Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number, NIN.

This is contained in a report by the Nigerian Interbank Settlement System, NIBSS, which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number, BVN, and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

Senator Adams Oshiomhole has confirmed a widespread consensus among federal and state governments, along with private employers, regarding the necessity to raise the national minimum wage.

Naija News reports that Oshiomhole, while speaking on Channels Television’s “Politics Today,” highlighted the outdated nature of the current N30,000 minimum wage in light of the escalating cost of living.

“The current minimum wage of 30,000 is a joke,” Oshiomhole stated, emphasizing the dire need for an adjustment.

He pointed out the severe drop in purchasing power affecting employees at all levels, from directors and permanent secretaries to entry-level positions.

“You need to beef it up,” he added, suggesting the potential for wages to be indexed to inflation, a practice observed in other market economies.

Expectations for an announcement of a new minimum wage during the Workers’ Day celebrations were unmet, leaving the workforce in anticipation.

However, the Minister of State for Labour, Nkeiruka Onyejeocha, reassured workers at the May Day celebration in Abuja that any agreed-upon adjustments would be retroactive from May 1, 2024.

“It is regrettable that the new national minimum wage is not ready before today, but a wide consultation is ongoing to ensure that the document is put together as soon as possible,” Onyejeocha said.

Oshiomhole praised the government’s commitment to implementing the new minimum wage from the specified date.

The current Minimum Wage Act, established at N30,000, was signed in 2019 by former President Muhammadu Buhari and is due for its five-year review to align with the contemporary economic needs of workers.

Solidarity in Action: Collaborative Governance, Empowered Workers

By President Bola Ahmed Tinubu, GCFR Being a speech by His Excellency, Bola Ahmed Tinubu, GCFR, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, on the occasion of the 2024 May Day celebration, held on Wednesday, May 1, 2024, at the Eagle Square, Abuja.

Protocols…

My dear compatriots and fellow workers in the service of our great country,

Today, I join you to share in the essence of this day and to express my deepest gratitude and admiration for the invaluable contributions each and every one of you makes to keep our nation afloat in its times of greatest need.

Today, I stand before you to tell a fundamental truth: you, the workers of our great nation, are its very backbone. But I’m not here merely to echo familiar praises of the labour force. Rather, I want to assure you that we appreciate and celebrate your hard work, sacrifices, and contributions to the prosperity and stability of our great nation every day. I am equally thrilled that this event, the first since we took office, is organised by the Nigerian Labour Congress and the Trade Union Congress under the leadership of Comrades Joseph Ajaero and Festus Osifo.

Great Nigerian workers, your role as an indispensable component of the nation’s engine cannot be overstated by any government if the quest for a just and progressive society is to be realised. Therefore, I extend my most heartfelt congratulations to you on this very important celebration.

I do not take for granted the understanding, patience, commitment, and support you have shown throughout the implementation of this government’s policies and programmes aimed at positively transforming our great nation. Your contributions have played a significant role in our efforts to rescue the economy since we came on board.

Fellow Comrades, your choice of the theme “People First” for this year’s May Day celebration is both instructive and commendable. The thoughtful selection by the leadership of both the NLC and TUC resonates with my government’s agenda and demonstrates that the working class holds a central position in the affairs of this nation. It also reflects the commitment of Organised Labour to collaborate with the government for the benefit of all citizens. I appreciate your efforts to prioritise the people in governance.

I recognise that the theme “People First” aligns with both the “Human-cantered Agenda for the Future of Work” and the Centenary Declaration of the International Labour Organization (ILO), which the government is committed to implementing. This commitment ensures alignment of Nigeria’s Labour Administration System with international best practices. While the three pillars of the agenda seek to drive growth, equity, and sustainability for present and future generations, they require us to prioritise investment in people’s capabilities, enhance investment in work institutions, and promote decent and sustainable work.

We took office at the time many nations, including ours, were experiencing daunting socio-political and developmental challenges. Yet, we are resolute in confronting these obstacles head-on. The scourge of criminality, from banditry to kidnapping and the farmer-herder crises, alongside terrorism, continues to afflict our nation despite the tireless efforts of our armed forces. We are aware of the toll this takes on our economy. I assure you: we are fully committed to tackling these security challenges.

You would recall that on January 30th, 2024, the Federal Government convened a 37-member Tripartite Committee on Minimum Wage. The committee’s mandate was to provide counsel and suggest a national minimum wage that aligns with our current economic conditions. Since then, the committee, in collaboration with labour leaders, has been diligently working towards proposing a new National Minimum Wage. Unfortunately, despite concerted efforts, the committee was unable to reach a consensus at its last meeting. This shall be resolved soon and I assure you that your days of worrying are over.

Indeed, this government is open to the committee’s suggestion of not just a minimum wage but a living wage.

Great Nigerian Workers, we cannot achieve a just and equitable society that caters to the needs of every member, including the strong and the weak, without fostering peace and unity. Our shared vision for national growth and development can only be realised in an atmosphere of industrial harmony and peaceful coexistence in every segment of our country. The dividends we have promised the nation, and which you work tirelessly to ensure, can only be achieved when we all unite for progress.

