• Business - Banking & Finance
  • Updated: September 24, 2020

Banks, Insurance Companies To Join Nationwide Strike

The coming nationwide strike will be joined by banks, insurance companies and their employees. The nationwide strike will commence on Monday, September 28, 2020, and will be led by the Nigeria Labour Congress (NLC).

According to report, members of the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) are prepared to join the strike which was prompted by the recent hike in electricity tariff and the increase in fuel price.

Reason For The Nationwide Strike By NLC

The NLC had issued the Federal Government two weeks ultimatum to revert the decision or it will commence a nationwide strike. the FG had removed the fuel subsidy which had been the tool to reduce fuel price.

READ ALSO: CBN Investigating Interswitch, Promasidor, Cowry, Others For Forex Fraud

Oil marketers are now free to decide their price without government control. Fuel is now sold between N158 and N162 per litre. The government said the Nigerian National Petroleum Corporation (NNPC) will no longer carry the cost burden of fuel, which reduces landing cost and the fixed fuel price.

Also, electricity companies have begun to issue cost-reflective tariff, causing the coat of electricity to rise. Electricity tariff was increased from NGN30.23 kobo to NGN62.33 kobo per kWh by the Nigerian Electricity Regulatory Commission (NERC).

Banks, Insurance Mandated To Allow Employees Join Strike

The increase in fuel price and electricity tariff had been approved by the government amidst a period of the economic downturn which is affecting the government, Nigerians and companies operating within the country.

READ ALSO: Breakdown Of Suspicious Funds Linked To Atiku Abubakar, Three Wives, Two Companies

NLC said the decision is inhuman as Nigerians were still struggling financially, so the labour union is left without a choice but to go on strike. And the NUBIFIE general secretary, Mohammed Sheikh, said the banks and Insurance companies must comply.

“The National Executive Council (NEC) of Nigeria Labour Congress in their meeting on Tuesday, September 22, 2020, resolved to embark on nationwide strike as from Monday, September 28, 2020, over hike in the pump price of petrol and electricity tariff.

“In this regard, you are therefore direct by this letter to ensure total compliance of this directive by your organisation /zonal council,” a statement from NUBIFIE general secretary reads.

Related Topics

Join our Telegram platform to get news update Join Now
Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

More From this Author

0 Comment(s)


See this post in...