Nigerian press spotlights suspension of strike by organized Labour, others

APA – Lagos (Nigeria)
The suspension of the proposed strike and the picketing of the Central Bank of Nigeria (CBN) offices over scarcity of naira notes by the organised Labour dominates the headlines of Nigerian newspapers on Wednesday.
The Guardian reports that the Organised Labour has suspended its proposed strike and picketing of Central Bank of Nigeria (CBN) offices over scarcity of naira notes. The industrial action was to begin today.
The President of NLC, Joe Ajaero and his Trade Union (TUC) counterpart, Festus Osifo, yesterday, in Abuja, said the movement would monitor the situation for another two weeks before unveiling its next move.
Ajaero said: “A day or two after we briefed you here, the CBN deputy governors came here and we had a fruitful meeting. We gave them proposals on how best to solve the problem, immediately after that, they swung into action, and they have done averagely well.
“With reports coming from all states of the federation on the level of compliance by banks, we’re happy to tell you that yes, there is compliance by the CBN.
“After NEC (National Executive Committee) meeting, we doubted the sustainability of that compliance and we don’t want to be calling you back after two days. We want to monitor this compliance for the next two weeks to see whether it is sustainable because they are forced to move money to commercial banks, and some of those commercial banks are getting empty again, queues are returning in some of them, so it will be very naive for Congress to horribly call off the action, whereas we’re not shutting down tomorrow (today).”
On his part, Osifo, who corroborated Ajaero, said there was need to benchmark government, not just concerning scarcity of cash, but the challenges associated with fuel products and unending queues, including electricity tariff.
He insisted that the apex bank had eroded the confidence of Nigerians regarding its monetary policy, hence the need to restore that confidence within the two-week grace.
The newspaper says that the House of Representatives, yesterday, extended the implementation of the capital aspect of the 2022 budget and the supplementary appropriation for the last financial year.
This follows the passage of a bill for an act to extend the implementation of the capital aspect of the 2022 Appropriation Act and Supplementary Budget from March 31 to June 30.
The bill received accelerated hearing as it passed through first and second readings and also referred to the Committee of Supply, where it was approved and finally passed through third reading and transmitted to Senate for concurrence.
The House had, in December, passed a bill for an Act to Amend the Appropriation Act, 2022, to extend the implementation of the capital aspect from December 31, 2022 to March 31, 2023.
It also approved the N819.54 billion supplementary budget sent by President Muhammadu Buhari. Buhari had, in a letter to the Speaker of the House, Femi Gbajabiamila, said the request was meant for the capital expenditure component of the 2022 budget and would be financed through new domestic borrowings.
The House also approved the change of financier for the Nigerian Railway Modernisation Project (Kaduna–Kano segment) from China Exim Bank to China Development Bank.
It approved relevant conditions provided in the harmonised term sheet, which includes that the loan will be commercial, maturity of 15 years, 2.7 per cent interest, 0.4 per cent commitment fee and 0.5 per cent upfront fee.
The Punch reports that the House of Representatives, on Tuesday, approved the request by the Federal Government to borrow $973,474,971.38 from China Development Bank.
This followed the decision by the China-Exim Bank to reject Nigeria’s $22,798,446,773 loan request earlier approved by the National Assembly.
The Chairman of the House Committee on Rules and Business, Abubakar Fulata, moved a motion for the legislative chamber to amend its resolution granting approval for the failed loan deal.
The motion was titled ‘Rescission of the 2016–2018 Federal Government External Borrowing (Rolling) Plan.’
Moving the motion, Fulata said, “The House notes that the 2016–2018 Federal Government External Borrowing (Rolling) Plan was approved by the Senate and the House of Representatives on March 5, 2020, and June 2, 2020, respectively.
“The House recalls that the National Assembly approved the sum of $22,798,446,773 only under the 2016–2018 Medium Term External Borrowing (Rolling) plan. The House is aware of the communications from the Federal Ministry of Finance requesting approval of modifications to the financing proposal for the Nigerian Railway Modernisation Project (Kaduna–Kano segment) occasioned by the COVID–19 pandemic, whereof China Exim Bank withdrew its support to finance the project.”
He added, “The House is also aware that to secure funds for the project, the contractor (CCECC Nigeria Limited), in collaboration with the Federal Ministry of Transportation, engaged China Development Bank as the new financier in the sum of $973,474,971.38 only.”
Fulata, therefore, prayed the House to “rescind its decision on the financier and harmonised terms and approve the change of financier from China Exim Bank to China Development Bank.”
The newspaper says that the ongoing oil exploration in Nigeria’s frontier basins is to grow the country’s crude oil reserves from 37 billion barrels to 50 billion barrels, the Nigerian National Petroleum Company Limited, announced on Tuesday.
NNPC also commenced the official spud-in (drilling) for crude in the Ebenyi-A Well in Obi Local Government Area of Nasarawa State on Tuesday, and stated that the well would support in hitting the 50 billion barrels oil reserves target.
This is coming four months after NNPC flagged off oil production in the Kolmani oil well, located between Bauchi and Gombe states, in November 2022.
The Group Chief Executive Officer, NNPC Ltd, Mele Kyari, told the audience at the Ebenyi-A Well site on Tuesday that the oil firm had moved a drilling rig to the location, and was optimistic of boosting Nigeria’s daily oil output to about three million barrels.
“Today, we have mobiliaed the drilling rig to this site, here in Obi Local Government Area of Nasarawa State. We are optimistic that the positive outcome of this campaign will contribute to the national aspiration of increasing our hydrocarbon reserves from 37 billion barrels to 50 billion barreis, in the short to medium term and increase our crude oil production to a target of three million barrels (per day).
“I wish to reiterate that NNPC Ltd in conjunction with the NURPC (Nigeria Upstream Petroleum Regulatory Commission) are committed to conducting exploration activities of the nation’s frontier basins that spans the Chad Basin, Upper and Lower Benue troughs, Bida Basin, the Sokoto Basin, Dahomey, Anambra platform, Calabar embarkment and the Ultra deep water Niger Delta, using the best industry standards and technologies,” Kyari stated
He also stated that mobilisation for re-entry into the Chad Basin had commenced, as directed by the President, Major General Muhammadu Buhari (retd.), adding that the oil company was making progress in other activities in the frontier basins.
GIK/APA