Labour unions in Nigeria are gearing up for a nationwide protest on February 27 and 28, citing the country’s escalating cost of living crisis.
Following a Zoom meeting of the National Executive Council, leaders agreed to demand immediate implementation of agreements with the Federal Government.
Failure to meet promises made after a 14-day ultimatum will trigger the protests.
Affiliates of the Nigeria Labour Congress are mobilizing for the demonstrations, reaffirming their commitment despite government inaction.
Abuja Electricity Distribution Company reveals 86 government entities owe N47billion.
Debts include N923.9million from the Presidential Villa, N95.9billion from the National Security Adviser, N7.57billion from FCT Ministry, and N78mllion from Ministry of Power.
AEDC warns of disconnection in 10 days if debts remain unpaid. The company threatens to publish names of defaulting MDAs and cut off services until payments are made by February 28, 2024.
The Nigerian naira plummeted further against the US dollar, hitting a new low of N1,730/$ in the parallel market, a N60 or 3.59 percent decline from Friday’s close.
Citizens express dismay over the currency’s continuous depreciation. Economic and Financial Crimes Commission raids Bureau De Change outlets in Abuja, apprehending traders suspected of speculating against the naira.
The downward trend exacerbates economic concerns among Nigerians amidst ongoing currency instability.
In 2023, Nigeria saw $3.91billion in foreign investment, with 59.1 percent being foreign loans, totaling $2.31billion, as per the National Bureau of Statistics.
Q3 witnessed a decline in foreign loans by 18 percent compared to the previous year, attributed to the government’s domestic borrowing preference.
Other categories included $627.4million from other equity, $474.1million from bonds, and $428.9million from money market instruments.
Q4 2023 showed a modest 2.62 percent improvement over the previous year, with “Other Investment” dominating capital inflows.
Oil prices remained stable near three-week highs amid increased tensions in the Middle East and recovering demand from China.
Brent futures slightly declined to $83.45 a barrel, while U.S. West Texas Intermediate (WTI) for April delivery edged down to $78.35.
March WTI rose to $79.55 before expiring. Concerns over demand offset Middle Eastern geopolitical tensions.
Iran-aligned Houthis’ attacks on shipping lanes escalated, with four more vessels targeted, raising concerns about global shipping disruptions.
