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No Agreement With FG, Strike Not Ending Soon – ASUU, SSANU, NASU

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The Academic Staff Union of Universities and the Joint Action Committee of the Non-Academic Staff Union of Educational and Associated Institutions and Senior Staff Association of Nigerian Universities have said the Federal Government did not reach a strong agreement with them that could lead to calling off the industrial actions.

ASUU started its strike on February 14, 2022, and JAC commenced its own on April 14, 2022.

The unions embarked on industrial actions while demanding improved welfare packages, better working conditions, and the implementation of various labor agreements signed with the Federal Government between 2009 and 2020.

The national leaders of ASUU and JAC of SSANU and NASU, Prof Emmanuel Osodeke and Mr. Mohammed Ibrahim, respectively told our correspondent that the Federal Government and all stakeholders in the education sector and religious leaders had a meeting with the four unions but no strong agreements were reached.

The Minister of Labour and Employment, Senator Chris Ngige, was quoted in a report at the weekend as saying, “We had a cordial and fruitful discussion; we looked at the issues dispassionately and reached some agreements, to the satisfaction of everybody in attendance.”

But Osodeke said Ngige’s claim after the meeting that the unions would call off the ongoing strike this week was a political statement.

He said, “We are not aware that we are calling off the strike. We met but there was nothing concrete between us and the government. Like we said before, we do not want promises, we want actions, if they show action and implement all the issues, we will go to our members, but knowing their antecedents, we know they will not do anything.

“They promised us since December 2020 and it is going to a year and a half, they have not done anything. We are waiting for them.

“As far as we are concerned, only when they sign our agreements, accept UTAS, release EAA and revitalization funds will we call the strikes off.”

Ibrahim added that the major progress he could point at during the meeting was the ordering of the National Information Technology Development Agency, by the presidency who was represented by the Chief of Staff to the President and Chairman of the meeting, Prof. Ibrahim Gambari, to subject the three payment solutions; Integrated Payroll and Personnel information system, University Transparency and Accountability Solution and University Peculiar Payroll Payment System, to integrity test and submit in three weeks.

“We are not talking about calling off strike now,” he said.

NYSC, varsities to review timetable after strike

Meanwhile, the National Youth Service Corps, Joint Admissions and Matriculations Board, and universities will meet later to harmonize the timetable and rollout calendar for the mobilization of graduates for the mandatory National Youth Service and 2022 admissions following the disruption in the academic calendar as a result of the ongoing industrial actions.

The Secretary-General of the Committee of Vice-Chancellors of Nigerian Universities, Prof Yakubu Ochefu, disclosed this in an interview.

He said the heads of JAMB, NYSC, and universities would meet to ensure synchronization of timetables once the strike is called off.

Ochefu said, “If we recall, in 2020, when we had a similar situation, all the parties adjusted their rollout calendars.

“NYSC, JAMB, and the Universities will work together to synchronize their timetables.

“Their leaders will surely meet to review the timelines immediately after the strike is called off.”

Also, the Michael Imoudu National Institute for Labour Studies, Ilorin, Kwara State, has said that it has started mediating the dispute between ASUU and the Federal Government.

The Director-General of MINILS, Issa Aremu, revealed this in Ilorin while responding to questions on strike.

“ASUU issues with the Federal Government are labor issues which are technical; the ministers could not resolve them because they lack skills to meditate on the industrial dispute. “There are two issues; dispute of rights and dispute of interest. While ASUU is on a course on the dispute of rights, it is wrong for it to go on strike on the dispute of interest which includes the system of salary payment,” he said.

Aremu, who described the shutting down of universities as worrisome, said, “We are meeting with stakeholders in the education sector, including ASUU, government, students, and parents to ensure that schools are opened. Nigeria cannot meet the development agenda if it continues with the incessant strike by workers.”

He advised workers to always exhaust social dialogue to resolve issues, warning that they should not use strike as a weapon to fight for their rights.

Also, the National Universities Commission has blamed the delay in the take-off of projects on the delay in disbursement of funds by the Central Bank of Nigeria, the industrial actions by university-based unions, and the revised budget system in 2022.

The NUC Coordinator, Special Projects, Dr. Joshua Atah, disclosed this while giving an update on the work plan of the Federal Government’s Sustainable Procurement Environmental and Social Standards Enhancement project.

Attah, in the NUC’s bulletin made available to The PUNCH on Sunday in Abuja, was quoted as saying that the commission is engaging with stakeholders to ensure the smooth running of the project.

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Killing Of Soldiers Communally Orchestrated, We Won’t Retaliate — Nigerian Army

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The Nigerian Army says the killing of its personnel in Delta state was “communally orchestrated” by residents of the Okuoma community.

