NLC declares strike in 18 states over minimum wage – Newstrends
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NLC declares strike in 18 states over minimum wage

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The Nigeria Labour Congress on Thursday directed workers in 18 states to proceed on strike over nonpayment of N30,000 minimum wage by their state governments.

The NLC, which said about half the 36 states of the federation were yet to conclude negotiations on payment of the minimum wage, however, did not name the affected states.

Sources at the NLC gave the affected states as Kwara, Imo, Osun, Ekiti, Ebonyi, Zamfara, Gombe, Rivers and Ogun.

The NLC also demanded a downward review of the template used in determining the pump price of petrol to stave off an imminent hike in the cost of the commodity following the rising price of crude oil in the international market.

In a communiqué issued at the end of its National Executive Council (NEC), the union urged the federal government to reduce the cost of gas sold to electricity generating companies to $1.5 cents as a means of driving down electricity tariffs.

NLC resolved to issue a 14-day ultimatum to the management of Turkish Airline and Caverton Helicopter to reinstate all sacked trade union executives and desist from further anti-union actions.

NLC warned that it would take drastic action against state governments that have refused to pay the new national minimum wage and minimum pension, whose benefits have been eroded by the escalating inflation in the country.

A communiqué jointly signed by NLC President, Ayuba Wabba and General Secretary, Mr Emma Ugboaja, stated, “The NEC also resolved to view the refusal to pay the new national minimum wage by state governments as demanded by the law as an act of criminality, betrayal of the oath of office sworn by state chief executives and a dangerous adventure in anarchy.

“The NEC-in-Session directed all states where the national minimum wage of N30,000 is yet to be paid to immediately proceed on industrial action.”

The union rejected deregulation of the downstream sector of the oil industry as long as it is import driven, saying that it negatively impact on the welfare of the working-class family and the masses.

It called on the federal government to rehabilitate local refineries as a sustainable solution to incessant increases in the pump price of petrol.

On the report on electricity tariffs, the NLC urged the federal government to immediately address the conditions within its control that are driving up electricity tariff.

It demanded a review of the power sector privatisation programme, since the law provides for one every two years.

“The NEC also calls for the reduction of the cost of gas to $1.5 cents and also the scrapping of the use of US and Nigeria inflation rates to determine the cost of gas to Gencos,” it stated.

In the case of the Corporate Affairs Commission (CAC), accused of trampling on workers’ rights, the NLC resolved to mobilise workers to picket the national headquarters of the CAC for three days.

The NEC also resolved to issue a 14-day ultimatum to the management of Turkish Airline and Caverton Helicopter to reinstate all sacked trade union executives and desist from further anti-union actions.

It called on banks to desist from imposing unrealistic revenue targets on their employees.

It also tasked the federal government to live up to its constitutional responsibility of protecting lives and property.

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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