Following the resumption of talks between the Federal Government (FG) and the leadership of the Organised Labour over the recent hike in the price of fuel and electricity tariff, the FG has agreed to slash fuel price by N5.

It will be recalled that the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, in November, increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre.

The implication of which, allows Marketers sell between N168 - N170 per litre.

Following heavy backlash, the FG slashed N2 from the depot price of N155.17 per litre, a move that still didn't sit well with the leadership of the Organised Labour who threatened mass action, if the price was not reverted.

The meeting between the Federal Government and Organised Labour has just ended in Abuja.

The five-hour long meeting agreed that the price of petrol be reduced by N5 while labour also got a commitment from the government that the distribution of free prepaid metre will begin soon across the country.

Organised labour had two weeks walked out of the meeting with the Federal Government on the ground of a new increment in the price of fuel when negotiations were still on course.

The Festus Keyamo-led Committee is to continue its assignment and ensure conclusion in record time.

TVC

If you read closely you will observe 3things

1... Buhari has succeeded in destabilizing NIGERIAN LABOR CONGRESS (NLC) . The meeting was between FG and ORGANIZED LABOR (OL)

2...5 Naira was slashed, means FG is subsidizing PMS again... When Buhari told us he doesn’t know what is subsidy

3... ELECTRICITY tariff wasn’t slashed ... meaning Buhari doesn’t give a damn if you have light or not

I HOPE I MADE SENSE

Modified: for those foooooools quoting me

The determination of electricity tariffs in Nigeria is carried out by the Nigeria Electricity Regulatory Commission (“NERC”) ...this doesn’t mean that the Federal Government (“FG”) can’t move in to fund the revenue gap or tariff shortfall, calculated as the difference between the cost-reflective tariffs and the actual end-user tariffs payable by customers.
from the public hearings and consultations, the end user customers are not getting a tangible improvement in quality and quantity of electricity supply ...we never agreed to pay increased tariffs.... ://morgstreme don’t quote me again
I HOPE I MADE SENSE AGAIN

[quote author=Mokason288 post=96841221]If you read closely you will observe 3things

1... Buhari has succeeded in destabilizing NIGERIAN LABOR CONGRESS (NLC) . The meeting was between FG and ORGANIZED LABOR (OL)

2...5 Naira was slashed, means FG is subsidizing PMS again...
When Buhari told us he doesn’t know what is subsidy

3... ELECTRICITY tariff wasn’t slashed ... meaning Buhari doesn’t give a damn if you have light or not

I HOPE I MADE SENSE [/
quote]

yes, please contenue to read meanings of these wicked elements(agents ofthe devil)

If I fit manage see 2 million, tomorrow evening no go meet me 4 naija

Buhari will never make it in life

All our leaders won't die well, Aje!!!

N5!!! Ah!!!! Me and God get issues to settle ontop this country wey him create me put

Huuuuuu

Lol

Una never see nothinh.....next level to sure, till we get sense

Truth still is that the clueless regime was better than the next level.

Ok

the best thing is to sell this country to china.

dannyspeejay:
Buhari will never make it in life

he has made it already....

Do you know how much he is cashing out?

Fuccking FG!

lexrichy:
the best thing is to sell this country to china.

U don dae nairaland since 2013 yet u no still get sense

dannyspeejay:
Buhari will never make it in life

If what buhari is achieved is termed not making it in life, then I want to be like him

When fuel was less than N100 during Jonathan's Regine, so this N5 per litre slash is an achievement to the F.G?

dannyspeejay:
Buhari will never make it in life

please what do you mean by "never make it in life "?

You are talking about a retired military general, former head of PTF, former military head of state, a two term democratically elected president, amongst other achievements. biko wetin remain again? He has more than made it in life!

popweezy:
If I fit manage see 2 million, tomorrow evening no go meet me 4 naija

Invest in forex to enable u achieve this dream

dannyspeejay:
Buhari will never make it in life

F L

Mtchewwwwwwwwww

Sabadon:
Una never see nothinh.....next level to sure, till we get sense

I mean them never see shomething? Na so I dey tell them.

How many times has this government increased fuel this year? How about light, taxes, food items and so many things. On top of it, no security for Nigerians.

What a government!

a

Miserable N5 why not 50

Spit

Why is FG dilly-dallying on this issue. FG should remove its hands completely already.

In actually sense, there is not much to gain on this reduction, even the people you think you are helping will not feel the impact and will not appreciate it the gesture, while the country is losing more in the long run.

Nice one.

Hopefully it gets better.

That will be very wonderful becauss honestly, the situation in Nigeria is now very unbearable.

The rising cost of foodstuffs has a huge foundation in the skyrocketed rise of transportation owing to the hike in fuel price.

One satchet of Tin Tomato that was 30 naira years backm is now 150. How will the ordinary man survive this?

But my problem with this country is that once the price of something goes up, it is never coming down in this lifetime again. Even if Fuel sell for 50 naira per litre in Nigeria, one paint of beans will still remain 1800 naira or more.

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Mokason288:
If you read closely you will observe 3things

1... Buhari has succeeded in destabilizing NIGERIAN LABOR CONGRESS (NLC) . The meeting was between FG and ORGANIZED LABOR (OL)

nlc=organised labour I guess....

2...5 Naira was slashed, means FG is subsidizing PMS again... When Buhari told us he doesn’t know what is subsidy

That's because Nigerian governments and the Nigerian people like subsides. The right thing for Buhari to have done would have been to abolish subsidy from the word go. The market would have done its thing eventually, and prices would have gone down by now.

But because that means prices as high as 300 naira per liter, and since he and his gang promised N40 fuel....

Subsides are always tough to remove. No Nigerian government has removed subsides. All they do is increase the price of fuel to the level where they can safely pay a subsidy.

The economy is going to suffer. Because Nigerians like subsides.

And the whole price control thing is why we don't have functional refineries. No incentive to refine at home. (Unless your name is Dangote and now the BUA guy)

3... ELECTRICITY tariff wasn’t slashed ... meaning Buhari doesn’t give a damn if you have light or not

1.Power for the most part is in private hands.

2.Until recently, Nigeria was producing power at N53 per kwh and selling at N30 per kwh or less. Which meant that DISCOS and GENCOS weren't making enough cash to fund improvements. That's why six years after privatization there has been no improvement in power.

3.You opposed subsidy in your second point. Yet, you want government to continue paying power companies a subsidy, which is what is was doing from 2014 till recently. And it was incurring a lot of debt in the process.Loans were even been taken.

4.The road to better power supply begins with power companies being allowed to run at a profit. Running companies at a loss, while politically popular, is a recipe for more poor electric power supply.

After all, the reason why I can type this missive from my home is because Obasanjo allowed GSM companies to run at a profit...even when people were calling for price controls back then. The GSM companies made ginormous profits...which were invested back in infrastructure...and our internet.

I HOPE I MADE SENSE

Somewhat. You rightly criticized Buhari for increasing subsides on fuel...(after he Buhari hypocritically criticized subsidies too in the past...) and then at the same time you want government to make DISCOS sell power below how much it costs to produce, and pay them a suybsidy to cover the loss..which won't do so, and which would cause more problems.

Like most Nigerians, you don't like subsides, yet you want the government to pay a subsidy, and force companies to run at a loss.