News
The Federal Government yesterday approved an increase of between 25% and 35% in salary for civil servants on the remaining six Consolidated Salary Structures.
It also approved pay rise for its pensioners under the Defined Benefits Scheme, DBS.
This came on a day labour leaders said the last year had been tough and agonising for workers and the masses.
The Salary Structure is the Consolidated Public Service Salary Structure (CONPSS), Consolidated Research and Allied Institutions Salary Structure (CONRAISS), Consolidated Police Salary Structure (CONPOSS), Consolidated Para-military Salary Structure (CONPASS), Consolidated Intelligence Community Salary Structure (CONICCS) and Consolidated Armed Forces Salary Structure (CONAFSS).
Recall that those in the tertiary education and health sectors have already received their increases which involved Consolidated University Academic Salary Structure (CONUASS) and Consolidated Tertiary Institutions Salary Structure (CONTISS) for Universities.
For Polytechnics and Colleges of Education, it involved the Consolidated Polytechnics and Colleges of Education Academic Staff Salary Structure (CONPCASS) and Consolidated Tertiary Educational Institutions Salary Structure (CONTEDISS).
The health sector also benefitted through the Consolidated Medical Salary Structure (CONMESS) and Consolidated Health Sector Salary Structure (CONHESS).
A statement signed by the Head of Press, National Salaries, Incomes and Wages Commission (NSIWC), Emmanuel Njoku, said the increases took effect on January 1, 2024.
The federal government had also approved increases in pension of between 20% and 28% for pensioners on the Defined Benefits Scheme with respect to the above-mentioned six consolidated salary structures with effect from 1st January 2024.
For the pensioners, it was gathered that in line with Section 173 (3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), the government “convey approval for the implementation of new pension rates for pensioners under the Defined Benefits Scheme following the recent increase in the under-listed consolidated salary structures in the Federal Public Service as grade level 01 to 16 , (20 percent), grade level 17 (28 percent), grade level 01 to14 (20 percent), and grade lever 15 (28 percent).
The pay rise also took effect from January 1, 2024.
As workers worldwide celebrate Workers Day today, labour said yesterday that workers and the masses in the country have in the last twelve months, been through tough and agonising experiences as a result of policies of the federal government.
Former Vice President, Atiku Abubakar, agreed with the labour leaders, saying Nigerian workers have never had it so bad with government policies skewed against their welfare.
Meanwhile, the federal government has declared today a public holiday to enable workers celebrate it.
FG putting in place measures to mitigate pains of policies – APC
Reacting last night, Deputy National Organizing Secretary of All Progressives Congress, APC, Nze Chidi Duru, said: “The government is aware and encouraged to continue to engage Nigerian workers to ensure that there is proper engagement.
‘’Of course, palliatives are offered that will mitigate the impacts of several measures the government is putting in place which, in the short to medium terms, is admittedly painful, something the our government has always admitted but it is prosperity for Nigeria.
“Just as the president has said, nobody should pity him, because he asked for the job. So, we are all hoping that sooner than later, we will turn the corner.”
However, according to the labour leaders, the government has not given workers any breathing space, even as they lamented that it has been one anti-poor policy after another, to worsen their socio-economic conditions.
They contended that besides the ill-advised petrol price hike and floating of the national currency that had made life excruciating since May 29, 2023, the government had since added an electricity tariff hike to the burden.
President of Nigeria Labour Congress, NLC, Joe Ajaero, said Nigerians had been going through a very difficult time, adding that it had not been easy in the last year.
He said: ‘’As we go through this phase of massive suffering in our nation as a result of the ill-advised policies of the federal government in hiking the price of PMS, under the guise of withdrawal of a non-existent subsidy and the devaluation of the naira, our responsibility must be focused on the protection of the welfare of workers and the downtrodden.
“Duty calls and we must respond vibrantly as expected to nudge the government in the right direction and protect our nation from imploding. That is why we must all prepare ourselves for the struggle ahead as we embark on another round of National Minimum Wage negotiation.
‘’It is our responsibility to send the right signal to the government of our continuous readiness not only to stand together but also protect our collective interests.
“We warned them about the consequences of their policies and they insisted that they know better, so we must insist on getting a living wage – A national minimum wage that will not amount to poverty or starvation and reinforce poverty.
‘’We cannot be working but are yet poor. Let us, therefore, gird our loins, though we appeal to the government to realize the importance of taking care of workers who are the original creators of wealth, for without us, no wheel can turn.’’
On his part, the President of the Association Senior Civil Servants of Nigeria, ASCSN, Dr Tommy Okon, said: “The last year has been harsh on the workers and it is still harsh on them. You can see the manifestation or resurfacing of fuel queues everywhere in the country.
‘’The government has refused to give us a breathing space. It has been one anti-poor policy after another. We plead with the government to stop choking us and allow us to breathe.”
Similarly, the President of the Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, Olusoji Oluwole, said: “The last 12 months have been challenging to all Nigerians. Workers continue to toil with nothing to show for their labour.
‘’The rising cost of living, due to the devaluation of the naira without the conclusion of negotiations on the minimum wage, has led many to penury and in some cases, death. Despite this, workers have remained strong and united.
“This May Day is a reminder that we hold the key to the progress and prosperity of this nation. No individual or group will be allowed to destroy what our forebears built.
‘’We challenge leaders and employers to deal fairly and ensure appropriate reward and recognition are given to the Nigerian worker. We also salute the few who have recognized and acted proactively to the plight of their workers.”
