The Nigerian Communications Commission (NCC) says it will not allow any tariff increase by the telecommunication companies without adequate approval.
NCC said this in a statement issued by Ikechukwu Adinde, its public affairs lead, on Friday.
The NCC said contrary to the agitation of mobile network operators (MNOs) to increase tariffs for voice and short messaging services (SMS) by a certain percentage, no decision would be taken without the commission’s approval.
“The demand being made by MNOs under the auspices of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), citing high cost of running their operations as the major reason for their proposed tariff hike, is contained in a letter to the Commission,” the statement reads.
“Consistent with international best practice and established regulatory procedures, the NCC ensures its regulatory activities are guided by regular cost-based and empirical studies to determine the appropriate cost (upper and floor price) within which service providers are allowed to charge their subscribers for services delivered.
“The Commission ensures that any cost determined, as an outcome of such transparent studies is fair enough as to enhance healthy competition among operators, provide wider choices for the subscribers as well as ensure sustainability of the Nigerian telecoms industry.
“For the avoidance of any doubt, and contrary to MNOs’ agitation to increase tariffs for voice and Short Messaging Services (SMS) by a certain percentage, the Commission wishes to categorically inform telecoms subscribers and allay the fears of Nigerians that no tariff increase will be effected by the operators without due regulatory approval by the Commission.
“It is noteworthy that tariff regulations and determinations are made by the Commission in line with the provisions of Sections 4, 90 and 92 of the Nigerian Communications Act (NCA) 2003, which entrusts the Commission with the protection and promotion of the interests of subscribers against unfair practices including but not limited to; matters relating to tariffs and charges.
“The current tariff regime being administered by the service providers is a product of NCC’s determination both for voice and SMS in the past.
“However, while there could be justifiable reasons for MNOs’ demand for tariff increase, it should be noted that they are not allowed to do such either individually or collectively without recourse to NCC, following the outcome of a cost study. This is not the case for now.
“Through NCC’s commitment to engendering healthy competition among the licensees, the cost of services has been democratised and become more and more affordable for Nigerian subscribers. The regulator is even more committed to this cause to ensure subscribers get greater value for money spent on telecom services.”
The paper currency will soon be out of circulation, says CBN
The Central Bank of Nigeria CBN has said that paper currency will soon be out of circulation, urging market men and women to sign into the e-Naira.
The Delta State Branch Controller of CBN, Mr Godwin Okafor, stated this on Friday at the popular Ogbogonogo market during the market sensitisation on e-Naira.
He urged traders to key into the central bank’s e-Naira policy.
He said, “We here at the market today to sensitise the market people on the use of e-Naira. It is fully backed by CBN unlike Bitcoin has no legal backing.”
The consultant of CBN on e-Naira, Dr. Aminu Bizi, said Delta was chosen as the second state to sensitize market women on e-Naira after Lagos.
“We are here to sensitise market men and women shop to shop on the use of e-Naira. CBN has gone behind ATM, POS, therefore, we are going to meet the Okada/tricycle union on this policy.
“Paper currency will soon be out of circulation because CBN spent money to print money and people abuse the currency in the market, spraying at the occasion, payment of Okada/tricycle and others and CBN is losing”.
He said the use of e-Naira was effective, charges free unlike ATM and POS and cannot be hacked by fraudsters.
In his remark, the Secretary to the State Government, Chief Patrick Ukah, applauded CBN for e-Naira initiative.
Netflix fires 150 workers amid low revenue margins
Netflix, an American streaming service, says it laid off 150 staff members in the United States amid dwindling revenue margins.
The company said this in a statement on Tuesday.
Netflix said the layoff represents only two per cent of its total workforce force.
It added that the decision to sack its workers was basically due to the slow revenue growth and not based on performance.
“Our slowing revenue growth means we are also having to slow our cost growth as a company,” the statement reads.
“These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us wants to say goodbye to such great colleagues.”
Oil price hits $115 a barrel — highest in seven weeks
Oil prices rose on Tuesday amid an ongoing push by the European Union for the Russian oil imports ban.
Brent crude climbed 1.04 per cent to $115.29 a barrel on Tuesday — the highest since March 28.
West Texas Intermediate (WTI) saw a corresponding leap of 0.36 per cent, trading at 114.6 a barrel.
On Monday, EU foreign ministers failed in their effort to pressure Hungary to sign up to a proposed embargo on Russian oil.
Jeffrey Halley, analyst at brokerage OANDA, said: “Oil prices have remained near multi-week highs this week, supported by surging gasoline and distillate prices in the U.S., and fears around an EU ban on Russian oil imports remaining in play”.
Meanwhile, Tina Teng, an analyst at CMC Markets, said: that “intensifying geopolitical tension” between the EU and Russia will further bolster prices, even as Sweden and Finland seek to join NATO.
High oil prices, among other underlying factors, continue to affect Nigeria’s deregulated oil market.
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