Nigeria’s President, Asiwaju Bola Ahmed Tinubu, on Wednesday said he would soon forward the 2024 supplementary Appropriation Bill to the National Assembly, to enable his administration continue in its task of providing good governance to Nigerians.

He stated that the budget plan would accelerate the government’s current upward trajectory and promote wealth, development, and advancement.

The President made this known shortly after flagging off the old national anthem “Nigeria, We Hail Thee,’ at a joint sitting of the Senate and the House of Representatives in Abuja.

At the joint session of the National Assembly marking the Silver Jubilee Of Nigeria’s 4th Republic, Tinubu enjoined the lawmakers to continue to dedicate themselves to the service of their fatherland.

The President was accompanied on the visit to the National Assembly Complex by Vice President, Kashim Shettima, Secretary to the Government of the Federation, George Akume, and Governor of Borno State, Babagana Zulum, and his son, Seyi Tinubu, among other dignitaries.

Expressing his readiness to deliver on his mandate, Tinubu reminded the lawmakers that the task of nation-building is a collective one involving all citizens, adding that as representatives of the people, they carry a huge burden of responsibility.

He said, “Charting a new path is a question of programme for development. I submitted the 2024 budget to you and you expeditiously passed it. We are walking the talk. I will soon bring the 2024 supplementary Appropriation Bill. Building this nation so that the future of our grandchildren will be filled with prosperity, development and progress is a step in the right direction.”

He also urged the lawmakers to look inward and contribute their quota to nation-building, noting that no foreign aid can give Nigerians the country they can be proud of.

He explained, “Our friends, old and new, to every Nigerian, I say congratulations for 25 years of unbroken democracy. Out of respect, I want to say thank you very much for bringing us to this stage. For building the institution, for building this country.

“You are first and foremost leaders that speak for our people. And you have been at the forefront of this institution. The hallowed chambers represent our consciousness of freedom and sense of belonging.

“You see, this is our diversity representing all parts and how we blend to be brothers and sisters. Without this House, probably I may not have found the path to the presidency. I started from here. And that is why I am giving my respect this morning to you, to please continue to collaborate, work together, and build our country.

“Nobody, no aid, no other institution or personality will help us unless we do it ourselves. No number of aid coming from foreign countries or any other nation can do it. They (foreign nations) take care of themselves first. Let us work together to build our nation, not only for us but for generations yet unborn,” he added.

On January 1, 2024, Tinubu signed the N28.7tn 2024 Appropriation Bill into law after rigorous checks by the National Assembly and budget defence by Ministries, Department and Agencies.

The budget size was an increase of N1.2tn from  N27.5tn proposed months earlier by the president.

Speaking after signing the document, the president said the implementation of the budget would be “efficiently pursued and vigorously monitored”.

“All the institutional mechanisms shall be held to account in ensuring diligent implementation,” he said.

Some of the key estimates are capital expenditure, N10tn; recurrent expenditure, N8.8tn; debt service, N8.2tn, and statutory transfers, N1.7tn.

However, fluctuations caused by the free fall of the naira, revenue instability and improved oil prices have affected financial projections made by the government.

The new plan by the government is also in tandem with recommendations by the International Monetary Fund to pass a supplementary budget to accommodate the proposed minimum wage increase for workers.

This is because the negotiated amount may surpass the budgeted amount in the original 2024 budget.

“The authorities noted that a supplementary budget may be needed to accommodate the outcome of the ongoing wage structure negotiations which may exceed what they had included in the 2024 budget,” the international body stated in a report this month.

The government, in the 2024 budget, allocated N6.48tn for personnel costs but the international lender posits that the amount may be insufficient.

The IMF further noted that the country’s budget deficit for 2024 is expected to surpass projections, owing to implicit subsidies for fuel and electricity alongside rising interest expenses on debt.

Earlier report had it that the Red Chamber plan to revisit the budget following the incessant fall of the naira against the United States dollar.

In an interview, Solomon Adeola, the chairman of the Senate Committee on Appropriations, stated, “Yes, the budget was actually passed at N800 to a dollar, but as of right now, it’s no longer visible as the dollar currently stands at N1450 to a naira,” suggesting justification for a reassessment.

