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Minimum Wage: TUC urges FG to implement agreements reached with Labour in 2023
The Trade Union Congress(TUC) has urged the Federal Government to implement all agreements reached with the organised labour in 2023, especially the National Minimum Wage.
Mr Festus Osifo, TUC President, said this in a 2024 new year message jointly signed by Mr Nuhu Toro, Secretary General of the union on Wednesday in Abuja.
The message is titled,”Our hope not renewed yet’
Osifo said the TUC had in 2023 strived to ensure that social dialogue with the federal government prevailed, but they have failed to implement simple basic agreements with Labour.
He said that labour had insisted that the Oct. 2, 2023 agreements between them and the administration be notarised by the court.
“However, government has serially violated the agreements. For instance, Item two states clearly that: “A minimum wage committee shall be inaugurated within one month from the date of this agreement.”
“Today, three months after, no such committee has been set up and this is our experience with this government in at least two previous agreements reached from June.
“TUC has resolved to demand of the Tinubu administration that in 2024, all agreements between labour and government should be implemented.
“This include the payment of the monthly N35,000 Wage Award to Public Servants in the Local Government, State and Federal services.
“These must be implemented until a new National Minimum Wage is implemented,”he said.
Osifo said that a new National Minimum Wage must be negotiated, implemented, and if further delayed in the year, arrears must be paid.
He noted that Inflation, which was running at 28.20 per cent, must be drastically reduced to the Sub-Saharan African regional average of 9.4 per cent.
The TUC president urged the governments at state and federal levels to stop the unnecessary, economically-unwise and unpatriotic tradition of taking loans.
“This is especially when these loans only end up being used to purchase thousands of expensive jeeps for legislators, pampered members of the Executive and their spouses,among others,”he said.
He urged government to stop its ill-advised devaluation of the national currency, that is precipitating the collapse of local industries which need foreign exchange to import raw materials.
Osifo added that this have led to mega inflation in the import-dependent economy.
The TUC president also called for the stoppage of the sale of the Naira in the streets due to the Central Bank-induced scarcity.
Osifo added that this was possible, provided government ensures adequate supply of Naira notes in the banking system.
He also called for drastic reduction in the price of PMS to repair the damage done to the economy and by ensuring local production of refine products.
Osifo said that the security of Nigerians should be the yard stick with which to determine whether military, security chiefs and others should remain in office or be replaced.
He urged Tinubu to sanction officials for serious security breaches such as the December, 2023 massacres in Plateau.
He said Community Policing should be prioritised alongside the mobilisation of the citizenry to defend themselves against bandits, among others.
“The Year 2024 holds a lot of promise for us all provided Nigerians as a people would unite and assert our authority over all powers.
“These include the Nigerian ruling class manning all branches, levels, institutions and organs of government,”he said.(NAN)
The Central Bank of Nigeria (CBN) has announced a significant review of the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria.
This initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.
In a circular dated April 28, 2025, CBN introduced simplified documentation for low-value PAPSS transactions — allowing individuals and corporates to use basic KYC and AML documents for transactions up to USD 2,000 and USD 5,000 respectively. Higher-value transactions will still require full documentation as outlined in the CBN Foreign Exchange Manual.
The CBN also stated that Authorized Dealer Banks (ADBs) can now source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, without relying on the CBN. Additionally, export proceeds repatriated via PAPSS must be certified by the processing banks.
The apex bank urged all banks, exporters, importers, and individuals to familiarize themselves with the new guidelines and leverage PAPSS for seamless cross-border transactions across Africa.
Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.
By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.
The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians against the excessive desire for money.
The agency issued the advice in a terse post on its X handle on Sunday.
“Love money too much, and Ponzi schemes will love you …..as their next target….be guided, the Eagle loves you all,” the post read.
This is coming amid ongoing investigation into the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX).
CBEX had reportedly crashed on April 14, leading to the loss of billions of naira belonging to Nigerian investors.
Several videos online had shown some Nigerians raising the alarm over the loss of their funds to the scheme.
The EFCC had on Friday declared eight persons wanted over their alleged involvement in a fraudulent scheme linked to the online trading platform.
The move came on the heels of the Federal High Court in Abuja granting the EFCC’s request to arrest and detain persons found promoting the CBEX scheme.
Justice Emeka Nwite, issued the order following submissions by the counsel for the EFCC, Fadila Yusuf, seeking the court’s approval to detain the promoters pending the conclusion of investigations into the alleged offences and their possible prosecution.
The EFCC stated that during the investigation, it found that ST Technologies, while registered with the Corporate Affairs Commission, was not authorised by the Securities and Exchange Commission to conduct investment activities.
Furthermore, it said the defendants had vacated their last known addresses in Lagos and Ogun States.
The EFCC had argued that a warrant of arrest was necessary to place the defendants on a red watch list to facilitate their capture and ensure they face charges.
The commission said its investigation had also established a prima facie case of an investment scam and that granting the application was in the interest of justice.
During an interview on Channels Television’s breakfast programme, The Morning Brief, on April 16, the EFCC spokesperson, Dele Oyewale, advised Nigerians against investing in a business without considering the legal framework that regulates it.
Oyewale said, “We know that for every business concern, you declare your profit either quarterly, annually or bi-annually, but if somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic; it’s just not pragmatic.
“Or if somebody says, ‘If you bring your money, we’re going to give you a 100% return on investment,’ that is not possible”.
Nigerian carrier, Air Peace, has clarified why its Benin to Abuja flight P47171 was delayed in the air on Friday.
In a statement issued by the Head of Corporate Communications, Ejike Ndiulo, Air Peace Airline on Saturday stated that during the aircraft’s descent into Abuja, the flight encountered turbulence as a result of adverse weather conditions, including thunderstorms.
The statement further stressed that in line with global aviation safety standards, “our crew activated appropriate safety protocols and held in a holding pattern until weather conditions improved.”
Social media users complained on Saturday that the aircraft hung in the air longer than necessary before landing.
Elanza news understands that when an aircraft is held in a holding pattern, this means the plane was instructed to fly a specific course around a designated point while waiting for permission from the control tower to proceed with its planned route, approach, or landing.
This is often due to factors like traffic congestion at the given airport, weather delays, or other operational issues that could result in an incident or accident if the aircraft had landed against instructions.
In simpler terms, a holding pattern is a temporary waiting area for an aircraft in the air, allowing it to remain airborne while awaiting further instructions for landing.
The statement further stated, “We are pleased to confirm that the aircraft landed safely and the passengers disembarked normally. Air Peace is unwavering in its commitment to ensuring the highest standards of safety across all our operations.”