A former spokesperson for ex-Vice President Yemi Osinbajo, Laolu Akande, has called for legal action against those involved in the printing of N22.7 trillion ($50 billion) by the Central Bank of Nigeria (CBN) between 2015 to 2023, under former President Muhammadu Buhari. 

Akande described the situation as an “economic calamity” and demanded that those responsible “be made to answer in court”.

Akande was the chief spokesperson to Osinbajo, who was the vice president during the period the money was printed.

He expressed concern that the issue could be swept under the rug and urged the current government to take action beyond simply complaining.

Although Akande said the CBN granting Ways and Means to the Nigerian government was not necessarily bad, he said the scale at which it was done without a corresponding uptick in productivity in the country was “shocking”. 

“We must ensure that this does not happen again…there must be consequences,” Akande said on Channels TV’s Sunrise on Thursday.

“Everyone that is involved in this calamity, which is an economic calamity,They must be made to answer in court. We dont want a situation where the case has died, it is going to repeat itself.”

He said while there fears about the “misbehaviour of the monetary institution” before the end of the Muhammadu Buhari administration, he had no idea that “things were that terrible”. 

“There was nobody in that administration that did not have an idea of how things were going…the shoddiness, the sloppiness, lack of patriotism,” Akande told Channels TV.

Akande’s statement came after Finance Minister Wale Edun linked the printed money to Nigeria’s current hyperinflation.

Edun blames the “eight years of just printing money not matched by productivity” for the economic woes. 

The Senate had previously resolved to investigate N30 trillion ($66 billion) in Ways and Means funding spent by the Buhari administration.

It said the funds were mismanaged and contributed to the country’s food and security issues.

Edun confirmed plans to audit how the funds were expended and pledged to use revenue generated from a recent N7 trillion ($15 billion) bond issuance to repay the central bank and restore fiscal balance.

The Presidency has dismissed claims that President Bola Tinubu advised former President Muhammadu Buhari to print Naira in 2020.

A Special Adviser on Information and Strategy to the President, Bayo Onanuga, described such a claim as erroneous.

Recall that a spokesman of the 2023 Peoples Democratic Party, PDP, presidential candidate, Atiku Abubakar, Paul Ibe, had claimed Tinubu advised Buhari to print Naira in 2020.

 

Ibe’s remark followed Minister of Finance, Wale Edun’s comment on the printing of N22.7 trillion under Buhari’s administration.

Edun had said the printing of N22.7 trillion by the Central Bank of Nigeria in the name of a Ways and Means loan under Buhari’s government and ex-CBN governor, Godwin Emefiele was responsible for the current rising inflation and economic hardship in Nigeria.

Speaking during an interface with the Senate Committee on Finance, the minister said the Ways and Means loans of N22.7 trillion under the past administration were done aimlessly.

He further stated that the alleged reckless spending of the overdraft collected from the CBN under Emefiele largely accounted for the country’s food and security crises.

The minister vowed that Tinubu’s government would audit the CBN printing in the last eight years.

Reacting, Onanuga recalled that Tinubu had clarified the issue when it was first reported.

Posting on X, Onanuga wrote: “President Tinubu did not advise the Buhari administration to print Naira, the way it was erroneously reported in 2020. He provided a clarification in Thisday of 30 March, 2020, a day after the false report came out.”

Oyetola,Minister of Marine and Blue Economy


 

The Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, has encouraged Nigerians to maintain hope and patience with the present administration in the country, reassuring that positive changes are on the horizon.

Oyetola emphasized that the current socio-economic challenges resulting from the fuel subsidy removal are temporary and can be overcome. He expressed confidence in President Bola Tinubu’s ability to lead Nigeria towards progress and prosperity.

Speaking on Thursday at the official inauguration of the newly-built ultra-modern Aragbiji palace in Iragbiji, Boripe Local Government Area of Osun State, the Minister conveyed his message of hope and optimism to the Nigerian populace.

Oyetola who acknowledged the pocket of challenges confronting the nation, said “it is time for the citizens to rise to the occasion and begin to rally round the government in its resolve to reposition and transform the country.”

