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Business News of Monday, 5 June 2023

Source: www.nairametrics.com

Electricity employees asked to withdraw services on Wednesday, June 7

Electricity Electricity

The National Union of Electricity Employees has been asked to prepare to withdraw services from Wednesday, June 7, 2023.

The Union stated this in a letter issued on June 2 to its members, following the strike action directive issued by the Nigeria Labour Congress over the increase of fuel pump prices. Last week, the NLC said it will go on strike over the increase in fuel pump prices from N195 to an average of N500 per liter across all states of the federation.

In a letter, the NLC had written:

“You will recall that arising from the National Executive Council meeting held on June 2, 2023, it was decided that Congress will embark on a nationwide action and withdrawal of services, against the fraudulent increase in the prices of fuel across the thirty-six states of the Federal Republic of Nigeria and the FCT.”

In a letter signed by Dominic Igwebuike, the acting Secretary General of the NUEE, and issued to its members, the union said:

“Sequel to the NLC Emergency National Executive Council meeting held on June 2 at the Labour House, Abuja, over the sudden removal of fuel subsidy which has brought untold hardship to Nigerians as well as increased inflation in the economy, the NLC has directed that the nationwide withdrawal of services action will commence on Wednesday, June 7, 2023.
“To this effect, all national, state, and chapter executives are requested to start the mobilization of our members in total compliance with this directive. Please note that withdrawal of services nationwide commences from 0.00 hours of Wednesday, June 7, 20023.

You are encouraged to work with the leadership of State Executive Councils (SEC) of the congress in your various states with a view to having a successful action. Please, ensure total compliance.”

What you should know

It is important to note that in a recent interview, Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited said the increase in fuel pump prices drastically reduces the arbitrage environment the downstream oil market has created. According to him, before the decision was taken, fuel was selling for N195 per liter in Abuja, but just across the border, there is nowhere fuel prices were less than N500 per liter.