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Minimum Wage: TUC urges FG to implement agreements reached with Labour in 2023

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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.

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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.

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“These include the Nigerian ruling class manning all branches, levels, institutions and organs of government,”he said.(NAN)

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Dangote Industries pledge to make Nigeria self-sufficient in cement, petroleum, others

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Dangote Industries Ltd. says it would ensure that Nigeria becomes self-sufficient in cement, agriculture, mining and petroleum production.

The Regional Sales Director, Southeast, Dangote Cement, Dr Abayomi Shittu stated this in an interview with the News Agency of Nigeria (NAN) in Enugu on Sunday at the ongoing 36th Enugu International Trade Fair.

“Dangote Industries Ltd. is into cement, sugar, salt, poly products, real estate, agriculture, logistics, telecommunications, steel, oil, and gas among other businesses.

“Three of its subsidiaries Dangote Cement Plc., Dangote Sugar Refinery Plc. and Dangote Salt, trading under the name of NASCON Allied Industries Plc. are listed on the Nigerian Stock Exchange.

“Our continuous efforts to innovate, create value and invest in Nigeria are borne out of our firm belief in the vast economic potential of Nigeria.

“Dangote Sugar Refinery, through its out-grower scheme, has provided jobs for thousands of farmers in its host communities.

“The coming of Dangote Fertiliser has to a great extent helped to change the face of agriculture in Nigeria while the Dangote Petroleum Refinery, will drive the development of ancillary industries.

“We recruit graduates of engineering and other technology-based courses and train them in many aspects of industrial operations,’’ Shittu said.

He noted that trade fairs organised by the Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA) were unique because Enugu State had about the largest concentration of industries in the Southeast and South-South geopolitical zones.

He added that ECCIMA’s trade fairs remained avenues for industries to connect with customers in the Southeast and in the adjoining zones. (NAN)

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Nigeria’s Public Debt Rises 48% To N144.67trn In 2024

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Nigeria’s public debt rose by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024 from N97.34 trillion ($108.23 billion) in 2023.

The Debt Management Office (DMO) disclosed this in its latest public debt profile report.
The debt stock consists of external debt of N70.29 trillion ($45.78 billion) serviced with $4.66 million and domestic debt of N74.38 trillion ($48.44 billion).
The report showed that the country’s external debt increased by 83.89 per cent YoY from N38.22 trillion ($42.5 billion) in 2023.

Domestic debt also grew by 25.7 per cent YoY from N59.12 trillion ($65.73 billion) in 2023.
The report further indicated that the Federal Government’s domestic debt component rose by 32 per cent YoY to N70.41 trillion from N53.26 trillion in 2023.
But the domestic debt of states and the Federal Capital Territory declined YoY by 32 per cent to N3.97 trillion in 2024 from N5.86 trillion in 2023.

The rise in public debt can be attributed to fluctuating trends in exchange rates amidst changes in global economic conditions.

The sharp increase, particularly in external debt, highlights the nation’s vulnerability to exchange rate volatility and changes in global economic conditions.
With the continued depreciation of the naira, the cost of servicing foreign debt could escalate, adding pressure on the country’s financial resources.

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NNPCL Names New Senior Management Team

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The Nigerian National Petroleum Company Limited (NNPCL) has announced the appointment of a new eight -man Senior Management Team.

The appointment followed the recent announcement followed the appointment of the Group Chief Executive Officer (GCEO) and Board of Directors.

Disclosing this in a statement on Friday, NNPCL Chief Corporate Communications Officer, Olufemi Soneye, said the appointments all take immediate effect.

“Following the appointment of the Group Chief Executive Officer and Board of Directors, the Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the appointment of a new 8-man Senior Management Team on Friday,” he stated.

“The team which will be headed by the GCEO, Mr Bashir Bayo Ojulari, has Rowland Ewubare as Group Chief Operating Officer; Adedapo Segun as Group Chief Financial Officer; and Olalekan Ogunleye as Executive Vice President Gas, Power & New Energy.

“Other members of the team are: Udy Ntia as Executive Vice President Upstream; Mumuni Dangazau as Executive Vice President Downstream; Sophia Mbakwe as Executive Vice President Business Services; and Adesua Dozie, as Company Secretary & Chief Legal Officer. All appointments are with immediate effect.”

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