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SPIKE IN PETROL PRICES: CSOs Back NLC’s Call For Tax Relief, Cost Of Living Allowance

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Lawyers and some Civil Society Organisations (CSOs) have thrown their weight behind the Nigeria Labour Congress’s demand for urgent intervention from the federal government to cushion the effects of the recent spike in petrol prices and its call for a cost-of-living allowance, wage award for workers, and tax relief, among others.

 

The Nigeria Labour Congress (NLC) yesterday demanded urgent intervention from the federal government to cushion the effects of the recent spike in petrol prices, calling for a cost-of-living allowance, a wage award for workers, tax relief, and immediate steps to revive the country’s public refineries.

The labour body said the sharp rise in fuel prices—now selling between N1,170 and N1,300 per litre—has worsened the economic hardship facing Nigerian workers and citizens, warning that the nation risks severe social unrest if urgent measures are not taken.

The NLC also accused the government of leaving Nigerians at the mercy of volatile global oil prices triggered by the escalating Middle East crisis, noting that the situation has exposed the fragility of Nigeria’s downstream petroleum sector and deepened the suffering of workers and their families.

In a statement titled, “Save Nigerians From This Shock: An Urgent Relief Has Become Necessary,” signed by its president, Joe Ajaero, the Congress said, “NLC voices the collective anguish of millions of Nigerian workers who are bearing the brutal cost of a global capitalist crisis they did not create. The military escalation involving the United States, Israel, and Iran has sent shockwaves through global oil markets. As a result, petrol prices in Nigeria have skyrocketed to between N1,170 and N1,300 per litre.

“This is a direct assault on the Nigerian people. While imperialist rivalries play out abroad with bombs and military escalation, Nigeria’s working class is being bombarded with poverty and hunger because we have failed to ensure that our public refineries are operational.

“This crisis has brutally exposed the fragility of Nigeria’s downstream petroleum sector. It has stripped away the illusion that local refining alone would shield the country from global shocks. The Dangote Refinery has adjusted its prices in line with global volatility, passing the burden directly to the masses. This undermines the narrative that domestic production alone guarantees price stability.”

According to Ajaero, as long as Nigeria remains dependent on a market-driven pricing structure tied to global fluctuations and refuses to revive its public refineries, the country will remain hostage to international conflicts and market speculation.

However, the CSOs—Justice and Human Rights Reforms Initiatives (JHRRI), the Civil Society Legislative Advocacy Centre (CISLAC), Transparency International Nigeria, and others—said that beyond public service workers, other government agencies should also put in place measures to cushion the harsh economic realities faced by other vulnerable Nigerians who are not workers.

Leader of CISLAC and TI, Auwal Musa Rafsanjani, in an interview, said Nigerian leaders appear to be more focused on the 2027 general election and not really bothered about putting measures in place to mitigate the escalation of the economic crisis caused by the war in the Middle East.

“Now, with regard to the NLC demand, I think broadly, if you look at many countries, they are actually making life easier for their citizens, subsidising things and providing provisions to mitigate the impact of this global crisis occasioned by this war.

“I think, in the case of Nigeria, Nigerian leaders appear to be more concentrated or more interested in the 2027 general election; they are not really bothered to put measures in place to mitigate the escalation of the economic crisis, which is also affecting Nigeria as a result of this war,” Rafsanjani said.

According to him, if Nigeria had leaders who care and are concerned about their citizens, a lot would have been done to at least mitigate the impact of this war on them.

“But as usual, Nigerian leaders of the contemporary period, their relationship with the people they govern is reduced to basically getting their votes and affirming whatever they are doing,” he said.

Rafsanjani said the government should look at how to improve the condition of citizens and protect them against internal and external harm.

“As is the case now, many countries are making efforts and developing plans to protect their citizens against the ongoing crisis hitting the whole world.

“So it is not just about the workers. It is also about the vulnerable. So my only amendment or addition to what NLC has put is to say that many Nigerians who are vulnerable—women, the disabled, and the elderly—the government should ameliorate their conditions and provide safety nets that will, at least, protect them or provide relief for them,” he added.

