Today's Headlines: Coup: Using military force to remove Niger junta dangerous — Labour; Fresh fuel price hike looms as landing cost rises by 37.4%

Coup: Using military force to remove Niger junta dangerous — Labour

Photo credit: Vanguard paper

The Nigeria Labour Congress, NLC, said yesterday that the disadvantages in the use of military force to remove the military junta in Niger Republic outweigh the benefits.

It also told the leadership of the Economic Community of West African States, ECOWAS Heads of State and Government to listen to the wise counsel of people before rushing into decisions that would have adverse consequences on member states.

Labour equally warned the authorities of ECOWAS not to allow themselves to be used by forces outside the regional body or the African continent.

NLC in a statement signed by the President, Joe Ajaero, recalled that at the end of the second extraordinary summit of the Authority of ECOWAS (Committee of Heads of State/Governments) on Thursday, August 10, 2023, it issued a terse statement “directing the Committee of Chief of Defence Staff to activate the ECOWAS standby force with all its elements immediately;

Fresh fuel price hike looms as landing cost rises by 37.4%

Photo credit: Vanguard paper

There are strong indications that pump price of petrol is expected to record another round of increases, the third within 10 weeks as oil marketers hint that the landing cost of petrol has risen month-on-month, MoM, by 37.4 per cent to N632.17 per litre in July 2023, from N460 per litre in June 2023.

The landing cost excludes other additional costs which includes deport related charges, transportation logistics and marketers’ margin, which would combine to bring delivery at filling stations at nearly N700/litre.

Sources around oil marketers told Financial Vanguard that the landing cost for August is expected to rise further as the factors that propelled the rise in July figures have worsened as at last week.

Giving further insight, they said foreign exchange has been a major concern where scarcity has persisted while exchange rate has also continued to deteriorate.

As at last weekend Naira had depreciated by about 6.5 percent in the official market and 25 percent in the parallel market since the last pump price raise.

The marketers also noted that cost of fuel import is rising in response to the recent rises in price of crude oil in the international market.

A transactional analysis of a major operator, sighted by Financial Vanguard last weekend showed that marketers were paying N604.14 per litre as total direct cost.

A breakdown shows product cost per liter at N578.46, freight (Lome-Lagos) at N10.37, port charges at N7.37, NMDPRA levy of N4.47, storage cost at N2.58, Marine insurance cost at N0.47, fendering cost at N0.36 and ”others” at N0.05 as well as a finance cost amounting to N28.04.

Specifically, the transactional analysis put the landing cost of 28,000 metric tons of imported petrol at over $25 million, including total product cost, total direct cost, total finance cost, capable of generating more than N22 billion as sales revenue, indicating a loss of over N1.6 billion.

As a result of this development, the marketers said it would be unprofitable to import at current pump price, while the government has not guaranteed a free float of pump prices.

Insecurity: Stakeholders brainstorm on peaceful coexistence in Plateau

Photo credit: Vanguard paper

Stakeholders including international Non Governmental Organizations, iNGO and Civil Society Organizations, CSOs working to foster peaceful coexistence in Plateau State have begun re-strategising on how to strengthen peaceful coexistence in the state.

The stakeholders at a three-day meeting with the theme “Coordinated Robust Partnership and Collaboration Towards Addressing the Resurgence of Violence in Mangu, Barkin Ladi and Bokkos LGAs of Plateau State,” organized by the Plateau State Peace Building Agency, PPBA in partnership with United States Agency for International Development, USAID and Mercy Corps gave fresh insights and recommended better ways of working together to ensure peaceful coexistence among communities.

At the event held in Jos, speakers and interventions from Equal Access International, Mercy Corps, Search for Common Ground, WANEP, Plateau Peace Practitioners Network, PPPN, Interfaith Mediation Centre, IMC, Community Initiatives to Promote Peace, CIPP, Plateau Peace Media Network, religious and traditional leaders, security agencies, and community representatives among others, recommended better ways of peaceful coexistence.

Explaining the aim of the meeting, the Acting Director General, of Plateau Peace Building Agency, PPBA, Mr. Timothy Gayi said “conflict evolves and the over two decades old violent conflict in the state now has new dynamics hence the need for frank discussions that would assist in early warnings and early responses that would mitigate violence in communities.”

How we’re rehabilitating industrial accident victims — NSITF

Photo credit: Vanguard paper

Nigeria Social Insurance Trust Fund, NSITF, has given insight into how it is rehabilitating industrial accident victims.

This came as the Fund announced that it would soon begin the second phase of the automation of its operational processes, tagged E-NSITF, expressing excitement by the results it is getting from the first phase E-NSITF launched not long ago in compliance with the Federal Government’s directive on ease of doing business and automation of operational processes.

Speaking on the programmes and achievements of the Fund at the Labour Writers Association of Nigeria, LAWAN, forum, Lagos,

NSITF’s General Manager, Corporate Affairs , Mrs. Ijeoma Oji-Okoronkwo, informed that the Fund had completed the first phase of the E-NSITF project.

According to her, from July 2011 to June 2023, the organisation processed and paid 99,678 claims and compensations. “In the year 2023 alone, from January to June, we have paid 8,959 claims under various contingencies, including medical expenses fund, loss of productivity, death benefits, disability benefits, retirement benefits and further medical treatment. Our compensations are not restricted to cash only; we have provided prostheses as part of our rehabilitative compensation programme to over 100 employees which has enabled them to continue to live their normal lives again. Furthermore, we have extended our service to people living in ungoverned spaces, through our Corporate Social Responsibility, CSR, Programme. We had provided vocational skill trainings to Nigerians.

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