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Economy

NLC rejects increase in pump price of fuel, says Tinubu government betrays Nigerians.

Funso OLOJO 
The Nigeria Labour Congress(NLC) has rejected the latest increase in the pump price of fuel, asking for an immediate reversal of the price hike.
Comrade Joe Ajaero, the President of the NLC in a statement Tuesday, September 3rd 2024, said the labour union felt betrayed by the latest increase in the price of the product.
The labour leader said  President Bola Ahmed Tinubu had promised the labour leaders during the negotiations for the minimum wage not to increase the price of fuel if labour could accept the N70,000 minimum wage.
He however said the union felt a sense of betrayal and outrage at the flagrant breach of the promise by Mr President.
Comrade Ajaero observed that this type of betrayal is consistent with the character of this administration.
“We are filled with a deep sense of betrayal as the federal government clandestinely increases the pump price of PMS.
“One of the reasons for accepting N70,000 as the national minimum wage was the understanding that the pump price of PMS would not be increased even as we knew that N70,000 was not sufficient.
“We recall vividly when Mr President gave us the devil’s alternatives to choose from: either N250,000 as minimum wage (subject to the rise of the pump price between N1,500 and N2,000) and N70,000 (at old pms rates), we opted for the latter because we could not bring ourselves to accept further punishment on Nigerians.
“But here we are, barely one month after and with the government yet to commence payment of the new national minimum wage, confronted by a reality we cannot explain. It is both traumatic and nightmarish.
“Yet, when we told the government that its approach to resolving the fuel subsidy contradictions was patently faulty and would not last, its front-row cheerleaders sneered at us, saying we did not understand basic economics.
“But if truth be told, this act of betrayal is consistent with the character of this government.
“We recall the assurances we were given by the leadership of the National Assembly on the 250% tariff hike, that it had been dealt with and there was no need to openly engage the Minister of Power who was at that meeting.
“Instead of the promised reversal, the rate has since been jerked up further putting more Nigerians and businesses in jeopardy.
“The combined effects of the government’s ferocious right-wing market policies brought Nigerians and Nigeria to their all-time low and led to the End-Hunger/End Bad Governance protests.
“Rather than make amends, the government arrested and hounded into detention some of those who took part and some of those who had nothing to do with these protests, charging them with criminal conspiracy, subversion, treasonable felony, terrorism financing and cybercrime with an intent to overthrow the government of President Tinubu.
“The police and other security agencies have since been on a rampage terrorising the citizenry in pursuance of the government’s agenda of muzzling lawful dissent.
“In brazen pursuit, they have defamed and libelled not a few individuals.
“They have gone as far as appropriating the statutory roles of the Ministry of Labour and Employment in resolving trade dispute matters and issues considered outside the jurisdiction of the security agencies.
“That the government is on a rampage in the face of stifling conditions of living is an understatement but we promise Nigerians that we at the Nigeria Labour Congress will not be cowed into submission.
“Together with civil society, we brought about this democracy when some of the actors in power today were conspiring with the military on how to perpetuate their hold on political power.
“When the State and the security forces picked on us in a hybrid war, we had our suspicions.
“We knew they were up to something sinister and needed to distract/divert our attention or possibly frighten or weaken us before they came out with it so that we would not have a robust response.
“Now that the chickens have come to roost, we were right in our suspicions.
“However, we want to let Nigerians know that the
clandestine/surreptitious increase in the pump price of PMS is the first among the equally sinister policies the government has up its sleeve.
“On our part, we stand resolute with the people and will neither be distracted nor intimidated by the government or its security agencies.
“We insist that the government cannot criminalise protests or basic rights in the domain of the citizenry.
Accordingly, we demand the immediate:
 Reversal of the latest increase in the pump of PMS across the country;
Release of all those incarcerated or being prosecuted on the assumption of having participated in the recent protests;
Halt the indiscriminate arrest and detention of citizens on trumped-up charges;
Reversal of the 250% tariff hike in electricity;
Stop the hijacking of the duties of the Ministry of Labour and Employment;
End to policies that engender hunger and insecurity;
Halt to the government’s culture of terror, fear and lying.
“We are guided by our belief in our country and the need to secure and sustain its sovereignty, integrity and welfare of the people.
“In the coming days, the appropriate organs of the Congress will be meeting to take appropriate decisions which will be made public” the NLC concluded.
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Economy