Rafsanjani said it shouldn’t be about taxes, adding that taxes are for people who are working.

“Millions of Nigerians have no jobs to even contribute taxes. The state and the government should create enabling conditions to generate job opportunities so that people can be productive and pay reasonable taxes needed for the government to continue providing services.”

In his reaction, the director of a Lagos-based CSO, Justice and Human Rights Reforms Initiatives (JHRRI), David Babajide, supported the position of the NLC.

Babajide recommended multi-stakeholder discussions with NLC, CSOs, and states to establish transparent relief measures such as subsidised farmer inputs and reduced transportation taxes.

He said, “Monitoring progress through human rights dashboards is essential to ensure equitable distribution, with particular attention to Lagos and the rural poor.”

He suggested that the government fund these initiatives with increased oil revenues to avoid debt dependence.

“With Nigeria’s poverty rate projected at 62 per cent, impacting over 140 million people, this crisis threatens to worsen human rights violations through increased hunger and unrest, requiring President Tinubu’s prompt action,” Babajide said.

For his part, human rights lawyer Emeka Okezie called on all levels of government in the country to quickly develop a response to the crisis that would balance economic urgency, constitutional responsibilities, and social protection.

He noted that the ongoing tension among the United States, Israel, and Iran is already impacting global energy markets.

“Since Nigeria’s economy heavily depends on petrol prices, which affect food, transportation, and essential services, the consequences could be devastating for millions of people living in poverty if the government fails to intervene,” he said.

Okezie urged President Bola Tinubu to treat the petrol price hike as a national socio-economic emergency and fulfil his constitutional duties.

He stressed that the government has a responsibility to promote citizens’ welfare and security, warning that allowing inflation to rise unchecked could breach that obligation.

Okezie said, “The government needs to engage in constructive dialogue with the Nigeria Labour Congress and other unions because any industrial unrest now would only worsen the current economic instability.”

A Senior Advocate of Nigeria (SAN), Abdul Balogun, backed the NLC, saying that if nothing is done in the next few days or weeks, the situation will deteriorate further.

“Already, Nigerians are feeling the heat, and the intervention of the government is needed at this point. The government cannot fold its arms and do nothing about the current situation; drastic action must be taken to give Nigerians a lifeline.

“Many families can no longer take care of their basic needs because of economic hardship, and we don’t have to sit down and pretend as if all is well; certainly, all is not well,” he said.

Barrister Paul Amiabo said the government should look into the plight of the majority of Nigerians.

According to him, Nigerians are suffering, and their suffering should not be ignored.

“Nigerians are suffering, and their suffering should not be ignored. Many Nigerians can barely feed themselves now. It is bad enough that not only are they buying fuel at a very high cost, but they also have no power to operate their businesses.

“I’m aware that there are protests in some parts of the country over the high cost of fuel and lack of electricity. All these are part of the hardship Nigerians are subjected to, so I agree with the NLC that something urgent and concrete should be done to bring the situation under control,” he said.

Also, former National Chairman of the Inter-Party Advisory Council (IPAC), Chief Peter Ameh, has expressed strong support for the Nigeria Labour Congress (NLC) in its call for urgent tax relief and a cost-of-living allowance for Nigerian workers, warning that the government’s failure to act promptly could trigger social unrest.

Speaking in an exclusive interview with LEADERSHIP on Sunday night in Abuja, Ameh described the NLC’s demands as both timely and justified, given the growing economic challenges facing Nigerians.

“The escalating war between the United States, Israel, and Iran has unleashed unprecedented turmoil on global energy markets. The ripple effects have hit Nigeria hard. Fuel prices have skyrocketed, inflation is surging, and the cost of basic goods and transportation has become unbearable for millions of hardworking families,” Ameh said.

Similarly, Dr Christian Okeke, a political science lecturer at Nnamdi Azikiwe University, urged Nigerians and the government to focus on structural economic reforms rather than short-term relief measures, following the Nigeria Labour Congress’s (NLC) call for tax relief and a cost-of-living allowance.

Dr Okeke said the NLC’s welfare demands are understandable given the escalating economic hardship caused by the ongoing United States/Israel-Iran conflict, which has disrupted global energy markets and led to rising fuel prices, inflation, and higher living costs in Nigeria.