“In view of the concerted efforts to get over the current challenges, we need a lot of patience, I believe that our president will take us to where we desire. We need to continue to pray for him, for wisdom, good health and resources to continue to lead our country aright. I have no doubt that he will take us to promised land.”

Unveiling the state-of-the-art palace, Oyetola eulogized the sons and daughters of the ancient town for their unwavering commitment towards the actualization of the edifice.


He attributed the successful completion of the palace to the unity of purpose that exists among the indigenes of the town saying “it is a further fulfillment of our resolve as a progressive community to unleash infrastructure development on our community.

Tinubu Oronsaye

 

President Bola Tinubu has inaugurated an 11-member committee to implement the recommendations outlined in the Oronsaye report.

The report, TRIBUNE ONLINE gathered, focuses on the reorganisation and streamlining of government bodies, agencies, and commissions.

According to Nairametrics, Tinubu was ably represented by Sen. George Akume, Secretary to the Government of the Federation, during the ceremony.

Below are the names of the members of the committee:

The committee includes Sen. George Akume (SSG), Minister of Justice, Lateef Fagbemi; the Minister of Budget and Economic Planning, Atiku Bagudu; the Head of the Civil Service of the Federation, Dr Folashade Yemi-Esan; and Hadiza Bala-Usman, who serves as the Special Adviser to the President on Policy and Coordination.

Others are Dr. Dasuki Arabi, Director-General of the Bureau of Public Service Reform; Sen. Abdullahi Abubakar-Gumel, the President’s Senior Special Assistant on National Assembly Matters (Senate); Hakeem Muri-Okunola, Principal Secretary to the President, Richard P. Pheelangwa, Permanent Secretary to the Cabinet Office, and Ibrahim Olarenwaju.

Ahead of the September 21 gubernatorial election in Edo, Olumide Akpata, the flag-bearer of the Labour Party (LP), has vowed to resist any attempt to rig the poll.

He gave this assurance during an interactive session with OBIdients on X space titled “Vawulence Space: One-on-one with Olumide Akpata” on Thursday.

“I will do all I can to protect the votes of the people in Edo,” he assured the audience.

The ex-NBA President promised to engage with stakeholders to ensure the safeguarding of votes during and after the poll.

He equally pledged to lead a government based on merit rather than nepotism.

He stated that his administration would prioritise a merit-based system and appoint qualified individuals to key positions for an effective and efficient government.

Recall Akpata was declared winner of the LP governorship primary election held in Benin City, Edo, garnering 316 votes in an overwhelming victory.

A forensic expert and witness of the Economic and Financial Crimes Commission (EFCC), Mr Bamaiyi Mairiga, has admitted that forensic examination was not carried out on the signature of the former governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, who is being tried by the federal government over alleged $6.2 million fraud.


The witness made the admission under cross examination by Emefiele’s lawyer, Mr Mathew Burkaa (SAN).

Emefiele is standing trial for an alleged 20-count amended charge preferred against him by the Office of the Attorney-General of the Federation (OAGF).

He was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence when he served as the apex bank’s boss.

Among the allegations was that the former CBN boss forged a document entitled: Re: Presidential Directive on Foreign Election Observer Missions dated January 26, 2023 with Ref No. SGF.43/L.01/201 and purportedly to have emanated from the office of the Secretary to the Government of the Federation (AGF).

During the court sitting on Thursday, the witness, who is the sixth to be called by the prosecution, presented report of the Forensic Document Examination (FDE) carried out on the signatures of former President Muhammadu Buhari and former Secretary to the Government of the Federation (SGF) , Mr Boss Mustapha.

According to him, his forensic examination was limited to only Buhari and Mustapha.
He told the court he did not carry out the forensic examination of Emefiele’s signature because the EFCC did not submit it to him, adding that he did not know why the defendant is standing trial.

He also admitted that the request for the forensic document examination was made by the operatives of the Economic and Financial Crimes Commission (EFCC).

