Business
FG can’t force federal salary structure on us – Govs
State governors have rejected the idea of the Federal Government negotiating minimum wage with the Nigeria Labour Congress (NLC) and imposing the structure on states.
They say the FG cannot impose its salary structure on them given the differentials in their revenues.
Chairman of the Nigerian Governors’ Forum (NGF) and Governor of Ekiti State, Dr Kayode Fayemi, faulted how the FG was treating the sub-nationals under a supposed federal system of government.
He spoke just as governors elected on the platform of the opposition Peoples Democratic Party (PDP) committed themselves to collaborate with the federal government to tackle the insecurity in the country.
A statement by the NGF’s Head of Media and Public Affairs, Mr Abdulrazaque Barkindo, said Fayemi spoke yesterday when the Committee of Pro-Chancellors of state-owned universities visited him in Abuja.
He described governors as victims of Federal Government’s unitary approach to a federal structure.
Fayemi spoke against the backdrop of protests by labour over a bill before the House of Representatives seeking to decentralise minimum wage negotiations.
The organised labour on Wednesday had stormed the National Assembly and states’ Houses of Assembly to protest the bill, which if it becomes law, will allow each state to fix its minimum wage.
But in a subtle riposte to labour’s accusation that governors, if allowed to fix minimum wage will pauperise workers, Fayemi said: “You can’t impose a federal salary structure on states because we do not all have the same economic or financial situations.
“I, for example, do not have the resources of Lagos State; so, you won’t expect me to earn the same salary as the governor of Lagos.
“It’s true that no state has fulfilled payment of salaries to states universities, but states are not always solely responsible for this. The people you appoint as vice-chancellors need to speak truth to power, they need to be able to bite the bullet, and not just be a yes person.
“We need to work together to confront these issues, we are running glorified secondary schools as universities by this system. You have to help us in insisting that the institutions too do the right thing.”
Fayemi also agreed with the team that politics should not be involved in the school system, even though he stated that there are smart people in politics in Nigeria.
“You need people who understand the structure. However, we have a lot of smart people in politics too who can add value, who knows that it is not about winning souls for the party. You can draw up a framework and guide. We can have the same criteria and achieve purpose,” he added.
He added that governments at the sub-national level are worried by the unitary approach to things in the country.
Earlier, the team, led by Pro-Chancellor of Osun State University, Mallam Yusuf Ali (SAN), told Fayemi that it is no longer news that education in Nigeria is in shambles due to paucity of finances, the unionism and students’ activities.
The team, which represents all the 48 universities owned by states, pleaded with the governors to take over the burden of payment of salaries of state universities, reintroduce scholarships for needy students and assist the committee to build a secretariat of to facilitate their activities.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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