Also, the President of the National Union of Banks, Insurance and Financial Institutions Employees, NUBIFIE, Abakpa Anthony, said: The last year has been a tough one. The effects of socio-economic policies, such s fuel price hikes and floating of the Nigerian currency, brought about unemployment, hunger, suffering, hardship, insecurity and other social consequences.
‘’These have been manifesting the rise in crime rate, reduction in purchasing power and physiological injuries among others. Our government should provide a more enabling environment for businesses to thrive, and guarantee security for their citizens, as well as shelter and food.
‘’Social welfare is fundamental in the life of the citizens. Government should provide financial support and intervention for the poor or less privileged, vulnerable citizens and provide an enabling environment for social progress.’’
In his observation, acting General Secretary of the National Union of Electricity Employees, NUEE, Dominic Igwebike, lamented that Nigerian workers, especially those in the power sector, had been facing various economic challenges, manifesting in arbitrary sack, non-negotiation of conditions of service, stagnation of salary, insecurity, and unsafe work environment, among others.
He said: “As we commemorate 2024 May Day with the theme, “PEOPLE FIRST,” Nigerian workers are still suffering from hunger, deprivation, inflation, poverty, political/management impunity, lack of medical facilities, expensive transportation cost, etc.
‘’We call on the labour movement and civil society organisations, CSOs, in Nigeria to fight and actualize this year’s theme by bringing to bear the resurgence of national consciousness to advance the struggle of workers’ emancipation through fair distribution of the nation’s wealth.
“We must mobilize to resist vehemently the daylight robbery of our national assets in the name of privatization and other neo-liberal policies which place profit first, instead of the workers/people. Let us reinvent the union and rekindle the flame and passion for the protection of workers and people’s right. The people must, indeed, be the first consideration.
“It is sad that Nigeria at this level of development, is still battling with power poverty, celebrating less than 4000 megawatts of electricity for a population of over 200 million people, when the global index for power development stands at one million people to one thousand megawatts of electricity.”
In the same vein, the President of the National Union of Chemical, Footwear, Rubber, Leather and Non-Metallic Products employees, NUCFRLANMPE, Babatunde Olatunji, said: “There is no doubt that the last one year has been tough for Nigerian workers.
‘’Government policies since the last May Day, have compounded the socio-economic situations of the working people across the country.
‘’Industrial Relations space has been undermined by anti-labour challenges, ranging from redundancy, casualisation, outsourcing, contract staffing, hostile employers, non-implementation of Collective Bargaining Agreements, CBA, to opposition to unionism and freedom of association in the workplace. ‘’The removal of fuel subsidy and the floating of the national currency have worsened the situation in our sector.
“As if this was not enough, a recent hike in electricity tariff portends more challenges for us as leaders and members of NUCFRLANMPE and other workers and Nigerians. We plead with the government to give us breathing space.
‘’We are equally not unmindful of increasing insecurity across the country, ranging from kidnapping, banditry, insurgency, ritual killings to other violent crimes. We call on our government to return to duty and do the needful.”
Nigerian workers have never had it so bad – Atiku
Former Vice President Atiku Abubakar expressed solidarity with the workers yesterday and said Nigerian workers were paying for the corruption and inefficiency of government.
Atiku in his solidarity message, said: “Despite prolonged pledges and flowery words by the government, the much talked-about prospects of wage increment for the Nigerian worker remains a mirage.
‘’Every dawn unveils renewed hardships and harsh living conditions. After the contraction and contradictions by the government about whether the subsidy regime has gone or it is still being implemented, the country is today facing the angst of frustration by Nigerians who waste precious man-hours in queues at petrol stations across the country.
“The petrol subsidy is purportedly gone, yet its impact lingers, revealing the ineptitude of the current federal government.
“In an unprecedented manner and condescending of both the Nigerian worker and the general public, this current federal government announced a unilateral removal of subsidy on Premium Motor Spirit without consultations with representatives of the Nigerian worker.
“The continued increase in tariffs in different service offerings without addressing the corruption and inefficiencies in the system only amounts to long-suffering Nigerians subsidising the corruption and inefficiencies in the system.
“Since the days of legendary Pa. Michael Imoudu, to later day firebrands, such as Pascal Bafyau and Comrade Adams Oshiomhole, the Nigerian worker has been at the forefront of the fight against tyranny and bad governance.
“No administration in our history has trampled workers’ rights as this one. Daily, workers face uncertainty over skyrocketing prices of essential goods.
“The Nigerian worker has had it so rough under this current administration and it is unfortunate that while the living conditions of the Nigerian worker remain at miserably low, the Nigerian government continues to regale its international audiences with tales of how the masses are being weaned of their wasteful dependence on government.
“It is thus beginning to appear, that as far as the current federal government is concerned, the management of our country’s micro-economic outlook is an unwieldy laboratory experiment, to which the Nigerian worker is laid prostrate.
“While I cannot but share my sympathy with the Nigerian worker for the way the current government has ridiculed her for far too long, I must equally express my felicitations with the Nigerian worker on this year’s Workers Day.
“I hope that the theme of this year’s Labour Day, ‘Ensuring Safety and Health at Work In a Changing Climate’, will inspire the Nigerian government to put the concerns of the Nigerian worker on the front burner.”
Kalu applauds workers’ commitment to national devt
The Chairman, Senate Committee on Privatization and former governor of Abia State, Dr. Orji Kalu, commended workers across the country for their contributions to nation-building.