Earlier, Mairiga had informed the court that the signatures of Buhari and Mustapha were forged in two separate letters used to facilitate the withdrawal of $6.2 million from the Central Bank of Nigeria (CBN).

Led in evidence by prosecution lawyer, Mr Rotimi Oyedepo, SAN, the witness stated that he analysed documents carrying the “disputed signature” and the “specimen signature” in order to identify individual characteristics present or absent in each of the signatures.

He said, “Conclusion from the analysis revealed that the disputed document showed evidence of forgery and copying as the same movement in formation and the skill of execution were found to be different from that of the specimen signature.”
At the end of his evidence, Mairiga went ahead to tender the said documents used in the forensic analysis which were admitted by the court as exhibits.
Sources however wondered why Emefiele’s signature was not sent for forensic examination given that he was the first to raise an alarm after meeting with a special investigator, Mr Jim Obazee, that his signature had been forged.

Last modified on Friday, 08 March 2024 09:36

The Cosmopolitan Women’s Cub of Lagos on The Occasion of The International Women’s Day 2024 Joins All Women of Every Strata in Nigeria and The World Over to Once Again Celebrate Ourselves.

It is good to thank God for the success thus far of the millions of women’s march for women’s rights as human rights.

However, it looks like no sooner have women seemed to have broken the glass ceiling than is it replaced by a tripled glazed glass barrier.

Poverty is rife and has sadly attained generational dimension and women are amongst the poorest of the poor.

Families are without the basic necessities of life and end up going to bed hungry. 

Extremely high cost of living and inflation have reduced households to a status of indignity.

Disease and poverty have excluded large numbers of women and children from basic human needs of healthcare and housing. 

Gender inequality impacts on empowerment of women in politics and decision-making positions thereby leading to exclusion.

So, as we reflect on the IWD theme inspire inclusion, let us resolve to act in unison to break down all barriers to women’s liberation.

 

Happy International Women’s Day.

Dame Marie Fatayi-Williams President Cosmopolitan Women’s Club, Lagos

The Central Bank of Nigeria says foreign portfolio inflow into Nigeria surged $2.3 billion in the first two months of 2024 compared to $3.9 billion recorded in 2023.

The Acting Director of Corporate Communications at CBN, Hakama Sidi Ali, disclosed this on Thursday.

She noted that foreign investors purchased more than $1 billion in Nigerian assets in February alone.

According to her, the surge in foreign investor’s interest in Nigeria has led to total portfolio flows reaching $2.3 billion in 2024.

Meanwhile, the apex bank said diaspora remittances surged by 443 per cent to $1.3 billion in February.

“Foreign investors purchased more than US$1 billion of Nigerian assets last month, with total portfolio flows of at least US$2.3 billion recorded thus far in 2024 compared to US$ 3.9 billion seen in total for last year,” she stated.

DAILY POST recalls that foreign investment portfolios in the fourth quarter of 2023 surged by 66.77 per cent to $1,060.73 million in the fourth quarter of 2023 compared to the preceding quarter.

Meanwhile, an economic think tank group, Centre for the Promotion of Private Enterprise, said the recently introduced expatriate employment levy will hurt FDI in Nigeria.

The House of Representatives, on Thursday, charged the Federal Inland Revenue Service, FIRS, to recover all taxes totalling over N5.19 trillion owed to the Federal Government by ministries, departments and agencies.

The development comes after the adoption of a motion by the member representing Oredo Federal Constituency of Edo State, Esosa Iyawe.

He said, “Audit reports from 2015 to 2019 revealed government agencies owing hundreds of billions in FIRS taxes, comprising underpayments and under-recoveries and over 5,000 companies and MDAs of the Federal Government owing N5.2 trillion in withholding taxes.”


Iyawe further argued that under-remittance and non-remittance of tax deprived the country of much-needed revenue.

He said, “The effect could be crippling on the country’s already dwindling economy.”

He contended that small-scale businesses in Nigeria were frustrated by multiple taxations by the FIRS “while states and local government authorities, multinational companies and other corporate organisations are getting the kid-glove treatment.

