Tinubu: Decision to Remove Petrol Subsidy Challenging, But Necessary Kyari says NNPC won’t block divesting IOCs Lokpobiri insists oil companies’ onshore exit not loss to Nigeria
Emmanuel Addeh in Abuja President Bola Tinubu yesterday
explained why he decided to withdraw subsidy on petrol, and maintained that although it was a
difficult and challenging decision, it was necessary for Nigeria’s future and economic growth.
Speaking at the opening session of the 7th edition of the Nigeria International Energy Summit
(NIES) in Abuja, Tinubu stated that by removing the subsidy, he had created a more transparent and
accountable energy sector. Continued on page 39
CBN Approves FX Sale to BDCs to Curtail Price Distortions at Retail Market... Page 39 Wednesday 28 February, 2024 Vol 29. No 10549. Price: N400
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Bill to Amend CBN Act Passes Second Reading at Senate... Page 6
After Relative Success at Day One of Nationwide Protests, NLC Suspends Rallies
Workers defy clampdown threat, troop out Ajaero: FG should tackle hunger, poverty State by state situation reports
By Our Correspondents
After recording nationwide relative success at day one protest rallies against hunger in the country, the
Nigeria Labour Congress (NLC), last night, suspended further street protest, earlier scheduled to continue today. But in spite of the subtle threat
by the federal government and its effort to discourage the organised labour from going ahead with the plan, workers defied every hurdle in their way and trooped out en mass.
This, nonetheless, President of the National Labour Congress (NLC), Joe Ajaero, has urged the federal government to urgently address hunger and economic hardship
in the country. But a state-by-state situation report of the protest rallies proved a relative success overall, even though the turnout in some states did not do
justice to the intention of the rallies. However, in a communique at the end of a National Executive Council Continued on page 5
In Unprecedented Offensive to Tame Inflation, CBN Raises MPR to 22.75% from 18.75% Cardoso: Apex bank has settled additional $400m verified FX backlogs Says unidentified users accessed $26bn on Binance platform, insists bank has responsibility to protect consumers Declares market distortions undervalued naira, vows punishment for culprits Increase in MPR hurtful to real sector operators MAN urges apex bank to adopt managed float exchange rate system James Emejo in Abuja, Nume Ekeghe and Dike Onwuamaeze in Lagos In one of its most audacious responses to the ravaging inflation in the country, the Central Bank of Nigeria
(CBN) yesterday raised the Monetary Policy Rate (MPR), the benchmark interest rate, by 400 basis points to 22.75 per cent, from 18.75 per cent. The bank also adjusted the Continued on page 39
Presentation of Certificate of Return to Ighodalo as PDP Guber flagbearer...
L-R: Acting National Chairman of the Peoples Democratic Party (PDP), Amb. Umar Ililya Damagum; National Secretary of the PDP, Senator Sam Anyanwu; Governorship candidate of the PDP for the Edo State September 21, 2024 governorship election, Dr. Asue Ighodalo, and his wife, Mrs. Ifeyinwa Ighodalo, during the presentation of PHOTO: Godwin Omoigui certificate of return to Ighodalo as flagbearer of the party at the PDP National Secretariat, Abuja, ... yesterday Story on page 40