“The escalating war between the United States, Israel, and Iran has unleashed unprecedented turmoil on global energy markets. The ripple effects have hit Nigeria hard. Fuel prices have skyrocketed, inflation is surging, and the cost of basic goods and transportation has become unbearable for millions of hardworking families,” he said.

As US-Israel-Iran war may linger for weeks

US Energy Secretary Chris Wright signalled that the war with Iran may last several more weeks, with oil and gasoline prices elevated as the US and Israel seek to destroy Iranian military capabilities.

In network television interviews Sunday, Wright defended the Trump administration’s argument that Americans are facing short-term pain at the pump in a midterm election year for the larger goal of eliminating Iran as a threat to the Middle East.

“I think that this conflict will certainly come to an end in the next few weeks — could be sooner than that — and we’ll see a rebound in supplies and a push down of prices after that,” Wright said Sunday on ABC’s This Week.

Oil closed at more than $103 per barrel on Friday as Iran retains a chokehold on the Strait of Hormuz, normally a conduit for a fifth of the world’s oil and a similar portion of liquefied natural gas.

President Donald Trump on Saturday called on other countries to send warships to keep the strait open, saying he hopes China, France, Japan, South Korea and the UK would take part. A senior official in Japan’s governing party said sending Japanese navy vessels to the Middle East to escort tankers would face “high hurdles.”

 

 

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Tinubu Government Approves Rollout Of Electric Vehicles In Nigeria Amid Fuel Crisis, Power Failure

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Earlier, the country’s Minister of Power, Adelabu Adebayo, apologised about the state of electricity, stating that some of the issues that led to the blackout were beyond government control.

 

Despite Nigerians lamenting constant electricity blackout, the Bola Tinubu-led administration has announced introduction of “electric vehicles in the country.”

Earlier, the country’s Minister of Power, Adelabu Adebayo, apologised about the state of electricity, stating that some of the issues that led to the blackout were beyond government control.

Nigeria has also experienced serial grid collapses that has consistently thrown Nigeria into endless blackouts.

Amid these challenges and issues facing decent electricity available, President Bola Tinubu has approved the expansion of the mandate of the Presidential Initiative on Compressed Natural Gas (PiCNG); the initiative will now be known as the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (PiCNG & EV), reflecting its broadened scope to include both gas-powered and electric mobility solutions.

The directive was conveyed in a statement issued on Thursday , March 26, 2026, by Bayo Onanuga, Special Adviser to the President on Information and Strategy.

With the approval, PiCNG & EV is expected to “lead and coordinate Nigeria’s clean mobility strategy, covering gas-driven vehicles and Electric Vehicles nationwide.”

According to the statement, the initiative will continue to drive the deployment of compressed natural gas (CNG) infrastructure, including “Mother and Daughter Stations, Integrated Refuelling Units, CNG vehicles and equipment, and nationwide conversion programmes.”

It will also “anchor the development and rollout of electric vehicles, EV charging infrastructure, and related investments nationwide.”

The presidency noted that gas remains “a competitive and strategic fuel for transportation,” leveraging Nigeria’s abundant natural resources to reduce costs, enhance energy security, and conserve foreign exchange.

It added that “the inclusion of electric vehicles further strengthens the government’s agenda for affordable, efficient, and environmentally responsible mobility.”

President Tinubu has also directed the Executive Chairman of PiCNG & EV to “immediately establish a coordinated process for the rapid deployment of vehicle conversion kits across the country” and ensure that the kits are accessible to Nigerians “at a cost that is not burdensome.”

To achieve this, the initiative will collaborate with CreditCorp Nigeria, financial institutions, and other relevant partners to design cost-effective financing structures that will make vehicle conversions widely accessible.

The President further directed “the accelerated deployment of Mobile Refuelling Units (MRUs) to expand access to CNG while permanent infrastructure continues to scale.”

