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*Offers pathways to save Naira, build robust economy
The Group Managing Director and Chief Executive Officer (CEO) of CFL Group of companies, Lai Omotola has called on President Bola Tinubu to sign an executive order banning all cash dollar transactions across Nigeria, as one of the ways to save the Naira.
Omotola, who briefed newsmen on the State of the nation’s economy and the naira in Maryland, Lagos on Friday added that the president should ensure that all dollar transactions should now be bank to bank.
He proposed that the maximum cash any citizen and foreigner could hold in Nigeria should be 100 dollars, adding that any amount exceeding this should be automatically forfeited to the federal Government, while also proposing a total ban on street vending of dollars.
“To save our Naira. We propose that the President signs an executive order banning all cash-dollar transactions across the length and breadth of Nigeria. All dollar transactions should now be bank to bank.
“The maximum cash any citizen and foreigner can hold should not be more than 100 dollars. Any amount exceeding this will be automatically forfeited to the Federal Government. There should be a total ban on street vending of dollars.”
The business mogul, who said it is no longer news to say the nation’s economy is in a precarious state, argued that the dual policy of fuel removal and floating of the naira had resulted in depreciating the economy.
“Today, there is foreign exchange crisis and food crisis. We are not here to labour time on the problems rather our time will be to proffer solutions.
“As a business concern that had been in existence for the past 25 years, just one year more than our democratic period of 24 years, we have lived 100 per cent of all different administrations,” he said.
Omotola further proposed that amnesty should be given to everyone paying dollar cash for the next 90 days and that such cash lodgment should not be probed by the EFCC or any security agency.
“In as much as cash dollar deposits cannot be probed, every dollar payment from banks will be scrutinised,” he suggested.
Omotola also said the Federal Government should adopt a 100 per cent cashless policy in five commercial states in Nigeria and the Federal Capital Territory (FCT).
He further urged the government to activate the Whistleblowers Act such that a reward is made to anybody who is able to tell the Federal Government about hidden dollars, with such persons receiving their rewards seamlessly, arguing that “this will put everybody on their toes.”“The following states should go 100 per cent cashless. Lagos, Kano, Kaduna Rivers, Enugu and Abuja. The maximum amount of cash anyone can hold in these states should not be more than N50,000,” he suggested.
According to Omotola, “If the above is implemented fully to the letter, which also includes a stop on the continuous printing of the new naira notes, but rather the old ones, within the next 30 days the naira will appreciate by 50 per cent; that is in the next 30 days, you will see the naira moving between N700 and N800 and by the end of the year, the true value of the naira to the dollar will emerge.”
[Vanguard]
Wale Edun, minister of finance and coordinating minister of the economy said the current administration is looking into bringing down the ways and means debt.
The minister who spoke on Friday on Channels Television, said the move would be done through “specific actions that have been well laid out”.
Ways and means is a loan facility through which the Central Bank of Nigeria (CBN) provides short-term financing to cover the government’s budget shortfalls.
On February 9, 2024, while addressing the senate committee on banking, insurance and other finance institutions on inflation, Olayemi Cardoso, governor of CBN, said the financial institution will halt its ways and means advances to the federal government.
“The ways and means need to be brought down by specific actions and those are being taken in the financial markets and funds are being garnered, revenue is being raised with a particular intent to pay down the Ways and Means and have the government’s accounts imbalance,” Edun said.
“The government’s day-to-day accounts where it spends from and takes out revenue to have that imbalance, that is the commitment of the administration and the strategy and the path to achieving that in the nearest future. This has been well laid out.
“In addition, there is a need for collaborative collaboration between the monetary and the fiscal side. As we know, the central bank is in charge of the exchange rate, in charge of interest rates, money supply and so forth. And in terms of interest rate, the exchange rate it is doing everything it can to bring improvements to that situation.
“But the fiscal side, the government side has a role to play in that. And that is why taking a cue and collaborating and cooperating we want the monetary authorities to know what we’re doing. Interest rates have been raised.
“So the rate at which the government sells these treasury bills, and bonds has gone up in order to help attract foreign portfolio investors, foreigners who are willing to hold the naira and invest in the Nigerian economy by buying government securities.
“That is a sign of the type of collaboration and type of cooperation that will help the economy as a whole with the fiscal and the monetary side working together.”
‘OTHER REFORMS BY FG TO BOOST REVENUE’
Speaking on the measures put in place to boost revenue and control inflation, Edun said the federal government has identified the problem and was working rigorously to improve the economy.
He said the government has ensured oil revenue and production go up, adding that for the non-oil revenue sector, tax is being looked at to ensure it is less burdensome.
“In terms of inflation we have looked at the reason why you don’t build up money in the system not much by supplying productivity production to reverse and improve and eradicate that inflationary effects on the economy and the system as a whole,” he said
“The reforms that have been put in place include the fact that there needs to be removal of that overhang in the system. Therefore, in addition to a robust revenue system, we’re starting from ensuring oil revenue goes up.”
