Minimum Wage: NLC threatens one-month shutdown as lawmakers target fresh decision

By Doris Isreal Ijeoma Ahead of President Bola Ahmed Tinubu’s planned Thursday meeting with leaders of organized labour, the Nigeria Labour Congress (NLC) has threatened a one-month shutdown if the minimum wage is expunged from the Exclusive to Concurrent list in the Constitution by Nigerian lawmakers. NLC President, Joe Ajaero, gave the warning on Monday while addressing participants at the opening ceremony of the 2024 annual Rain School of the NLC in Uyo, Akwa Ibom State. Ajaero issued this warning against National Assembly members’ proposed decision to remove wages from the Exclusive to Concurrent list in the Constitution. He added that if National Assembly members proceed with the move to remove the minimum wage from the Exclusive list—a law that would allow each state governor to determine the minimum wage—he would mobilize labor and shut down Nigeria’s economy for a month. Although the National Assembly’s decision is yet to be made public, Ajaero said, “As we are here, a Joint Committee of the Senate, the House of Representatives, and the Judiciary are meeting. They have decided to remove section 34 from the Exclusive legislative list to the concurrent list so that the state governors can determine what to pay you and so that there will be no minimum wage again. “When they finish that meeting, they will collect minimum wage, I promise all of you that. The very moment the House of Representatives and the Senate come up with such a law that will not benefit Nigerian workers, they will be their drivers and gatemen, and there will be no movement for one month. “Comrades, I am putting you on standby. If that committee comes up with such a policy, for one month nobody should come out. They are the major threat to democracy in this country. Democracy is not all about starving and punishing people. That’s not the democracy we fought for. “They were not there when we fought for this democracy, and now they are trying to make laws to remove the minimum wage from the exclusive list. So, comrades, as I have talked to you here, I have talked to everybody. We are waiting for them to come up with such hypocritical laws. And from today, let them abolish the security vote,” he said. The development comes as the Minister of Information, Mohammed Idris, announced that President Tinubu will meet with organized labor leaders on Thursday to finalize a decision on the country’s minimum wage. This follows last Thursday’s decision on a harmonized minimum wage, which ended in a deadlock. Recall that the government had proposed a 62,000 naira minimum wage, while organized labor insisted on 250,000 naira. The National Minimum Wage Tripartite had earlier submitted the minimum wage proposal to the President. While the minimum wage impasse persists, Nigerians have continued to groan over hardship occasioned by the rising headline and food inflation, which stood at 34.19 percent and 40.87 percent, respectively, in June 2024.

Full List Of States That Will Not Receive LG Allocations From July

The Federal Government will from July withhold local government allocations to Cross River, Enugu, Kano, Rivers, and 16 other states in compliance with the Supreme Court judgement. The apex court on Thursday delivered a judgment in the local government autonomy suit filed by the Attorney General of the Federation, AGF, Lateef Fagbemi, SAN, on behalf of the Nigerian Government, barring the Federal Government from releasing allocations to local governments governed by unelected officials appointed by the state governors. In the judgment, Justice Emmanuel Agim barred the Federal Government from further paying LG allocations through the state governments, noting that the practice had been abused by the governors. Justice Agim accused the state governors of retaining allocations and utilising them as they please, to the detriment of the local government councils. Following the judgment, 20 states that have no elected local government chairmen stand barred from receiving local government allocations from July until they conduct elections. The states are Jigawa, Rivers, Anambra, Imo, Kwara, Zamfara, Bauchi, Plateau, Abia, Enugu, Katsina, Kano, Sokoto, Yobe, Ondo, Osun, Delta, Akwa-Ibom, Cross River, Benue.

