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Labour Stages Nationwide Protest Over Electricity Tariff

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The organised labour on Monday paralysed business activities of the electricity distribution firms as it led a nationwide protest against the over 45 per cent increase in electricity tariffs, demanding an immediate reversal of the hike.

Leaders and members of the Nigeria Labour Congress and Trade Union Congress were joined in the simultaneous demonstrations in different parts of the country by those in the civil societies and students of tertiary institutions.

According to Punch, the protesters stormed the various offices of the power firms nationwide as early as 8am, chasing out some officials of the companies who had resumed for work.

Armed with placards that bore various inscriptions such as ‘No to increase in electricity tariff’ and ‘No meter, no payment’, the protesters said there was no justification for the hike, with the organised labour warning that if the decision was not rescinded, it could be forced to order an indefinite strike.

In Abuja, the NLC and the TUC led the protesters to the offices of the Abuja Electricity Development Company, the Nigerian Electricity Regulatory Commission and the National Assembly.

The President, TUC, Mr. Bala Kaigama, said the labour movement would continue with the protest against the tariff hike until its reversal.

Similarly, the President of the NLC, Mr. Ayuba Wabba, accused the Minister of Power, Mr. Babatunde Fashola, of conniving with the electricity firms to fleece Nigerians.

The protesters insisted that policies of the government, which created room for Nigerians to be subjected to unjustified charges, would be resisted.

Wabba called on President Muhammadu Buhari to revisit the privation of the power sector as it was marred by corruption, lamenting that the current increase would make it the fifth time the tariffs would go up since the privatisation exercise was concluded.

Wabba, who said that the current tariff increase would not be accepted, added that it was the standard practice all over the world for people to only pay for what they consumed.

He said, “We will not allow a situation where a few will collaborate, including our Minister of Power, Works and Housing, Mr. Babatubde Fashola; we are really disappointed because he did not even respond to all the letters we wrote to him.

“This protest is to tell the Discos and Gencos that we will not allow a situation where they will continue to fleece Nigerians.”

Kaigama, who observed that NERC had been ineffective, called on the government to appoint a substantive board for the commission.

The representative of the civil societies, Mr. Jaiye Gasikya, said the observed deficiencies in the sector only showed that the investors were not ready to add any value to what they met on the ground.

He said that the power firms had refused repeated calls by the organised labour and civil societies to publish their financial statements.

In Lagos, the protesters occupied the head office of the Ikeja Electric in Alausa.

Amidst shouts of ole, ole (meaning thief), they demanded the immediate reversal of the new tariffs, which took effect on February 1. They also asked that prepaid meters should be made available to every consumer free of charge before any tariff hike could be implemented.

The Vice President, NLC, Mr. Amechi Asugwuni, argued that there was no consultation with the consumers before announcing the new tariffs.

“This is unacceptable because it did not take into consideration the welfare of Nigerians,” he said.

In Akure, Ondo State, some protesters marched to the office of the Benin Electricity Distribution Company where they chased out its workers and shut the premises before moving to the Airways and Leo areas of the state capital.

The Chairman of the NLC in the state, Mrs. Bosede Daramola, said there had been no significant improvement in the service delivery by the BEDC and that most consumers were not metered in line with the signed Memorandum of Understanding of November 1, 2013, which stipulated that within 18 months, all consumers must be metered.

A member of the Civil Liberty Organisation and Director of Research, Planning and Statistics, Christian Association of Nigeria, Nelson Fadoju, expressed displeasure at the rise in tariffs, which he said came when the times were already hard for the citizens of the country.

In Osogbo, Osun State, the protesting workers invaded the office of the Ibadan Electricity Distribution Company in the city and locked up officials of the company from around 9am until around noon.

In Port Harcourt, Rivers State, the NLC and TUC members, who picketed the head office of the Port Harcourt Electricity Distribution on Moscow Road, decried what they called arbitrary increase in electricity tariffs.

The state TUC Chairman, Mr. Chika Onuegbu, said the people would not sit and watch the government inflict pains on them through the increase in electricity tariffs.

He lamented that the Federal Government failed to save when the price of crude oil was above $140 per barrel and wondered why the masses should be forced to pay for their inaction.

Also, the state Chairman of the NLC, Beatrice Itubo, described the picketing of the PHED head office as a warning to the electricity distribution company.

Reacting, the Corporate Communication Manager, PHED, Mr. Jonah Iboma, said the power sector had been neglected over the past 50 years, expressing the need for more investment in the sector.