“And I can tell you that there is a need for us to revisit the budget as the variables upon which the budget is predicated are no longer there. So all we need to do is just take our time and do some internal workings within the landing cost of petroleum product per litre of fuel.

“After this, we can now collaborate with the current budget that we have so that we can give NNPC what the actual figure for this landing cost will be, and then any savings arising from that can be planned upon for a supplementary budget or reallocation of some project within the budget,” he added.

Financial specialists who commented on the matter confirmed that major adjustments to government expectations have necessitated the passing of a supplemental budget.

Johnson Chukwu, the group managing director of Cowry Asset Management Limited, stated that it was challenging to estimate a budget when the content was unknown.

He said, “It is nearly impossible to talk about the supplementary budget because we do not know the revenue projection or the expenditure projection. We do not even know if its going to be a surplus budget or a deficit budget.

“The direction of it would determine the impact or what we say about it. I advise we wait for the budget to be drafted.”

The Federal Government has once more invited organised labour to continue the minimum wage talks, a source with knowledge of the situation said in Abuja on Wednesday.

Labour would accept the invitation, the source said.

“A letter has been addressed to Labour by the committee chairman and signed by the NSIWC chairman. The meeting is scheduled for Friday.

“Of course, Labour will attend. If they present a better offer on Friday we will accept it.”

On Tuesday, the minimum wage committee had adjourned indefinitely after talks between the Federal Government and organised Labour broke down as labour rejected the Federal Government’s N60,000 fresh proposal, up from the earlier N57,000 offer.

At the meeting, labour also lowered its demand by removing N3,000 from the N497,000 it proposed last week, pegging the new proposal at N494,000.

To fast-track the negotiation process, the Nigeria Labour Congress  and Trade Union Congress of Nigeria on May Day gave the committee till the end of the month to wrap up talks on a new national minimum wage.

The ultimatum will expire on Friday night.

The President of the TUC, Festus Osifo, said the ultimatum issued by labour remained following the breakdown of talks on Tuesday.

“We have an ultimatum on May Day that if by May end, we don’t have a new minimum wage that will take a worker home, we will not be able to guarantee industrial peace.

“We are sticking to that ultimatum,” Osifo said.

Meanwhile, the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, on Wednesday, appealed to organised Labour to be considerate and patriotic in their demands in the ongoing negotiation for a new national minimum wage.

Onyejeocha made the appeal in a statement signed by the Director of Press and Public Relations in the ministry, Olajide Oshundun, in Abuja, on Wednesday.

The minister said the Federal Government had consistently taken steps to secure a fair and realistic wage for Nigerian workers.

She, therefore, urged labour to recognise that the nation’s economy was still on the path of recovery from the effect of the pandemic and other economic distress.

“We appeal to organised labour and, indeed, other relevant stakeholders to be considerate and patriotic in their demands, recognising that our economy is still recovering from the devastating effects of the pandemic and other global economic shocks.

“We are committed to putting the people first and ensuring that our economic policies benefit all Nigerians, not just a select few.

“The government remains dedicated to prioritising the well-being of our citizens and it wants to urge all relevant parties to demonstrate patriotism and understanding.

“This is particularly during this critical period when President Bola Tinubu, is working diligently to revitalise the economy,” she said.

The minister therefore said the government recognised that the economic challenges faced by Nigerians were complex and multifaceted and called for a collective effort of all stakeholders to overcome them.

She added that the meeting with organised labour was a significant step in the ongoing efforts to secure a fair and realistic wage for Nigerian workers.

“As a government, we recognise the importance of ensuring that our citizens receive a decent standard of living wage, and we are committed to making this a reality.

“After hours of intense negotiations, labour leaders took a recess to consult with other key stakeholders and have pledged to return to the negotiating table for further discussion.

“We welcome this development and are optimistic that our continued engagement will yield a positive outcome.

“In the light of the current economic conditions, we have made a concessionary move from N57,000 to N60,000,” she said.

She noted that the increase was a demonstration of the government’s willingness to listen to the concerns of labour and work towards a mutually beneficial agreement.

