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TUC Issues Fresh Demand To Tinubu Over Fuel Price, Seeks N800/$1 Rate

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The Trade Union Congress (TUC) has called on President Bola Tinubu’s administration to take further measures to strengthen the naira, saying a stronger exchange rate would help reduce the pressure on petrol prices and the wider cost of living.

TUC President, Comrade Festus Osifo, made the demand on Wednesday in Abuja after a meeting of the union’s National Administrative Council (NAC). He said the exchange rate remained one of the major factors affecting the prices of fuel and other essential commodities in the country.

Osifo said the government should work towards moving the naira to between N700 and N800 to the dollar. He argued that the currency remained undervalued despite recent improvements in the foreign exchange market.

“We cannot be tired talking about exchange rate because it is central to literally everything. Today, the official rate is just a little above 1,300 Naira to the USD, but we see that government can still do better.”

He said a stronger naira would have an effect beyond the foreign exchange market.

According to him, it would also reduce the cost of petroleum products, food, fertiliser, equipment and other items that depend heavily on foreign exchange.

The TUC president also commended the Governor of the Central Bank of Nigeria, Olayemi Cardoso, for measures aimed at stabilising the naira and improving macroeconomic conditions.

However, Osifo said the current exchange rate was still not satisfactory to the labour centre.

“We commend the CBN governor Cardoso for the great work that he is doing in the Central Bank, but we can still do much more because we still believe that 1300 Naira to $1 is still undervalued.”

He explained that the position of the union was not that the naira should be returned to the levels where it was considered overvalued.

Rather, he said the government should pursue policies that would allow the currency to trade at a stronger and more sustainable level.

“From all international commentators, from economic think-tanks, both local and international, from scholars, currently our Naira is undervalued and is not trading at the strength it should.

“Yes, we knew that before, when it was around N400, it was overvalued, but today at N1,300 it is still undervalued. So, government should do everything possible to move the Naira to the right value.”

Osifo linked the exchange rate directly to the continued pressure on Nigerians, particularly through the prices of petroleum products.

Petrol Station Price

TUC had previously argued that intervention in the foreign exchange market could help lower the cost of crude supplied to domestic refineries and, in turn, reduce petrol prices.

The union’s latest position comes as workers continue to deal with the effects of high living costs.

TUC said the government should therefore pay attention not only to broader economic indicators but also to the impact of economic policies on households and workers.

Osifo said some macroeconomic indicators were beginning to show signs of improvement, including inflation and exchange-rate stability.

He, however, maintained that the government needed to translate such improvements into tangible relief for Nigerians.

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BLACK MONDAY: Top Nigerian Military Officers, Others Feared Die in Plane Crashes

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Many people are feared to have lost their lives as a military aircraft with tail number NGR 931, en route Lagos from Benin, crashed in the Igbokoda axis of Ilaje Local Government Area of Ondo State on Monday.

The Ondo State Police Command Spokesperson, DSP Abayomi Jimoh, who confirmed the incident to journalists in Akure, noted that details surrounding the incident are still emerging, as efforts to establish the full circumstances continue.

Jimoh said: “The Command urges members of the public, particularly residents of Igbokoda and adjoining communities, to remain calm and refrain from circulating unverified information.”

He stated further that the public will be duly informed as soon as further credible information is available.‎

Also, a statement by the Aviation Minister, Festus Keyamo, said that all efforts to raise the aircraft on radio proved abortive.

According to him, the wreckage has been located, and search and rescue operations are ongoing.

Preliminary information suggests that there were 25 passengers and 7 crew members on board.

“Whilst the control and regulation of military aircraft are completely outside the authority of the Ministry of Aviation, and Civil Aviation Authority, I have just spoken to the Chief of Air Staff, Air Marshal Sunday Kelvin Aneke and pledged our total cooperation and assistance in the search and rescue efforts ongoing”, Keyamo added.

The identity of the helicopter and the persons on board are yet to be ascertained as of the time of this report.

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BREAKING: Grief as Prominent Monarch Dies

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The Olubosin of Ifetedo in Ife South Local Government Area of Osun State, Oba Akinola Oyetade Akinrera (Latiiri I), has reportedly joined his ancestors.
Oba Akinrera, the fourth Olubosin of Ifetedo Kingdom, reportedly died on Friday, although the palace has yet to issue an official statement confirming his death.

The monarch ascended the throne in 2018 and was widely regarded by indigenes as a highly respected traditional ruler.

Before his emergence as monarch, Oba Akinrera, a lawyer and public servant, had worked in different capacities, including as a teacher, police officer and staff member of the Nigerian National Petroleum Corporation (NNPC).
He joined the Nigeria Police Force in 1988 and served until 1992, when he joined the NNPC in Lagos.

Born into the Ifetedo community, the late monarch attended CAC Primary School, Ipetumodu, before proceeding to Ifetedo Grammar School for his secondary education.

He later attended the Oyo State College of Education, which subsequently became the Osun State College of Education, Ilesa, and is now the University of Ilesa.

In 1993, he proceeded to Lagos State University, Ojo, where he obtained a Diploma in Law. He subsequently gained admission to the University of Lagos in 1997 to study Law and graduated in 2004.

Following his reported death, tributes have continued to pour in from indigenes and residents of Ifetedo, with social media platforms awash with condolence messages mourning the monarch.

Many of the messages described Oba Akinrera as a respected traditional ruler whose reign contributed to the development and unity of Ifetedo Kingdom.

As of the time of filing this report, the palace had not officially announced the monarch’s death or released details regarding his burial arrangements.

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‘Camp Is Mined With IEDs’ – Imo CP Gives Fresh Update On Abducted NYSC Members

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The Imo State Police Commissioner of Police, Audu Garba Bosso, has revealed that security operatives have identified the location where 19 prospective National Youth Service Corps members abducted in the state are being held.

This comes two days after gunmen abducted prospective corps members travelling from Ibadan, Oyo State, to orientation camps in Abia and Akwa Ibom states.

The victims were travelling in two buses when the attackers struck along the Owerri-Onitsha Road in the Umunoha area of Imo State on Thursday.

Naija News reports that Bosso, while giving an update on the search-and-rescue operation in a media interview on Saturday, said security operatives have delayed moving into the camp over fears that it is planted with improvised explosive devices.

Bosso said the police used drones on Friday to locate the suspected camp after security operatives trailed the abductors into the bush, but the security agencies were being cautious because intelligence indicated that the camp had been mined with IEDs.

According to him, the security agencies were preparing to move into the area with heavy equipment, including bulldozers and armoured personnel carriers, in an effort to rescue the victims safely.

He said, “Any moment, we’ll still move into the bush. Yesterday, we were in the bush, we trailed them up to a particular location.

“But at that point in time, we couldn’t move in to where the coordinate showed us where they are because we ran drones yesterday. And the drone actually showed us exactly their location.

“But our predicament is that with the intel we have, the IED is the camp is mined with IEDs.

“We are moving in there with high, you know, high-velocity vehicles, that is, bulldozers, we’re moving in with bulldozers and APCs to see how we’re going to rescue these victims unhurt.”

 

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