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Pay rise: Research Workers, Others Demand N8.32bn Arrears

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  • Pay rise: Research Workers, Others Demand N8.32bn Arrears

The Senior Staff Association of Universities, Teaching Hospitals, Research Institutes and Associated Institutions, has called on the Federal Government to fulfil its agreement and ensure the payment of 12 months arrears of 53.37 per cent salary increase estimated at N8.32bn.

The agreement, according to SSAUTHRIAI, was reached with its Joint Research and Allied Institutions Sector Union since January 2011.

The organisation also demanded the approval of the increment of pension deductions from 15 per cent to 18 per cent as provided in the Pension Reform Act 2014.

The sector chairman of SSAUTHRIAI, Felix Uwadiae and sector secretary, Ademola Olajire, made the demands in a communiqué issued at the end of its sector council meeting held at the Nigeria Atomic Energy Commission, Sheda in Abuja, obtained by our correspondent on Wednesday.

The communiqué read in part: “The council-in-session calls on the Federal Government to honour the agreement reached with JORAISU since January 2011, which includes the payment of 12 months’ arrears of 53.37 per cent salary increase estimated at N8.32 billion; retirement age of 65 years, release of conditions and schemes of service and funding of research institutes and others.

“The council also calls on PENCOM to immediately effect payment of retirement benefits of retired officers who are yet to be paid since September 2017, while the accrued rights of officers under the defined benefits scheme should be converted to bonds and released to the affected workers.”

SSAUTHRIAI also described as unjustifiable the non-approval of the increment of pension deductions from 15 per cent to 18 per cent as provided in the Pension Reform Act 2014.

While imploring the Federal Government to fasttrack the transmission of the report of the minimum wage to the National Assembly for legislation, SSAUTHRIAI commended the efforts of the leadership of the Nigeria Labour Congress and Trade Union Congress of Nigeria on the wage increase agitation.

The council-in-session expressed dismay at the rate of killings and kidnapping in various parts of the country and therefore urged the Federal Government to provide maximum security of lives and property before, during and after the 2019 general elections.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Economy

NNPC Spends N101.65bn on Petrol Subsidy in Q1 2020

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FG Spends Petrol N101.65bn on Petrol Subsidy in the First Quarter

The Nigerian National Petroleum Corporation (NNPC) said it spent N101.65 billion on petrol subsidy in the first three months of the year.

In its latest Monthly Financial and Operations report released for the month of March, the corporation described the spending as under-recovery.

A break down of the report shows N43.31 billion was spent in January while N20.68 billion and N37.66 billion were spent in February and March respectively.

The amount was spent before the Federal Government halted subsidy in April when global oil prices plunged due to the COVID-19 pandemic.

Speaking on subsidy, the former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said “There is no need for subsidy again because they are using it to make unnecessary demands and this is the corruption that we are talking about. They are also using it to finance corruption too.

“The money that they would have used for other sectors or even send to FAAC is being used for subsidy and we cannot actually quantify its impact on the masses; rather, it is used to enrich a very few.”

Nzekwe urged the PPPRA to ensure subsidy does not return and encouraged the government to liberalise the downstream oil sector in order to allow other marketers to participate in fuel importation.

He said, “The NNPC should not be the only one importing petrol. The downstream sector must not continue like this. Other players should be allowed to play in the space too. The sector should be fully liberalised.

“And it is because the NNPC is the only one importing and almost running everything that makes it simple for it to say whatever it wanted as expenses on subsidy or under-recovery. This should not continue.”

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Economy

Oil Prices Decline on Rising COVID-19 Cases

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Global Oil Prices Dipped on Friday as New COVID-19 Cases Jump Globally

Global oil prices decline on Friday as the number of confirmed COVID-19 cases surged across the world.

Brent crude oil, against which Nigerian oil is priced, declined from $43.47 per barrel it traded on Thursday during the Asian trading session to $41.60 per barrel on Friday at around 11:39 am Nigerian time.

global Oil prices While the price of US West Texas Intermediate (WTI) crude oil dipped from $40.97 per barrel it traded on Thursday to $38.78 on Friday.

Oil traders and investors are worried that the rising number of COVID-19 new cases would disrupt demand for the commodity and force refineries to shut down once again.

“I do not suspect many oil traders will be looking to place significant bids in the market today, suggesting prices may continue to wallow into the weekend,” said Stephen Innes, chief global markets strategist at AxiCorp.

Despite efforts by both OPEC plus and other top oil producers to halt falling oil prices and reduce global oil glut, the lack of a cure for COVID-19 remained global concerns.

As previously stated on this platform, until a cure is found the world would have to find a way to either work through COVID-19 or shut down activities completely.

This is coming a day after the Federal Government of Nigeria announced that it was putting school resumption plan on hold following the latest COVID-19 report that shows Nigeria’s confirmed cases crossed 30,000 on Wednesday.

In the United States, more than 60,000 new COVID-19 cases were reported on Thursday, forcing lawmakers to start contemplating the second phase of COVID-19 lockdown.

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Economy

We Are Losing N13.9bn Monthly Because FG Caps Tariff – Discos

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Discos Says it is Losing N14bn Monthly Because of NERC Capped Tariff

The Nigerian power Distribution Companies (Discos) have said they a losing N13.9 billion in revenue every month because the Nigerian Electricity Regulatory Commission, limited how much they can charge for consumption.

Ernest Mupwaya, the Managing Director, Abuja Electricity Distribution Company, made the statement during a presentation on behalf of the Discos to the House of Representatives Committee on Power.

The statement was after the Discos demanded realistic indices before the implementation of the proposed service reflective tariff, which was supposed to be implemented on July 1.

Mupwaya said there were some outstanding requirements before the service reflective tariff could be implemented.

“One of them is the removal of estimated billing caps. The financial impact of the Capping Order is an average loss of N13.9bn monthly, thereby, undermining or jeopardising the minimum remittance requirement,” Mupwaya stated.

The July 1 service tariff implementation was halted by members of the National Assembly, who prevailed on the Discos to shelve the date to the first quarter of 2021 due to the current economic challenges in Nigeria.

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