Connect with us


BIG STORY

NEC’s Unveils Palliatives Plan: Minimum Wage Review, Cash Reward For Civil Servants, Single-Digit Loans For MSMEs

Published

on

The National Economic Council (NEC) made suggestions on Thursday for mitigating the effects of Nigerians’ loss of access to fuel subsidies.

At the state house, the council, led over by Vice President Kashim Shettima, deliberated for more than five hours.

The NEC suggested initiating a cash distribution programme for states based on their social registries at the conclusion of the meeting.

The NEC noted that “there’s a big question mark about the integrity” of the National Social Register, and as such, states should develop their respective registers.

Charles Soludo, Anambra state governor; Bala Mohammed, governor of Bauchi; and Dapo Abiodun, Ogun state governor, briefed state house correspondents at the end of the meeting.

Here are five other highlights of their proposal.

PAY SALARY ARREARS; LAONS FOR MSMEs

Members of the council recommended a cash reward policy for public servants for six months.

The NEC also emphasized the importance of paying outstanding liabilities of public servants, including pensions and gratuities, to alleviate their hardship.

The Ogun state governor said the council agreed that government will focus on funding micro, small, and medium enterprises (MSMEs) with single-digit interest rates to support the growth of businesses.

CONVERSION OF PETROL VEHICLES TO AUTOGAS

The governor said they also agreed on the immediate implementation of the Energy Transition Plan, focusing on transitioning to compressed natural gas (CNG) for mass transit vehicles.

The council suggested the establishment of manufacturing and assembly plants for electric vehicles (EVs) in each zone in the country in the long term.

In the interim, the NEC encouraged the conversion to CNG to create employment and reduce petrol dependency.

GRAINS, FERTILISER DISTRIBUTION

The council agreed that food items, grains, and fertilizers are to be distributed by state governments at the rate acquired from National Emergency Management Agency (NEMA).

Commenting on the recommendation, the Bauchi governor said the council addressed food security and food price escalation by allocating buffer stocks of grains for distribution to states.

He said the states can choose to sell them at subsidized rates or distribute them for free to ease the burden on citizens.

REDUCE THE COST OF GOVERNANCE

Speaking on the need to reduce the cost of governance, the Anambra state governor said it is “an issue that each tier of government should now focus on as an area of concern”.

Soludo said public officials must cut back on the number of cars in their convoys and the aides they appoint.

He said NEC agreed that politicians should look at themselves in the mirror; “be sensitive to the times” and “knock off the waste and the irrelevances”.

MINIMUM WAGE REVIEW

Soludo said the council also mentioned the possibility of negotiating a new minimum wage over time.

He said: “As part of those recommendations, over the medium, longer-term… is the possibility of negotiating a new minimum wage. That obviously will be on the table.

“But that has to be negotiated through the appropriate structures for doing that over time.”

 

BIG STORY

Trump Hits Nigeria With 15% Tariff In Revised Global Trade Blitz

Published

on

Nigeria, along with several other African nations, has been subjected to a 15 percent import tariff following a broad executive directive issued by United States President Donald Trump.

The White House disclosed the updated reciprocal tariff framework on Thursday.

Back in April, Trump had introduced extensive tariffs on various international trade partners, placing a 14 percent duty on Nigeria.

The implementation of these “reciprocal” tariffs was initially delayed for 90 days to allow time for bilateral trade negotiations, with the new deadline set for August 1.

Despite the extensions, most discussions did not lead to any new trade arrangements, prompting the enforcement of higher tariffs as part of Trump’s updated global trade strategy.

Across Africa, the United States was unable to finalize a single trade agreement, despite considerable efforts made by officials from both sides.

While countries explored options to navigate the tariff challenges, Trump also placed travel bans on multiple African nations.

Nigeria was not part of the original list, but was eventually included as the policy developed further.

Yusuf Tuggar, Nigeria’s minister of foreign affairs, mentioned that West African countries had intentions to enhance trade relations with the US but saw the travel bans as a major hindrance.

Here is the breakdown of the revised tariff categories:

10% – Falkland Islands, United Kingdom, and all other nations excluded from the executive order
15% – Afghanistan, Angola, Bolivia, Botswana, Cameroon, Chad, Costa Rica, Côte d’Ivoire, Democratic Republic of the Congo, Ecuador, Equatorial Guinea, Fiji, Ghana, Guyana, Iceland, Israel, Japan, Jordan, Lesotho, Liechtenstein, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Nauru, New Zealand, Nigeria, North Macedonia, Norway, Papua New Guinea, South Korea, Trinidad and Tobago, Turkey, Uganda, Vanuatu, Venezuela, Zambia, Zimbabwe
18% – Nicaragua
19% – Cambodia, Indonesia, Malaysia, Pakistan, Philippines
20% – Bangladesh, Sri Lanka, Thailand, Taiwan, Vietnam
25% – Brunei, India, Kazakhstan, Moldova, Tunisia
30% – Algeria, Bosnia and Herzegovina, Libya, South Africa
35% – Iraq, Serbia
39% – Switzerland
40% – Laos, Myanmar (Burma)
41% – Syria

China, which remains in a prolonged trade dispute with the United States, is still actively negotiating with the Trump administration.

