- FG Set Deadline For Minimum Wage Negotiation
President Muhammadu Buhari has set a deadline for the implementation of the new national minimum wage, according to the minister of Labour and Employment, Chris Ngige.
The minister made the statement when he received the leadership and members of the Labour Correspondents Association of Nigeria (LACAN).
He said, “It is a pity that after signing it, May came and a lot of us were sent on compulsory leave. We are now coming back from the leave. If you remember, a committee was set up and I was a member. When we left, the Permanent Secretary took our place and were negotiating with the Joint negotiating council on the consequential adjustment”.
“The states are waiting for that and it is not proper for us not to fast track that negotiation so that even the states will not have too much back log to pay when the consequential adjustment is concluded. We have our own budgeted for in the 2019 budget and we are going to also budget for it in the 2020 budget”.
“We are concerned about the states because some of the states are not proactive like us. So, the sooner we conclude at the federal level and the Joint Negotiating Councils, the states takes it from there and as we negotiate with the states, the better for everybody. If we spill this into next year, I am not sure how many states that will be able to pay the backlog which will lead us to another round of negotiation”.
“It is the determination of the President and this administration to fast track the negotiation on consequential adjustment. I have just received a correspondence from the Chief of Staff to the President and we are putting a deadline to that negotiation. We are fast tracking it because the government will also want to put in place a Presidential committee on salaries and allowances that will be able to take request after this consequential adjustment”.
“Before then, that same committee will appraise the level of work load and evaluate all cadre of work and come out with salaries and allowances commensurate with each. It is one of the things that the government has decided and I have just seen the correspondence. When the details are out, we will let you know”.
“That is to show workers both in the public and private sector that this government is labour friendly and we want them to be in the decent work world.”
Ngige explained that his ministry focus has been to prevent job loss especially in the oil sector, saying “We have seen the symptom called unemployment which are very visible.”
He added “When you hear about Boko Haram, that is one of the symptom, when you hear about banditry and IPOB, it is one of the symptom of jobless people. So, for me, the President has decided that we must fight unemployment. We have to fight because the indices are terrible and that does not call for cheers.
“We have to decide and wear our thinking cap and take our country away from the doldrums. The President is committed to recreating the middle class in Nigeria. He is committed to lifting at least 100 million people out of poverty and the only way if for our economy to improve. When our economy improves, we would dealt a big blow to poverty, social insecurity and also insecurity of lives and property. We have to make our country a better place because we cannot run away from that. We all have a collective responsibility.”
Nigeria’s Real Estate Sector Shrinks by 8.06% in the Third Quarter -NBS
Economic uncertainty plunged Nigeria’s real estate sector by 8.06 percent in the third quarter of the year, according to the National Bureau of Statistics (NBS).
Nigeria’s statistics office said “In nominal terms, real estate services recorded a growth rate of –8.06 per cent in the third quarter of 2020, indicating a decline of –11.78 per cent points compared to the growth rate at the same period in 2019, and by 9.12 per cent points when compared to the preceding quarter.
“Quarter-on-quarter, the sector growth rate was 18.92 per cent.
“Real GDP growth recorded in the sector in Q3 2020 stood at -13.40 per cent, lower than the growth recorded in third quarter of 2019 by –11.09 per cent points, but higher relative to Q2 2020 by 8.59 per cent points.
“Quarter-on-quarter, the sector grew by 17.15 per cent in the third quarter of 2020.
“It contributed 5.58 per cent to real GDP in Q3, 2020, lower than the 6.21 per cent it recorded in the corresponding quarter of 2019.”
Nigeria’s economy contracted by 2.48 percent in the first nine months following a 6.10 percent and 3.62 percent contraction in the second and third quarters respectively.
Nigeria Requires N400 Billion Annually to Maintain Federal Roads -Senator Bassey
The Chairman of the Senate Committee on road maintenance, Senator Gersome Bassey, on Friday said Nigeria requires about N400 billion annually to maintain federal roads across the country.
The Senator, therefore, described the N38 billion budgeted for road repairs in the 2021 proposed Budget as grossly inadequate. According to him, nothing meaningful could be achieved by the Federal Roads Maintenance Agency (FERMA) with such an amount.
He said, “For the 35 kilometres federal roads in the country to be motorable at all times, the sum of N400bn is required on yearly basis for maintenance.”
Bassey “What the committee submitted to the Appropriation Committee in the 2021 fiscal year is the N38bn proposed for it by the executive which cannot cover up to one quarter of the entire length of deplorable roads in the country.
“Unfortunately, despite having the power of appropriation, we cannot as a committee jerk up the sum since we are not in a position to carry out the estimation of work to be done on each of the specific portion of the road.
“Doing that without proposals to that effect from the executive, may lead to project insertion or padding as often alleged in the media.”
Scarcity of Day-Old-Chicks Cripple Poultry Farmers in Akwa Ibom
Despite billions of Naira spent on Akwa Prime Hatchery and Poultry Limited by the Executive Governor of Akwa Ibom State, Udom Emmanuel, poultry farmers in the state said they had to order day-old-chicks from outside the state as the 200,000 capacity poultry farm developed specifically to make day-old-chicks and other poultry products available at affordable prices is almost empty at the moment.
The farmers expressed frustration over many challenges they face in the course of bringing day-old-chicks from outside the state. Usually, Ibadan, Enugu and sometimes as far as Kaduna, while the hatchery built and inaugurated in 2016 remains idle.
Mr Ekot Akpan, one of the poultry farmers who spoke with the pressmen said the state had not had it this bad.
Akpan said: “For the 12 years that I have been in poultry farming, this is the first time that poultry farmers have been so harshly affected by both economic and non-economic factors. And, quite unfortunately, nobody is available to offer any explanation.
“Farmers have been left at the whims and caprice of owners of the means of production.
“There seems to be no government regulation of the poultry industry. How, do you explain a situation where you wake up suddenly and the price of a day old chick is selling for N600, a bag of feed goes as high as N6,000.
“And, in a state that government claims to be pursuing agriculture as one of his cardinal programmes.
“For instance, in 2016, the state government said it has constructed an hatchery, and the intention according the government was to ensure availability of day old chicks at affordable price to farmers, but, quite, unfortunately, that effort has not yielded any tangible result.
“Farmers are still getting their day old chicks from Ibadan, Kaduna, and Enugu. So, the question now is where is the hatchery?
“One would have expected that farmers would be buying old chicks at humane prices, but, from all indications they acclaimed hatchery is a ruse. So, which one is the Akwa Prime Hatchery producing,” he said.
Viral Click Network to Revolutionize Digital Marketing for Blockchain Projects
Ghana/Kenya: Eurobonds to Decouple as Fiscal Challenges Come to Fore
Naira Exchange Rate Improves as CBN Plans to Flood Economy With $20 Billion Diaspora Remittances
Business2 months ago
Npower News on Permanency for Batch A, B
Forex2 months ago
Naira Improves Against Global Counterparts on Black Market
Business2 months ago
Buhari Budgets N420 Billion for Npower, Other Social Investment Programmes in 2021 Budget
Forex3 months ago
Zenith Bank Joins Other Banks to Cap International Spend Limit at $100/Month
Cryptocurrency2 months ago
Bitcoin Gains 1.67 Percent to $11,050 Per Coin Amid Liquidity Issue
Business3 months ago
FG to Absorb Exited N-power Beneficiaries into New Program
Business3 months ago
FG Approves Stipends for Exited N-Power Beneficiaries
Stock Market3 months ago
Zenith Bank Declares 30 Kobo Interim Dividend for H1 2020