“To ensure that all debts in taxes owed to the federal government are duly recovered and reported back within four weeks for further legislative action.”

The N28.7 trillion 2024 Budget signed by President Bola Ahmed Tinubu has a deficit of N9.18 trillion.

Meanwhile, FIRS generated N12. 37 trillion as tax revenue in 2023.

Organised Labour was divided, yesterday, over what the new minimum wage should be. The lack of unanimity was evident at public hearings organised by the Tripartite Committee on National Minimum Wage, TCNMW, across four of the six geo-political zones of the country.

 

In the South-West, while leaders of the Nigerian Labour Congress, NLC, proposed N794,000, those of the Trade Union Congress, TUC, proposed N497,000 as minimum wage as the Director-General, Michael Imoudu National Institute for Labour Studies, MINILS, Ilorin, Kwara State, Comrade Issa Aremu, said the range should be between N120,000 and N200,000.

 

In the South-East, the NLC said it preferred the new minimum wage to be N540,000, while the TUC suggested N447,000.

However, South-South workers proposed N850,000, with their North-West counterparts angling for N485,000 minimum wage.

This happened as North-West governors shunned the parley with their South-West colleagues, saying it will be hard to sustain higher wages for their workers without a significant adjustment in some of the narratives in the national economy, such as revenue sharing formula.

However, Governors Douye Diri (Bayelsa) and Umo Eno (Akwa Ibom) promised to abide by the resolutions of the parleys.

Drama in South-West

The differences in the proposals of the NLC and TUC in the South-West came as governors from the zone said the majority of governments in the zone could hardly sustain improved wages and salaries for workers as things stand now.

Organised Labour is advocating a N500,000 minimum wage, following the submission of proposals by state chapters to the headquarters of the congress.

The hearing is aimed at hammering out a new minimum wage that aligns with the current economic conditions and meets the expectations of workers.

 

On the government’s part, the argument was that even though workers deserve a new wage, each state should be allowed to negotiate with its respective workers because of its peculiarities.

However, labour unions described the stance of some governors’ inability to pay minimum wage as “unacceptable.”
These were the high points of the South-West, geo-political zone public hearings organised by the Tripartite Committee on National Minimum Wage, TCNMW, and chaired by the Minister of Finance, Mr Wale Edun. The hearing was held at LTV Ground, Agindingbi, Ikeja, Lagos.

The chairman of Lagos State NLC, Mrs. Funmi Sessi, recommended payment of at least N794,000 minimum wage for workers and appealed to the Federal Government to ensure that the national minimum wage remains on the exclusive list.

Sessi also suggested that a review of the minimum wage should be every two years instead of the current five years.
Sessi asked for a 13 per cent derivation for Lagos State because of its peculiarities, noting Lagos needs to conform to the standards of other cities of the world.

On his part, the representative of TUC, Mr Gbenga Ekundayo, called for an annual review of minimum wage as stated in Section 3(4) of the National Minimum Wage Act; and advocated for N497,000 new minimum wage.

 

Organised private sector

To the Director-General, Michael Imoudu National Institute for Labour Studies, MINILS, Ilorin, Kwara State, Comrade Issa Aremu: “in real-time, the purchasing power of workers has been eroded. The two scriptures recognize the payment of workers. If you pay workers very well, it is Godly. It is also good economically because workers are meant to purchase goods and services.

“To get the minimum wage right, you must talk about affordability. We should be realistic on what will keep workers alive and at the same time sustain the establishments. I think we should be talking in the range of N120,000 to N200,000.”

Others who spoke at the South-West hearing include Professor Adejumo Akintoye, who represented the Congress of Nigerian University Academics, CONUA; Mr Tayo Adelaja, who represented the Manufacturers Association of Nigeria, MAN; Vice-President (South-West zone) Nigerian Association of Small and Medium Enterprises, NASME, Mr Solomon Aderoju, who lamented that firms and workers are facing hard times in the country.

S’West govs list challenges of meeting minimum wage

Speaking on behalf of his South-West colleagues, Osun State Governor, Ademola Adeleke, said: “The committee on the proposed New Minimum Wage was established by the Federal Government and I was appointed to represent governors from the South-West geopolitical zone.

