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NLC Warns Against Hike in Fuel Price

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NLC President, Comrade Ayuba Wabba

Following the purported plan by the federal government to hike the price of petroleum products, the Nigerian Labour Congress (NLC) wednesday threatened to take drastic action over any move to further hike fuel price after the last increase.

Though the federal government has clearly denied any such plan, the NLC at the end of an emergency Central Working Committee (CWC) meeting said congress is not taking such a plan lightly.

In a communique signed by NLC President, Ayuba Wabba and Secretary General, Dr. Peter Ozo-Ezon, “expressed concern at the body language of the oil marketers which points to the process of yet another round of increase in the pump price of petroleum products, warning that another spate of increase in any form will not be acceptable.”

NLC further declared that “In view of the incalculable damage any further increase in the pump price of petroleum products will cause, marketers should not contemplate this option.”

They also “called on NERC and DISCOs to obey without further delay, the subsisting court order by reviewing downward the current electricity tariff.”

NLC noted: “that in spite of the subsisting court order declaring as illegal the electricity tariff review, NERC and DISCOs are yet to comply with the court order.”

The organisation added that “in view of the growing difficulties in the economy associated with inflation and devaluation of the Naira, a new minimum wage is not only imperative but urgent as the current minimum wage cannot take the workers to the next bus stop.”

Meanwhile, the association said it would next week stage a protest against the Nasarawa State Governor, Alhaji Tanko Al-Makura, over alleged impunity and abuse of workers’ right.

To that effect, the NLC said it will “declare August 23, 2016 as national day of mourning in honour of the dead and injured workers in Nassarawa State.

“Invite Nigerian workers and civil society allies from across the country to Lafiaon August 23, 2016 to peacefully protest against the illegal actions, impunity and murderous schemes of Al-Makura.”

The NLC explained that “even if workers were on protest, the right to lawful assembly and protest is guaranteed by the 1999 Constitution, Labour Legislations and ILO Conventions to which Nigeria is a signatory.”

They also expressed “outrage at the concerted effort by the Nasarawa Police Command and the government of Nasarawa state at a criminal cover up.”

The body also described “the shooting as barbaric, tragic and saddening, noting that the absence of remorse by the Nasarawa Police Command or the Nasarawa State Governor shows it was a premeditated action.

“The mindless violence unleashed on workers is part of a calculated attempt by some governors to silence lawful and peaceful protests against their acts of impunity, unlawful and criminal conduct and will be resisted by workers with everything workers have.”

They added: “There have been systematic and co-ordinated attacks on the rights of workers in some states such as Nasarawa, Kogi and Imo by way of non-payment of salaries and pensions; illegal whittling down of the workforce via declaration of workers as ghost workers; unlawful abrogation of working days and hours; and surreptitious sacking of workers.”

NLC further demanded for “full justice for the injured and the dead by way of unbiased investigation, appropriate punishment and full compensation for the victims of this senseless shooting “Put in place a series of actions to compel the government of Nasarawa State and Nasarawa Police Command to account for their actions,” the NLC stated.

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

Government

FG Approves N1.85 Billion For Construction of Ebonyi Salt Lake Walls

The Federal Government on Wednesday approved a sum of N1.85 billion for the construction of walls around Ebonyi Salt Lake.

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The Federal Government on Wednesday approved a sum of N1.85 billion for the construction of walls around Ebonyi Salt Lake.

Briefing newsmen at the end of the Federal Executive Council (FEC) council meeting on Wednesday, Minister of Mines and Steel Development, Olamilekan Adegbite disclosed that the project will be funded directly by the presidency. 

The Minister further explained that the 27km retaining wall would contain the loss of raw salt from the salt lakes in Ebonyi State, saving at least $88m spent yearly on salt importation.

Investors King earlier reported that Nigeria spent at least N155 Billion within the last two years to import salt and other locally available products from Asia and South America.

Salt is one of the most common mineral resources in Nigeria. A large deposit of salt could be found in Ebonyi State. The state even prides itself as the “salt of the nation”.

However, Nigeria has not been able to successfully preserve and mine the large salt deposits. 

The Minister nevertheless disclosed that the wall which will be built along the lake will help to solve the challenges. 

