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President Okays Salary Increase for Policemen

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  • President Okays Salary Increase for Policemen

President Muhammadu Buhari has approved Rank Salary Structure Adjustment for the Nigeria Police Force, the Presidency said on Monday.

The structure implies that the salaries, allowances and pensions of policemen will be increased.

A statement by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, said the decision was part of the commitment of Buhari’s administration “ to give attention to the welfare and operational needs of the Nigeria Police Force with a view to restoring its lost primacy in the internal security framework of the country.”

The statement said Buhari met with members of the Nigeria Police Service Commission at the Presidential Villa, where he spoke on the inability of the police to perform their primary duties of law enforcement.

He noted that this had necessitated government’s action in drafting the military to the streets often to help maintain law and order in situations that the police could have handled ordinarily.

“From Taraba to Sokoto to the South-South, people don’t feel secure until they see the military.

“I am pleased to make the increase in salaries and allowances in the hope that will increase the performance index of the police and strengthen Nigeria’s internal security system,” the President announced.

The President called for more efficient policing of the country to raise the confidence of both the government and Nigerians.

He explained that this would allow the military to be restricted to its core mandate of protecting the territorial integrity of the country.

The statement quoted Buhari further, “The military should be reserved for higher tasks.

“The police should be able to cope well with the challenges of armed robbery, kidnapping for ransom and such crimes. In every town and village, there is the presence of the police.

“From all these places, they should be able to forward first class intelligence to you on which to act.

He added, “There is a need to amplify the question of more men of the police, especially given the condition we are in – emergency in the North-East, pervasive insecurity and abduction for ransom and banditry in many parts of the country.

“I congratulate you on the success you recorded against criminals taxing people and stopping them from their farms. We are expecting more from you.”

The PSC members were led on the visit by a Commissioner on the commission, Justice Clara Ogunbiyi (retd), who represented the Chairman, Musiliu Smith.

New salary for police won’t restore Nigerians’ confidence in Buhari – PDP

Meanwhile, the Peoples Democratic Party has said the new salary structure announced by President Muhammadu Buhari for the police will not restore Nigerians’ confidence in the Federal Government and the President.

It however described the action as a welcome development.

Nevetheness, the main opposition party asked Nigerians to pray that the Buhari Presidency would be able to fulfil the promise.

National Publicity Secretary of the party, Mr Kola Ologbondiyan, who spoke with one of our correspondents on the pronouncement by the President on the increase in the salary of the police, said “asked the police not to jubilate until the President fulfils his promise.”

He said, “The increase in the salary is a welcome development. We are not against it, even though it is coming a few months before the conduct of the general election.

“However, that increment will never confer or restore peoples’ confidence in President Buhari andd his Presidency.

“It is a battered government of deceit that has lost the morality to lead. Let’s us pray that the Buhari Presidency will fulfil the promise. If that is the only promise it will fulfil before it leaves office next year, let us pray it is able to do that. Nigerians should also pray that the President will not renege on the promise, or even said a committee be set up later to discuss it in order for it to buy time.”

Ologbondiyan asked Nigerians to mount pressure on the President to fulfil the “self-imposed promise so that it doesn’t go the way of other campaign promises.”

Buhari may be playing political card – Civil society

Two civil society organisations – the Campaign for Democracy and the Centre for Anti-Corruption and Open Leadership – have said that President Buhari’s decision to review the police’s salary scale structure is a welcome development but may be a political card ahead of the 2019 general election.

The CD President, Usman Abdul, said the President had in the last three years not acted in that direction, noting that the Nigeria Labour Congress issues still had not been fully resolved.

Abdul said, “If the Federal Government is attending to the police, it should remember that the Nigeria Labour Congress had been on its neck for some time but nothing concrete has been done yet. If the President has just received the police commission and promised to review their salaries, I believe it is a good development but we at the civil society are mindful of the timing of such gestures.

“Let no one be overjoyed until we see the conduct of the police in 2019. These are political seasons and the President may be playing a political card. We hope the police will not be used to act against our democratic ideals.”

Also the CACOL Director, Debo Adeniran, said, “It is a right step in the right direction but one would not know the mindset of the President. It is better late than never. It may not be a political card and it may be. But we know that police deserve a better living. If you like, I would have said that the government knows how to take care of citizens only at election times, maybe elections should come every now and then.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Economy

IMF Approves Reforms to Support Low-Income Countries From Shocks

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IMF global - Investors King

The International Monetary Fund (IMF) has approved a set of reforms that will help it support Low-Income Countries (LICs) from shocks over the long term.

The changes to the lender’s concessional lending facilities were contained in a statement by the IMF on Monday.

The US-based lender said these reforms are detailed in the staff paper “2024 Review of the Poverty Reduction and Growth Trust (PRGT) Facilities and Financing—Reform Proposals.”

The fund said it significantly scaled up support to its low-income members in response to the COVID-19 pandemic and subsequent major shocks.

“The annual lending commitments have risen to an average of SDR 5.5 billion since 2020, compared with about SDR 1.2 billion during the preceding decade,” the statement said.

“Outstanding PRGT credit has tripled since the pandemic’s onset, while funding costs at the SDR interest rate have risen sharply. As a result, the PRGT faces an acute funding shortfall, with its self-sustained lending capacity projected to decline, absent reforms, to about SDR 1 billion a year by 2027, well below expected demand.”

The reforms approved by the IMF’s Executive Board aim at maintaining adequate financial support to low-income countries while restoring the self-sustainability of the PRGT.

