• Sunday, April 21, 2024
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Five things to know to start your Monday


The Nigerian Presidency cautioned the Nigeria Labour Congress against a two-day protest over the escalating cost of living, with police warning against disruptions.

Sixty-five civil society groups withdrew from the demonstration, fearing it could worsen the situation.

NLC President, Joe Ajaero, affirmed the protest’s Tuesday and Wednesday schedule, citing unmet government agreements since October 2, 2023, following fuel subsidy removal.

Presidential adviser Bayo Onanuga deemed the protest illegal, urging compliance with the law.

The Federal Mortgage Bank of Nigeria is partnering with Shelter Afrique Development Bank to rejuvenate 46 deserted housing projects across the nation.

FMBN Managing Director, Shehu Usman Osidi, emphasised this during a meeting with Shelter Afrique in Abuja, highlighting the bank’s commitment to revive housing estates.

The collaboration aims to offer construction and mortgage financing to Nigerian developers.

Many projects stalled due to states’ failure to provide infrastructure despite housing financing agreements with banks.

Amid escalating living costs and insecurity, Senator Ajagunnla Olubiyi Fadeyi urges President Bola Tinubu to convene a national stakeholders’ forum for lasting solutions.

He applauds Tinubu’s palliatives but questions their reach. Speaking to The PUNCH, the PDP Senator emphasises the urgent need for leaders to address the nation’s challenges collectively.

He highlights dire living conditions, citing inflation, insecurity, and the removal of fuel subsidy as major concerns affecting the populace.

Nigeria’s modular refineries face shutdown threats due to forex challenges in purchasing crude oil priced in USD.

With 25 licensed refineries capable of producing 200,000 barrels daily, operational ones struggle amid forex crises.

Global crude benchmark Brent at $80/barrel adds pressure. If fully operational, the refineries could process $5.84bn worth of crude annually.

However, they now struggle to distribute diesel, kerosene, and other products due to forex constraints, impacting consumers and oil marketers.

Oil prices dropped on Monday due to a stronger dollar amid fears that high U.S. inflation might delay interest rate cuts, restraining global fuel demand growth.

Brent crude fell 0.4 percent to $81.27 a barrel, while WTI declined 0.5 percent to $76.14. Last week’s losses hinted at delayed U.S. rate cuts due to inflation.

Analysts who spoke to Reuters noted a retreat in risk-on sentiment and oil prices caught between bullish factors like lower OPEC output and bearish concerns about weak Chinese demand.