The Federal Government and organize labour have reached an agreement, with the labour agreeing to suspend their planned strike.
According to report, deregulation to stay as Government rolls out palliatives for labour (details in 2 weeks); Electricity tariffs suspended by government for 2 weeks with a joint Committee headed by Festus Keyamo to examine the justification for the new policy.
In summary the following resolutions have been reached:
A Technical Committee on Electricity Tariff policy has been established. It is chaired by the HMS Labour and Employment Festus Keyamo, and comprises FG MDAs, NLC and TUC, and will work over the next two weeks, starting today.
Its mandate shall include:
a. Examine justification for the electricity tariff review
b. Review the deployment of meters and advice FG on issues hindering implementation
During this two-week period, DISCOs will suspend implementation of the electricity tariff adjustments.
The PMS subsidy regime has stifled downstream sector growth. In addition, the dire financial circumstances of the Federation preclude the ability to sustain any subsidy on PMS, and thus makes the deregulation of the sector inevitable.
NNPC will expedite rehabilitation of its Refineries, with a 50% completion target for Port Harcourt by December 2021.
NNPC will integrate national leadership of NUPENG and PENGASSAN into the Steering Committee already established to oversee the Rehabilitation Exercise.
A Validation Team comprising of Reps of NNPC, Nigerian Extractive Industries Transparency Initiative (NEITI), Infrastructure Concession Regulatory Commission (ICRC), NUPENG and PENGASSAN will be stablished to monitor the progress of the Rehabilitation of Refineries, Pipelines and Depot Networks, and to advice the Steering Committee periodically.
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