“The Executive Board today endorsed a long-term annual lending envelope of SDR 2.7 billion ($3.6 billion) and approved a package of policy reforms and resource mobilization to support that lending capacity.

“The envelope, which is more than twice the pre-pandemic capacity, is calibrated to ensure that the Fund can use its limited concessional resources to continue providing vital balance of payment support to LICs, while supporting strong economic policies and catalyzing fresh financing from other sources.

“The Review includes policy changes that reflect the increasing economic heterogeneity among LICs. A new tiered interest rate mechanism will enhance the targeting of scarce PRGT resources to the poorest LICs, which will continue to benefit from interest-free lending, while better-off LICs will be charged a modest, and still concessional, interest rate,” the statement said.

After a successful bilateral fundraising, and in the context of a robust financial outlook for the Fund, the membership reached consensus on a framework to deploy IMF internal resources to facilitate the generation of PRGT subsidy resources.

Specifically, the fund said SDR 5.9 billion (about $ 8 billion), in 2025 present value terms, is expected to be generated through a framework to distribute GRA net income and/or reserves over the next five years.

This is in addition to bilateral subsidy contributions, the subsidy savings from the new interest rate mechanism, and financing from a proposed further five-year suspension of PRGT administrative expenses reimbursement to the GRA.

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Economy

Vandalism Sparks Blackouts, Traders in Kano and Kaduna Plead for Urgent Power Restoration

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electricity

Many traders in Kano and Kaduna States have been thrown into worry over blackout.

Those affected, especially small business owners whose means of livelihoods largely depend on the availability of electricity, bemoaned the upsurge in vandalisation of public infrastructure.

This panic is coming as the Transmission Company of Nigeria announced that two towers along its 330kV Shiroro–Kaduna transmission lines 1 and 2 have been vandalised, resulting in damage to parts of both transmission lines.

As a result, some areas of Kano and Kaduna states are experiencing blackouts.

The company received a report of the damage from its Shiroro Regional Office on Friday.

A statement signed by the company’s General Manager of Public Affairs, Ndidi Mbah, indicated that arrangements are underway to deploy the newly acquired “emergency restoration system” to the site, pending the reconstruction of the damaged towers.

Although the company did not explicitly attribute the damage to bandits, it is suspected that they may be involved, particularly in light of the recent killing of 13 farmers in the Shiroro community.

According to TCN, the 330kV transmission line 1 tripped first, followed shortly by the second line while efforts were still ongoing to reclose the first. This prompted the urgent mobilisation of local vigilantes to patrol the lines.

It added that the incident revealed damage to towers T133 and T136, with cables severely damaged at multiple points.

The statement further disclosed that an aerial survey, in collaboration with security operatives, has been conducted, and temporary measures are in place to supply bulk power to the Kaduna and Kano regions via the 330kV Kaduna–Jos transmission line.

Mbah said arrangements are in top gear to deploy the newly procured ’emergency restoration system’ to the site, pending the reconstruction of the damaged towers.

He added that TCN has also conducted an aerial survey in collaboration with security operatives, given the area’s vulnerability to banditry, which poses a significant threat to both TCN installations and personnel.

A trader in Kano who identified himself as Usman, urged TCN to intensify efforts in restoring electricity to the affected areas so that more harm would not be done to businesses.

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Economy

World Bank VP Lauds CBN Governor Cardoso’s Inflation-Fighting Policies

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world bank - Investors King

The Senior Vice President of the World Bank, Indermit Gill, has praised the Governor of the Central Bank of Nigeria, Yemi Cardoso, over his approach to managing inflation in the country.

Gill made this known during his address at the 30th Nigerian Economic Summit organized by the Nigerian Economic Summit Group in Abuja, on Monday.

The World Bank VP decried the high cost of petrol occasioned by the subsidy removal of President Tinubu’s government and the untold hardship it has imposed on Nigerians.

However, he hailed the interest rate increase by the central bank which according to him will boost confidence in the Naira and anchor inflationary expectations.

Gill emphasized that Governor Cardoso through his policies has been steering Nigeria in the right direction.

Meanwhile, Gill noted that Nigeria is just in the beginning stage of reaping the benefits of these policies.

According to him, the country will need to sustain the momentum for a period of ten to seventeen years, before achieving the desired outcome.

He revealed that countries like India, Poland, Korea, and Norway have benefitted from the approach.

He said, “Implementing such a far-reaching reform is impossible without a solid political commitment from the top. The price of PMS has quadrupled since the subsidy cut, imposing terrible hardship across the breadth of Nigeria’s society.  

“The Central Bank has had to hike its policy by a huge 850 basis point, almost 9 percentage points in the last month to boost confidence in the naira and anchor inflationary expectations.  

“The Central Bank financing of fiscal deficit has finally ended, and Governor Cardoso has been putting Nigeria or helping to put Nigeria on the right course.”

“But this is only the beginning, Nigeria will need to stay the course for at least 10 to 17 years to transform its economy. If it does that, it will transform its economy.  

“And it will become an engine of growth in Sub-Saharan Africa. And he will help to transform Sub-Saharan Africa. It’s very difficult to do these things, but the rewards are massive.  

“This is the lesson from the last forty years as well as the experience of countries such as India, Poland, Korea and Norway,” Gill said. 

Investors King reported that on September 24, 2024, the apex bank announced another increase in its Monetary Policy Rate (MPR) to 27.25% from 26.75 percent.

The decision was made during the Monetary Policy Committee (MPC) meeting chaired by CBN Governor, Yemi Cardoso.

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