Connect with us


BIG STORY

Cash Withdrawal Limits: Reps Order CBN To Suspend Move, Banks Adamant

Published

on

House of Representatives on Tuesday insisted that the Central Bank of Nigeria must not proceed with its cash withdrawal policy.

Although the CBN Governor, Godwin Emefiele, for the second time, failed to appear before the House, the lawmakers said their December 8 directive to the apex bank to put the policy on hold had not changed.

Amid protests and condemnation, the lawmakers rescheduled the CBN governor’s appearance for Thursday (tomorrow).

It was however gathered that CBN had not circulated any counter directive to banks and other financial institutions stopping the policy despite the resolution of the lawmakers.

The House at its plenary on December 8 summoned Emefiele to appear before it on Thursday last week to explain the latest policy by the CBN which, among others, sets limits to cash withdrawals at the Deposit Money Banks and other financial institutions.

Among others, the CBN, in a statement on December 6, indicated that beginning from January 9, 2023, the amounts individuals and corporate organisations could withdraw per week would not exceed N100,000 and N500,000, respectively.

The lawmakers wanted to grill Emefiele on the policy on Thursday last week but he failed to appear at the green chamber.

The Deputy Governor, Corporate Services, CBN, Edward Adamu, in a communication to the House told the lawmakers that Emefiele was part of the entourage of the President, Major General Muhammadu Buhari (retd.), on an official trip to the United States.

Deputy Speaker of the House, Ahmed Wase, who read out the letter at the opening of plenary said Gbajabiamila had rescheduled Emefiele’s appearance to Tuesday (yesterday).

At the opening of plenary on Tuesday, the Speaker of the House, Femi Gbajabiamila, notified members that Emefiele would not be appearing before them.

Gbajabiamila said, “First, I think it is important that I communicate back to the House because a couple of weeks ago, the House resolved to, and in compliance with the Central Bank Act and the Constitution of the Federal Republic of Nigeria; we invited the Central Bank governor to brief us last Thursday on policies and what was going on; to brief the House on both the redesigning of the naira and, more importantly, the new cash policy.

“The Central Bank governor was supposed to come in last Thursday but he wrote to the House stating that he was unavoidably absent as he was in the United States on an official visit with Mr President. The House did write back to give him another date since he was officially out with Mr President, and that other date was for today, Tuesday, 10 am.

“Just yesterday, I received a letter from the Central Bank…rather, the Clerk (to the House) received a letter which I have with me. It was not addressed to me, but to the Clerk, since he was the one that wrote the invitation letter in the first place.”

The Speaker went on to read out the latest letter from the Deputy Governor, Corporate Services, CBN, Edward Adamu, titled ‘Re-Invitation for Briefing.’

It read in part, “We refer to your letter of December 15, 2022, inviting the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, to appear before the House of Representatives on a rescheduled date of Tuesday, December 20, 2022.

“Regrettably, the governor is unavailable to brief the House of Representatives at this time because he has other pre-scheduled official engagements he is currently addressing abroad.

“Accordingly, he has requested that we respectfully convey his inability to honour the invitation on the rescheduled date. The governor regrets this and will contact the House of Representatives as soon as he returns to the country from his official assignment.”

Lawmakers kick

Gbajabiamila then sought the opinion of members on the next line of action.

A member of the House, Yusuf Gagdi, said he was not going to comment on the policy “but about your powers and our powers, and the need to respect the Nigerian people.”

He stated that the crafters of the Constitution did not err by creating the House to call public office holders to account for their activities on behalf of Nigerians.

Gagdi said, “I think at this point in time, it is quite important for us to let such public office holders know that it is not Right Honourable Femi Gbajabiamila that is summoning the CBN governor or Honourable Yusuf Gagdi or the Deputy Speaker or any member; it is the collective whims of the Nigerian people that are inviting the CBN governor to come and explain some of the policies that Nigerian people needs explanation for.

“I am not against any policy but I am against disrespect to you and to the Nigerian people. The Speaker is a symbol of this House and Nigerian people. So, if you disrespect Mr Speaker, you are disrespecting Nigerian people; you are disrespecting the House.”

The Speaker interjected to say that he wanted to put the matter in the proper context.

Gbajabiamila said, “The invitation was not from the Speaker, the invitation was from the House; that is one. Two, in fairness, at the time the invitation went out, he was already out of the country officially. So, I don’t want to see it as disrespect, as such.

‘’He was already out of the country. I get your point…once, twice and there cannot be a third time. And I don’t think he can be out of the country for so long. I am just thinking that we can give another date on Thursday.”