He stated that contrary to the claim that the recent increase in electricity tariffs was up to 45 per cent, the hike was between 12 per cent and 21 per cent.

Members of the labour groups in Ekiti State also shut the office of the Benin Electricity Distribution Company in Ado-Ekiti.

The workers were led by the state Chairman of the TUC, Odunayo Adesoye, and his counterpart in the NLC, Ade Adesanmi.

They rebuffed entreaties by men and officers of the Nigerian Security and Civil Defence Corps not to enter the building.

Other groups that joined in the protest included the Non-Academic Staff Union of the Federal Polytechnic, Ado-Ekiti; Ekiti State Public Service Joint Negotiating Council, the Academic Staff Union of Secondary Schools and the Nigerian Civil Service Union.

In Uyo, Akwa Ibom State, the unions said there was no need to increase the tariffs since the state government had been subsidising the cost of electricity consumed by the people.

In Ogun State, the protest was staged by members of the NLC in conjunction with the civil society groups, including the Committee for the Defence of Human Rights and the Electricity Consumers’ Forum in Abeokuta, Sango-Ota and Sagamu.

But NERC urged the labour unions to exercise restraint in the protest against the hike in electricty tariffs.

It said in a statement by its Head of Public Affairs Department, Dr. Usman Arabi, that the existing electricity tariff order was carried out after a wide consultation with different shades of opinion, and in strict compliance with extant rules and judicial pronouncements.

It stated that the Electric Power Sector Reform Act 2005 empowers any party aggrieved or dissatisfied by the decision of the commission to appeal to it within 60 days from the date of the decision, adding that it was still open to further consultation.

Fashola also described the electricity tariff increase as “a painful pill” and appealed to consumers to “swallow” it.

He, however, said the new tariffs were cheaper than using diesel or petrol-fired generators or inverters.

The Senate President, Bukola Saraki, assured the leadership of the organised labour that the National Assembly would act to ensure that the electricity tariff hike was resolved in the interest of the people.

He stated this while addressing a rally jointly organised by the labour unions and electricity consumers at the National Assembly.

Saraki said, “Even before now, we have observed that this issue of tariff increase and some of the policies were not palatable. We have summoned NERC even before now. We are with you, we will stand with you and ensure that no policy will in any way exist that is not palatable to the Nigerian people.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lagos Eyes Investment Surge as Sanwo-Olu Unveils Growth Strategy

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Governor Babajide Sanwo-Olu of Lagos State is spearheading a bold push to attract significant investment inflow to boost the state’s economic growth.

During a Pre-Summit Investor Roundtable at the Africa Social Impact Summit (ASIS 3.0), held at Eko Hotels and Suites, the governor outlined strategic opportunities for investors.

With the theme “Invest Lagos – Investment Opportunities,” the summit was organized by the Sterling One Foundation in collaboration with the Ministry of Commerce, Cooperatives, Trade, and Investment.

Attended by business leaders, chambers of commerce, and industry captains, the event underscored Lagos’ potential as a hub for economic activity.

Sanwo-Olu highlighted Lagos’ positive economic outlook, citing an expanding population and sustainable infrastructure as key growth drivers.

Despite challenging business environments, the state’s economy has shown resilience, welcoming new investments while sustaining existing ones.

The governor emphasized reforms aimed at improving the ease of doing business. He mentioned that digitizing services had reduced bureaucratic hurdles, fostering a stable business climate.

Sanwo-Olu assured potential investors of the state’s commitment to creating a supportive environment that ensures returns and security for investments.

“In the last five years, Lagos’ GDP has grown by 50 percent,” Sanwo-Olu stated. “We aim to sustain this growth and ensure the gains of the past years are not reversed.”

Sanwo-Olu identified sectors ripe for investment, including transportation, tourism, health insurance, and waterways. He expressed the government’s dedication to advancing development plans in these areas.

Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, highlighted Lagos’ economic strides, noting that the state’s GDP had increased from N27 trillion to N41 trillion in five years.

She detailed strategic investments, particularly the allocation of N550.7 billion for infrastructure in 2024, and the commitment of N44.33 billion to food security initiatives.

Sterling Bank’s Managing Director, Mr. Abubakar Suleiman, pointed out that economic growth in Africa is often hindered by an unstable investment climate.

The summit aimed to build investor confidence by fostering trust and transparency in business environments.

