Business
Fuel Price Hike: FG Maintains Routine Engagement with Organised Labour
The federal government has clarified that its recent meeting with organised labour, held on Wednesday, is part of its routine efforts to maintain continuous dialogue with labour unions. Minister of Information and National Orientation, Mohammed Idris, explained that the discussions are a regular practice aimed at fostering engagement between the government and labour to address national issues.
Idris emphasized the importance of ongoing discussions, noting that “labour is an important component of the country” and the government remains committed to interacting with them for the nation’s benefit. However, he noted that no definitive agreements had been reached regarding key issues such as the minimum wage or the recent fuel price hike.
The meeting also touched on broader economic concerns, with Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, acknowledging the impact of recent reforms. He highlighted that although some challenges remain, such as inflation spikes due to fluctuating energy prices, the government’s economic measures are aimed at stabilizing growth. Bagudu pointed out Nigeria’s steady GDP growth, citing that the nation is performing better than some wealthier countries like Germany and the UK.
Representatives from both the government and labour unions attended the meeting, which covered topics such as fuel price adjustments, the new minimum wage, and the use of Compressed Natural Gas (CNG). The session, which lasted several hours, was adjourned, with further discussions planned for a later date.
This engagement comes amid rising discontent among Nigerians, who are grappling with increased living costs following the fuel price hike. The Nigeria Labour Congress (NLC) has been vocal in its opposition to the hikes, accusing the government of prioritizing fuel increases over necessary economic reforms.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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