News Alert! Tinubu sacks Wale Edun as Finance Minister in cabinet reshuffle, appoints Taiwo Oyedele as replacement 

Funso OLOJO, Editor 
President Bola Ahmed Tinubu has carried out a major reshuffle exercise in his cabinet in which he dropped the Minister of Finance and the Coordinating Minster, Mr Wale Edun.
Taiwo Oyedele, who was recently appointed as the Minister of State for the Ministry, has now replaced the sacked Edun.
Also removed in the reshuffle exercise was the Minister of Housing and Urban Development, Ahmed Dangiwa.
A statement on Tuesday, April 21st, 2026,by the Special Adviser, Media and Publicity to the Secretary to the Government of the Federation, Yomi Odunuga, said the development was contained in a memo signed by the
Secretary to the Government of the Federation, George Akume.According to the memo, Taiwo Oyedele has been appointed as the new Minister of Finance and Coordinating Minister of the Economy.
Also appointed was Dr. Muttaqha Darma as Minister-designate for Housing and Urban Development.

The memo directed the outgoing ministers to complete handover processes to their respective successors or supervising officials.It stated that all handing over and taking over activities must be concluded on or before the close of business on Thursday, 23rd April, 2026.

Explaining the decision, Akume said the changes were aimed at improving coordination and strengthening delivery across key sectors of the economy under the Renewed Hope Agenda.

“These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda,” Akume stated.

He added that President Tinubu acted in line with his constitutional powers as provided under Sections 147 and 148 of the 1999 Constitution (as amended).

The SGF also conveyed the President’s appreciation to the outgoing ministers for their service to the nation and wished them well in their future endeavours, noting that the process of cabinet reinvigoration would remain continuous.

The statement further noted that Taiwo Oyedele was appointed as Minister of State for Finance in March 2026, while Edun was among the ministers appointed on August 16, 2023.

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Economy

Tinubu assents to 2026 Appropriation bill , extends 2025 budget implementation 

Funso OLOJO, Editor
President Bola Ahmed Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of ₦68.32 trillion.
He has also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.
The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service.
It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.
According to the statement signed by Bayo Onanuga, the Special Adviser to the President on information and Strategy, with capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians.
Additionally, the President has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.
The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
It will enable Ministries, Departments, and Agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure.
With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda.
President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.
He commended the leadership and members of the National Assembly for their diligence, cooperation, and patriotism in expeditiously considering and passing the budget.
The President reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives.
He further assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.
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Economy

NNPC attributes increased crude oil production to enhanced security surveillance of pipelines in Niger- Delta

Funso OLOJO, Editor

The Nigerian National Petroleum Company Limited (NNPC) has confirmed that national crude oil production has grown from a historic low of 960,000 barrels per day in 2022 to an average of 1.71 million barrels per day and a peak production of 1.84 million barrels per day in 2025, owing to the establishment of the integrated energy security for pipelines in the Niger Delta.

Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, made the disclosure at the Parliamentary Roundtable on the State of Pipelines Security which held at the National Assembly, in Abuja, on Wednesday, April 8th, 2026.

Speaking on the success of the security arrangement, Ojulari explained that it was not accidental, and that it involved an “integrated energy security model that combines legislative and executive policy alignment, actionable intelligence, kinetic deployment capabilities, regulatory oversight, industry cooperation, and community‑embedded surveillance mechanisms”.

He said the resurgence of production due to the effective tackling of the twin menace of oil theft and pervasive pipeline sabotage has led to the restoration of investors’ confidence in the nation’s oil and gas sector.

In his welcome address, the President of the Senate, Sen. Godswill Akpabio, represented by Senator Jimoh Ibrahim, called for collaboration among agencies and stakeholders in resolving all challenges impeding production growth.

On his part, the Speaker of the House of Representatives, who was represented by the Leader of the House, Hon. (Prof.) Julius Ihonvbere, urged the forum to evaluate the progress made so far with a view to ensuring fairness and equity.

The Parliamentary Roundtable on the State of Pipelines Security was convened by the Joint Senate and House of Representatives Committee on Petroleum Resources.

It had in attendance the Senate President, Speaker of the House of Representatives, National Security Adviser, Minister of Defence, and representatives of oil industry regulatory agencies.

The Roundtable also featured presentations by the Chief of Defence Staff, Inspector General of Police, Director General of the Department of State Services, Commandant General of the Nigerian Security and Civil Defense Corps, and private security companies.

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