BREAKING! Our Law On Same Sex Marriage Supersedes Samoa Agreement 

The Federal Government has confirmed signing Samoa agreement, saying the law on same sex marriage supersedes the agreement. The agreement reportedly has some clauses that compel underdeveloped and developing nations to support the agitations by Lesbian, Gay, Bisexual, and Transgender (LGBT) community for recognition, as condition for getting financial and other supports from advanced societies. Named after the Pacific Island Samoa, where it was signed, the agreement is gradually gaining traction, despite opposition by many countries that cherish Islamic and Christianity values, in addition to the sensitivity of their cultures. The issue has generated controversy, with some clerics and human rights activists, criticising the government over the agreement. But in a statement on Thursday night, Mohammed Idris, Minister of Information, gave further clarity to issues on the agreement. “On 28 June 2024, Nigeria signed the Samoa Agreement at the Organisation of African, Caribbean, and Pacific States (OACPS) Secretariat in Brussels, Belgium. The partnership agreement is between the EU and its Member States, on one hand, and the members of the OACPS on the other.” “Negotiations on the agreement started in 2018, on the sidelines of the 73rd United Nations General Assembly. It was signed in Apia, Samoa on the 15th of November 2018 by all 27 EU Member states and 47 of the 79 OACPS Member states. “The agreement has 103 articles comprising a common foundational compact and three regional protocols, namely: Africa –EU; Caribbean-EU, and Pacific-EU Regional Protocols with each regional protocol addressing the peculiar issues of the regions. “The African Regional Protocol consists of two parts. The first is the Framework for Cooperation, while the second deals with Areas of Cooperation, containing Inclusive and Sustainable Economic Growth and Development; Human and Social Development; Environment, Natural Resources Management, and Climate Change; Peace and Security; Human Rights, Democracy and Governance; and Migration and Mobility. “Nigeria signed the Agreement on Friday 28 June 2024. This was done after the extensive reviews and consultations by the Interministerial Committee, convened by the Federal Ministry of Budget and Economic Planning (FMBEP) in collaboration with the Ministry of Foreign Affairs (MFA) and Federal Ministry of Justice (FMOJ). It was ensured that none of the 103 Articles and Provisions of the Agreement contravenes the 1999 Constitution as amended or laws of Nigeria, and other extant Laws. :In addition, Nigeria’s endorsement was accompanied by a Statement of Declaration, dated 26th June 2024, clarifying its understanding and context of the Agreement within its jurisdiction to the effect that any provision that is inconsistent with the laws of Nigeria shall be invalid. It is instructive to note that there is an existing legislation against same sex relationship in Nigeria enacted in 2014. “It is necessary to assure Nigerians that the President Bola Tinubu Administration, being a rule-based government will not enter into any international agreement that will be detrimental to the interest of the country and its citizens. In negotiating the Agreement, our officials strictly followed the mandates exchanged in 2018 between the EU and the OACPS for the process. “The Samoa Agreement is nothing but a vital legal framework for cooperation between the OACPS and the European Union, to promote sustainable development, fight climate change and its effects, generate investment opportunities, and foster collaboration among OACPS Member States at the international stage.”

New Jersey To Return $8.9m Looted Under Jonathan To Nigeria

Jersey’s Royal Court has ruled in favour of returning stolen assets valued at £6.9 million ($8.9 million) to Nigeria. The decision comes after Jersey’s Attorney General issued a forfeiture notice in November, asserting that the funds, deposited in a Jersey bank account, were likely misappropriated by Nigerian government officials in 2014. The illicit transfer of funds was reportedly disguised as government-sanctioned contracts for arms purchases during Boko Haram incursions in Nigeria between 2009 and 2015. Former President Goodluck Jonathan of the Peoples Democratic Party (PDP) was in power between 2010 and 2015. It will also be recalled that a lot of controversy had surrounded the purchase of weapons in the fight against insurgency with the then National Security Adviser (NSA), Sambo Dasuki, being accused of diverting funds meant for security equipment. Also in late 2014, a private jet belonging to the-then President of the Christian Association of Nigeria (CAN), Pastor Ayo Oritsejafor, was arrested in South Africa with $10m cash, which was allegedly meant for the purchase of military weapons. The Jersey court found that most of the funds, initially intended for legitimate arms deals, had been diverted through foreign bank accounts and shell companies linked to the former ruling party in Nigeria.   Jersey’s Attorney General, Mark Temple KC, noted the collaboration between Jersey and the Federal Republic of Nigeria in the recovery process. Temple stressed the effectiveness of the 2018 Forfeiture Law in combating corruption and restoring funds to victims of crime. Plans are underway to negotiate an asset return agreement with the Nigerian government. He said: “This case again demonstrates the effectiveness of the 2018 Forfeiture Law in recovering the proceeds of corruption and restoring that money to victims of crime. “I now intend to negotiate an asset return agreement with the Federal Republic of Nigeria.”

