Connect with us

Economy

Buhari: FG to Begin Payment of New Minimum Wage Soon

Published

on

  • Buhari: FG to Begin Payment of New Minimum Wage Soon

President Muhammadu Buhari has assured public servants that the implementation of the new national minimum wage would commence soon.

He also advised state governments and employers in the private sector to work towards providing a living wage for their workers

President Buhari who was represented by the Secretary to the Government of the Federation, Boss Mustapha at the 11th triennial delegates’ conference of the Trade

Union Congress of Nigeria (TUC), said as a result of several reforms embarked upon by the government, the Nigerian economy is expected to grow by 2.7 per cent in 2019.

He asked state government and the private sector to implement the minimum wage as a way of encouraging workers to contribute to the development of the country, adding that his government will continue to pay particular attention to the welfare of workers.

While expressing concern over the level of insecurity in the country, the president said that the government was working hard to defeat all forms of insecurity in the country, including terrorism, kidnapping as well as farmers/herders clashes.

Buhari, who added that the security challenges in the country is not insurmountable, also assured that his government remains committed to making Nigeria a better place.

He further disclosed that the government was “mapping out policy measures and laws that will help to maintain our unity and at the same time lift the bulk of our people out of poverty and on the road to prosperity.

“The security challenges we are currently facing are not unsurmountable. I can report that we are meeting these challenges with much greater support to the security forces in terms of funding equipment and improved local intelligence.

“We are meeting these challenges with superior strategy, firepower and resolve. I can assure you that we will win the war against terrorism, kidnapping, banditry and farmers-headers clashes,” he said.

He noted that since he took over the mantle of leadership in the country, he has been working to build a solid foundation for the country

“These efforts have begun to yield results. The economy is making a steady progress and our GDP is expected to grow by 2.7 per cent the year. Our external reserves have risen to $45 billion and can finance a number of our foreign commitments.

“With the steps taken to integrate rural economies to the national grid, provide credits and inputs to rural farmers and micro-businesses as well as providing the enabling environment for business in Nigeria, our people will be liberated from the shackles of poverty. We will try to create 10 million jobs yearly to continue to boost our economy and make life better for our people.

“Our government will continue to improve on our New Development Plans and initiatives. We will concentrate on agriculture, education, power and other infrastructure, manufacturing and social intervention schemes. We will promote good governance and fight corruption to a standstill.

“This government will continue to build institutions and machineries to fight corruption. If we don’t kill corruption now, we will not have a country to handover to our unborn generation. Hence the need for everyone to be involved in this fight to finish,” he said.

Buhari assured that the executive arm of government was committed to having a smooth and good working relationship with the labour unions in Nigeria.

Meanwhile, the President of the TUC, Comrade Bobboi Bala Kaigama, has lamented that the situation in Nigeria has degenerated to the level of anarchy and absurdity as hardly a day passes without new killings through assassination, kidnapping, and suicide bombing.

He said the Nigerian economy was in dire straits, regretting that those who have the responsibility to manage it are not showing promising signs that they know how to fix it.

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.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

Published

on

Petrol Importation - investorsking.com

The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

Continue Reading

Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

Published

on

Gas-Pipeline

The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

Continue Reading

Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

Published

on

food storage

Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

Continue Reading

Trending