A lieutenant colonel, two majors, a captain, and thirteen soldiers were among the seventeen military personnel that perished last Thursday while participating in a “peacekeeping mission” in Okuoma, Bomadi LGA of Delta.

The federal and state administrations in Delta had denounced the event and vowed to hold those responsible for it accountable.

Some hours after the incident, several houses in the community were reportedly on fire.

In a statement on Monday, Onyema Nwachukwu, spokesperson of the Nigerian Army, said the Delta community resorted to “media propaganda and shenanigans” instead of “engaging in a positive effort to fish out the perpetrators of this heinous crime”.

Nwachukwu said the falsehood being peddled is to “whip up sentiments and sway the public to endorse” the murder of the military personnel.

The army spokesperson said no degree of propaganda would “arm-twist the narrative”, adding that the community is “complicit” in the killing.

“These were troops committed to peace and security of lives and property of citizens and non-citizens alike in the Niger Delta Region, murdered in cold blood by an armed youth gang of Okuoma Community in the most gruesome, heartless, and cruel manner, and went ahead to sacrilegiously debase their remains by ripping out their hearts by the very people they were there to protect,” the statement reads.

“Regrettably, the community complicit in this dastardly act has resorted to media propaganda and shenanigans, rather than engage in a positive effort to fish out the perpetrators of this heinous crime.

“This is again a clear indication that the murder of the troops was a communally orchestrated attack against legitimate forces.

“The falsehood being peddled by these criminals and their cohorts to whip up sentiments and sway the public to cover up, endorse, or support the outrageous criminal acts of their armed youth gang.”

Nwachukwu said “there will be no reprisal on the part of the troops” while urging residents to continue with their legal activities.

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Nigerian Army Releases Images Of Officers Killed In Delta Community [PHOTO]

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The Nigerian Army has published the names and pictures of the 17 soldiers killed recently in a Delta state community.

Last Thursday, 17 military personnel, comprising a lieutenant colonel, two majors, one captain, and 12 soldiers, were killed while on a “peacekeeping mission” in Okuoma, Bomadi LGA of Delta.

The Delta state and federal governments had condemned the incident while promising that perpetrators would face the wrath of the law.

Some hours after the incident, several houses in the community were reportedly on fire.

In a statement released on Monday, the Nigerian Army said the killing was masterminded by members of the community, noting that the troops would not retaliate.

Below is the list of names and ranks of the soldiers killed:

 

Name                                   Rank

1. AH Ali                       Lieutenant Colonel (Commanding officer, 181 Amphibious Battalion)

2. SD Shafa                  Major

3. DE Obi                     Major

4. U. Zakari                 Captain

5. Yahaya Saidu         Staff Sergeant

6.  Yahaya Danbaba   Corporal

7. Kabiru Bashir          Corporal

8. Bulus Haruna         Lance Corporal

9. Sole Opeyemi         Lance Corporal

10. Bello Anas             Lance Corporal

11. Hamman Peter     Lance Corporal

12. Ibrahim Abdullahi   Lance Corporal

13. Alhaji Isah               Private

14. Clement Francis     Private

15. Abubakar Ali            Private

16. Ibrahim Adamu  Private

17. Adamu Ibrahim     Private

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Foreign Reserves Hit Nine-Month High Amid Economic Optimism, Buildup Positive Multipliers

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Nigeria’s foreign exchange (forex) reserves, over the weekend, reached their highest level in nine months as expectations that the country’s ongoing fiscal and monetary authority reforms would support steady forex management and price stability grew.

After rising steadily for the previous month, total reserves increased by almost $209.9 million to conclude the weekend at $34.416 billion, the highest level in nine months. The previous record high, reached on June 20, 2023, was $34.449 billion.

The nation’s forex reserves have risen by $1.50 billion so far this year in a steady build-up that has eased volatility in the currency market and reinforced monetary reforms.The reserves had closed 2023 at $32.912 billion.

Experts agreed that the steady recovery in forex reserves has several positive implications for the economy.

“The naira will appreciate in the forex market. The exchange rate will stabilise. Inflation rate is most likely to moderate given the exchange rate pass-through to commodity prices,” President, Association of Capital Market Academics in Nigeria, Prof Uche Uwaleke, said.

Data by the Central Bank of Nigeria (CBN) indicated average crude oil price at $88.84 per barrel. Global reports showed that benchmark Brent crude rose by 3.2 percent to close weekend at about $84.71 per barrel.

With the lingering crises in Middle East and Eastern Europe amid elevated oil demand, most analysts expected crude oil price to remain substantially above Nigeria’s budget benchmark of $77.96 per barrel.

