Business
NUPENG And The Rest Of Us
The National Union of Petroleum and Natural Gas Workers
(NUPENG), last Monday in Lagos, issued a four-day notice to embark on a
nationwide strike should the Federal Government fail to effect payments of
outstanding fuel subsidy claims to importers of Premium Motor Spirit (PMS)/depot
owners across the country.
While issuing the threat, President of NUPENG, Achese Igwe,
said that the action became imperative following government’s failure to pay
the subsidy claims, which the union argues, was a breach of an agreement it
reached with the government on July 27, 2012, and therefore, threatens the job
security of Nigerians working for the oil marketers as they (marketers) are now
unable to pay staff salaries.
NUPENG also insisted that the government needed to clear the
outstanding subsidy claims because it has refused to repair the refineries and
depots to enable them refine and store products for local consumption. The
union argued that fuel importation was a burden the Federal Government brought
upon itself by sheer neglect of the refineries, stating that it therefore,
behoves on the government to fulfil its obligations to Nigerians by paying
those licensed to import products.
The union said that government’s failure to pay the
outstanding subsidy claims to fuel importers, meant that its members working
for the private depot owners and others, who have been owed salaries for
months, would continue to suffer as long as government remained adamant,
stressing that this was in breach of the Memorandum of Understanding (MoU)
signed with all stakeholders by government.
But in a swift reaction, Minister of Finance, Dr Ngozi
Okonjo-Iweala, said that the government would not pay subsidy to individuals
and companies indicted in the 2011 oil subsidy probe to which several billions
of naira had been siphoned from government’s coffers.
Okonjo-Iweala, who is also the Coordinating Minister of the
economy, stated that as long as the Economic and financial Crimes Commission
(EFCC) had not concluded its prosecution of those accused of fraudulently
receiving monies from government in connection with fuel importation,
government will not release any payments to them until they refund the monies
they illegally collected.
While The Tide understands the union’s position over the
delay in fixing the refineries and depots, and the fact that its members
working for some of the companies indicted in the subsidy probe reports may be
suffering as a result of the inability of their employers to pay them salaries
as and when due, we seriously disagree with the union’s stand that industrial
action is the best option available.
The Tide reckons that NUPENG has an inalienable right to
protest and ensure improved welfare for its members, but the union should also
realise the fact that where its rights end, the rights of other Nigerians
begin. Without a doubt, the union has to respect the rights of others to
peaceful socio-economic lives and demand its members’ rights in such a way that
they do not infringe on the rights of others.
We indeed believe that there are other means of resolving
such conflicts, especially through dialogue and negotiations with all parties
as well as enlisting the services of the courts of competent jurisdiction to
adjudicate on the matter to ensure that justice was served instead of
attempting to be the accuser, the judge and the executioner in its own matter.
For us, the NUPENG’s threat is a deliberate ploy to
blackmail the government into paying undeserving petroleum marketers for
services they did not render. This, in
itself aims at perpetuating official corruption which every well meaning
Nigerian stands against.
We rather expect NUPENG to mount pressure on the petroleum
marketers to comply with the due process and get their pay instead of trying to
blame the ordinary Nigerians. NUPENG should be civil enough to dialogue with
the Federal Government on the subsidy payment issues with a view to finding a
sustainable solution to the impasse and nothing more.
Plunging the nation into any strike at this time would
subject millions of Nigerians into another period of suffering and drain the
struggling economy. Besides, the security challenges facing the nation would
further be given fillip by creating window for hoodlums to take advantage of
the atmosphere to cause instability and threaten the peace of the nation.
Nigerians are not ready now for any strike that would cripple
the system just to satisfy the selfish interest of a few. We think that it is
time to call the NUPENG bluff. NUPENG should realise that it is not the only
industrial union in Nigeria, and that its excesses should not be allowed to
hurt any Nigerian anymore. Nigerians deserve to lead their normal lives without
any distractions from another round of fuel strike.
Business
FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions
Business
CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
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