Emphasizing the role of workers in building a robust economy, Kalu urged the government and the organized private sector to prioritize the well-being of Nigerian workers in their agenda.
Kalu, who is a successful businessman, noted that the labour force in Nigeria should be applauded for their perseverance, patriotism, steadfastness and efficiency, adding that workers remained the key asset of any organization.
In a statement in commemoration of the 2024 Labour Day, the former governor said: “ I congratulate Nigerian workers and other stakeholders on the celebration of the 2024 Labour Day.
“It is a period of sober reflection for workers, government and the private sector.
“All parties must build thrust and work collectively to build a prosperous nation.
“I am optimistic that workers across the country in the public and private sectors will live up to expectations in their endeavours.
“Government at all levels, the organized private sector and other employers of labour must continually improve the working conditions of workers.”
Glo lauds Nigerian workers on sacrifices
In its solidarity message yesterday, telecommunications company, Globacom, lauded the irrepressible spirit of Nigerian workers.
‘’The day is celebrated on May 1 every year in recognition of the contributions of workers all over the world. The day is also dedicated to promoting a fairer and more sustainable future by advocating for workers’ rights,’’ Globacom said in a statement.
It noted that Nigerian workers were dedicated, resilient and committed, regardless of the challenges they faced.
Globacom, however, enjoined them to reflect on how their further contributions could build a better and more vibrant society.
Globacom said further: “We salute Nigerian workers on this day and commend them for the hard work, commitment, resourcefulness and industry which are essential for the growth of the economy of any nation.”
According to the company, the story of Nigeria cannot be wholly captured without acknowledging the huge contributions of workers, both in the public and private sectors.
FG declares today public holiday
Meanwhile, the federal government yesterday declared today a public holiday to mark this year’s Workers’ Day.
This declaration was contained in a statement issued in Abuja by the Permanent Secretary in the Ministry of Interior, Dr Aishetu Gogo Ndayako, on behalf of the minister, Dr Olubunmi Tunji-Ojo.
Dr Tunji-Ojo, who made the declaration on behalf of the federal government, reiterated the need for excellence, efficiency and equity in all spheres of labour, re-affirming President Bola Ahmed Tinubu’s administration’s commitment to fostering a culture of innovation, productivity, and inclusivity in the workplace.
He said: “In alignment with this year’s theme, which focuses on ensuring safety and health at work in a changing climate, I wish to state that the Federal Government remains steadfast in its resolve to prioritise the safety and well-being of all citizens.
“Let me reaffirm Mr. President’s commitment to providing a conducive environment for work, where every worker can thrive and contribute meaningfully to national development.”
While acknowledging the contribution of workers, he called for proactive measures to mitigate the adverse effects of climate change through synergy in the implementation of sustainable practices and policies that promote well-being in the workplace and in building a nation guided by the principles of integrity, diligence and compassion.
The minister also urged Nigerians to remain committed to the present administration’s Renewed Hope Agenda as he wished workers a happy celebration.
Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, says no agreement or deal was signed between the Nigerian government and the shipping giant, Maersk.
Speaking with TheCable on Tuesday, Onanuga said there was only talk “of possible investment in Nigeria” by Maersk.
After President Tinubu’s discussion with Robert Maersk Uggla on April 28, the presidency released a statement announcing that the shipping company had pledged to inject $600 million into the Nigerian seaport industry.
“Danish shipping company, A.P Moller-Maersk plans $600m investment in Nigeria. Danish shipping and logistics company A.P Moller-Maersk has disclosed a planned investment of $600 million in Nigeria to accommodate more container shipping services in Nigerian ports,” Onanuga wrote on X.
Although TheCable observed that the presidential aide’s social media post has been deleted, Maersk officials have confirmed that no such agreement is in place and no deals have been signed.
When contacted, Onanuga confirmed that no agreement on investment had been reached by the two parties.
“I think the statement issued by Maersk did not talk about a deal. There was no deal according to that statement that I read. However, there was talk of investment,” the special adviser said.
“No document or agreement was signed, so there was no deal. But there was talk of a possible investment in the country.
“So, go and read the statement again. They never said any deal was signed between the Nigerian government and the Dutch company. There was nothing like that.”
Citing Maersk’s statement, Onanuga said the company was unable to comment on investment talks, stressing that it did not expressly deny that there was an investment talk.
He said people are “unnecessarily giddy over nothing”.
[TheCable]
Commuters in the Federal Capital Territory, FCT, Abuja, and other cities across the country have bemoaned the hike in transportation fares owing to the current fuel scarcity.
DAILY POST reports that queues have worsened in many filling stations across the country, with Abuja as one of the worst hit areas.
While some motorists were lucky to get fuel at some retail outlets for between N700 and N,1200 per litre after hours of squabbles, others were not so lucky as many retail outlets were shut, with their excuses being supply challenges.
Findings by DAILY POST revealed that the snake-like queues at a few filling stations in Abuja have worsened the traffic situation in the nation’s capital and its outskirts as the long queues spilt on major roads, hindering movements, just as thousands of people were stranded at bus stops with transport fares as high as double the former amounts.
Although many outlets owned by independent oil marketers remained shut, DAILY POST gathered that NNPC retail outlets sell petrol at N617 per litre.
Some motorists told DAILY POST that they had to painstakingly endure the unending queues and jostling for sometimes six hours.
DAILY POST gathered that the shortage of the premium product saw the black marketers selling the petrol for as high as N1,200 per litre in some areas of the FCT and its outskirts.