FG Releases List Of Motor Parks Nigerians Can Get 50% Transport Fare For Return Trips

The Federal Government has released a list of motor parks where Nigerians can enjoy a 50% slash in transportation costs to return to their various locations after the festive season.  Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, made this known on Friday, in a post via X (formerly Twitter). He wrote: “FG lists more motor parks where Nigerians can enjoy 50% rebate on transport fare for return trips during the festive season.” I. Lagos – Join from Oshodi Terminal 3 II. Abuja – Join from Jabi Park III. Onitsha – Join from Umugo Park (Port Harcourt Road) IV. Aba – Join from Abia Polytechnic, Aba V. Kano – Join from Balmary Park, Ring Road/Maidugri Bypass, Hotoro VI. Kaduna – Join from Mando Park (Lagos route), VII. Join from Television Garage for Eastern route VIII. Jos – Join from Gadabiu Luxury Park IX. Enugu – (Abakiliki/Nsukka) – Join from Old Park in Enugu X. Owerri – Join from Somachi Park XI. Port Harcourt -. Join from Olu Obasanjo Ezenwata Park XII. Sokoto – Join from Sokoto Central Park XIII. Gombe – Join from Gombe Central Park XIV. Zakibiam – Join from Heavy Duty Park XV. Uyo – Join from The Young Shall Grow Park XVI.Uyo – Join from Young Shall Grow Park (No.17 Mosignor Akpan Avenue, XVII. Mbak Itam Itu, Akwa Ibom) XVIII. Uyo – Join from The Young Shall Grow Park (No.17 Mosignor Akpan XIX. Avenue, Mbak Itam Itu, Akwa Ibom) XX. Gombe – Join at Gombe Line Park, Opposite Government House, Gombe.

Naira To Reach ‘Fair Value’ Of N750/$ By Year’s End – FG

The Federal Government is planning to introduce new foreign exchange rules — including a crackdown on illegal currency trading — that it hopes will result in the naira closing its more-than-45 per cent gap with the unofficial rate and reaching a “fair price” by year-end, a top official has said. The government plans to clear a backlog of dollar demand estimated at about $6.7 billion, bolster the naira forward market, and set transparent rules for the operations of the official market, Taiwo Oyedele, chair of the presidential committee on fiscal policy and tax reforms, said in an interview with Bloomberg. The government sees a “fair price” for the dollar at N650 to N750, Oyedele said. In the parallel market, it traded at N1,165 per dollar yesterday, already beginning to recede from the former high of about N1,130 to the dollar. The government plans to clear a backlog of dollar demand estimated at about $6.7 billion, bolster the naira forward market, and set transparent rules for the operations of the official market, Oyedele said. It also aims to expand the official market to include all legitimate transactions, while snuffing out the illicit “black market” for foreign currency, he said. “We think all of that will happen before December, and maybe in a matter of a couple of weeks we will begin to see the results, such that before the end of the calendar year, naira should find its true value, not the one that is being done currently in the parallel market,” Oyedele said.