Dissatisfied, Gagdi stated, “Mr Speaker, we have names to protect. As much as I agree with you 100 percent and I am guided, I wish to equally say that we should be mindful of the impression the House is giving out there.

“I have to commend the House for even inviting him in the first instance. But Mr Speaker, you are coming together for a policy that is commencing in the next few weeks. I believe coming back to address some of these daunting challenges is quite imperative than any other thing they are doing.

“It is important for the CBN governor to know that we will not tolerate further excuses in terms of non-appearance before the House to explain to Nigerian people some of these policies.”

In his submission, Femi Bamisile said he agreed with Gbajabiamila, urging other lawmakers to be patient with the CBN governor.

Also, Abdulganiyu Olododo-Cook asked if the House was sure that Emefiele would appear on Thursday, being the last plenary for the year.

Gbajabiamila noted that the most important thing was for the House to get “a proper, full briefing and it behooves the CBN governor, in accordance with the law, to brief this House.”

He said Olododo-Cook raised a valid point as to Emefiele staying outside the country beyond Thursday.

The speaker said, “At this point, we will be requesting to find out what that official assignment is that will keep the CBN governor away for almost two weeks. I would like to know that official assignment at this critical point in Nigeria that will keep him away for two weeks.’’

“In my humble opinion, because this House will also more than likely close on Thursday for the Christmas break, I think we should resolve to invite the CBN governor to brief this House on Thursday morning. And if for any reason it is verified that he is unavoidably out of the country on Thursday and he has a deputy governor or anyone who is well equipped to fully brief this House, so that we do not carry this unto next year. So, the CBN governor for Thursday or his deputy who is fully equipped with all the facts.” he said.

However, the Minority Leader, Ndudi Elumelu, however, reminded members that the resolution suspending the policy was still in force, whether Emefiele appeared or not.

Elumelu argued, “Mr Speaker, I think we are missing something here. The House, in the interim, has taken a position. The issue of him coming was just to fulfil all righteousness, in compliance with the law. We have already passed a resolution asking him to suspend the implementation of that policy. And the Senate has equally concurred with the resolution we passed.

“So, whether he comes or he doesn’t come, we have passed a resolution asking him to suspend, and the Senate has concurred. So, what we should be looking at is whether he will disregard the concurrent resolution of both chambers. I think we should work towards and reinforce that, pending when he appears before us to brief the House.”

Gbajabiamila agreed with the minority leader that both resolutions still stand.

In his contribution, the Majority Leader, Alhassan Ado-Doguwa, urged the lawmakers to give Emefiele another opportunity on Thursday.

Asked if banks would continue with their preparations for the commencement of the new cash withdrawal limits on January 9, 2023, the President, Association of Corporate Affairs Managers of Banks, the umbrella body for banks’ spokespersons, Mr Rasheed Bolarinwa, said, “Yes, Deposit Money Banks have prepared for the implementation of the policy effective Jan 9, 2023 up till this moment, except otherwise advised by the CBN.”

Efforts to get comments from the Director of Corporate Communications of the CBN, Mr Osita Nwanisobi, were futile as he did not respond to a text message sent to him on the directive from the House of Representatives, and calls did not go through.

Meanwhile, northern youths under the umbrella of Arewa Youth Assembly on Tuesday stated that criminally-minded politicians against the cash withdrawal limits policy masterminded the alleged failed arrest of the CBN governor by the Department of State Services.

The youths said the World Bank, Internal Monetary Funds, African Development and other development partners should “intervene to save Nigeria and pay special attention to what is happening in CBN and its governor, to ensure that his tenure is not truncated on false charges.”

The Publicity Secretary of the AYA, Alhaji Ali Muhammad, during a press conference in Abuja, described those against the new policies by the CBN as enemies of the country.

He, therefore, called on the President to sack the Director-General of the DSS, Yusuf Magaji Bichi, without further delay.

The Arewa youths maintained that politicians who had stockpiled funds to rig the 2023 poll were behind the move to remove the CBN governor.

 

Credit: The Punch

BIG STORY

National Registration For All Hospitality And Tourism Practitioners Begins

Published

on

The National Institute for Hospitality and Tourism (NIHOTOUR) has launched the National Registration of Tourism Sector Personnel and Practitioners as of 1st December 2024. This initiative, in line with the NIHOTOUR Establishment Act 2022 (Gazette No. 3 of 2023), is aimed at regulating all personnel and practitioners within Nigeria’s hospitality and tourism sector.

Under the leadership of Aare Abisoye Fagade, FIMC, the Director General/CEO of NIHOTOUR, this comprehensive registration process extends beyond hotel staff to include all individuals and professionals involved in hospitality and tourism practices.