Meanwhile, the National Association of Nigerian Students, NANS, has threatened to embark on mass action if the Federal Government failed to take immediate steps to address the current fuel scarcity in the country.
The association’s Senate President, Babatunde Akinteye, in a statement on Monday, lamented that the fuel scarcity has left many citizens, including students, frustrated and helpless.
He added, “The consequences of this fuel crisis are dire, with electricity supply remaining unreliable, prices soaring, and essential services paralyzed. Nigerian students, along with the rest of the population, are bearing the brunt of this crisis daily.
“We demand immediate actions from the NNPCL to resolve the fuel crisis and restore stability to our nation.”
Speaking during an interview on Channels Television’s ‘The Morning Brief breakfast programme’ on Monday, monitored by DAILY POST, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, blamed the fuel scarcity across the country on a supply challenge from NNPC Limited.
Mr Gillis-Harry, who explained that the supply challenge has not been resolved, however, acknowledged the efforts by NNPC Ltd to solve the problem.
He said NNPC has its own outlets that they also serve.
“So if they have some logistics issues, that will possibly be what is internal to NNPC. But as for us, PETROAN members, we can tell Nigerians for real that if we have petroleum products delivered to us, supplied to us upon payment for those same products, we will supply them to Nigerians.
“I would like to correct Nigerians that we, retail outlet owners or marketers as they generally call all of us, are not the reason for this. We do not have any reason not to serve the public and we are willing to serve the public.
“All that is required is for us to have petroleum products delivered to us from NNPC and we will make sure that our retail outlets are open, some of them are even open for 24 hours. The challenge of logistics is only relevant to the NNPC retail outlets,” he said.
Findings by DAILY POST indicate that as at Monday, transportation fare from Masaka, Ado, Mararaba, all in Nasarawa state, outskirts of Abuja that used to be 500 before is now N800.
Also, from Jikwoyi, Karu and Nyanya now cost N800 as against N500 and N600 respectively.
Similarly, from Lugbe, Airport Road which was N400 is now N500-N600.
Speaking to DAILY POST, some commuters expressed their frustration, calling on the authorities to intervene without delay.
A commuter, Gabriel Olotu, expressed his grievances while waiting under the bridge in Mararaba for close to two hours trying to get a cab or bus to Wuse/Berger.
“I have been standing here for almost two hours trying to get a taxi to work but I have not been able to get any.
“I hate to resume office late so I wake up and prepare myself for work on time. Unfortunately today, I have been here since 7:30 am. It is almost 10 am already,” he lamented.
Another commuter, who simply gave her name as Agnes, said she paid higher than what she used to pay on transport fare.
She said, ”Already, the money I had with me cannot get me lunch at work, on getting to the road, the transportation fare is now doubled.
”This means the limited money I have will be affected again, which boils down to the fact that what we are going through is unbearable.”
On her part, Mrs Aisha Mohammed said she will have to trek from the junction where she will be dropped to her house because the money meant for motorbikes has been spent on plying the main road.
She begged that the situation be put under control soon because it won’t be easy for people to get to where they earn their living.
A driver, Sunday Adah, who had been waiting in one of the queues, described the situation as horrific and blamed the government for being insensitive to the plight of Nigerians.
“This government is wicked and always bent on making us suffer. I do not understand if they enjoy seeing us suffer.
“I have been in this queue for more than four hours and I have not been able to get fuel.
“I know how much I would have made already but for the time that I have spent here. I do not know what the problem is again.
“They said fuel subsidy, now they have removed fuel subsidy and made us buy the fuel at outrageous rates, yet we cannot even buy with ease,” he said.
President of the Senate, Senator Godswill Obot Akpabio, has assured Nigerian workers that the National Assembly and the Executive arm of government would work collaboratively to give them a living wage and better working conditions.
The Senate President gave the assurance in a statement through his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh to congratulate the workers as they commemorate the 2024 May Day.
Akpabio extolled the sterling qualities that stood out the Nigerian worker saying “A Nigerian worker is noted for his patriotism, hard work, resilience, and dedication to duty.
“I am happy to be associated with the Nigerian worker in the last more than 25 years and I can attest to the fact that everywhere you go, the Nigerian worker’s spirit resonates profoundly”.
Speaking on this year’s theme for Workers Day, “Ensuring safety and health at work in a changing climate,” Akpabio promised that the National Assembly under his leadership was more than committed to ensuring the best working conditions for the Nigerian worker adding that, “No Nigerian worker will again be allowed to work under inhuman conditions. We will do everything to give you the best because you deserve the best”
The Senate President reiterated that the theme for this year’s celebration was apt and in tune with the international best practices assuring that Nigeria will never be left behind.
According to him, the 10th National Assembly was fully committed to providing the required legislative enablement aimed at protecting the interest of the Nigerian worker, creating a befitting workplace environment and a pay that takes them home.
“On behalf of the Senate and the entire National Assembly and indeed, my family, I wish to join the world in wishing the Nigerian worker a happy International Labour Day.
“We are celebrating patriotism, hard work, commitment and dedication. And I want to assure you that your sacrifices can never go in vain. The tough times will never last forever and in fact, they will soon be over,” he said.
As Nigeria joined the rest of the world to mark International Workers’ Day, IWD, the Nigerian Labour Congress, NLC, and the Trade Union Congress, TUC, say life has been miserable for Nigerians and workers under President Bola Ahmed Tinubu’s administration.