Canada received a 35 percent tariff, while Mexico was hit with several levies including 25 percent on fentanyl, 25 percent on automobiles, and 50 percent on steel, aluminum, and copper, all of which will take effect in 90 days.

Brazil was initially given a 10 percent tariff.

However, an additional 40 percent duty was introduced on Thursday, raising Brazil’s total tariff rate to 50 percent.

Continue Reading

BIG STORY

Army Lacks Funds To House 13,000 New Recruits — COAS Oluyede

Published

on

Olufemi Oluyede, chief of army staff (COAS), has stated that the Nigerian Army does not have the financial capacity to provide accommodation for incoming recruits.

According to Punch, Oluyede made this known on Thursday in Abuja during a visit by the senate committee on army to the army headquarters.

While expressing appreciation to the committee for their support, he pointed out that the current method of funding, particularly the envelope budgeting system, falls short of meeting the army’s operational demands.

He appealed to the committee to consider allocating special funds outside the envelope budgeting model so the army can effectively deliver combat support and provide necessary welfare infrastructure.

“As we speak, the army is still challenged in terms of operational efficiency. This year alone, we are expecting about 13,000 new personnel, but there are no corresponding resources to provide accommodation for them,” the army chief said.

“We still have soldiers not being accommodated, and that number will continue to grow.

“We are not only looking at maybe insecurity within, but what if someday we are challenged from outside?

“So, I want to pray that you please look at that, and at the same time, look at how we can get special funds to provide accommodation for our soldiers. It’s very critical.”

Abdulaziz Yar’Adua, who chairs the senate committee, acknowledged the financial limitations the army faces and assured that the panel would push for enhanced funding.

“The Nigerian Army and Armed Forces should be removed from the envelope budgeting system so they have more funds to carry out their mandate. We’ve seen the need during our oversight visits,” Yar’Adua said.

“We want to assure the chief of army staff of our continued support and collaboration with the executive to ensure the army is adequately funded.”

He added that the committee had been divided into two teams to inspect army bases in Borno, Katsina, Sokoto, Kebbi, and Lagos states.

He explained that the inspection is in accordance with the constitution and senate procedures to guarantee proper use of approved funds.

Continue Reading

BIG STORY

No Region Left Out In Tinubu’s Infrastructure Revolution — Works Minister Dave Umahi

Published

on

Dave Umahi, the minister of works, said every part of Nigeria is included in President Bola Tinubu’s infrastructure agenda, and he promised to make public the full list of ongoing projects nationwide.

Umahi made this known in Abuja on Thursday following the weekly federal executive council meeting chaired by Tinubu.

“Mr. President has done extremely, very, very well in both urban and rural infrastructure,” he said.

“I’m going to publish all the projects—over N10 billion—across the entire country. I’m trying to be correct, and that will be next week.”

He explained that 118 km of roads in Abuja cost N286 billion, with N75 billion (30%) already disbursed, and over half the work completed.

The second phase of the project spans 164 km at a cost of N502 billion, with N150 billion (30%) released so far.

For the Abuja–Kano road, covering 72 km and valued at N450 billion, N135 billion (30%) has also been paid to the contractor.

He added that the Abuja County application project, worth $22 billion, had received 30 percent payment for ongoing construction.

Discussing regional infrastructure, Umahi noted that funds were disbursed for all four parts of the Bauchi–Gombe road, and Sukuk bond funding is backing projects in Gombe, which are now underway.

He said the Nembe Bridge project received 30 percent of its N156 billion funding, highlighting that the bridge would eliminate the need for expensive airboat travel to oil rigs.

“I’ve always said that when a road is not connected, you can’t move from one state to the other,” Umahi stated.

“It’s tantamount to being in prison because your movement is restricted… Projects bring down costs; the GDP of states is being improved.”

The minister also mentioned that the Lagos–Calabar coastal highway is 85 percent completed, having positively impacted Lagos’s GDP.

He said the Adamawa project, which was originally awarded in 2020 for 45 km, had now been extended to 61.76 km on the Biu–Newman road.

On the Lagos–Shagamu–Ijebu Ode–Ore road project, which began in 2018 and was revised in 2023, he said it is 25 percent complete and recently received an additional N11.423 billion.

He noted that the Niger State project was adjusted to include a binder crossing and a new bridge, which increased the cost by N8.94 billion.

He stated that the second section of the Sokoto–Badagry corridor was awarded for 228 km of three-lane road construction at N961 billion, with 120 km already completed in Sokoto.

Umahi expressed sorrow over the Keffi Flyover accident, which claimed three lives, saying the government had settled with the victims’ families and reconstruction had started.

He said the bridge remains closed to vehicles and that there are no unresolved legal matters related to the incident.

Umahi reaffirmed that the administration is dedicated to transparency and accountability.

“Anytime, any day, I would like to have a debate with anybody that wants more knowledge in terms of our ongoing infrastructure,” he said.

“That will come next week, and you will be able to see the great things that Mr. President is doing.”

Continue Reading



 

 

Join Us On Facebook

Most Popular