.
The purported Bill which went viral on social media was titled: “A bill for an act to substitute the annexure to Decree 24 of 1999 with a new governance model for the Federal Republic of Nigeria.”
According to the group, the purported Bill was said to have been drafted by an individual, who is reportedly not a federal lawmaker and from whose mouth it slipped that “if Nigeria could return to the old national anthem, why should it not also return to the regional state system of government?”
But De Renaissance Patriots Foundation, unconvinced by the denial, insisted on its position informed by the experience of its leaders in the character of South West people who are now finding it difficult to own up to their plans after they were exposed and what they planned to do with the bill, for reasons best known to them, has been revealed before the plan is hatched.
The group said, “This bill that is being proposed or suggested spells an ominous sign to us from Lagos State. It is a further attempt to subsume our aspiration into a larger group that is antithetical to whatever we believe in as indigenes of the state. The first and most important is that vast consultations were not held on the matter to find out if being submerged into another subgroup is a thing we desire. It cannot be generally assumed. Generally, and since Lagos and its environs became a colony, we have always maintained that we prefer a stand-alone status and not be part of any Western Region or Province.”
[Leadership]
The Comptroller-General of the Nigeria Customs Service (NCS), Mr. Adewale Bashir Adeniyi has raised an alarm over alleged moves by some people he described as “faceless individuals” to distract him from his duties by attempting to spread misleading information about his record of service.
Adeniyi made the allegation while reacting to an enquiry by the Daily Trust on his record of public service since leaving school, based on some documents made available to this newspaper, including his academic qualifications, and records of his days at the Nigeria Railway Corporation (NRC) before joining the NCS.
Asked whether there were some irregularities in his records as alleged by some individuals, he said that he had nothing to hide, saying that he was aware that certain individuals (not named) were out to distract him from carrying out his lawful duties.
He said that he rose to the pinnacle of his career through hard work, dedication and sacrifice, with unblemished record of service, adding that “when you set out to fight corruption in a clime like ours, corruption will always fight back”.
The Customs CG said together with his team, he is dedicating his energy and expertise to helping to actualise President Bola Tinubu’s agenda of building a stronger and more virile economy for the country.
“I want to assure you that I will not be distracted at all,” he said.
One of the documents made available to Daily Trust indicated that in documenting for the Customs job, Adeniyi did not carry forward his years of service in the NRC.
Those who made available the documents alleged that he ought to have eased himself from the public service, as he had attained the retirement ceiling both by age and his years in service.
According to the documents, the Customs CG was born on January 19, 1964, and he reached 60 years of age on January 19, 2024, by which time he should have retired based on public service rules.
Another document showed that after graduating from the Modakeke High School, in 1979, when he wrote the West African School Certificate, he was employed into the service of the Nigerian Railway Corporation in 1981.
It indicated that he was with the NRC as a casual worker up till 1990, when he was employed into the service of the NCS as an officer.
Daily Trust confirmed from some sources that it was midway into his engagement with the NRC as a casual worker that Adeniyi applied and secured permission to pursue further studies to foster his chances of upward mobility in public service.
He was admitted into the Obafemi Awolowo University, where he read International Relations from 1984 to 1988, after which he returned to continue work until his employment in the Nigeria Customs Service in 1990.
Thereafter, he bagged a Master of Arts Degree in Communication Science at the Universitaire Svizzera D’Italiana (USI) – Lugano-Switzerland, in November 2013.
A summary of his career profile showed that he was a deputy comptroller-general with cognate experience in Customs administration covering strategic and operational responsibilities.
“He possesses a deep understanding of the complex and constantly evolving international trade landscape. He has a strong command of customs regulations, laws, and procedures as well as the ability to navigate and adapt to changing policies and regulations.
“He has demonstrated excellent communication and leadership skills responsible for leading teams of customs officials, working closely with stakeholders across a variety of industries,” it said.
His record of service showed that he won former President Muhammadu Buhari’s admiration for bursting an attempt to smuggle $8.07 million out of the country sometime in February, 2020, through the E-Wing of the Murtala Muhammed International Airport’s tarmac, while he was Comptroller at the airport.
President Tinubu, on Monday, 19 June 2023, appointed Adeniyi as the new Acting Comptroller General of the NCS.
He was appointed alongside other service chiefs. He succeeded Col. Hameed Ali (Rtd).
In a statement issued by the then Director of Information, Mr Willie Bassey, on behalf of the Office of the Secretary to Government of the Federation, the appointed service chiefs including that of the CGC, were in acting capacity pending their confirmation in accordance with the Constitution of the Federal Republic of Nigeria.