According to Aare Abisoye Fagade, the registration will remain free for the first six weeks. However, starting from the next quarter of 2025, a fee will be introduced. Aare Fagade has encouraged hotels and other stakeholders in the hospitality and tourism industry to take full advantage of this free registration window.

Registration is available at www.nihotour.gov.ng, and NIHOTOUR remains committed to professionalizing and elevating the standards of Nigeria’s hospitality and tourism industry.

Continue Reading

BIG STORY

Strike Begins In FCT, Kaduna, Cross River, 3 Other States As Panel Meets Over Minimum Wage

Published

on

Barring any last-minute changes, workers in the Federal Capital Territory (FCT), Cross River, Nasarawa, Ebonyi, Kaduna, and Zamfara states may begin a strike on Monday (today) due to the failure of state authorities to negotiate the payment of the N70,000 new minimum wage.

Although implementation panels set up by the affected states have been meeting with labour leaders in an attempt to avert the strike, various state chapters of the Nigeria Labour Congress (NLC) have indicated their readiness to proceed with the industrial action starting today.

The FCT Council of the NLC had previously instructed workers in the six Area Councils to begin an indefinite strike on December 1, pending further instructions.

This was outlined in a letter signed by the Chairman of the FCT Council of the NLC, Stephen Knabayi, on Saturday.

The strike follows a directive from the NLC leadership for workers in 14 states and the FCT to take industrial action starting Sunday over the non-implementation of the new minimum wage.

Knabayi faulted the failure of the area council chairmen to respond to the demand for the implementation of the minimum wage, despite receiving the communique of the National Executive Council of the NLC dated November 14, 2024.

The Nasarawa State chapter of the NLC on Sunday declared its readiness to declare a strike if the minimum wage was not paid.

The state NLC Chairman, Ismaila Okoh, disclosed that a notice of strike had been issued to all the labour members.

He, however, revealed that the Nasarawa State government had reached an agreement with the union to pay N70,500 to the workers, adding that no document had been signed regarding the implementation.

He said, “We have notified all our members to embark on strike tomorrow (today) because of the non-implementation of the national minimum wage in the state.

“Although the minimum wage committee set up by the state government has agreed to start paying N70,500, no document has been signed to that effect up till this moment.

“So, we are observing the situation to see if the documents on the minimum wage will be signed before tomorrow morning. However, if nothing is done between now and midnight, our members will have to fully comply with the strike as they were directed.”

To avert a shutdown, the Kaduna State Government said it had commenced the implementation of the new national minimum wage, with the least-paid worker in the state receiving N72,000 as gross salary in November.

Many states agreed to pay above the N70,000 minimum wage, with Kaduna State offering its workers N72,000 as minimum wage.

Despite the positive development, the state chapter of the NLC confirmed its planned strike.

The state’s chairman of the NLC, Ayuba Suleiman, said the workers would embark on a strike as directed by the NLC leadership.

When asked if the NLC was prepared to embark on a strike, Suleiman replied, “Yes, we are set for the strike.”

However, a statement on Sunday by Ibraheem Musa, the Chief Press Secretary to Governor Uba Sani, insisted it was “a misrepresentation for the NLC to claim that the state has defaulted in the payment of the new minimum wage.”

Musa noted that the state government had complied with the letter of the National Minimum Wage Law.

“His Excellency, the Executive Governor of Kaduna State, Senator Uba Sani, has complied with the spirit and letter of the National Minimum Wage Law, by paying the lowest paid civil servant N72,000 last month,” he said.

He added that the NLC had been pushing for consequential adjustments but the state government argued that there was a difference between salary increments and the minimum wage.

Musa explained that the state government received an average of N8bn from the Federal Allocation and generated around N4bn monthly, totalling N12bn revenue.

However, he said with the implementation of the minimum wage, the monthly wage bill had increased from N5.4bn to N6.3bn, including N4bn deduction for loan payments every month.

This, he said, left only N2bn for rural transformation, healthcare, education, and other public services in the state.

“It will be unfair for Kaduna State Government to spend almost all its revenue on consequential adjustments, after paying the mandatory minimum wage.

“There are over 10 million people who are also entitled to the accrued revenue of Kaduna State. There are 84,827 civil servants in the state. So, it is unreasonable for the government to spend over 90 per cent of its revenue on just about one per cent of the population,” he added.

Musa urged the NLC to exercise patience over the consequential adjustments, pending when the state government’s revenue improved.

“Governor Uba Sani is labour-friendly. He has demonstrated this by providing buses for civil servants to commute to work free of charge, as part of the palliatives to cushion the prevailing economic challenges,” he said.