“In all our meetings and various deliberations, one thing that the committee has been able to establish is that the workers in Nigeria are due for an improved welfare package.

 

“To this effect, there is a consensus for an upward review of the National Minimum Wage because the existing one has become unrealistic.

“Having said this, it has to be reiterated that the majority of governments at the Sub” nationals can hardly sustain improved wages and salaries for their workers without a significant adjustment in some of the narratives in the national economy.”

He continued: “In tandem with the public outcry for the review of the sharing formula for the federation account, the time has come for the Federal Government to revisit the matter. “There is an urgent need for the review of existing sharing formulas in favour of states and local governments. I call on the National Assembly through the Revenue Mobilization Allocation and Fiscal Commission, RMAFC, to urgently take decisive action to look at the ratio objectively and realistically.

“As we offer opinions on minimum wage, I will admonish all workers both in the private sector and public service to improve their productivity. This is a way to ensure the sustainability of the new minimum wage when it is eventually approved.

“Our position from Osun State is that workers deserve improved wages and salaries. The Osun State Government is in support of a new and realistic minimum wage for all workers within the limit of available resources in a very sustainable manner.

In Lagos, we prioritize workers’ welfare, says Sanwo-Olu

Earlier, the chief host, and Lagos State Governor, Mr Babajide Sanwo-Olu, who was represented by the Head of Service, HoS, Bode Agoro, said that Lagos is committed to working collaboratively with other states and the Federal Government to arrive at a fair and realistic wage structure that takes into account, the diverse economic conditions across the nation.

“In Lagos State, we have always prioritized the welfare of our workers, recognizing that a well-compensated and motivated workforce is essential for sustainable development. One notable accomplishment has been the regular review of the minimum wage. I am proud to announce that Lagos State has implemented a minimum wage of N41,500, surpassing the standards set by many other states in the region.”

FG wants to make an informed decision – Edun

Earlier, Finance Minister Edun said the committee is interested in well-researched position papers that will aid informed decisions.

The minister, who is the South West Zonal Committee Chairman on the minimum wage, said: “We must recognize the significance of this assignment and its multiplier effect on the lives of millions of hardworking citizens and our great country Nigeria.

“We recognize the interests of balancing both employers and employees to achieve a fair and sustainable minimum wage that promotes social justice and economic stability.”

“The 37-member National Minimum Wage Tripartite Committee, which Mr. President constituted with equal memberships drawn from the government side (Federal and states) organised labour and the employers’ association has been tasked with ensuring that our minimum wage reflects the evolving economic landscape, adequately addresses the well-being of our workforce and of course the ability to pay sustainably.”

NLC, TUC divided in S-East

At the South East zonal public hearing organized by TCNMW in Enugu,, the Enugu State TUC Chairman, Comrade Ben Asogwa, who spoke on behalf of his colleagues in the zone, said that wage increase had become inevitable based on the present economic situation in the country.

While the NLC said it prefers the new minimum wage to be N540,000, the TUC maintained a proposal of N447,000; with both organised labour unions concurring that the minimum wage law should be reviewed every two years instead of five years as the law currently prescribes.

Asogwa said: “We can’t bear the suffering again, we believe that the needful should be done, we’re disappointed that the governors are not here. We have seen that five years is a long time for the review and so we have proposed that the minimum wage should be reviewed every two years.

Unwilling govs should quit or be impeached

“We are also saying that the law should reflect that any governor who is not ready to pay the minimum wage law should vacate his office and not the fine of N250,000 as recommended by the law. TUC is looking forward to the possibility of implementation of the wage and we can’t give a different proposal from what the national leadership of the TUC has made and so we affirm that the least we can take is N447,000.”

 
The Enugu State Chairman of the NLC, Fabian Nwigbo, who spoke on behalf of his colleagues in the zone, noted that it was not even all the states that implemented the old N30,000 minimum wage.

