Thu. Apr 22nd, 2021

For Business and Economy News, here is Correspondent, Chibuzor Maduka-Iroh.

President Muhammadu Buhari last week set the machinery in motion to avert the strike being planned by organized Private labour and the Human Rights Community in reaction to the latest hike in fuel price and electricity tariff.

BCA Business News gathered that the President directed the Ministry of Labour and Employment to dialogue with the Labaour Unions immediately, just as the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) are believed to have already gone far in mobilizing workers for the strike aimed at forcing government to re verse the increase of Petrol price to N159 per litre and electricity to over N60 per unit.

The Federal Government has asked a court in Milan to order Royal Dutch Shell and Eni to pay the sum of one $1.092 billion as an immediate advance payment for damage in the Malabu Oil scandal, one of the Oil Industry’s biggest- ever corruption scandals.

According to the report, the Prosecutors and the Lawyer representing Nigeria, requested for the confiscation of the sum of $1.092 billion from all the defendants in the case, an amount which is the equivalent of the bribes that was alleged to have been paid out.

Reports reaching BCA Business News desk say Nigeria’s total debt stock has risen to thirty-one point nine trillion, a figure that is made up of the debt stock of the Federal Government, all the thirty-six States and the FCT.

According to the report as at June 31, 2020, Nigeria’s total Public debt stock rose from N28.628 trillion in March to N31.009 trillion about $85.897 billion dollars and the figure could rise further when the balance of the new borrowing is raised for the implementation of the budget.

Nigeria’s Organized Private Sector (OPS) and Africa’s Labour Movement have expressed optimism that Dr. Ngozi Okonjo-Iweala’s assumption of duty as the Director General of the World Trade Organization, WTO, would bolster Nigeria and Africa’s dream of having a level play field in global trade.

Commenting on the expectation of Nigerians from the new WTO Boss, Director General, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Ayoola Olukanni, expressed confidence that her team will be able to find an innovative way to push forward the recommendations of the AFCFTA especially for African countries.

Reports reaching BCA Business News desk say the Government’s financial support to the power sector hovering around N2.3 trillion in the past few years has raised concerns among stakeholders who insisted that the Industry is at a crossroad.

The Minister of Power, Sale Mamman, who disclosed that about N50 billion is being paid monthly by the Government to assuage the plight of the sector made it clear that the monthly subsidy would push  the intervention in the sector to N2.3 trillion in a year.

He noted that the Federal Government had equally rolled out a plan to provide six million meters to Nigerians although only a million have been given so far as the Minister noted that the Sector awaits delivery of additional units.

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