Labour Demands Reversal of Electricity Tariff Hike

05/14/2024 5

The Nigerian Labour Congress President, Joe Ajaero in a press interview demanded for a reversal of the recent electricity tariff hike by the Nigerian Electricity Regulatory Commission and distribution companies across the country, criticizing the NERC for failing to recognize that each tariff hike leads to further inflation, creating a vicious cycle.
Recall that on April 3rd, 2024, NERC raised electricity tariffs for customers enjoying 20 hours of daily power supply, classified as Band A, and development has faced heavy criticism from Nigerians, even while NERC has directed discos to cut tariffs by 8.1% for Band A customers.
Ajaero condemned NERC’s “politics of reduction,” insisting that the tariff must be reversed to the old rates before negotiations with labor unions and stakeholders on a way forward, maintaining that Nigerians cannot bear further hardship from the tariff hike amidst the soaring cost of living.
Ajaero also mentioned the NLC’s demands that the Tinubu administration approve a new living wage of ₦615,000, a significant increase from the current ₦30,000.

Written by: bossgmsi

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CBN To Retain High Interest Rates To Curb Inflation says Cardoso

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. According to him, Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. Cardoso, in an interview with newsmen said that the Monetary Policy Committee (MPC), […]

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