Plan Re-Classification Of National Minimum Wage , NLC Vow To Resist The Move

The Nigeria Labour Congress (NLC) has declared that they will embark on nationwide industrial action following the plan by the National Assembly to remove the national minimum wage from exclusive to concurrent legislative list.

NNPC Cautions Against Panic Buying, Says No Plan To Hike Petrol Price

The Nigerian National Petroleum Corporation (NNPC), has advised motorists to refrain from panic buying of Premium Motor Spirit (PMS) otherwise called petrol, saying it has no intention to increase the ex-depot price in March. Motorists and commuters in Abuja and Lagos woke up to a crude shock on Sunday morning to find most filling stations shut, with a few others operating. Vehicles were seen in long queues waiting to buy petrol. The Corporation gave the advice in a statement by its spokesman, Dr Kennie Obateru, in Abuja on Sunday. The ex-depot price is the price at which depot owners sell products to marketers. The price determines how much marketers will sell to motorists at their various fuel stations.

Electricity: Nigeria’s Power Sector Records New Peak Transmission

The Company In A Statement Made Available To Vigil360 stated that it successfully transmitted an enhanced peak generation of 5,801.60Megawatts, MW, at 9:30 pm on March 1st, 2021. “The latest peak generation was transmitted at a frequency was 50.09Hz. “This value is higher than 5,615.40MW recorded on February 28, 2021, by 186.20MW,” the company added. Meanwhile, the TCN had recorded an initial peak transmission on the 6th January 2021 and 7th January 2021 of 5,552.40MW and 5,584.40MW.

Gilbert Houngbo Gets Reappointed As IFAD’s President For A Second Term

Member States of the International Fund for Agricultural Development (IFAD) have reappointed Gilbert Houngbo as President for a second term on Wednesday, at its annual Governing Council meeting. According to the United Nation, UN’s body this was a strong show of support and recognition for the leader who has successfully showcased the significance of long-term rural development as a key solution to the global problems the world is facing at present. IFAD in a statement revealed that even with a more ambitious agenda at the heart of his second mandate, and a particular focus on technological solutions, innovative financing models, and new private-sector partnerships, IFAD would continue tackling hunger and poverty and address the upsetting impacts of climate change, youth unemployment and most recently COVID-19, leading on the ground to guarantee no one is left behind.

Fuel Scarcity: DPR Warn Marketers As Queue Resurfaces

Department of Petroleum Resources (DPR) has today warned the independent marketers who are of the habit of hoarding fuel to desist or they shall not hesitate to sanction any marketer that is found wanting. The DPR Director, Mr Sarki Auwalu gave this warning in a statement today in Lagos. He said the warning has become necessary considering the fact that queues are resurfacing at retail outlets in some states of the federation.

IMF Applauds CBN Ban On Cryptocurrency

The International Monetary Fund (IMF) has yesterday applauded the effort of the Central Bank of Nigeria (CBN) over its directive banning the use of cryptocurrency transactions in the country. However, the IMF warned the federal government against increasing tax in its quest to generate more revenue, saying the global economy is in distress and therefore is not the right time.

Nigeria’s Ngozi Okonjo-Iweala Takes Over As DG WTO

Nigeria’s Dr. Ngozi Okonjo-Iweala takes over the affairs of the World Trade Organization (WTO) as Director-General on Monday, March 1, seven months after the sudden departure of Brazilian Roberto Azevedo. She is hitting the ground running, with her first day on the job in Geneva which coincides with the annual meeting of WTO’s General Council. Her appointment has elicited hope that she will affect transformation even as she intends to address some key issues in the organization including the pandemic fuelled global economic crisis. During a press conference following her appointment, she revealed that she is taking the reins of WTO at a time of great uncertainty. She said it cannot be business as usual at the WTO.

“There Is No Plan To Increase Pump Price Of Petrol” - NNPC

The Nigerian National Petroleum Corporation (NNPC) has dispelled rumours going around that the Federal Government is planning to increase the pump price of petrol. The Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, on Tuesday, clarified the report and allayed the fears of the public stressing that NNPC has not increased its ex-depot price. He said he is certain that NNPC is not likely to increase its ex-depot price in February. Speaking further he disclosed that NNPC has a stock of petrol that can last for over forty days. Obateru urged the Department of Petroleum Resources (DPR) to clamp down on the marketers engaging in hoarding petrol.

Dangote Refinery: CBN Strategise To Strengthen Naira As Production Set To Commence

The Central Bank of Nigeria (CBN) has unveiled a plan to strengthen the naira as the Dangote refinery is set to commence production soon. This was stated by the CBN governor, Godwin Emifele, during his visit to the multi-billion naira refinery located at Ibeju Lekki, Lagos state over the weekend, saying “We have taken the decision to sell the crude to the Refinery in Naira because we want to impact the economy.

Okonjo-Iweala Appointed As The First Female WTO DG

Nigeria’s Dr Ngozi Okonjo-Iweala has been appointed as the first-ever woman to lead the World Trade Organisation (WTO). The 66-year-old Okonjo-Iweala tenure as head of the Switzerland-based institution will start on the 1st of March 2021.