Business
Minimum wage: Labour accuses nine govs of instigating constitutional crisis
Nigeria Labour Congress has accused nine governors of being behind attempts to move the national minimum wage from the exclusive to the concurrent legislative list.
The NLC has also threatened to shut down the nation over move to amend the constitution to remove minimum wage from the exclusive list to concurrent list.
But the Senate assured the labour leaders that the National Assembly would not take any action inimical to their interest.
Although the NLC leadership did not name the nine governors, records from the labour show that Taraba, Benue, Plateau, Kwara, Kogi, Cross River, Zamfara, Nasarawa and Abia are yet to commence payment of N30,000 minimum wage about two years after President Muhammadu Buhari signed the Act into law in 2019.
The NLC described the nine governors as “anti-workers,” saying one of them is using the sponsor of the bill against the interests of Nigerian workers.
President of the NLC, Ayuba Wabba, addressing workers in Abuja during the nationwide protests, said, “When the N30,000 minimum wage was fixed, it was negotiated. Six governors represented the interests of the geo-political zones. We had MAN, SMSE, LCCI, NECA also on the table.
“Our demand was N66,000 – looking at the economic challenge and how the purchasing powers of Nigerian workers have dwindled but through the process of dialogue and negotiations, including the ability to pay, on the negotiation table we were reasonable and everybody agreed on N30, 000.
“That is how the report was submitted to Mr President, a bill went to the National Assembly, there was a public hearing and it was promulgated.
“We are then taken aback by a few governors. Let me mention that the governors are nine – because some of them gave us this information; they are only nine out of the 36 that are anti-workers.
“We are told and nobody has contradicted this fact, that they (lawmakers) collect N13m per month.
“How can he (the bill sponsor) in his right senses say that the current minimum wage of N30,000 is too much for Nigerian workers? Can we say shame to him?”
Wabba also said, ”The issue of National Minimum Wage is a standard set by the International Labour Organisation (ILO), the first agency of the United Nations(UN) born in 1919 after the first world war. So we have the powers of the UN.
“What I am reiterating is that: the national minimum wage is not a Nigerian standard. It is an international standard. Their argument is that because they want federalism, they want the issue of the National Minimum Wage to be removed to the Concurrent List. That is false.
“In the countries of the world, we have 26 federal nations that have minimum wage in their Exclusive List, including the United States. As I speak to you, the minimum wage of America is $10 per hour. President Joe Biden came in and the first statement he made was that he is going to review the national minimum wage.”
The bill sponsored by Garba Mohammed from Kaduna State has passed first and second reading in the House of Representatives.
The bill seeks to decentralise the payment of minimum wage to workers in the country to allow states to pay according to their financial capacity.
Labour organised the protests at the National Assembly complex in Abuja and House of Assembly complexes in the 36 states.
Addressing the workers, the Deputy Chief Whip of the Senate, Abdullahi Sabi said told them not to worry, adding that a similar bill in the 8th Senate never saw the light of the day.
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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