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New minimum wage for whole nation – Akpabio
President of the Senate, Sen. Godswill Akpabio, on Monday said the national minimum wage was for the whole nation.
Akpabio made the remark during the signing ceremony of the Minimum Wage Act (Amendment) Bill into law by President Bola Tinubu at the State House.
He said the new national minimum wage was for the Federal Government, states, local governments, the private sector and even individual employers.
“So, I think this is a great day for the workers in the country. We are not only doubling the minimum wage, we have added something on top. Initially, it was N30,000, now it is N70,000.
“Like I said, this is minimum, this is not maximum. Any employer that has a capacity can pay as much as you want. But no Nigerian worker will offer services and be paid anything less than N70,000 from today.
“That is the implication of this act. It applies all over the nation. And we are excited that this is happening at a time like this through President Bola Ahmed Tinubu; a man who cares for the Nigerian workers,” he said.
He said the entirety of the National Assembly moved quickly and passed the bill in one day out of excitement.
“We felt that this was not something we could delay. So, I think the workers are happy.
“I want to use this opportunity to call on those who are attempting to foment trouble; that you have a right to protest. It is your fundamental right. It is there in the constitution.
“But you don’t have a right to destabilise the country. The right to protest should not be turned into the right to unleash violence. It’s very clear that people who are behind this are very amorphous, very faceless,” said Akpabio.
He said the current hardship experienced by Nigerians was not caused by the Tinubu administration, which was just one year old.
“It is the outcome of years of insecurity. Many people could not go to farms for almost 10 years and know that and the President has risen to the occasion.
“Every food item that is coming in now will come in without any restrictions; bring in food because Nigerians need to eat. And then at the same time, most things are coming in with a lot of waivers.
“So, for me, I’m excited that yes, indeed, the government is doing what it should. And we the leaders in the National Assembly, we are touching our various constituencies,” he said.
He appealed to the youth not to allow any group to mislead them politically noting that destruction of any property would cause Nigeria money.
He said the bill to finance the new minimum wage had gone very far, and that he expected it to be signed into law by Wednesday.
Prof. Julius Ihonvbere, who represented Alhaji Tajudeen Abbas, Speaker of the House of Representatives, said the signing into law of the minimum wage bill by the President showed that he cared about the Nigerian people.
“So, I think this movement from N30,000 to N70,000 and reducing the negotiation from five to three years is a clear demonstration of a commitment to redirect, refocus and reposition Nigeria for greatness,” he said.
The News Agency of Nigeria (NAN) reports that President Tinubu had on July 18 increased the Federal Government’s offer on the national minimum wage from N62,000 to N70,000, with an assurance that it would be reviewed after three years, instead of five years.
The President said the labour leaders challenged the thinking faculty of leadership, hence the government reviewed its position and approved a new N70,000 minimum wage. (NAN)
The Nigerian electricity sector slowed in the fourth quarter of 2024 (Q4 2024), with the electricity production index declining by 1.64% year-on-year (y-o-y).
Data from the Central Bank of Nigeria (CBN) says this marks a reversal from the 5.55% growth recorded in the third quarter of 2024 (Q3 2024).
Average estimated electricity generation rose by 2.34% to 4,206.50 megawatts per hour (MW/h) from 4,110.47 MW/h in Q3 2024.
Similarly, electricity consumption saw a modest increase of 2.63%, reaching 4,105.66 MW/h from 4,000.24 MW/h in the preceding quarter.
This is as the Nigerian economy witnessed widespread expansion in the fourth quarter of 2024 (Q4 2024), with 21 out of 22 subsectors recording positive growth.
On a quarter-on-quarter (q-o-q) basis, however, the subsector showed signs of recovery, as the index rose by 22.50% compared to a significant decline of 49.46% in the previous quarter.
The broad-based economic expansion in Q4 2024 can be attributed to several factors, including improved business confidence, increased consumer spending, and enhanced performance in key sectors such as agriculture, manufacturing, and telecommunications.
The government’s fiscal and monetary policies, aimed at stabilising inflation and boosting investment, also contributed to the positive momentum.
According to the CBN, the improvement was largely attributed to enhanced gas supply to thermal power stations and the continued implementation of the Siemens Power Project, which has positively impacted power generation, transmission, and distribution networks.
Notably, the oil and gas sector benefited from relatively stable crude oil prices and improved domestic production, which provided a boost to overall economic output.
The data also stated that the non-oil sector, particularly fintech and digital services, also played a significant role in driving economic activities.
The Alliance of Sahel States (AES) comprising junta-led Mali, Niger Republic, and Burkina Faso have imposed a 0.5 percent import duty on goods from the Economic Community of West African States (ECOWAS) member nations.
The move further strains relations between the three junta-led nations and the ECOWAS, which they withdrew from earlier this year following a series of military coups and economic sanctions.
The AES, which began as a security pact between the military rulers of the three countries in 2023, has now metamorphosed into an aspiring economic union with plans for biometric passports and closer economic and military ties.
In a joint statement last week, the AES said the levy aims to generate revenue to fund the alliance’s activities.
The tax, which came into effect on Friday, applies to all imports from ECOWAS countries, except humanitarian aid.
The taxes also disrupt the free trade once enjoyed by all countries in the West African region.
The economic implications could be severe, leading to higher consumer prices, supply chain disruptions, and strained regional economic stability.
While it may provide short-term revenue for the junta-led governments, it risks other long-term consequences, including weakened regional integration.
ECOWAS has maintained that it will keep diplomatic channels open with the junta-led states until July, despite announcing their permanent expulsion from the bloc earlier this year.
Monday Okpebholo, the governor of Edo state, says 14 suspects arrested in connection with the killing of Kano-bound travellers in Uromi LGA of the state have been transferred to Abuja for further interrogation.
The suspects were detained after a mob attacked a group of hunters travelling to Kano for Sallah celebrations on Thursday.
Speaking in Abuja on Monday during a condolence visit to Barau Jibrin, the deputy senate president, Okpebholo condemned the attack and assured Nigerians that those responsible would be brought to justice.
Okpebholo also announced that his government had set up a committee to support the families of those killed.
“It’s unfortunate that it happened in our state. We are here to say, to let you and other people know that we are not happy,” Ismail Mudashir, media aide to Barau, quoted Okpebholo as saying.
“The president is doing something drastic about this. He’s not happy also.
“The IG has swung into action. The DIG CID is in charge. So far, they have arrested 14 suspects.
“So they are bringing them to Abuja for interrogation. We have also set up a committee to see that we take care of the families of the deceased.”
Responding, Barau said the perpetrators of the act must be brought to book to serve as a deterrent to others.
“We cannot undo what has been done. But we all want – all Nigerians, what they are looking forward to is to make sure that these people are arrested and brought to justice. And you are doing well in that direction,” Barau said.
“And I’m also glad you’ve spoken about the fact that your government is ready to assist the families of those affected.
“I want you to continue to pursue the case so that all those who were involved in these barbaric actions are brought to justice. It’s a barbaric action, to say the facts.”
He urged the Edo government to ensure all those involved were held accountable, adding that such attacks must never happen again.