It said Adeniyi joined the Customs Service over three decades ago, and had served in different capacities, including being the longest-serving National Public Relations Officer from June 2003 to May 2011; he also served as Commandant of the Nigeria Customs Command and Staff College, Gwagwalada, Abuja,” the statement had said.
Subsequently, on October 20, 2023, President Tinubu confirmed Adeniyi as the substantive Comptroller General of Customs.
[DailyTrust]
The Organised Labour has called on its members to remind them that the strike which commenced yesterday will continue today pending the outcome of a meeting with the tripartite committee on the new national minimum wage by 10am.
Labour whose leaders had a successful meeting with the Secretary to the Government of the Federation, SGF, George Akume, and other government officials on Monday reached a resolution that President Bola Ahmed Tinubu is committed to a new minimum wage higher than N60,000.
Vanguard had reported how Organised Labour negotiators had walked out of the meeting for a third time, over the refusal by the government to make a new offer beyond N60,000.
It was gathered that the negotiations hit a brick wall when the government and the organized private sector, OPS, remained adamant on the N60,000 offer they made earlier on last week.
In view of the above, FG through SGF resolved that it would offer a new minimum wage higher than 60,000 proposed earlier.
However, reminding its members that the strike continues today, Labour via its X Platform, said: “Until we hear from Our Organs at our Meeting scheduled for today 4th June , We are still on Strike”.
Recall that banks, schools, markets and other business activities across the country were grounded yesterday due to the nationwide strike declared by the Organised Labour.
Like the Portuguese phrase “A luta continua; vitória é certa”, meaning “The struggle continues; victory is certain”, Labour hopes to be victorious in its quest for a living minimum wage for all Nigerians.
[Vanguard]
The Nigeria Labour Congress (NLC) says the strike which began on June 3 and paralysed government and commercial activities nationwide will enter its second day today.
Labour had declared the strike over a new minimum wage and the recent hike in electricity tariff for Band A customers.
On Monday night, the federal government and organised labour reached an agreement on a new minimum wage that will be “above N60,000”.
The statement from the meeting was however silent on the duration of the strike and electricity tariff hike.
“The President, Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria is committed to a National Minimum Wage that is higher than N60,000,” the statement from the meeting reads.
“II. Arising from the above, the Tripartite Committee is to meet everyday for the next one week with a view to arriving at an agreeable National Minimum Wage;
“III. Labour in deference to the high esteem of the President, Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria’s commitment in (ii) above undertakes to convene a meeting of its organs immediately to consider this commitment;
“IV. No worker would be victimized as a result of the industrial action.”
The agreement was signed by representatives of government and leaders of organised labour.
On Tuesday, the NLC announced on X that the strike was still on.
“Until we hear from Our Organs at our Meeting scheduled for today 4th June, We are still on Strike,” the post reads.
“Until we get Consent from our NEC meeting, We are still on strike.”
The strike by labour has affected health services, the power sector, the national assembly and airport operations.
[TheCable]
Minimum Wage: Resolutions Reached As FG, NLC, TUC Sign Agreement, Details Of Meeting Emerges
AFOLABI
The tripartite meeting of the National Minimum Wage Committee, which started at about 5pm on Monday, concerning a potential increase in the minimum wage, has concluded at the office of the Secretary to the Government of the Federation (SGF).
The meeting had delegations from the federal government and the organized labour in attendance.
At the end of the meeting, which lasted for about five hours, the federal government and the labour unions – Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), reached some agreements which were documented and signed by all parties.
At the end of the meeting, SGF George Akume, who briefed newsmen on the outcome of discussions, revealed that President Bola Tinubu is committed to a minimum wage higher than ₦60,000.
Below are highlights of resolutions reached at the meeting.
1. PRESIDENT BOLA TINUBU IS COMMITTED TO MORE THAN ₦60,000 MINIMUM WAGE.
2. NO WORKER WILL BE VICTIMISED AS A RESULT OF THE INDUSTRIAL ACTION.
3. WE HAVE HAD A REALISTIC AND PRODUCTIVE MEETING.
4. TRIPARTITE COMMITTEE TO MEET DAILY FOR ONE WEEK.
The agreement was signed by the Minister of Information and National Orientation, Mohammed Idris, and the Minister of State for Labour and Employment, Hon. Nkeiruka Onyejeocha, on behalf of the federal government, while the President, Nigeria Labour Congress (NLC), Joe Ajaero, and the President, Trade Union Congress (TUC), Festus Osifo, signed on behalf of organized labour.
NLC, TUC Give Update On Strike After Meeting
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) are set to convene on Tuesday to consult their members and make a decision regarding the ongoing nationwide strike.