In separate statements by the Head of Information and Public Affairs of NLC, Benson Upah and TUC President Festus Osifo they bemoaned the economic hardship workers and other Nigerians are grappling with due to high inflation, foreign exchange crisis, food inflation and energy crisis.
Upah said life has worsened considerably under Tinubu’s government.
He said fuel subsidy removal, the Naira continued crisis at the foreign exchange market, and electricity tariff hike are policies by the Tinubu government fueling the economic hardship on Nigerians and workers.
The spokesperson for the NLC urged President Tinubu to rethink some of his policies for a better life for Nigerian Workers.
“Life has worsened considerably. In fact, the most painful aspect of it is that there is no silver lining in the sky yet. When workers were trying to get used to this ugly situation, the government slammed them with a new energy tariff of 250 per cent, and on the other side, for the workers, nothing has changed.
“So, life has been very terrible for workers in the past year. We wish it could be better.
“To go to specifics: the ill-advised removal of fuel subsidy, the floating of the Naira, and the hike in the tariff of electricity; these three major policies have considerably reduced the value of the Naira.
“Inflation at the moment is 33.2 per cent, and food inflation is a minimum of 40 per cent. The devaluation of the Naira. After these policy announcements. The value of the Naira decreased by about 200 per cent, and after a while, Nigerians started hoping that the Naira would regain its strength and stability. There were other storms.
“Ou we suspect that these policies are dictated from outside this country, and they are not good for the health of this country or for the people of this country, and we advise Mr President to retrace his steps.
“Our message is that workers should not be broken; they should remain strong and be guided by the philosophy of the bedbug that this hot water that they are pouring on us will one day grow cold,” the NLC said.
Meanwhile, the President of the TUC, Osifo, has called on the federal and state governments to prioritise workers’ welfare.
Osifo, who spoke at the Pre-May Day Lecture held in Abuja on Wednesday, said there is a need to put the welfare and interest of the people first in driving any government policy.
Represented at the event by the Deputy President of TUC, Comrade Eitm Okon, Osifo said the theme of the 2024 May Day celebration, which is titled: “Workers First”, is very significant because there is a need to put the people first and to put the workers first in every government policy.
“Today marks another turning point in the history of the trade union movement in this country.
“When we look at the theme of the 2024 Worker’sayWorker’s celebration, which is People First, that is very significant because we need to put the people first, we need to put the workers first, and when you put the people first, you put your family first. This is what is called the first line charge.
“Today, we have experienced various policy mismatches and summersaults where people’s welfare is put at the bottom of the radar.
“A case in point was the increase in electricity tariff without following due process and without consultation with various stakeholders who would have been involved in taking critical decisions that affect the lives of workers,” he lamented.
Deputy governor of Financial System Stability of the Central Bank of Nigeria (CBN), Philip Ikeazor, has said that the rise in non-performing loans in the Nigerian banking industry is alarming.
Personal statements of the Monetary Policy Committee Members, released on CBN’s website on Tuesday, show that NPL in the industry has risen by 0.3 per cent to 4.5 per cent, a situation Ikeazor said gives backing to the recapitalization move by the apex bank.
In his statement at the last MPC meeting held in March, Ikeazor raised the concern by stating that the banking sector has remained resilient, with most financial soundness indicators within their regulatory thresholds.
“Despite this, the moderate increase in NPLs and the slight decline in CAR reinforces the importance of recapitalizing the banking system.
“The imbalance between the exposure of the oil and manufacturing sectors and their poor contribution to growth is problematic, even as non-performing loans (NPLs) continue to rise.
“Considering their vulnerability to rate hikes, consecutive aggressive tightening will further depress the economy.
“The pressure point is already manifesting as indicated in the projected contraction of PMI in the industrial sector by 7.1 index points occasioned by rising input cost and low-capacity utilization,” he pointed out.
Another member of the Monetary Policy Committee(MPC), former director general of the Securities and Exchange Commission (SEC), Lamido Abubakar Yuguda, noted the rise in NPL. However, he said it is still within the prudential threshold of five per cent.
To him, “the banking sector has remained safe and sound with the key indicators within the prudential benchmarks.
“The CAR was above the 10 per cent mark in February. The non-performing loans (NPLs) ratio at 4.5 per cent was up marginally by 0.3 percentage points compared to January 2024 but remained below the prudential benchmark of 5.0 per cent.
“The Industry Liquidity Ratio (LR) was 42.7 per cent, exceeding the minimum regulatory requirement of 30.0 per cent and was higher than the 42.1 per cent recorded in the previous month.”
Recall that on April 2, the apex bank raised the minimum capital requirement for all banks in Nigeria.
‘You Are Subsidising Corruption By Increasing Tariff’ – Atiku Hits Tinubu, Says President Enjoying At Workers’ Expense
AFOLABI
Former Vice President, Atiku Abubakar, has denounced what he said is President Bola Tinubu’s tendency to increase tariff, which he said does not correspond with what Nigerians are getting.
Atiku stated this on Tuesday to mark Workers’ Day celebration on May 1.
A statement from the 2023 presidential candidate of the Peoples Democratic Party (PDP) noted that the president is subsidising corruption and living in affluence while impoverishing the masses.
Atiku said as Nigerian workers join their counterparts across the world to celebrate International Workers Day, “it is a sobering truth that the plight of the Nigerian worker remains dire.”
He lamented that despite prolonged pledges and flowery words by the government, the much talked-about prospects of wage increment for the Nigerian worker remains a mirage.
The former veepee pointed out that every dawn unveils renewed hardships and harsh living conditions in the current administration.