A top official of the NLC said that organised labour had not changed its position that negotiation on the minimum wage should end on Friday.

Credit: The Punch

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has placed its shareholders in celebration mode, receiving commendation for a profitable 2023 financial performance, at its just concluded 2023 Annual General Meeting, which held on Tuesday, May 28, 2024.

The Wema Bank AGM is a yearly gathering convening shareholders and other stakeholders of Wema Bank to assess the Bank’s financial performance over the previous year, its strategies, as well as to determine resolutions on relevant aspects of the Bank’s operations to promote accountability, democratic utilisation of investors’ funds and strategic allocation of the Bank’s resources towards the sustainable success of the business. According to shareholder testimonials, not only was the 2023 Wema Bank AGM allegedly the best AGM in the Bank’s history, the financial performance as captured in Wema Bank’s FY 2023 Annual Report, is also allegedly the Bank’s best so far.

Exercising their voting rights, the Bank’s shareholders unanimously approved a N0.50 dividend for the year ended December 31st, 2023, as well as the appointment of two new Non-Executive Directors of the Bank—Yewande Zaccheaus and Yusuf Kazaure, and the new Executive Director, Segun Opeke, as new additions to the Wema Bank Board of Directors. Shareholders further commended the Bank on an exceptional 2023 financial performance as its financial report revealed a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn, 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn and a remarkable 220.53% increase in Earnings per share from N87.2 to N279.5, among other successful upturns.

Expressing gratitude to the Bank’s stakeholders for their contributions to the tremendous results achieved, Moruf Oseni, Wema Bank’s MD/CEO, disclosed the Bank’s progress towards realising the recapitalisation minimum target of N200bn, set by the Central Bank of Nigeria (CBN). “As a Bank, we feel privileged and lucky to have enjoyed the support of our Shareholders and Stakeholders, especially in the past year. The Bank’s performance has been stellar throughout the year and the figures testify to that. None of it could have been possible without the support of the Board, my colleagues in Executive Management, and our customers who are extremely loyal and committed to helping us improve, but I think the most important ingredient of all is the followership of the 5000+ employees that I lead as the MD/CEO of Wema Bank. We have given them a purpose which has resonated with them, and they are working day and night to ensure that your Bank gets to the top. That is the reason you see the results you have seen”.

“To the owners of the Bank, our Shareholders, we are grateful. You have been relentless in your support of this administration and have constantly challenged to achieve greater and supported us. As always, we will continue to rise to the occasion. The apex Bank has done its due diligence and approved our N40bn Rights Issue, which is currently undergoing SEC approval to be listed on the Nigerian Exchange. Our Capital Base now stands not at the current N15bn but with the Rights Issue, at N55bn, significant headway towards N200bn.

Following the shareholders’ and Board’s approval, we are set to raise the N200bn within the 24-month timeline through public placements and a public offer, which we are confident that we will achieve before the timeline expires. We have shared our plans with the CBN, and we will work assiduously to meet balance our Capital Base in the nearest future. At a minimum, Wema Bank will remain a National Bank, we will keep working tenaciously to become a Systematically Important Bank, reattain Tier-1 status, and continue providing optimum value for every shareholder and stakeholder of Wema Bank”, Oseni concluded.

Commending the exceptional results, Mr. Badmus Tunde, a Shareholder of the Bank added, “I welcome the new Chairman on board and our MD/CEO as well, it is evident that they are very capable of steering the ship. I want to congratulate the Bank for coming this far, 79 years is not child’s play and I pray God grants us long life. Since 1945, Wema Bank has Gseen the good, the bad, the beautiful and the ugly, and through thick and thin, it has gotten to where it is today. The results are overwhelming, and profitability has been maintained. Kudos to the Board and Management”.

Upon Shareholder approvals, Wema Bank is set to disburse the N0.50 dividend for FY 2023 to its shareholders by May 29, 2024. In view of the Bank’s financial progress over the past 5 years, it is predicted that Wema Bank’s 2024 financial performance will outdo its past accomplishments, including that of the year ended December 31, 2023. Following SEC approval, the Bank’s N40bn Rights Issue is set to be listed on the Nigerian Exchange in the nearest future.