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Fuel price hike: Business operators panic, fear shutdown, job losses
Members of the organised private sector, on Wednesday, expressed fear over the possible shutdown of businesses and job losses following the hike in the pump price of Premium Motor Spirit, popularly called petrol, by the Nigerian National Petroleum Corporation Limited and fuel marketers.
On Tuesday, the NNPCL and other oil marketers raised the price of petrol from about N537/litre to between N617 and N630/litre, a development that triggered widespread anger across the country.
Commenting on the matter, the President, Manufacturers Association of Nigeria, Francis Meshioye, said the unpredictability of fuel price hikes would take a serious toll on manufacturers who already had to readjust budgets to factor in the added costs caused by the removal of fuel subsidy.
Petrol price hike insensitive, PDP, LP tell APC, Presidency
FOLLOWING the increment in the pump price of petrol from N488 to between N568 and N617 per litre, the Peoples Democratic Party, PDP, and the Labour Party, LP, yesterday, rejected the hike, describing it as an act of provocation by the All Progressives Congress, APC-led administration against Nigerians.
While the PDP accused the APC of extreme insensitivity and callousness towards Nigerians, the LP, on its part, said it was just the beginning of hard times Nigerians will be facing under the current administration.
While the PDP accused the APC of extreme insensitivity and callousness towards Nigerians, the LP, on its part, said it was just the beginning of hard times Nigerians will be facing under the current administration.
Also, human rights lawyer, Mr Femi Falana, SAN, yesterday, insisted that the Nigerian National Petroleum Corporation Limited, NNPCL, should be restrained from further fixing the prices of petroleum products in the country.
More Knocks For FG Over Petrol Price Increase
Condemnation has continued to trail the recent petrol price increase from N540 to N617 per litre.
President, Nigeria Labour Congress, Joe Ajaero, yesterday said that Nigerians were being deceived on the issue of petrol pricing.Ajaero, who spoke on Channels TV programme: Politics Today, said the masses were being punished unnecessarily.
“If the government withdrew subsidies of petroleum products and suddenly, while we are about to start committee meetings, there is another price increase, why then will the government seek a court injunction and use other measures if it is not their business?
” It seems we have entered a reign where Nigerians are being punished unnecessarily and where lies are coming up everywhere.
“If you have a single market where everybody must change dollars at N800/$1, you removed the market where people were changing dollars at N450 to import, it means the very moment that dollar value increases to even N900/N1000, you will tell us that you imported it at current value.
“Despite the fact that the products you have now are not the ones that were imported under N800/$. Clearly, the government is toying with Nigerians. What is happening is not economics, but a reign of impunity,” he said.
N1.959tr allocation windfall for fed govt, states, councils
Federal, state and local governments are set for a windfall from subsidy removal.
They will receive the highest allocations today from the Federation Account Allocation Committee (FAAC).
After sharing a total of N3.62 trillion from January to May 2023, FAAC is about to share an all-time high of N1.959 trillion.
It is the revenue generated last month alone, the full month after the May 29 removal of petrol subsidy.Exactly N750.174 billion was shared with the three tiers of government in January.
In February, N722.677 billion was shared. A total sum of N714.629 billion was disbursed in March.
Banks, firms in currency risk, capital erosion crisis as dollar hits N850
The falling naira has sent a shockwave across the market, throwing many bank chiefs off guard.
Whereas the majority of the financial institutions hold foreign currency assets and liabilities, the latter outweighs the former for many in the group. In some cases, findings suggested, liabilities are twice the value of assets.
Added to the uneven distribution of assets and liabilities, the currency crisis has shrunk the books by close to 50 per cent this year alone, putting pressure on the capital adequacy levels of the sector
Conclusion
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