Connect with us

BIG STORY

Emefiele’s Naira Policy Is Ill-Conceived, Designed To Scuttle Elections —– Oshiomhole

Published

on

Former Edo State Governor Adams Oshiomhole described the policy, the implementation of which started in January, as one designed to scuttle the elections scheduled for February 25 and March 11.

“It (policy) is ill-conceived, not well-thought-out and poorly timed,” Oshiomhole said.

The former Nigeria Labour Congress (NLC) President accused the CBN Governor, Godwin Emefiele, of taking advantage of President Muhammadu Buhari’s anti-corruption posture to pit him against Nigerians.

Oshiomhole spoke yesterday on a Channels Television programme, ‘The 2023 Verdict’.

Also yesterday, members of the House of Representatives threatened to cut their recess, should the scarcity of the new naira notes persist.

Speaker Femi Gbajabiamila, who dropped the hint in Lagos, said members of the Green Chambers will continue to monitor the policy implementation.

According to the Speaker, the House may reconvene before the February 25 Presidential and National Assembly elections, if the CBN failed to address the hardship being faced by Nigerians as a result of the currency swap policy.

The CBN had introduced N1000, N500 and N200 notes and set a February 10 deadline to rest the old bills.

But the policy threw Nigerians into hardship following the cash crunch at the banking halls and Automated Teller Machines (ATMs).

Faulting the policy, Oshiomhole, who is a former National Chairman of the All Progressives Congress (APC), said the policy was unilaterally conceived by Emefiele to deceive the President.

He said: “I am sorry to say that it is not a secret that he wanted to contest for the APC presidential ticket.

“He bought N100 million APC nomination form and the President directed that all those who wanted to contest for the presidential ticket should resign their appointments.

“I remember that during that time he went to the Villa, I believe, he went to consult and when they asked him if he had been cleared to proceed on his political ambition, he said, there will be big news soon.

“The only news we have heard is this change of currency. We have not heard the news of why he didn’t proceed with his political ambition.

“We didn’t hear anything from him. The only news we heard is the naira redesign. Emefiele could have chosen a policy that will discredit the party.

“And unfortunately, everybody knows that President Buhari’s constituency in Nigeria is the army of the poor.

“The elite have never supported him. And it is these poor people who are hit the most by this policy.

“When you talk about vote buying, we have moved from a situation that all you need is to compromise the police and the INEC, then, you write the results and they are declared and you start balancing the ballot paper later.

“You can see that the tension in the bank is not to eliminate abuses, but to prevent the election from taking place.

“The policy will hurt the election process as the INEC will have to revise its budget as the allocated funds to buy PMS and to bring election materials cannot meet that need now.

“It is in that context that whoever scuttles the election would have scuttled the chances of the APC winning the election.

“I am happy that the National Assembly captured the mood of the people. This is because what separates dictatorship and democracy is the presence of the parliament.

“They live and represent 360 constituencies across the 774 local government areas in Nigeria. They are in touch with their people and they have spoken”.

On the redesigning of the naira, Oshiomhole said: “I believe that Emefiele, knowing the posture of the President against corruption, used that to achieve other objectives.”

The former Labour leader also backed allegations by Kaduna State Governor Malam Nasir El-Rufai that some cabal in the State House have colluded to de-market the ruling party.

He said: “Talking about elements in the Villa, I like to speak to faces, though some people may not like that. I will not want to talk about elements, but I prefer to mention names.

“He (Emefiele) has cited his powers under the law. He didn’t say he was acting under pressure. So, I believe him.

“I, therefore, make bold to say that the decision is a product of his own womb; it is ill-conceived, not well-thought out and poorly-timed to create this hardship.”

BIG STORY

Report Excessive Price Increases, Unscrupulous Exploitation Of Consumers — FCCPC Urges Nigerians

Published

on

The Federal Competition and Consumer Protection Commission (FCCPC) has said that business that engage in price-fixing will face swift legal action.

It called attention to the burden that this practice places on the financial security and well-being of consumers and exhorted them to denounce such acts.

This was revealed by the FCCPC in a statement that was published on its official X (formerly known as Twitter) handle on Sunday.

The statement read, “The FCCPC acknowledges that the rising cost of essential goods impacts consumers’ well-being and economic stability.

