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Banks, insurance companies to join NLC strike

Banks, insurance companies to join NLC strike
September 24
13:56 2020

The National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) says its members will join the Nigeria Labour Congress (NLC) in its strike.

The NLC recently announced its plans to embark on a nationwide strike to protest the hike in petrol pump price and electricity tariff.

The industrial action is scheduled to start on September 28.

The union had earlier issued a two-week ultimatum to the federal government.


The union said the increase is not only ill-timed, but it is also counterproductive, as it came at a time when citizens are struggling to cope with the economic challenges caused by the coronavirus outbreak.

“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,” a statement by Mohammed Sheikh, NUBIFIE general secretary, read.

“In this regard, you are therefore direct by this letter to ensure total compliance of this directive by your organisation /zonal council.”


The pump price of petrol has been subject to change since March when the federal executive council (FEC) resolved that the Nigerian National Petroleum Corporation (NNPC) would no longer absorb the differential between the landing cost and the fixed retail price.

Electricity distribution companies also announced the implementation of a cost-reflective tariff on September 1.

While marketers are currently selling petrol between N158 and N162 per litre, the Nigerian Electricity Regulatory Commission (NERC) increased electricity tariff from N30.23 to N62.33 per kwh.


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