According to Atiku, “The continued increase in tariffs in different service offerings without addressing the corruption and inefficiencies in the system only amounts to long-suffering Nigerians subsidising the corruption and inefficiencies in the system.”
He noted that since the days of legendary, Pa. Michael Imoudu, to later day fire brands such as Pascal Bafyau and Comrade Adams Oshiomhole, the Nigerian worker has been at the forefront of the fight against tyranny and bad governance.
He emphasised that no administration in Nigerian “history has trampled workers’ rights like this one. Daily, workers face uncertainty over skyrocketing prices of essential goods.
“The Nigerian worker has had it so rough under this current administration and it is unfortunate that while the living conditions of the Nigerian worker remains at a miserably low ebb, the Nigerian government continues to regale its international audiences with tales of how the masses are being weaned of their wasteful dependence on government.
“It is thus beginning to appear, that as far as the current federal government is concerned, the management of our country’s micro-economic outlook is an unwieldy laboratory experiment, to which the Nigerian worker is laid prostrate.
“While I cannot but share my sympathy with the Nigerian worker for the way the current government has ridiculed her for far too long, I must equally express my felicitations with the Nigerian worker on this year’s Workers Day.
“It is my hope that the theme of this year’s Labour Day: Ensuring Safety and Health at Work In a Changing Climate, will inspire the Nigerian government to put the concerns of the Nigerian Worker on the front burner,” Atiku stated.
Former deputy governor of the Central Bank of Nigeria (CBN) Prof. Kingsley Moghalu has urged the federal government to privatise the Nigerian National Petroleum Company Limited (NNPCL) to raise about $20 to $30 billion to jumpstart the economy.
Moghalu, in a series of tweets on his X handle, also asked the Yemi Cardoso-led management of the apex bank to focus on price stability rather than seeking to do what he described as falsely strengthening of the naira against the dollar.
Moghalu said the Naira tanking back down to the N1,400 to $1 demonstrated what some people had been saying.
“Seeking a ‘falsely strong’ currency when the fundamentals are out of whack is shadow chasing. The focus should be on the stability of the exchange rate, not a populist exchange rate and premature declarations of ‘best performing currency’.
“Privatise @nnpclimited and raise at $20-$30 billion from an IPO. Or go for a “whale” of a $20-30 billion bailout from @IMFNews (nothing less), with forensic oversight of the money and how it is spent,” he said.
Moghalu stated that the federal government needs the new money to reposition the economy, adding “all these trickle-down” borrowing of $1 billion, $2 billion won’t hack it”.
Reacting to the steady fall of the naira to about N1,400/$ after it had hit a seven-month high of N1,000/$ barely two weeks ago, Moghalu, in a series of tweets on X on Monday, stated that “the focus should be on the stability of the exchange rate, not a populist exchange rate”.
“Reports that there are now multiple exchange rates to BDCs, Customs, and NAFEX are also worrying,” he added.
The political economist said the reports that there are now multiple exchange rates to BDCs, Customs, and NAFEX are worrying to the extent that they create more problems for the economy. “It’s not yet uhuru. Let us stabilise the Naira at whatever is its true market value and then pivot to the real issues: taking Nigeria to 20-25K megawatts of 24 hour electricity in 2-3 years starting with Lagos, Kano, Onitsha and Nnewi (Aba seems promising with Geometric power) so we can create a truly productive economy. Dealing decisively with oil theft and ramping up oil production to bring in dollars soonest.
“Privatise @nnpclimited and raise at $20-$30 billion from an IPO. Or go for a “whale” of a $20-30 billion bailout from @IMFNews (nothing less), with forensic oversight of the money and how it is spent. All these “trickle down” borrowing of $1 billion, $2 billion there won’t hack it.
“We need to get serious. Managing an economy is not politics or a clap-and dance performance theatre. It’s serious business. I recently briefed global institutional investors with a combined $15 trillion in assets under management 2024 SpringMeeting2024 Washington DC at their request.
“Confidence in Nigeria’s economic reforms, in terms of serious portfolio inflows, remains tentative. These reversals won’t help,” he said in a series of tweets on X.com yesterday.
Nigeria’s minister of solid minerals development, Dr. Oladele Alake on Monday disclosed that the country had a solid mineral wealth worth in excess of $750bn, according to a survey report by a German firm, GeoScan.
He, however, hinted that Nigeria was likely to have much more than the figure when the reports of other surveys from other reputable global firms are received.
The minister made this comment at a two-day Stakeholders’ Roundtable on Solid Minerals Development jointly organised by the National Institute for Policy and Strategic Studies (NIPSS) and Bruit Costaud in Abuja Monday Nigeria.
Alake said the mining sector had the potential to contribute a large chunk of the wealth necessary to turn Nigeria into a trillion-dollar economy which is a major goal of the Tinubu administration.
He stated that the availability of data is important to attract investors to Nigeria as it would help them make informed investment decisions, adding that bringing them to site their processing plants in Nigerian will have the multiplier effect of job and wealth creation for the citizens on the one hand and the growth of the country’s economy.
“We are working with the World Bank, Excalibur and GeoScan, a German company, to get the necessary data on the sector. That is why the federal government signed a memorandum of understanding with Geoscan and they did a preliminary survey of our minerals on the output and potential. They gave us a figure of $750 billion worth of minerals embedded under the ground of Nigeria.”