“While we recognise that the commission cannot directly control prices, we are committed to safeguarding consumers’ interests and ensuring fair market practices, necessitating fair pricing.

“Arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws.

“The commission will not hesitate to invoke Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 against any perpetrator of such acts. This section prohibits obnoxious trade practices and unscrupulous exploitation of consumers.”

The statement urged Nigerians to stay vigilant and report any unfair trade practices they encounter.

It added, “We encourage consumers to remain vigilant and report unfair trade practices to the FCCPC.

“Consumers can provide details, including the conduct, location of perpetrators, and other relevant information for investigation, through [email protected].

“The FCCPC remains committed to promoting fair competition, protecting consumers, and fostering a regulated marketplace. We appreciate citizens’ vigilance and encourage active participation in reporting any violations.”

Earlier report in February had it that FCCPC closed a popular supermarket in the Garki area of Abuja, Sahad Store, for lack of transparency in products pricing.

Similarly, it also encouraged electricity consumers to report distribution companies that failed to comply with the capping of estimated bills for unmetered customers.

Continue Reading

BIG STORY

NLC, TUC Demand N615,000 Minimum Wage For Workers In Fresh Proposal

Published

on

Organised labour, comprising the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC), has made a fresh demand of N615,000 as the new minimum wage for workers in the country.

According to The Punch, an impeccable source, who is an executive of organised labour, under anonymity, said that the new wage of N615,000 monthly was reached after consultations by the NLC and TUC.

The source, who was a member of one of the sub-committees set up by the government to work on getting a new minimum wage for the country, however, said the wage might still increase, following the recent hike in electricity tariff.

Furthermore, the source said, “We (NLC and TUC) have given our figures to the government (on the minimum wage), and it is N615,000. That is the position of the NLC and TUC on the matter. The government has been informed as well.”

President Bola Ahmed Tinubu, through Vice President Kashim Shettima, had on January 30, set up a 37-member panel at the Council Chamber of the State House in Abuja.

With its membership cutting across federal and state governments, the private sector, and organised labour, the panel was tasked with recommending a new national minimum wage.

At the inaugural meeting of the panel, Shettima urged members to ‘speedily’ arrive at a resolution, and submit their reports early as the current N30,000 minimum wage expired at the end of March 2024.

Chairing the panel is a former Head of the Civil Service of the Federation, Bukar Aji, who, at the inauguration ceremony, affirmed that its members would come up with a ‘fair, practical, implementable and sustainable’ minimum wage.

The inauguration followed months of agitation from organised labour over the FG’s failure to inaugurate the new national minimum wage committee as promised during negotiations last October.

From the government’s side, members include the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, representing the Minister of Labour and Employment; Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who was represented by the ministry’s permanent secretary, Lydia Jafiya; the Minister of Budget and Economic Planning, Atiku Bagudu; Head of the Civil Service of the Federation, Dr Yemi Esan; and Permanent Secretary, GSO/OSGF, Dr Nnamdi Mbaeri, among others.

Representing the Nigeria Governors Forum are Mohammed Bago of Niger State, representing the North Central; Senator Bala Mohammed of Bauchi State, representing the North East; Umar Radda of Katsina State, representing the North West; Charles Soludo of Anambra State, representing the South East; Senator Ademola Adeleke of Osun State, for the South West; and Otu Bassey of Cross River State, on behalf of the South-South.

From the Nigeria Employers’ Consultative Association is the Director-General of the association, Adewale-Smatt Oyerinde; Chuma Nwankwo, Thompson Akpabio; as well as members from the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, including Michael Olawale-Cole, Ahmed Rabiu, and Humphrey Ngonadi.

From organised labour, the Nigeria Labour Congress is represented by its president, Joe Ajaero; as well as President of the TUC, Festus Osifo; and his deputy, Tommy Etim-Okon, among others.

Ajaero had announced N1m as the new minimum wage, owing to the rising inflation in the country which, according to him, had pushed many of his members into poverty.

This led to several controversies, with some experts stating that the wage was unrealisable or sustainable.

However, in an interview with one of our correspondents, another labour leader stated that the NLC and TUC had pegged the new wage at N615,000 tentatively.

Asked if the May 1 deadline was still on course, the labour leader said, “What I want you to know is that we are doing our best. Both the TUC and NLC have harmonised, and they have sent their position to the government.