The International Energy Agency (IEA), in its latest report, increased its global crude oil demand projection for 2024 by 1.3 million barrels per day (mbpd) to 103.2mbpd. IEA estimated that extended output cuts by Organisation of the Petroleum Exporting Countries (OPEC) and its affiliates (OPEC+) would continue to moderate supply output, keeping off any major downside volatility.

OPEC+ members had two weeks ago extended their voluntary production cuts of 2.2mbpd into the second quarter of 2024, with expectation of further extension beyond the first half.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, last week indicated that the country’s oil production has risen to 1.65mbpd, from some 1.25mbpd in June 2023.

OPEC had recently reported that Nigeria’s crude oil production rose to 1.476 mbpd in February 2024, an increase of 47,000 barrels on 1.429 mbpd recorded in January 2024. The data was based on secondary market intelligence sources surveyed by the organisation.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February 2024, 203 tb/d higher, mo- m. Crude oil output increased mainly in Libya and Nigeria, while production in IR Iran and Iraq decreased,” OPEC stated in its Monthly Oil Market Report.

The Federal Government’s N28.78 trillion 2024 budget is premised on 1.78mbpd daily oil production, $77.96 oil benchmark price, exchange rate of N800 per dollar and GDP growth rate of 3.88 percent.

Oil sector and currency management reforms are two of President Bola Tinubu’s administration’s economic blueprint. A multi-stakeholders reform agenda involving the Ministry of Finance, security services, Nigerian National Petroleum Company Limited and the CBN has seen a steady improvement in crude oil management and accountability.

In its latest macroeconomic assessment report, the International Monetary Fund (IMF) had sounded upbeat on the Nigeria’s macroeconomic reforms citing the improvement in oil production, ongoing efforts to boost food production and social welfare programmes among others.

Governor, Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has outlined that ongoing efforts to strengthen the country’s forex position would lead to increased stability in forex reserves and naira.

According to him, the collaboration with Ministry of Finance and the NNPCL to ensure that all forex inflows are returned to the CBN will greatly enhance forex flows and contribute to the accretion of reserves.

“The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN. This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage. The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.

“We are implementing a comprehensive strategy to improve liquidity in our forex markets in the short, medium, and long term. Our focus is on addressing fundamental issues that have hindered the effective operation of our markets over the years,” Cardoso said.

He pointed out that the apex bank understands that upholding the integrity of financial markets is crucial for building confidence, thus it remains committed to decisively address any infractions and abuses.

He noted that in efforts to stabilise the exchange rate, the CBN prioritises transparency and a market environment that enables the fair determination of exchange rates, ensuring stability for businesses and individuals alike.

“We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term. This coordinated approach will contribute to a more balanced and stable exchange rate,” Cardoso said.

Finance and economy experts were unanimous that the buildup in external reserves was a good indication for the country’s currency management and macroeconomic stability.

Analysts expected that changes in forex management rules, steady improvement in crude oil production and upbeat in global oil price could help the country mitigate its volatile forex situation.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said the continuing increase in forex reserves will support government’s current efforts aimed at fostering liquidity and stability at the forex market.

“The increase is a positive signal for improved liquidity in the forex market. This should ultimately help to stabilize the exchange rate of the naira or even strengthen it against the dollar if the increase is steady and consistent,” Amolegbe said.

Uwaleke said any increase places the CBN in a stronger position to meet forex obligations as well as intervene in the forex market.

“If this development is sustained, we are likely to witness an appreciation of the naira in the forex market and more stability in the exchange rate following improved liquidity. This is one positive development capable of keeping away destructive speculators from the forex market,” Uwaleke said.

He explained that the increase could be due to increase in oil revenue as a result of the rise in crude oil price and the recent increase in crude oil production.

He added that the external reserves could also increase if the government has received any of the concessional loans it has negotiated with the World Bank.

Uwaleke however said Nigeria needs to curb excessive import dependence to support its forex recovery.

“It goes without saying that export- base diversification remains the only sustainable solution to the present forex crisis,” Uwaleke said.

According to him, to curb the demand pressure, government should compel a change in consumption behaviour by enacting a ‘Buy Nigeria law’ akin to the ‘Buy America Act’ of 1933 and recently the ‘Build America, Buy America Act’ of 2021.

“Also, Nigeria’s import data support revisiting and scaling up the CBN’s currency swap deal with the Peoples Bank of China. Given that the bulk of Nigeria’s imports are from China, it stands to reason, therefore, to explore ways of bypassing the dollars and settling these transactions in the Yuan. This was the idea behind the currency swap with China which was largely inadequate in size. In order to increase the stock of Yuan in our external reserves, Nigeria can issue panda bonds, which are bonds denominated in the Chinese Yuan and are considered cheaper than Eurobonds,” Uwaleke said.

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