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Labour Debunks President Tinubu’s Claim, Says No Agreement Yet On Minimum Wage

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Organised Labour has debunked President Bola Ahmed Tinubu’s claims that an agreement has been reached on new national minimum wages in his nationwide broadcast to make Democracy Day.

Tinubu had asserted that the Federal Government and organised labour had come to an agreement on the much-discussed new minimum wage.

During his nationwide broadcast on Wednesday, in honour of 2024 Democracy Day in Abuja, Tinubu disclosed that the new minimum wage accord will shortly be formalised through the submission of an executive bill to the National Assembly.

The President highlighted that in response to workers union demands, his administration opted for democracy over dictatorship.

However, Prince Adewale Adeyanju, the acting president of the Nigeria Labour Congress, stated in a statement on Wednesday that at the time negotiations ended on Friday, June 7, 2024, the Tripartite Committee on the National Minimum Wage had not reached an agreement.

Adeyanju stated that rather, two figures such as N250,000 from Organised Labour and N62,000 from the government and Organised Private Sector, were arrived at and ought to have been submitted to the President.

The labour leader asserted that anything to the contrary was not only doctored but won’t be accepted by Labour.

The statement reads, “We reiterate that it will be extremely difficult for Nigerian workers to accept any national minimum wage figure that approximates to a starvation Wage. We cannot be working and yet remain in abject poverty.

“The Nigeria Labour Congress (NLC) attentively listened to the Democracy Day Presidential address delivered by His Excellency, Senator Bola Ahmed Tinubu, especially concerning the ongoing National Minimum Wage negotiations. While the President may have accurately recounted parts of our democratic journey’s history, it is evident that he has been misinformed regarding the outcome of the wage negotiation process.

“To quote Mr. President; “As we continue to reform the economy, I shall always listen to the people and will never turn my back on you. In this spirit, we have negotiated in good faith and with open arms with organized labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.

“In the face of labour’s call for a national strike, we did not seek to oppress or crack down on the workers as a dictatorial government would have done. We chose the path of cooperation over conflict. No one was arrested or threatened. Instead, the labour leadership was invited to break bread and negotiate toward a good-faith resolution.

“We appreciate the President’s commitment to those fine democratic ideals which allowed the work of the Tripartite National Minimum Wage Negotiation Committee to proceed unhindered despite some hiccups. However, we had expected Mr. President to have used this understanding as one of those who were in the vanguard of the struggle with us around the nation to rescue Nigeria from the hands of the military to harmonize the two figures submitted to him by the Tripartite Committee in favour of workers and masses. It would have been a fitting Democracy Day gift.

 

“The NLC would have expected that the advisers of the President would have told him that we neither reached any agreement with the federal government and the employers on the base figure for a National Minimum Wage nor on its other components.

“We are therefore surprised at the submission of Mr. President over a supposed agreement. We believe that he may have been misled into believing that there was an agreement with the NLC and TUC. There was none and it is important that we let the President, Nigerians and other national stakeholders understand this immediately to avoid a mix-up in the ongoing conversation around the national minimum wage. We have also not seen a copy of the document submitted to him and will not accept any doctored document.

“President’s advisers obviously did not tell him the truth that the leaders of the trade unions were intimidated and harassed. It is therefore important that Mr. President understands that we were threatened severally by his operatives perhaps without his consent. Series of media Propaganda calculated to intimidate and harass us were, and, are still being waged against the trade unions by senior officials of this government.

“Fully armed soldiers surrounded us while we were in a negotiation with the Government and despite denials, recent statements by senior officials of the Government reaffirmed our fears contrary to the assurances by the Government. However, we remain assured that the President’s democratic credentials will come to the fore in favour of Nigerian workers and masses.”

This response comes after President Tinubu’s address, which indicated a resolution had been achieved on the wage discussions, thereby causing confusion and discontent among the ranks of Organised Labour.

The President speaking on his plan to fix the economy so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour, said, “In this spirit, we have negotiated in good faith and with open arms with organized labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.

“In the face of labour’s call for a national strike, we did not seek to oppress or crack down on the workers as a dictatorial government would have done. We chose the path of cooperation over conflict.

“No one was arrested or threatened. Instead, the labour leadership was invited to break bread and negotiate toward a good-faith resolution.