“That is a conservative estimate, by the time we conduct a serious, accurate data exploration, we will discover that we have trillions of solid minerals embedded under. So, the president’s projection of a one-dollar economy is not a fluke. By the time we are done with all of these efforts, input and policies we are putting in place, trillions of naira will be a child’s play and we will be nudging trillions of dollars.”
Alake further stated that the president has given the ministry the mandate to re-organise the sector from exploration to production and processing with the ultimate objective of making it a key contributor to the national economy.
“Nigeria is prime to become the new global mining destination and together we will make this vision a reality,” he said, adding that as the foremost government think-tank, the stakeholders’ roundtable will enrich NIPSS’ analysis of the sector and the recommendations from the summit will no doubt point to the steps to be taken to enable the sector deliver on its mandate.
He reiterated his resolute stance on local value addition in products mined in the country and highlighted that through his advocacy and leadership of African ministers of solid minerals, all the other African countries had adopted the same policy of value addition.
The minister added that part of his seven-point agenda of reform is the formation of a mining police, which has been launched and already arresting illegal operators across Nigeria, and the establishment of the Nigerian Solid Minerals Corporation.
“When I first said this, a lot of people were taken aback and sceptical because what rang in their mind was NNPC, that is, we are going to establish something similar like NNPC, which is a quasi-government venture. But no, the proposed corporation is vastly different in nomenclature, structure and operation,” he said, assuring that it will be private sector-led.
“We are proposing 50 per cent of the equity entirely to the private sector, 25 per cent to Nigerians in general and 25 per cent to the government,” he explained.
On his part, the governor of Nasarawa State, Abullali Sule, said that lithium is the new gold and that Nigeria has it in great abundance.
He further stated that his administration had set up the biggest lithium processing factory in Nigeria and that it will soon be processing 4,000 metric tonnes a day and transporting over a million tonnes of lithium a year.
NIPSS director-general of NIPSS, Ayo Omotaya, in his speech said the summit was organised to bring together the various stakeholders in order to propose solutions to challenges confronting the mining industry.
In an earlier interaction with journalists, he gave assurance that the two-day event will not be just another academic exercise but that decisions reached will be useful to the cause of turning the mining sector into Nigeria’s major earner in the near future.
The federal government has declared Wednesday, 1st May, 2024, a public holiday to mark the Workers’ Day celebration.
This was contained in a statement on Tuesday by the Minister of Interior, Olubunmi Tunji-Ojo, on behalf of the federal government.
The statement, signed by the Permanent Secretary of the Ministry of Interior, Aishetu Gogo Ndayako, reiterated the need for excellence, efficiency, and equity in all spheres of labour, reaffirming President Bola Ahmed Tinubu’s administration’s commitment to fostering a culture of innovation, productivity, and inclusivity in the workplace.
It added that the federal government remains steadfast in its resolve to prioritise the safety and well-being of all citizens.
The Minister, in the statement, acknowledged the invaluable contribution of workers and wished them a happy celebration.
The statement read, “The Federal Government has declared Wednesday, May 1, 2024 as a public holiday to commemorate this year’s Workers’ Day Celebration.
“The Minister of Interior, Dr. Olubunmi Tunji-Ojo, who made the declaration on behalf of the Federal Government, reiterated the need for excellence, efficiency and equity in all spheres of labour, re-affirming the President Bola Ahmed Tinubu’s administration’s commitment to fostering a culture of innovation, productivity, and inclusivity in the workplace.
“Dr. Tunji-Ojo said, ‘In alignment with this year’s theme, which focuses on ensuring safety and health at work in a changing climate, I wish to state that the Federal Government remains steadfast in its resolve to prioritise the safety and well-being of all citizens.
“Let me reaffirm Mr. President’s commitment to providing a conducive environment for work, where every worker can thrive and contribute meaningfully to national development.’
“While acknowledging the contribution of workers, he called for proactive measures to mitigate adverse effects of climate change through synergy in in the implementation of sustainable practices and policies that promote well-being in the workplace and in building a nation guided by the principles of integrity, diligence and compassion.
“The minister also urged Nigerians to remain committed to the present administration’s Renewed Hope Agenda as he wishes workers a happy celebration.”
[NaijaNews]
More...
The first day of Senate’s plenary in the renovated red chamber was marred by a verbal war among Senators over sitting arrangement on Tuesday.
LEADERSHIP reports that both chambers of the National Assembly were formally reopened on Tuesday after about two years of renovation work.
During the renovation, lawmakers were using makeshift chambers in both wings of the National Assembly.
The project was completed before their 40-day recess, prompting their resumption to the remodelled Chambers on Tuesday.
But trouble started in the Senate when the President of the Senate, Godswill Akpabio, started reading the names of Senators who marked their birthdays during the vacation.
At a point, Senator Sahabi Alhaji Ya’u (APC, Zamfara North) angrily stood up from the seat allocated to him to lodge a complaint with the Leader of the Senate, Senator Opeyemi Bamidele (APC, Ekiti Central).
His complaints to Bamidele, which started on hushed tone, degenerated to a shouting match between the two of them and consequently sparked reactions from other Senators and eventually escalated into a rowdy session, which lasted for about 30 minutes
Senator Ya’u was seen pointed his finger at the Senate Leader, complaining bitterly that the new seat allocated to him at far right corner of the chamber was not befitting of him, being a ranking Senator, who once held a principal position of Deputy Minority Whip of the Senate during the 9th National Assembly.
The verbal war between the Senate Leader and the Senator Ya’u festered further when Senator Danjuma Goje (APC, Gombe Central) joined the fray.
