FG now to commence 774, 000 jobs January 5 – Newstrends
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FG now to commence 774, 000 jobs January 5

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The Federal Government has said the 774, 000 Special Public Work (SPW) jobs will now commence on January 5.

Minister of State for Labour and Employment, Festus Keyamo, stated this on Sunday in Abuja.

The programme, designed for artisans to do public work for three months for N20,000 per month, had suffered a setback due to conflict between the minister and a former Director-General of the  National Directorate of Employment, Nasir Ladan, who was sacked last week by President Muhammadu Buhari.

The minister said the programme ran into some hiccups, hence the delay in the commencement.

The sacked Ladan reportedly worked with the National Assembly to undermine Keyamo who is the supervising minister.

Twice, the Federal Government had announced a new date to start the programme designed to employ 774, 000 Nigerians in the 774 local government areas but had to be suspended, despite the release of N26 billion as stated by Ladan and procurement of equipment.

Keyamo said an official announcement would be made on Wednesday after the end of the Federal Executive Council (FEC) meeting.

The minister said he expected the programme to go on smoothly with the exit of Ladan.

He said, “We have taken a firm decision to begin on January 5, 2021 but I am going to make an official announcement after FEC on Wednesday. We had a few hiccups in December but we have taken a decision to begin January 5 which is a Tuesday.

“The programme will run from January to March 2021 which is pure dry season. So, we are ready. All the obstacles have been removed.”

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

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Port Harcourt Refinery

PH refinery: 200 trucks will load petroleum products daily, says Presidency

No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”

He added that “the Port Harcourt refinery has two wings.

“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”

 

PH refinery: 200 trucks will load petroleum products daily, says Presidency

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Breaking: CBN increases interest rate to 27.50%

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Breaking: CBN increases interest rate to 27.50%

 

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

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Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

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Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

 

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”

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