“Reasoned discussion and principled compromise are hallmarks of democracy. These themes shall continue to animate my policies and interaction with the constituent parts of our political economy.”

BIG STORY

Lagos, Ogun Warn Residents As Oyam Dam Plans Water Release

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The Lagos and Ogun state governments have warned residents living in flood-prone areas, especially those near riverbanks, to temporarily relocate or prepare for possible flooding due to the planned release of water from the Oyan dam.

The release, managed by the Ogun-Oshun River Basin Development Authority (OORBDA), is an annual process to regulate dam levels during the rainy season.

Last year, flooding caused by water release from the dam affected residents of Isheri Riverview Estate and surrounding areas.

To prevent a similar situation, both state governments have advised communities in low-lying areas to take precautions, including moving to safer locations, as the release could cause rivers to overflow and result in severe flooding.

The Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab, confirmed that advocacy efforts were underway, urging people in vulnerable areas like Ajilete and Owode-Onirin to relocate.

The Ogun State Commissioner for Environment, Ola Oresanya, noted that the dam’s water release volume would be increased to create more reservoir space.

However, OORBDA assured the public that the release would not cause flooding, and the dam has undergone regular maintenance to prevent any failures.

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BIG STORY

Federal Government Declares October 1 As Public Holiday In Celebration Of Independence Day

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The Federal Government of Nigeria has declared Tuesday, October 1, 2024, as a public holiday to commemorate the country’s 64th Independence Day celebration.

This announcement was made by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, who congratulated Nigerians both at home and abroad on this historic occasion.

Dr. Tunji-Ojo commended the resilience and hard work of Nigerians, emphasizing that their sacrifices will not go unnoticed.

He encouraged citizens to reflect on the enduring efforts of the nation’s founding heroes, reminding them that the dream of a prosperous and united Nigeria can only be realized through collective action and national unity.

He also “reiterated the need for Nigerians to reflect on the labour of our heroes past and be inspired for the tasks ahead, realising that a Nigeria of our dream can only be built when we unite”.

“While wishing Nigerians a Happy Independence Day Anniversary, Dr. Tunji- Ojo urged the citizens to continue to be steadfast in nation-building,” the statement reads.

The federal government had announced that this year’s Independence Day anniversary will be a “low-key event” due to the economic hardship and spiralling inflation bedevilling millions of households.

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BIG STORY

Naira Depreciates To N1,700/$ At Parallel Market, Lowest Level In Seven Months

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The Nigerian naira experienced a significant decline in value on Friday, depreciating to N1,700 per dollar at the parallel section of the foreign exchange market.

By the close of trading, the naira had depreciated by 1.49 percent compared to its value of N1,675 per dollar on Thursday.

Notably, this rate of N1,700 per dollar represents the lowest value the naira has recorded since February 19, when it previously reached a low of N1,730 per dollar.

In Lagos, currency traders, also known as street traders, quoted the buying rate of the local currency at N1,680 per dollar and the selling rate at N1,700 per dollar, resulting in a profit margin of N20.

Meanwhile, at the official foreign exchange window, the local currency appreciated by 2.24 percent, rising from N1,576.1 per dollar on Thursday to trade at N1,540.78 per dollar on Friday.

According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,691 and at a low rate of N1,530 during trading hours.

At the parallel market on Monday, the naira depreciated to N1,665/$ from N1,663 on September 20.

Maintaining the depreciation streak, the local currency fell further to N1,670 and N1,680 on Tuesday and Wednesday, respectively.

However, the naira rebounded to N1,675 on Thursday.

At the official FX market, the local currency depreciated to N1,562.66 on Monday — from N1,541.52 on September 20.

Subsequently, the naira further depreciated to N1,658.48 on Tuesday and N1,667.72 on Wednesday, before appreciating to N1,576.1 on Thursday.

On January 29, the Central Bank of Nigeria (CBN) said it had begun implementing a comprehensive plan to improve liquidity in the Nigerian FX markets in the short, medium, and long term.

The apex bank said the FX reforms were designed to streamline and harmonise multiple exchange rates, promote transparency, and lessen the likelihood of arbitrage opportunities.

On September 25, Olayemi Cardoso, governor of CBN, said the multiple interest rate hikes have restored confidence in the naira.

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