Meanwhile, the Chairman of the NLC in Ebonyi State, Dr Oguguo Egwu, disclosed that the state workers had been directed to join the ongoing industrial action from today.

According to him, the warning strike, which will last one week, was sequel to the failure of Governor Francis Nwifuru to implement the new national minimum wage.

He said, “Talking about the new national minimum wage as it concerns Ebonyi State, our governor on September 11 at the Ojiji festival of Izzi Kingdom announced the new minimum wage of N70,000 and we are all aware of that.

“We were very happy and excited that Ebonyi would be among the first states to implement the wage. But subsequently, there was no communication and no information.

“And we heard that the governor wanted to implement the national minimum wage without any due process of collective bargaining where both the workers and government angle would meet to agree on the consequential adjustment.”

Also, the Zamfara State NLC secretary, Ahmed Abubakar, said workers in the state had yet to receive the new minimum wage, and as such had no alternative but to join the strike.

He said, “We are going to join the strike as directed by the national body of our great union to express our anger over the non-payment of the new minimum wage.”

Abubakar, however, explained that the union would continue to dialogue with the state government on the issue.

The organised labour in Cross River is set for an industrial action over the non-implementation of the new minimum wage in the state.

The Cross River State Chairman of the Nigeria Labour Congress (NLC), Gregory Ulayi, disclosed that the union would embark on an indefinite strike if the state government failed to implement the new minimum wage to workers.

However, it was learnt that the state government reached an agreement with the state chapters of the NLC and TUC late on Sunday night to pay the N70,000 wage to its workers.

Calls to the NLC and TUC officials to clarify whether the state workers would still embark on strike were not answered as at the time of filing this report.

 

Credit: The Punch

Continue Reading

BIG STORY

Good Life Nigerians Lived Before Petrol Subsidy Removal Was Fake — President Tinubu

Published

on

President Bola Tinubu says the good life that Nigerians thought they were living prior to his administration was fake and capable of collapsing the country.

Speaking on Saturday during the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo state, Tinubu stated that the removal of the petrol subsidy and the unification of exchange rates were necessary to save Nigeria from the brink of collapse.

Tinubu announced the end of the petrol subsidy on May 29, 2023, during his inauguration.

The Central Bank of Nigeria (CBN) also announced the unification of all segments of foreign exchange markets.

The president, represented at the event by Wahab Egbewole, vice-chancellor of the University of Ilorin, said his administration took decisive action to avert economic disaster and secure the future of Nigerians.

“As you are all aware, we took the baton of authority at a time when our economy was nose-diving as a result of heavy debts from fuel and dollar subsidies,” Tinubu said.

“The subsidies were meant to support the poor and make life better for all Nigerians. We are all aware of the fact that the poor and average Nigerians were the sufferers of what was supposed to give them succour and improved standard of living.

“Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken.

“The need to salvage the future of our children, and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates. I am not unaware of the consequences of the tough decisions on our people. I sincerely wish there could be softer options.”

The president expressed optimism that the policies are already yielding positive outcomes.

He noted that the country’s macro-economic indicators are improving daily, while the micro-economy, which directly affects citizens, is gradually taking shape.

Tinubu added that Nigeria is transitioning from a consumption-driven economy to one focused on production across all aspects of human endeavours.

  • ‘YOUTHS MIGRATION HAVE LED TO BRAIN DRAIN IN NIGERIA’

Tinubu called on the graduants to join hands with his administration “to recover our lost glory and virtues.”

The president also condemned the widespread migration of youths in search of “greener pastures,” stressing that the trend has led to significant brain drain in all sectors of the nation’s economy.

“Many of our youths have chosen the supposed easy option of emigrating to the proverbial greener pastures where their citizens had rolled up their sleeves to bring their nations back from the brinks in their times of trouble,” Tinubu said.

“Such inclination has led to the brain drain syndrome that we now experience in all areas of our endeavours as a nation.

“Our intellectuals and experts on whom the nation has massively invested huge resources to train in the interest of our country are migrating overseas in large numbers at a time their services are most required at home.

“It is heart-rending and the syndrome is not the solution to our problems. We are not Nigerians by accident, and I believe that the Almighty God who made us Nigerians has given us the required wisdom to turn things around for our betterment.

“The present challenges call for a high degree of patriotism and I can assure all Nigerians that there is light at the end of the tunnel. After rain comes sunshine. The brighter days are almost here.”

Tinubu said the renewed hope agenda is on track, assuring Nigerians that his administration will remain steadfast in its pursuit of a better and greater nation.

Continue Reading



 

Join Us On Facebook

Most Popular