This follows the conclusion of the meeting between the labour leaders and the federal government delegation led by the Secretary to the Government of the Federation (SGF), George Akume, on Monday.
The labour unions had embarked on an indefinite nationwide strike on Monday over the dispute with the federal government on the new minimum wage for Nigerian workers.
However, Akume summoned the labour leaders to a meeting during which resolutions were reached on fast-tracking the process of arriving at a conclusion on a new minimum wage.
Organized labour will meet their organs on Tuesday and decide on the strike.
Meanwhile, the Minister of Labour and Employment, Nkeiruka Onyejeocha, has called on Organised Labour to halt its ongoing nationwide strike, which has significantly disrupted economic activities across Nigeria.
Speaking on Channels Television’s “Politics Today” on Monday, Onyejeocha emphasized the extensive economic losses incurred since the strike’s onset, affecting businesses, airports, universities, hospitals, and the power sector.
During her appearance, she highlighted the complexities in determining a new minimum wage, noting that it involves not only the Federal Government but also state governments and the Organised Private Sector.
She pointed out that the aftermath of the strike’s first 24 hours had brought considerable hardship to Nigerians, urging the labour unions to return to the negotiating table.
The minister stressed the impracticality of the ₦494,000 wage demand by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), indicating that several state governments are still struggling to meet the ₦30,000 minimum wage set in 2019.
She argued that any new wage agreement must reflect the economic realities, including the productivity and financial capabilities of employers.
Onyejeocha urged the unions to consider the ₦60,000 offer proposed by the government and the private sector, cautioning that the higher demand could exacerbate the already high inflation rate, which stands at 33.69%.
The Central Bank of Nigeria, CBN, has lifted its ban on onboarding new customers imposed on five prominent fintech startups: Paga, OPay, Kuda, Palmpay, and Moniepoint with immediate effect
Opay in a statement on Monday through its official X handle announced that the apex bank has lifted the ban.
“We are thrilled to announce that the Central Bank of Nigeria has given OPay
the thumbs up to resume onboarding new users,” Opay stated.
This is coming after the expiration of a May 31 deadline given to the fintechs to meet Know Your Customer, KYC, and other regulatory requirements.
The governor of CBN, Olayemi Cardoso, had, at the end of the 295th Monetary Policy Committee, MPC, meeting, hinted that the ban on four fintech banks will be lifted soon.
Cardoso added that the central bank did not revoke any fintech banks’ licenses.
The development comes after CBN on April 30 restricted the four banks from onboarding new customers over allegations of being used for illicit foreign exchange transactions.
The Nigeria Labour Congress, NLC, has reacted to reports that soldiers had surrounded the venue of its meeting with the Secretary to the Government of the Federation, SFG, George Akume.
Labour via its official Twitter handle now X Platform, warned that any attempt to intimidate its leaders will worsen the situation.
“Any attempt to intimidate, provoke or blackmail our leaders at the negotiation table would worsen the issue and further prolong our action indefinitely. Our leaders are acting in accordance with the directives of our organs. Viva! Organized labour. Viva! Working people of Nigeria”, Labour said on it handle.
Vanguard had reported how SFG, George Akume, summoned the leadership of the Organised Labour for a meeting.
Though the source did not reveal the reason for the meeting, it won’t be unconnected with the minimum wage and ongoing strike across the country.
Edo North senator, Adams Oshiomhole, on Sunday declared that the All Progressives Congress, APC, will return to power at the end of Governor Godwin Obaseki’s tenure in November.
Oshiomhole said Edo State will rise again starting November 12 when APC governorship candidate, Monday Okpebholo, succeeds Obaseki.
He spoke at the new APC secretariat on Ikpokpan Road, off Boundary-Sapele Road in Benin, while welcoming a PDP chieftain, Nosa Adams, along with thousands of PDP members into APC.
According to Oshiomhole: “We will work very hard to ensure the defeat of PDP, Labour Party, and the 13 other participating political parties in Edo.
“APC will return to governance of Edo State on November 12, 2024, when the second tenure of PDP’s Godwin Obaseki will expire.
“Okpebholo, a grassroots politician, will re-ignite the engines of growth and development in this great Edo State, without speaking big grammar, consultancy or memoranda of understanding.
“We need a governor who can do, not a governor who can talk. Okpebholo, the incoming governor, will work very hard for Edo residents.
“The way to keep a political party together is to respect the elders. I am very excited with the transparent manner in which Nosa Adams meticulously identified and presented the defecting members of the executive at the ward and local government levels in Egor LGA of Edo State. No PDP member is left in Egor LGA.”