Nwigbo lamented that Nigeria’s minimum wage was less than eight per cent of what was obtained in other African countries, stating that in 2019 when N30,000 was proposed, prices of commodities and fuel were lower than their present rates.

South-South workers propose N850,000,00 minimum wage

In the South-South zone hearing, workers proposed tN850,000 as the new national minimum wage.

The position of the zone was contained in a memorandum presented in Uyo by the Chairman of the (NLC Akwa Ibom State Council, Comrade Sunny James, at the event.

James stated: “The standard of living for every worker has become suicidal and strangulating. Every single item a worker depends on for sustenance has gone out of reach-foodstuffs, transportation, school fees, accommodation, medical care, clothing, even ordinary sachet water.

“The leadership of Congress, therefore, posits that to ensure social stability, increased productivity and to adhere to the global requirements of decent work, the following socio-economic indicators must be considered as we review the 2019 minimum wage: The cost of living per day, housing/accommodation, Transportation/utility, Health, Educational, etc. Using the above key indicators for measurement and considering that the comparatively high cost of living peculiar to the oil -producing areas, a consequence of oil exploration and mining activities, the South-South zone hereby proposes a new wage of N850,000.”

He also recommended that the minimum wage should be retained in the exclusive legislative list.

He continued: “The zone proposes a penalty for those contravening the minimum wage to include the impeachment and imprisonment of such insensitive/inhuman governors, withdrawal of operational license to the defaulting private sector employers.”

In its memorandum the Nigerian Medical Association, NMA, said it supports the demand of N850,000 minimum wage as proposed by the NLC.

Prof Emem Abraham, Akwa Ibom State Chairman of NMA, who submitted the memorandum to the committee, noted that the consequential adjustment is of utmost importance to NMA members.

 
 We’ll implement new wage – Govs Eno, Diri

In his remarks, Akwa Ibom State Governor, Pastor Umo Eno, who noted that the welfare of Akwa Ibom workers had always been on the government’s priority list, assured that the state would implement the outcome of the hearings.

Eno who was represented by Head of Service, Elder Effiong Essien said: “It is on record that in the 2019 new minimum wage implementation effort, Akwa Ibom State was the first to inaugurate the state implementation committee.

“In line with the spirit and intent of the ongoing revision of the National minimum wage to provide a living wage, I wish to assure that my state, Akwa Ibom will align and oblige the outcome as usual, when the input from the hearings shall have been collated, considered and enacted into the Act by our legislators.”

Similarly, Governor Duoye Diri of Bayelsa State who was represented by the Head of Service, Mrs Biobelemoye Charles-Onyeoma, said: “ I want to thank His Excellency the President for setting up this committee in recognition of the plight of the workforce and the need to engage the stakeholders.

“We appreciate the workforce of Nigeria because without the workforce the government cannot do anything. Having listened to all the presentations I want to encourage us that as a government whatever harmonious review that would be done, we will be willing and ready to abide by it.”

 
 N’West NLC proposes N485,000 minimum wage

In the North-West, the NLC proposed N485,000 as the new minimum wage for workers.
At the hearing held at the Coronation Hall, Government House, Kano, Kano State Chairman of the NLC, Kabir Inuwa, proposed on behalf of the North West leadership of the congress.

He said the proposed minimum wage of N485,000 was necessary considering the dynamics of the national economy.
“The congress thinks that for any minimum wage to achieve its purpose it must reflect the realities of the economic situation and accordingly assess the least income that would be sufficient for the survival of a family of six,” Inuwa said.

The NLC chairman said that the Minimum Wage Act provides all the protection required to ensure compliance.
“This may be initiated by an individual or trade unions. The lack of awareness of the existing laws constitutes rampant contravention of the law most especially by some state and local governments. If the labour unions can initiate a mechanism to explore the provision of the law, would record minimum defaults.

He urged the Federal Government to ensure compliance by withholding all allocations to any state or public institutions that contravened the minimum wage law. Governors of the North-West zone were absent apart from Katsina State Governor, Dikko Radda, who sent a representative, and the host governor, who was represented by his deputy, Abdulssalam Gwarzo.

[Vanguard]