Goje also complained to Bamidele that ranking Senators were not well positioned in the new sitting arrangement .
However, in a troubleshooting move, the President of the Senate called on the Senate Leader and the aggrieved Senators surrounding him, to approach him, which they did and eventually paved way for Akpabio to read his welcome address after normalcy was restored.
After Akpabio’s welcome address, an emergency closed-door session was called for by the Senate Leader, apparently to diffuse the bottled anger among Senators over the sitting arrangement.
Details Later…
[Leadership]
The Major Energies Marketers Association of Nigeria (MEMAN) has concluded plans to take delivery of eight vessels containing over 300m litres of fuel to address the current fuel shortage.
Chairman of MEMAN, Huub Stokman, disclosed this during a press conference to address the current fuel scarcity across the country.
Daily Trust reports that fuel queues have lingered since the beginning of the week as motorists spend hours at filling stations.
Stockman who empathised with Nigerians over the frustration and difficulty they are experiencing said the priority of the major marketers and other stakeholders in the supply chain is to restore stability and ensure fuel supply.
He said, “Our top priority as MEMAN is to restore stability and ensure fuel supply with all depots and retail outlets across Nigeria promptly. We want to reassure the public that there is an adequate supply of PMS available.
“Our members are taking over 8 vessels this week with over 300m litres which is well above our normal level. Our depots will extend their loading times to ensure we load out as much as we can including tomorrow. Our partners in NARTO and PTDs have assured us of their support to make sure the product gets to the retail outlets quickly and safely. We would extend opening time of selected retail outlets to serve our customers as quickly as possible.”
According to him, independent marketers have been allocated additional PMS to alleviate the situation.
He also disclosed that the marketers are not changing prices, saying NNPC retail is not changing their price.
The Chairman further blamed the current situation on multiple causes bothering on logistics like bad weather outside the shores, saying, “However in the coming days we expect to see major improvement in the fuel situation. Based on the data we see, it would not take two weeks. I truly believe we would see improvement this week.”
[DailyTrust]
The Joint Admissions and Matriculation Board (JAMB) on Monday, April 29, released the 2024 Unified Tertiary Matriculation Examination (UTME) results.
The examination which began on Friday, April 19, ended on Monday, April 29.
Here’s a breakdown of the results:
1. 1,989,668 candidates registered and sat for the examination in 118 towns and over 700 centres across the country.
2. 1,842,464 results have been released so far with 64,624 under investigation
3. 0.5% of candidates scored 300 and above, a total of 8,401
4. 4.2% scored 250 and above, a total of 77,070
5. 24% scored 200 and above, a total of 439,974
6. 76% scored 199 and below, a total of 1,402,490
7. 50.6% of the candidates (1,007,275) were female
8. 49.4% of the candidates (982,393) were male
[TheNation]
The 2023 Presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has alleged that Nigerians are essentially funding corruption and inefficiencies within the Federal Government.
Atiku made this assertion in a statement released on Tuesday to commemorate this year’s International Workers Day.
On May 1, International Workers’ Day is celebrated worldwide, with many nations acknowledging workers’ achievements and advocating for fair compensation and better working conditions through demonstrations and marches.
The theme for this year’s Workers’ Day is “Ensuring Safety and Health at Work in a Changing Climate.”
The former Vice President, who characterised the dire situation of Nigerian workers as a harsh reality, asserted that no administration has disregarded workers’ rights to the extent of President Bola Tinubu’s administration.
He stated “Despite prolonged pledges and flowery words by the government, the much talked-about prospects of wage increment for the Nigerian worker remains a mirage. Every dawn unveils renewed hardships and harsh living conditions.
“After the contraction and contradictions by the government about whether the subsidy regime has gone or it is still being implemented, the country is today facing the angst of frustration by Nigerians who waste precious man-hours in queues at petrol stations across the country.”
He added that although the petrol subsidy has supposedly been removed, its effects persist, exposing the incompetence of the present federal government.
Atiku said “In an unprecedented manner and condescending of both the Nigerian worker and the general public, this current federal government announced a unilateral removal of subsidy on Premium Motor Spirit without consultations with representatives of the Nigerian worker.
“The continued increase in tariffs in different service offerings without addressing the corruption and inefficiencies in the system only amounts to long-suffering Nigerians subsidising the corruption and inefficiencies in the system.
“Since the days of legendary, Pa. Michael Imoudu, to later day firebrands such as Pascal Bafyau and Comrade Adams Oshiomhole, the Nigerian worker has been at the forefront of the fight against tyranny and bad governance.
“No administration in our history has trampled workers’ rights like this one. Daily, workers face uncertainty over skyrocketing prices of essential goods.”
Atiku stated that the handling of the nation’s microeconomic situation resembles a cumbersome laboratory experiment, leaving the Nigerian worker in a vulnerable position.
“The Nigerian worker has had it so rough under this current administration and it is unfortunate that while the living conditions of the Nigerian worker remain at a miserably low ebb, the Nigerian government continues to regale its international audiences with tales of how the masses are being weaned of their wasteful dependence on government.
“It is thus beginning to appear, that as far as the current federal government is concerned, the management of our country’s micro-economic outlook is an unwieldy laboratory experiment, to which the Nigerian worker is laid prostrate.
“While I cannot but share my sympathy with the Nigerian worker for the way the current government has ridiculed her for far too long, I must equally express my felicitations with the Nigerian worker on this year’s Workers Day”, he concluded.
[Punch]