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FG Provides N10bn for Workers’ Promotion Arrears

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civil-servants
  • FG Provides N10bn for Workers’ Promotion Arrears

The Federal Government has set aside N10bn to offset promotion arrears of civil servants on its payroll.

The government promised to ensure that only those qualified benefitted from the funds, a statement by the Ministry of Labour and Employment signed by the Deputy Director (Press), Mr. Samuel Olowookere, said.

The statement obtained on Friday said that decision to address the lingering issue of unpaid salaries was made in a meeting attended by the Minister of Labour and Employment, Senator Chris Ngige; the Minister of Budget and National Planning, Senator Udo Udoma; the Minister of Finance, Mrs. Kemi Adeosun, and the Head of the Civil Service of the Federation, Mrs. Winifred Oyo-Ita.

The ministry said this was in compliance with the directive by the government that outstanding allowances on promotion, 28 days relocation, repatriation, training, burial expenses and death benefits to public servants be paid.

The ministry said, “The Federal Government further demonstrated its commitment to permanently resolve the lingering issue of unpaid salary arrears and allowances of public servants with a meeting by the Hon. Minister of Labour and Employment, Senator Chris Ngige; the Minister of Budget and National Planning, Senator Udo Udoma, the Minister of Finance, Mrs. Kemi Adeosun and the Head of the Civil Service of the Federation, Mrs. Winifred Oyo-Ita.

“The meeting which held in furtherance of the directive of the Federal Executive Council of 24/05/2017 displayed the efforts and iron cast determination of the Federal Government to clear all arrears such as outstanding allowances on promotion, 28 days relocation, repatriation, training, burial expenses and death benefits to public servants.”

“The meeting further stated that the Federal Government since that Federal Executive Council decision, through the office of the Accountant General of the Federation was already processing the sum of N10bn for the payment of promotion arrears with modalities for payment being worked out to make sure that wrong persons are not paid this first olive-waving step of the Federal Government.”

The ministry stated that a sum of N14.6bn had earlier been disbursed in early 2017 to cater to the salary arrears arising from the shortfalls in the 2016 budget.

It added that the government’s decision was anchored on a clear understanding that clearing the arrears formed part of the palliative measures being taken to cushion the harsh economic realities affecting the public servants.

The Association of Senior Civil Servants of Nigeria had earlier issued a 14-day strike notice, whose ultimatum ended on May 30, 2017, over the issue.

It added that Ngige had been engaged in many meetings with the leadership of the Trade Union Congress led by its President, Bobboi Kaigama and the Nigeria Labour Congress led by its President, Ayuba Wabba, in the last one week over the issue.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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