“The salt is in Ebonyi State, of course, naturally, but it cannot be mined without this infrastructure that we’re about to do, we’re building a retaining wall because water comes in and washes the salt away every time. 

“These are salt lakes that occur naturally, so the salt is in the lakes, but when water comes in, it washes the salt away”. He noted. 

According to the Minister, the wall which has been awarded to Reinforced Global Resources Limited, at the sum of N1.85bn is about 27 kilometres long and about 2.9 meters high. 

The retaining wall project is expected to be completed within six months after which the process of salt mining from the lake will begin. 

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Nigerian Political Parties to Spend Billions of Naira as INEC Lift Ban on Political Campaigns

Political parties in Nigeria are expected to spend billions of naira in the next year’s elections as INEC officially lifts the ban on political activities. 

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2023 Presidential Candidates

Political parties in Nigeria are expected to spend billions of naira in the next year’s elections as INEC officially lifts the ban on political activities. 

It is about five months to the next general election in Nigeria where citizens will go to the polls to cast their vote for the candidate of their choice. Political parties are expected to spend billions of naira during this electioneering process as it was in previous elections. 

It will be recalled that the Independent Electoral Commission (INEC) has fixed February 25th for the Presidential and National Assembly elections while Governorship and State Assembly elections will be held on March 11th, 2023.

Investors King understands that Nigerian previous elections were hugely monetised and next year’s election would not be an exception. 

A closer analysis of the presidential election shows that there are 18 Presidential candidates which will compete in 176,846 polling units. 

Going by the electoral laws and the previous election, all candidates are expected to appoint polling unit agents who are offered some token for their service. 

Investors King gathered that in the last elections, polling units agents were offered between N10,000 to N20,000. Using N10,000 as a variable, this means each of the leading political parties will expend at least N1.7 billion on polling unit agents.

Other areas where political parties are expected to spend money include logistics, public campaigns, posters and banners, courtesy call gratification and security among others. 

Besides, it is also expected that the leading political parties will engage in vote buying which could run into hundreds of billions of naira. Many Election Monitoring Groups (EMGs) such as Yiaga Africa have alleged voter inducement in previous elections. 

Political parties spend between N5000 to N10,000 to induce voters. It can be assumed that parties will spend more in the next general election since Nigeria’s voter population has increased to 95 million, adding more than 12 million new registered voters in the just concluded voter registration. 

Meanwhile, the Independent Electoral Commission (INEC) has disclosed that the commission will spend N305 billion to conduct the 2023 election. This is different from the commission’s yearly budget which currently stands at N40 billion. 

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Nigeria Senate to Tax Unoccupied And Expensive Building Owners in Abuja

The Nigeria Senate intends to introduce a bill to tax unoccupied and outrageously expensive buildings in the Federal Capital City. 

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real-estate

The Nigeria Senate intends to introduce a bill to tax unoccupied and outrageously expensive buildings in the Federal Capital City. 

The Chairman Senate Committee on Federal Capital Territory, Senator Adeyemi Smart lamented that there were too many unoccupied buildings in the city despite being completed and built to taste. 

A check by Investors King shows that thousands of expensive houses are left unoccupied in Abuja, especially in high-net-worth neighbourhoods such as Guzape and Katampe Extension (Diplomatic Zone).

Smart Adeyemi made it known at a press briefing with members of the committee that the Senate will introduce a property tax bill on such buildings to mitigate the issue of accommodation in the capital city which has been a critical burden on average citizens. 

He said, “We have found that in this city, many houses are without habitation. There are a lot of mansions with no one living in them and no one is asking questions.

He added that the government will lock any uninhabited building and cause the owner to pay a fee to the government. 

“If you have built houses and they are unoccupied, we’d find out the reasons and tell the government to lock them up so that criminals will not take charge.

We’d propel legislation that will cause them to start paying taxes so that we’d use the money to develop the city”. He said.

The Senator also questioned why expensive buildings will be left unoccupied for years if the funds are from legitimate sources.  

It will be recalled that the ICPC Chairman Prof. Bolaji Owasanoye, warned estate developers against serving as conduits for Illicit Financial Flows, (IFFS) at the commission’s 13th Annual General Meeting, AGM held in July 2022.

The ICPC Chairman further stated that the commission is currently probing completed and unoccupied estates in Abuja, Lagos and Port Harcourt, with the help of sister agencies.

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