“Lagos remains a leading destination for investors,” Suleiman noted. “The state provides clarity and access to markets, maintaining consistency in its investment strategies.”

Sanwo-Olu’s administration continues to focus on diversifying Lagos’ economy through strategic investments in various sectors.

The state’s proactive approach has positioned it as a global city and an emerging African financial center.

The governor’s initiative is expected to further solidify Lagos’ reputation as a prime investment destination, paving the way for sustained economic growth and development.

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Vice-President Harris Gathers Momentum as Democratic Nominee

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Kamala Harris

Vice-President Kamala Harris has secured the support needed to become the Democratic nominee for president.

This was after President Joe Biden announced he would not seek re-election, endorsing Harris as his successor.

According to CBS News, Harris has received endorsements from over 1,976 delegates, surpassing the threshold needed to clinch the nomination in the first round of voting at the Democratic National Convention (DNC) scheduled for August.

Delegations from at least 27 states have expressed full support, showcasing a strong backing across the nation.

In her address to campaign staff in Wilmington, Delaware, Harris expressed gratitude for the widespread support, adding that she committed to uniting the party and the country.

“We have 106 days until Election Day, and in that time, we have some hard work to do,” she stated.

Harris laid out her vision for America, contrasting it with that of her likely opponent, Donald Trump.

Speaking on the direction of the campaign thus far, she said “Our campaign has always been about two different versions of what we see as the future of our country. One focuses on the future, the other focuses on the past.”

She acknowledged the accomplishments of the Biden administration, highlighting her pride in serving as vice-president.

“My time serving as vice-president was one of the greatest honors of my life,” Harris said, underscoring her dedication to continuing the work they started.

In a phone call to his campaign team, Biden praised Harris, urging his supporters to rally behind her. “I’m hoping you’ll give every bit of your heart and soul that you gave to me to Kamala,” he said.

Despite stepping back from the race, Biden vowed to remain actively involved in supporting Harris and emphasized the importance of defeating Trump, calling him “a danger to this nation.”

Harris’s nomination marks a significant milestone, but challenges remain. The campaign will focus on addressing key issues such as healthcare, climate change, and economic inequality.

With millions of dollars pouring into her campaign since Biden’s announcement, Harris aims to capitalize on the momentum and build a coalition that appeals to a broad spectrum of voters.

As the DNC approaches, Harris is expected to formally accept the nomination, solidifying her position as the Democratic leader.

The coming months will be crucial as she works to unite the party and reach out to undecided voters. With her historic nomination, Harris stands poised to make a lasting impact on the future of American politics.

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President Declines Nomination, Endorses Harris for 2024

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In a significant political announcement on his X.com account, President Joe Biden has decided to forgo the opportunity to seek re-election in 2024, instead throwing his full support behind Vice President Kamala Harris.

The surprise move, shared with the public this morning, represents a pivotal moment in the Democratic Party’s journey toward the upcoming presidential election.

In his statement, Biden said that his choice to step aside is driven by a desire to concentrate on his remaining duties as President.

He expressed gratitude for the opportunity to serve alongside Harris, calling her selection as his Vice President in 2020 “the best decision” he has made. “My fellow Democrats,” Biden began, “I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term.”

The President’s announcement signifies a strategic shift in the 2024 election landscape. By endorsing Kamala Harris, Biden not only aims to consolidate support within the party but also to set the stage for a unified front against former President Donald Trump.

“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year,” Biden declared. “Democrats — it’s time to come together and beat Trump. Let’s do this.”

This endorsement comes as a surprise to many, given Biden’s earlier commitment to seeking re-election.

However, it reflects a broader strategic maneuver to ensure party unity and strengthen the Democratic position in the face of a formidable opponent. By focusing on Harris, Biden aims to leverage her growing popularity and political acumen to fortify the party’s chances in the upcoming election.

Kamala Harris, who has served as Vice President since January 2021, will now be thrust into the spotlight as the presumptive Democratic nominee.

Her campaign is expected to build on the legacy of the current administration while addressing key issues facing the nation.

The move also raises the stakes for the Republicans, who will need to prepare for a robust campaign from a seasoned political leader in Harris.

As the 2024 election cycle ramps up, Biden’s endorsement is likely to reshape the dynamics of the race, influencing both Democratic strategies and Republican responses.

The coming months will be critical as Harris and her team work to solidify their platform and rally support from voters across the nation.

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