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NLC to Protest 27,000 Minimum Wage at National Assembly on Monday

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Nigeria Labour Congress - Investors King
  • NLC to Protest 27,000 Minimum Wage at National Assembly on Monday

The Central Working Committee of the Nigeria Labour Congress on Friday said it would mobilise its members to the National Assembly on Monday to protest against the N27,000 minimum wage bill transmitted to NASS by the Federal Government.

The body claimed that the N30,000 agreed by the tripartite committee that deliberated on the issue must be respected.

At the end of the NLC CWC meeting at the national headquarters of the NLC in Abuja, the president of the union, Ayuba Wabba, who addressed the media, said the union would take action against the bill if the protest failed to produce the desired result.

The Federal Government adopted the N27,000 minimum wage after the Council of State meeting recommended that N27,000 should be paid as minimum wage to civil servants in states while federal civil servants get N30,000.

Wabba said the FG or any other body lacked the power to change the figure that was earlier agreed on by the tripartite committee except a process was followed by all parties concerned.

He said what the FG had done was against the convention of the International Labour Organisation.

The labour chief said, “The meeting deliberated on one item, which is the issue of the transmission of the national minimum wage bill to the National Assembly. “The meeting reviewed the whole situation, including the fact that N30,000 was agreed at the tripartite negotiating meeting to be the minimum wage.

“Going by the convention of the ILO, the figure that was agreed on by the tripartite committee cannot be changed by any of the parties except through a process. Government as an employer cannot unilaterally change the figure. This is about law and procedure. Therefore, the CWC has rejected the issue of reducing the figure. We still maintain that we stand on the outcome of the tripartite committee.

“We will mobilise our members and engage the National Assembly on the issue. The negotiation must be respected and NASS should do the needful.

“We have put our members on the alert that if that is not done, certainly we will take action to protect and ensure that the tripartite process is respected. That has been the process according to the provision of ILO convention on minimum wage mechanism.”

Wabba added, “When you look at N30,000, it is a compromised position in the context of today’s economy of Nigeria. We should be commended. As far back as 2011, the N18,000 minimum wage was equivalent to $150, but today, the N30,000 is less than $100.”

But the FG said the report and recommendation of the tripartite committee that deliberated on the new minimum wage was not binding on it as it had the final say over what the minimum wage would be.

In a statement by Assistant Director, Federal Ministry of Labour and Employment, Iliya Rhoda, the FG said, “As the matter of a National Minimum Wage is in the Exclusive Legislative List as item No. 34 of the Second Schedule to the 1999 Constitution of the Federal Republic of Nigeria (as amended), it is therefore the executive arm of government that has the responsibility to prescribe a new National Minimum Wage and send to the National Assembly for legislative action.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Energy

Unlocking Investments into Africa’s Renewable Energy Market

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green energy - Investors King

The African Energy Guarantee Facility (AEGF) is launching a virtual roadshow of free webinars allowing a deeper understanding of risk issues for renewable energy projects on the continent, and conversations around risk mitigation solutions. The first webinar will take place on Thursday, 23 September from 14:30-16:00 hrs. EAT. 

The session will be oriented on how to get more energy projects from the drawing board to the grid. While the energy demand in African economies is expected to nearly double by 2040, and although the potential for renewable energy is 1,000 times larger than the demand, only 2GW out of almost 180GW of this new renewable power were added on the African continent.

Clearly not good enough! To improve the situation within the next two decades, new solutions need to be implemented urgently. De-risking and promoting private sector investments will play a crucial part of it.

In this 90-min interactive session, AEGF partners: the European Investment Bank (EIB), KfW Development Bank, Munich Re and the African Trade Insurance Agency (ATI) will share their experience and provide valuable insights on how they were able to come together and design practical solutions for investors and financiers of green energy projects in Africa aligned with SDG7 objectives.

Across Africa, the complexity of renewable energy projects and their long tenors hold back crucial energy investment. Tailored to the specific needs and risk profiles of sustain­able energy projects, AEGF will tackle the investment challenge by providing underwriting expertise and capacity tailored to market needs.

The AEGF will significantly boost private investment in sustainable energy projects, both expanding access to clean energy and contribute to achieving UN Sustainable Development Goals. The scheme supports new private sector investment in eligible renewable energy, energy efficiency and energy access projects in sub-Saharan Africa.

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Energy

Shell Signs Agreement To Sell Permian Interest For $9.5B to ConocoPhillips

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Shell profit drops 44 percent

Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash. The transaction will transfer all of Shell’s interest in the Permian to ConocoPhillips, subject to regulatory approvals.

“After reviewing multiple strategies and portfolio options for our Permian assets, this transaction with ConocoPhillips emerged as a very compelling value proposition,” said Wael Sawan, Upstream Director. “This decision once again reflects our focus on value over volumes as well as disciplined stewardship of capital. This transaction, made possible by the Permian team’s outstanding operational performance, provides excellent value to our shareholders through accelerating cash delivery and additional distributions.”

Shell’s Upstream business plays a critical role in the Powering Progress strategy through a more focused, competitive and resilient portfolio that provides the energy the world needs today whilst funding shareholder distributions as well as the energy transition.

The cash proceeds from this transaction will be used to fund $7 billion in additional shareholder distributions after closing, with the remainder used for further strengthening of the balance sheet. These distributions will be in addition to our shareholder distributions in the range of 20-30 percent of cash flow from operations. The effective date of the transaction is July 1, 2021 with closing expected in Q4 2021.

Shell has been providing energy to U.S. customers for more than 100 years and plans to remain an energy leader in the country for decades to come.

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Crude Oil

Oil Gains 1 Percent on Possible Tight Supply 

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Oil prices - Investors King

Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis at heavily indebted property group China Evergrande.

Brent crude gained 95 cents or 1.3% to $74.87 a barrel by 0645 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI) , which expires later on Tuesday, was up 91 cents or 1.3% at $71.20 after dropping 2.3% in the previous session.

Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, ANZ analysts said.

“While slowing Chinese economic growth and uncertainty around the (U.S.) Fed’s tapering timetable weighed on market sentiment, other developments still point to higher oil prices,” ANZ Research said in a note.

Still, investors across financial assets have been rocked by the fallout from heavily indebted Evergrande (3333.HK) and the threat of a wider market shakeout in the longer term.

“Evergrande’s woes are threatening the outlook for the world’s second-largest economy and making some investors question China’s growth outlook and whether it is safe to invest there,” said Edward Moya, senior market analyst at OANDA.

While that view of the state of China’s economy is weighing on markets, the U.S. Federal Reserve is also expected to start tightening monetary policy – likely to make investors warier of riskier assets such as oil.

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