-Sahara

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Sterling Bank Charts Way Forward for Nigeria’s Transport, Logistics Sector

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Lagos, Nigeria, Industry leaders, policymakers, financiers, and innovators convened in Lagos today for the inaugural Nigeria Transport & Logistics Summit (NTLS) 2026, hosted by Sterling Bank at Eko Hotel & Suites, to forge actionable strategies for building a faster, more connected Nigeria through transport, mobility, and logistics.

 

Held under the theme “Funding the Engine of Growth,” the summit positioned Nigeria’s transport and logistics sector as a critical but under-leveraged driver of productivity, regional integration, and economic growth. Transport, mobility, and logistics collectively form the backbone of the Nigerian economy, yet chronic underinvestment, infrastructure deficits, and limited access to financing have long constrained its potential.

 

Transport, mobility, and logistics collectively form the backbone of Nigeria’s economy. While the logistics sub-sector alone contributes approximately ₦1 trillion to national GDP, experts estimate that the broader transport and logistics market exceeds ₦15 trillion in potential value. Yet persistent infrastructure gaps, inefficiencies, financing constraints, and policy fragmentation continue to limit the sector’s full impact.

 

NTLS 2026 brought together senior government officials, regulators, infrastructure operators, investors, development partners, and private sector leaders to address critical priorities including multimodal connectivity, airport and road modernization, energy-efficient mobility, digital trade facilitation, and innovative financing frameworks.

 

Speaking at the summit, Sterling Bank’s Managing Director and CEO, Mr. Abubakar Suleiman, represented by Sterling One Foundation CEO, Mrs. Olapeju Ibekwe, called for urgent, coordinated action to fix the systems that move Nigeria’s economy forward.

 

He emphasized that while Nigeria’s transport and logistics challenges, ranging from port congestion to inefficient corridors and high operating costs, are well documented the real opportunity lies in effective execution.

 

“We must move beyond diagnosing the problem to building integrated, modern logistics systems that can power productivity at scale. This means fixing our ports, strengthening logistics corridors, improving road and rail connectivity, and embedding efficiency across the value chain.”

 

“Nigeria’s competitiveness, both regionally and globally will increasingly depend on how effectively we move goods, people, and services. The time for incremental change has passed; what is required now is bold, coordinated execution across public and private sectors,” Abubakar concluded.

 

Also speaking at the event, the Divisional Head, Renewable Energy, Mobility and Tourism at Sterling Bank, Mr. Darlington Nwankwo, described logistics as the backbone of trade, industry, and national competitiveness.

 

He noted that while the sector contributes just under four percent to Nigeria’s GDP, estimated at approximately ₦15trillion, its true economic impact is significantly larger when viewed as an enabler of productivity across agriculture, manufacturing, and trade.

 

“We must be deliberate about fixing the logistics backbone of the economy if we are to unlock the growth we need. Nigeria’s trade competitiveness is directly linked to the efficiency of its logistics corridors, from ports to inland distribution networks.”

 

“At Sterling, we see our role as connecting capital to execution, designing financing solutions that do not just fund infrastructure but unlock entire value chains. This includes supporting multimodal transport systems, enabling cleaner mobility solutions, and partnering with both government and private sector players to reduce investment risk. The opportunity before us is not just to fix what is broken, but to build a logistics ecosystem that is faster, more efficient, and globally competitive.”

 

Lagos State Commissioner for Transportation, Mr. Oluwaseun Osiyemi, echoed the call for bold ideas, strategic investments, and forward-looking policies, describing the summit as a vital platform to shape the future of movement, trade, and connectivity in Nigeria. He urged policymakers to move swiftly from planning to implementation, called on investors to support infrastructure and innovation, and encouraged industry leaders to champion efficiency, sustainability, and accountability.

 

In his keynote address, Professor Biodun Adedipe grounded these ambitions in hard realities, noting that with nearly 90 percent of Nigeria’s logistics dependent on road transport, the country faces mounting congestion and maintenance costs that demand diversification into rail and more durable infrastructure. He cautioned that economic transformation requires patience, with meaningful results unlikely to materialise in under 18 months.

 

Panel discussions throughout the day focused on reducing logistics costs, strengthening aviation and road integration, modernizing downstream energy distribution, and accelerating the adoption of cleaner and more sustainable mobility solutions.

