Top 5 Stories Of The Day | Organised Labour Begins Strike Over Electricity Tariff Hike

  • Organised Labour begins strike over electricity tariff hike
  • International Monetary Fund urges FG to halt electricity subsidy
  • Abuja tenants lament as landlords increase rent fees
  • Presidency alleges President Bola Tinubu suspended Cybersecurity Levy implementation
  • Naira faces devaluation in all foreign exchange market (official and parallel)

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Organised Labour begins strike over electricity tariff hike

NLC strike

The Organised Labour, consisting of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), will begin nationwide protests on May 13 over the federal government’s refusal to reverse the electricity tariff hike.

The protest aims to shut down government offices like the Abuja headquarters of the Nigeria Electricity Regulatory Commission (NERC), some state offices belonging to power distribution firms, and the Ministry of Power.

Since the NERC announced a tariff hike from ₦68/kWh to ₦225/kWh, the Organised Labour took it upon themselves to right the wrongs and speak up for the people as the NERC raised the tariff over 240% its previous rate.

International Monetary Fund urges FG to halt electricity subsidy

The International Monetary Fund (IMF) has advised the Nigerian government, suggesting that they quit the electricity subsidy as they did with the fuel subsidy last year upon Tinubu’s entry to power.

A report released by the IMF states that the current subsidies take up 3% of the country’s Gross Domestic Product (GDP) in 2024 compared to its 1% as of 2023.

“With pump prices and tariffs below cost-recovery, implicit subsidy costs could increase to 3% of GDP in 2024 from 1% in 2023. These subsidies are costly and poorly targeted, with higher income groups benefiting more than the vulnerable.”

Abuja tenants lament as landlords increase rent fees

The constant rising inflation in the country has touched every nook of the country as Abuja landlords have begun increasing their rent fees, much to the horror of their tenants.

Tenants across the Federal Capital Territory (FCT) are vocal about the rent fees which have not been spared on even old buildings, which also require funds for maintenance.

While there is no specific change to the houses whose fees are being increased, tenants living in FCT, regardless of their salary range, have all confirmed that their landlords increase their rent fees without justifiable reason.

Presidency alleges President Bola Tinubu suspended Cybersecurity Levy implementation

The Presidency reveals that during the weekend, President Bola Ahmed Tinubu took into consideration the economic challenges of the people and signed off on suspending the Cybersecurity Levy implementation.

According to the Presidency, the President did not desire to watch the Central Bank of Nigeria (CBN) burdening Nigerians despite the inflation in the country; however, the Chairman of the Senate Committee Chairman on National Security and Intelligence, Senator Shehu Buba, claimed that the Cybersecurity Levy was never intended for the individuals but for financial institutions and telecommunication firms.

Although the President did not order the CBN to halt the implementation of the Cybersecurity Levy, he did order the National Security Adviser (NSA) to suspend the implementation as the ‘Cybersecurity Levy’ is not an action for the CBN to carry out despite their release of the circular to all banks.

Naira faces devaluation in all foreign exchange market (official and parallel)

Naira and Dollar

The naira has started the new week with depreciation against the US dollar in the foreign exchange (FX) markets, crashing in both the official and black markets.

Reports from the Federal Nigerian Autonomous Foreign Exchange Market (NAFEM) show that dollars now trades at ₦1,466/$ in the official market as of May 10 compared to its previous rate of ₦1,459/$.

Whereas, in the parallel market, Bureau de Change (BDC) operators have claimed that they sell dollars at ₦1,480/$ compared to the previous rate of ₦1,470/$.

The Naira also lost value against the Pound Sterling as it trades at ₦1,800/£ in the official market from its earlier rate of ₦1,765/£.

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