“We are in the process. Be assured that once anything happens, I will, as usual, inform you. That is all I can tell you for now, because we have not met; even though we have submitted our unified positions to the Federal Government. We will be speaking with one voice.

“But, let me also hint you that with the removal of the electricity tariff subsidy, we are going to have another round of serious conversations with the government. Mind you, the tariff increase is also very good for us, because they (the government) did it when the new minimum wage process had not been concluded. So, it is going to be a good ground for us to ask for more.

“Our position will be defended based on the new price of N225 per kWh of electricity. Although we (the government and Labour) are not in agreement, we are waiting to meet and decide on the next point of action.”

The source added, “This is because if you look at the Electricity Act, it canvassed a position that before any increase at all, there must be stakeholders’ engagement. However, the Nigerian Electricity Regulation Commission unilaterally imposed the removal of the electricity tariff on the consumers, without recourse to stakeholders. That is in total defiance to the provisions of the Act.

“These are the issues that will be in the front burner of our next negotiation with the Federal Government.

“The new tariff will also give us another strategy to press the government on the need to move the minimum wage upward. This is because the government has not announced any new minimum wage yet, as we are still negotiating.

“As I said, the NLC and TUC have harmonised positions, which we have sent to the government. It is even now that the negotiation will start properly. All that we have done so far was to try to lay the foundation, and now that we have come up with our positions, the government will also come up with their own. We will then start a fresh negotiation.”

  • Economists Differ

Reacting, a professor of Economics at the Olabisi Onabanjo University, Ogun State, Sheriffdeen Tella, said, “If internationally, they say there is poverty in Nigeria, what they mean is that Nigerians are earning less than two dollars per day. If you want to fix the minimum wage to end poverty, what you should do is fix the minimum wage above that.

“Whatever the labour unions have presented to the Federal Government is for negotiation and to serve as a benchmark. It is left for the Federal Government to negotiate.

“There is a law that has been established to make them comply. But, they (state governments) decide to flout the law. When it is agreed as minimum wage, that is what the private and public sectors should pay. If they don’t pay, they should be taken to court.”

A professor of Microeconomics at the University of Ibadan, Oyo State, Adeola Adenikinju, noted that while the Federal Government would bear a significant burden, it was imperative to recognise the involvement of state governments and the private sector in the implementation of the new minimum wage.

Adenikinju, who is also the President of the Nigerian Economic Society, harped on the importance of acknowledging the diverse economic landscapes across states, suggesting that a uniform minimum wage might not be feasible, due to varying levels of affordability.

He said, “The proposed minimum wage by the NLC should be looked at. It is not only the Federal Government that is going to pay this. The state government and private sector are also involved.

“It must be noted that the minimum wage varies by state, as some states are richer than others.”

In a similar vein, another economist, Paul Alaje, explained that there was a high possibility of President Bola Tinubu declaring between N100,000 and N200,000 as the minimum wages for both the private and public sectors if the exchange rate of naira improved to N1,000 per dollar by May.

He added that 30 out of the 36 states would struggle and might not align with the payment of the new minimum wage if it was pegged at N615,000.

According to him, getting special assistance from the Federal Government and intervention funds from international communities should be tied to states having zero clearance of previous salaries.

He also stated while the proposed minimum wage might not be so much of a challenge for the Federal Government and six states, the other 30 states will struggle to pay that amount.”

 

Credit: The Punch

Continue Reading

BIG STORY

New National ID Card To Be Issued Through Banks — FG

Published

on

The National Identity Management Commission (NIMC) states that applicants’ banks will provide them with the anticipated national ID card.

In order to provide the cards to applicants, NIMC stated that it is collaborating with the Nigerian Interbank Settlement System (NIBSS).

“The card will be issued through the applicants’ respective banks in line with existing protocols with the issuance of the Debit/Credit cards,” the agency said in a Friday update on its official X (formerly known as Twitter) handle.

It said applicants need to request their cards with their NIN “through the self-service online portal, NIMC offices, or their respective banks”.

“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS,” NIMC said.

“The card can be picked up by holders at the designated center or delivered to the applicants at the requested location at an extra cost to be borne by the applicants,” the update read.

Continue Reading

Most Popular