 

The summit concluded with a call for sustained public-private collaboration, stronger regulatory coordination, and the creation of structured financing vehicles to de-risk infrastructure investments.

 

As Nigeria seeks to strengthen its regional trade position and unlock non-oil export growth, NTLS 2026 marks a decisive step toward building a more integrated, resilient, and globally competitive transport and logistics ecosystem.

 

 

 

About Sterling Bank

Sterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group. With a heritage of more than 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.

 

 

 

Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its HEART strategy, which centers on Health, Education, Agriculture, Renewable Energy, and Transportation. As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, showing how purpose-driven leadership can deliver transformative outcomes for individuals, businesses, and society at large.

 

 

 

Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.

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Polaris Bank Positions Gender Equity as Growth Strategy at IWD 2026

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Polaris Bank has reinforced its commitment to deepen gender equity as a business and growth imperative during its 2026 International Women’s Day (IWD) event, spotlighting sustained investments in women’s empowerment, financial inclusion, and leadership development. In line with this year’s theme, “Give to Gain,” highlighting a call to action for accelerating gender equality through generosity, collaboration,and investment in women. The speakers emphasized intentional contribution as a catalyst for collective progress.

 

Speaking at the event, the Managing Director/CEO, Kayode Lawal, underscored the strategic value of the theme, “Gender Equity as a Business Imperative: The Give to Gain Advantage.” He noted that investing in women delivers measurable returns for institutions and economies alike.

 

According to Lawal, empowering women remains a core pillar of Polaris Bank’s long-term strategy, reflected in its support for women-led businesses through targeted financing, enterprise advisory and capacity-building initiatives.

 

The Polaris CEO also highlighted the Bank’s sustained advocacy in breast cancer advocacy and screening and early detection, as well as its contributions to girl-child education and inclusive workplace policies.

 

He added that the Bank’s flagship proposition, *Polaris Pearl*, continues to provide tailored financial solutions and growth platforms for women professionals and entrepreneurs. He called for more deliberate action across sectors, stressing that inclusive systems ultimately drive stronger institutions and societies.

 

Delivering keynote insights, Tomi Somefun, the immediate past MD/CEO of Unity Bank described gender equity as a critical lever for organizational performance, urging institutions to move beyond rhetoric to structured action.

 

She emphasized that enabling women to contribute fully is not a social obligation but a pathway to better decision-making, innovation, and long-term resilience.

 

Also speaking, Belinda Nkechi Indinmachi, a social entrepreneur challenged the GenZs to adopt a more strategic approach to value creation, noting that purposeful contribution and long-term thinking are essential for sustainable career and business growth. She encouraged professionals to view “giving” as an investment that yields tangible returns over time.

 

In her remarks, Polaris Bank’s Executive Director, Corporate & Investment Banking, Abimbola Ozomah, reiterated that the Bank’s focus on women empowerment extends beyond symbolic observance. She noted that initiatives such as the Polaris Women Connect platform are deliberately designed to prepare female professionals for leadership through mentorship, knowledge-sharing, and exposure to industry leaders.

 

Earlier, Bukola Oluyadi, Group Head, Customer Experience & Value Management, set the tone for the engagement, highlighting the importance of collaboration and intentional support systems in driving collective success.

 

The event also showcased Polaris Bank’s measurable impact in advancing women’s economic participation, including the disbursement of over ₦1 billion in funding to female entrepreneurs, alongside continued investments in financial literacy and enterprise development.

 

Polaris Bank reaffirmed that its commitment to empowering women remains anchored on deliberate action and inclusive growth strategies that position women as key drivers of economic transformation.

 

Photo caption:

L-R; Belinda Nkechi Idinmachi, Entrepreneurship Specialist, ALX Founder Academy; Subulade Giwa-Amu, Non- Executive Director, Polaris Bank; Kayode Lawal, Managing Director/CEO, Polaris Bank; Tomi Somefun, Former Managing Director /CEO for Unity Bank Plc, & Abimbola Ozomah, Executive Director, Corporate & Investment Banking during the International Women’s Day celebration in Lagos recently.

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