Unity Bank Suffers N35bn Loss On FG’s FX Policy

Unity Bank Plc’s profit in the first half of 2023 was impacted by foreign exchange revaluation on the back of Nigeria’s recent FX liberalization policy, resulting in the lender suffering a revaluation loss of N35 billion within the period. In the retail lender’s financials for the period, notwithstanding the FX liberalization policy and its impact on the bottom-line, the bank grew its FX trading income significantly by 17 per cent to N239.8 million from N204.4 million in the corresponding period of 2022, underscoring the Bank’s strategic focus on diversifying and growing its earnings portfolio. According to the bank, deposits grew to N333.38 billion, representing a marginal increase of 2 per cent compared to N327.42 billion recorded in the first half of 2022 in its Half-Year unaudited financial statement submitted to the Nigeria Exchange Group Limited. The net loans portfolio reduced significantly by 31 percent to N198.6 Billion as at 30 June 2023 from N289.4 Billion as at 31st December 2022. The Bank’s NPL Ratio remained moderate at below 3 per cent while liquidity ratio stood strong at over 45 per cent. The Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun noted that the significant disruptions which characterized the operating environment has impacted the positions of the Bank to the extent that we have constraints in income generation on the back of revaluation of the bank’s net foreign liabilities occasioned by the Naira devaluation during the period. Mrs. Tomi stated: “In the light of the prevailing FX revaluation in the financial system, what we have is a market-driven impact which is adjustable envisaged from the positive economic outcomes of the government policies in the near term. “Be that as it may, the negative shareholders’ fund has improved considerably through the injection of N135 billion which moderated the negative shareholders’ fund from (-ve) N275 Billion in December 2022 financial year-end to (-ve) N178 Billion as at the end of June 2023, after absorbing the FX revaluation loss suffered in the second quarter of 2023. “We are however, focused with clear-cut plans to close out on our recapitalization programme very soon to enable us do business as expected in the fast-growing markets in Nigeria” She further stated that while we remain optimistic that the government’s policy initiatives will lead to cause correction in the market, the Bank has accelerated measures to ramp up asset creation and liability generation in the short and medium term. “The Bank is aggressively driving its retail growth in every segment of the market, expanding strategic partnerships; and growing commercial banking business to develop new and sustainable income lines for the Bank as well as pay sufficient attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and product marketing to enhance value creation in the market.

FG Obtains $163m AfDB Loan To Boost Wheat Production

The Vice President, Kashim Shettima has disclosed that the Federal Government had obtained 163 million dollars loan from the African Development Bank to support wheat production in the country. Shettima stated this at the palace of the Emir of Argungu, Alhaji Sumaila Mera, when he paid a condolence visit to the Emirate and family of late Sheikh Abubakar Giro. He re-affirmed the determination of the Tinubu administration to fulfill all its promises to Nigerians, particularly in the agricultural sector. The Vice President also assured that food security would receive serious attention from the government. “We have obtained 163 million dollars loan from the African Development Bank to support wheat production. The scheme would be launched soon. “We need 10,000 hectares of land in Kebbi State. But the scheme would be well executed in Jigawa State with a cultivation of 50,000 hectares of land to boost wheat production.” In his remarks, the Emir of Argungu, Mera, who prayed for the unity and progress of Nigeria, thanked President Tinubu and Vice President Shettima for their support.

N5bn Palliatives: FG has released N2bn to States, FCT -Wale Edun

The minister of finance and coordinating minister of the economy, Wale Edun has said that the sum of N2 billion has been released to the 36 States and the federal capital territory.  The minister, who said this during a press briefing on Friday in Abuja, said the money is a combination of loans and grant.  Edun said the federal government decided to release the money in tranches to avert further spikes in the inflation rate. He said, “On the issue of the N5 billion, it is a combination of grants from the federal government and borrowing by the states. And of course, although the sum of N5bn is earmarked, you will agree with me that if you release such funds across all states at once, it will be self-defeating and it will lead to an inflationary spiral, lead to cost of goods going up, and exchange rate liquidity will go up,” he said.  The minister further said that the N500 billion palliatives is part of the federal government’s support to poor and vulnerable Nigerians.  He said “the president is going to deliver a better life to Nigerians by encouraging investment that increases productivity that grows the economy and thereby creating jobs and reducing poverty”. Acknowledging the hardship currently being experienced by Nigerians over the removal of petrol subsidy, the minister said that in a little while, the whole system will begin to experience the benefits of the subsidy.  He said: “There are funds in domiciliary accounts and If you give people the incentives they will utilise those funds in Nigerians for Nigerians. They have huge holdings in foreign currency in banks abroad, in financial institutions abroad. We need to provide the environment that brings those funds home, to choose to invest in the Nigerian economy rather than foreign economy.” The Chairman presidential Committee on fiscal policy and tax reforms, Taiwo Oyedele said the federal government would rake into its coffers N20 trillion if the right taxes are paid.  He added that the government was in the process of reviewing the incentives that has been granted over the years.  According to him, the sum of N6 billion is lost by the government from incentives.  He insisted that going forward, incentives would be targeted at those that need it the most saying that the country could “make more money from tax than we can do from crude oil.”