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….Say intnl wing has 24-hr window
Following the industrial action declared by the Nigerian Labour Congress, NLC, and the Trade Union Congress, TUC, over the Federal Government’s refusal to raise the proposed minimum wage from N60,000, hundreds of passengers have been left stranded at Murtala Muhammed Airport.
MMA2 and General Aviation Terminal, GAT, otherwise known as MMA1, of the Murtala Muhammed Airport, had been locked as early as 6.30a.m.
The aviation unions had locked the gates leading to the airport building leaving passengers outside, although flights are ongoing at the international terminal of the airport.
Secretary General of the National Union of Air Transport Employees, NUATE, who spoke to Vanguard, said: “GAT and MMA2 which are the domestic terminals of airports in Lagos are under lock and key based on the directive of the NLC and TUC. Aviation workers have called a strike in the domestic terminals.
“It will extend to the international terminals by tomorrow. The international airport has a 24-hour window. Nothing is being disturbed there today. As long as the directives from NLC and TUC remains, the strike action would continue.”
[Vanguard]
The Central Bank of Nigeria (CBN) says it has revoked the licence of Heritage Bank Plc with immediate effect.
The regulator said the decision followed the bank’s inability to improve its financial performance.
The apex bank announced the revocation in a statement on Monday signed by Hakama Ali, its acting director, corporate communications.
The CBN said the move is in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under section 12 of the Banks and Other Financial Act (BOFIA) 2020.
“This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020,” the statement reads.
“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.
“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.”
The CBN said Heritage Bank has not improved and “has no reasonable prospects of recovery”, thereby making the revocation of the licence the next necessary step.
“Consequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired,” the further statement reads.
“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.
“We wish to assure the public that the Nigerian financial system remains on a solid footing.”
The CBN noted that the revocation reflects its continued dedication to take all necessary steps to ensure the safety and soundness of Nigeria’s financial system.
[TheCable]
The Federal Government has admonished workers to refrain from partaking in the indefinite nationwide strike declared by the Labour Union.
It warned that any worker who joins the industrial action risks six months jail term.
In a statement on Sunday, Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), said there is a subsisting valid court injunction restraining the Labour Union from embarking on any strike.
Fagbemi also noted that Section 18 of the Trade Disputes Act mandates a worker employed in any essential services to give their employer 15 days notice before ceasing their services and any who did not comply would be liable on conviction to a fine or imprisonment for six months.
He said the fundamental importance of the 15-day notice is underscored by the fact that Sections 41 and 42(1)(b) of the Act criminalize non-compliance with the provision.
He noted that the federal government had been engaging stakeholders in the tripartite committee to determine a new national minimum wage and had not declared an end to negotiation.
The AGF further noted that the proposed strike is a violation of an order of the National Industrial Court and ongoing mediators’ settlement efforts to resolve the minimum wage impasse.
“You are further invited to recall the pendency of the interim injunctive order granted on 5th June 2023 in suit no: NICN/ABJ/158/2023 — FEDERAL GOVERNMENT OF NIGERIA & ANOR VV. NIGERIAN LABOUR CONGRESS & ANOR, which order restrained both Nigeria Labour Congress und Trade Union Congress from embarking on any industrial action or strike of any nature,” he said.
“While the government assures that it would continue to adopt a conciliatory approach to resolving matters pertaining to workers and citizens welfare in the spirit of collective bargaining, I would like to urge you to kindly reconsider the declaration of strike action and return to the ongoing negotiation meetings, which has been adjourned to a date to be communicated to parties.
“This would be a more civil and patriotic approach and will enable your Congress pursue its cause within the ambit of the law and avoid foisting
The Inspector-General of Police, IGP Kayode Egbetokun has urged Nigerians not give out their hard-earned money or properties regardless of intimidation by police officers.
Egbetokun made this statement in Abuja at the force headquarters during a meeting with key officers responsible for the internal control mechanisms of the police.
According to the IGP, his leadership of the police would bridge the trust deficit between the force and members of the public.
Egbetokun called for a prompt dispensation of justice against erring police officers and the implementation of measures to curb unprofessionalism
“Over the years, we have observed that the conduct of some personnel significantly deviated from the expectations of the force leadership,” the IGP said.
“Officers who are supposed to uphold the value of integrity and upon whom society places high moral expectations are frequently seen breaching the trust placed in them by the public.
“At this junction, I want to emphasize that while we continue to implement internal measures to curb acts of extortion and other vices, the citizens must join hands with us.
“I urge the public never to succumb to intimidation or part with their hard-earned money or properties unjustly,” he added.
The police boss urged Nigerians to report infractions committed by police officers to the appropriate authorities.
He also directed the senior officers to make necessary recommendations for personnel who demonstrate acts of courage, integrity, and humanity.
[Newspot]