On this momentous day, I urge you and all our fellow citizens to place your trust in this administration. The seeds of greatness planted in our nation are beginning to bear fruit, and they promise a future filled with hope and bound by prosperity.

Let me assure you, with the utmost sincerity, that every initiative undertaken by this administration is geared towards transforming Nigeria into a nation that can truly provide for its people.

So, I call upon each and every one of you, as I have consistently done, to join hands in shaping the destiny of our nation towards greatness. Our allegiance and patriotism are the bedrock upon which our beloved country thrives. The success of our government’s policies and programmes hinges on the willingness of the workers, as the backbone of our workforce, to embrace them wholeheartedly. I appeal to you to continue using the power of the labour movement for the greater good of our nation, fostering harmony and cooperation.

Once more, I extend my heartfelt congratulations on this successful Workers’ Day celebration, and I wish you all joyous festivities.

May God continue to bless our country

The Federal Government on Wednesday disclosed that it would pay N2.75 today (Wednesday) as compensation to those whose properties are located on the right of way of the Lagos-Calabar Coastal Highway.

The Minister of Works, David Umahi, made the disclosure on Wednesday at a stakeholders meeting in Lagos.

According to Umahi, more compensation is expected to be paid in the coming days.

Despite public outcry, Federal Government had recently began the demolition of properties affected by the right of way on the coastal road construction. Some property owners along the right of way, like Landmark Beach, had appealed for the road to be rerouted, saying it was going to affect its business.

Meanwhile, Landmark Africa, the parent company of the beach, has expressed dismay over the demolition of some parts of the beach.

The company said that what took it six years to build was destroyed in six hours.

“What a journey! What we built in 6 years was destroyed in 6 hours,” the company said via its X handle.

“We are overwhelmed at the show of support we have received from Landmark Citizens and all our partners. Thank you for standing with us and believing in our mission and cause so far. This is not the end!”

The 700 kilometers coastal road connects nine states, with two spurs leading up north.

The First Lady of Nigeria, Senator Oluremi Tinubu, has called on the nation’s workforce to redouble their efforts towards enhancing national development and productivity.

Mrs Tinubu made this known on Wednesday, in her address to mark the 2024 International Workers Day celebration.

She said, “I acknowledge the immense contributions of our nation’s workforce which is renowned for its dedication, resilience, and innovation.”

The first lady urged citizens to not only celebrate but also to contemplate how they can contribute to a more efficient and productive workforce.

“Today, let us not only celebrate work but also reflect on how we can be a better and more productive workforce.

“On this Workers’ Day, I celebrate the spirit of work with pride. May it continue to be a source of strength, prosperity, and national progress for Nigeria.

“I therefore salute the teachers who nurture young minds, the farmers who cultivate our land, the doctors and nurses who safeguard our health,” she acknowledged.

Furthermore, Mrs. Tinubu extended her appreciation to engineers and countless other professionals whose efforts contribute to the nation’s development.

She said, “I salute the engineers who build our infrastructure, and countless others who dedicate their skills and energy to building a better Nigeria.”

The first lady reiterated her commitment to supporting initiatives aimed at fostering a more vibrant and productive workforce, emphasizing the role of each person in Nigeria’s journey towards progress and prosperity.

The Central Bank of Nigeria, CBN, has expressed worries over the declining economic activities in Nigeria.

The CBN deputy governor of Corporate Services, Bala Moh’d Bello, disclosed this in his personal statement at the end of the last Monetary Policy Committee meeting released on the Banks’ website on Tuesday.

He noted that the country’s Composite Purchasing Managers’ Index, PMI, declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.

He stressed that economic activity has contracted for eight months due to exchange rate pressures, inflation and security challenges.

“It is concerning to note that the Composite Purchasing Managers’ Index (PMI) declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.

“Economic activity has been contracting for eight consecutive months, mainly due to exchange rate pressures, rising input prices, security challenges, and other idiosyncratic headwinds. This calls for well-nuanced policy decisions targeted at price stability to forestall stifling economic activities and derailing output performance.

“Of more concern is the rising inflationary trend despite sustained hikes in the monetary policy rate with forecasts of further price increases in the near term.

“Both food and core inflation rose in February 2024, underpinning acceleration in headline inflation to 31.70 per cent in February 2024 from 29.90 per cent in the previous month.

“This continued rise in inflation was mainly due to high production costs, lingering security challenges and exchange rate pressures,” he said.

He added that the country’s inflation soared to 33.22 per cent in March, which is unacceptably high and requires coordinated efforts to curb.

“Inflation is currently unacceptably high and requires decisive and coordinated efforts to curb it, given its adverse impact on citizens’ purchasing power, investment decisions and broad output performance.

“The Federal Government’s initiatives addressing food insecurity, such as releasing grains from the strategic reserves, distributing seeds and fertilizers, and supporting dry season farming, are important and commendable,” he added.

Recall that the MPC raised the country’s interest rate to 24.75 per cent in March.

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.