The minister said federal government-owned enterprises now have a much stricter regime of cost management because, through technology, the government is taking its revenue immediately rather than waiting for the enterprise to meet and comply with the rules.
“Rules are being enforced from the start by taking what is due to the government as soon as that revenue is paid,” Edun said.
“On the expenditure side, a totally new system of expenditure management has been authorised and approved by Mr. President, and has been implemented once again using the power of technology and digitalization.”
Edun said with this, the payments to suppliers, contractors, and beneficiaries will go directly to the federal treasury straight to the beneficiaries without having different places where it is redistributed.
[TheCable]
The Central Bank of Nigeria (CBN) has introduced a fresh set of guidelines to keep Bureau De Change (BDCs) in check.
Under the new guidelines BDCs in the Tier 1 category must have a capital requirement of N2 billion, while Tier 2 BDCs must have a capital requirement of N500 million.
Tier 1 BDCs formally were expected to cough out N15 million to acquire the license. This represents a 13,233.33 percent licence fee hike.
The CBN was forced to come up with a new set of guidelines in order to address the ongoing foreign exchange crisis in the country.
The Financial Policy and Regulation Department of the CBN headed by Haruna B Mustafa detailed what is now expected of BDCs in Nigeria.
The guidelines specify that banks, government agencies, and NGOs are prohibited from having ownership stakes in BDCs. The permissible activities for BDCs include buying and selling foreign currencies, issuing prepaid cards, and acting as cash points for money transfer operators. BDCs are not allowed to take deposits, grant loans, deal in gold, or engage in capital market activities.
In terms of sourcing foreign currencies, BDCs can obtain forex from authorized dealers, travelers, hotels, embassies, and other sources. For large transactions exceeding $10,000, a declaration of the source is required.
Regarding the sale of foreign currencies, BDCs can sell forex for purposes such as travel, medical bills, and school fees, up to specified limits per customer annually. At least 75 percent of the sales must be conducted through electronic transfers, while the remaining 25 percent can be in cash.
There are two tiers of BDCs: Tier 1, which has a national presence with branches and franchises, and Tier 2, which is limited to operating in one state with a maximum of three locations.
BDCs are required to verify the identity of their customers, maintain transaction records, connect to CBN systems, and display rates clearly. They must also submit specified regulatory returns, make their records available for inspection, and comply with the guidelines.
The guidelines also outline standards for Tier 1 BDCs that appoint franchises, covering areas such as policy, monitoring, and branding. Prudential requirements are set for BDCs, including limits on open positions, fixed assets, borrowings, and dividend payments. Additionally, BDCs must comply with anti-money laundering and countering the financing of terrorism regulations, with regard to policies, monitoring, and reporting.
The Nigerian naira has recently hit an all-time low of N2,000 against the dollar due to the prevailing economic crisis in the country. In response, the National Security Adviser, Mallam Nuhu Ribadu, instructed the Economic and Financial Crimes Commission (EFCC), Department of State Services (DSS), and other security agencies to crack down on currency speculators in the forex market. This has led to raids on BDCs nationwide and the arrest of some illegal operators.
In a related development, the Central Bank of Nigeria has announced new measures regarding the foreign exchange (FX) rate to be used for Import Duty Assessment.
Read Also: Senate confirms Cardoso, 11 other CBN’s MPC members
The bank has advised that the Nigeria Customs Service and other relevant parties should adopt the closing FX rate on the date of opening Form M for the importation of goods as the rate to be used for assessing import duty.
This rate will remain valid until the completion of the importation and clearance of goods by the importers.
This decision the CBN said is intended to provide clarity and reduce uncertainty for both the Nigeria Customs Service and importers, allowing them to better plan and manage their revenue and cost structures amid fluctuating daily exchange rates.
“Effective from February 26, 2024, the closing rate on the date of opening Form M for the importation of goods and services will be the rate applied for the assessment of import duty” the CBN circular read.
This replaces the requirements outlined in Memorandum 9, J (2) of the Central Bank of Nigeria Foreign Exchange Manual (Revised Edition), 2018.
While the Central Bank of Nigeria acknowledges the initial volatility and price distortions following the liberalization of the FX market, it is confident that these reforms will ultimately stabilize the market and establish the necessary market confidence to attract investment capital for the growth and development of the Nigerian economy.
“It’s A Deceit” — Obi Rejects INEC Explanation On Failed IREV, Describes It As “Medicine After Death”
AdminPresidential Candidate of Labour Party in the 2023 elections, Peter Obi, has accused the Independent National Electoral Commission (INEC) of deceiving Nigerians with report of the poll released earlier on Friday.
In the 526-page report of the 2023 elections, formally released ahead of the first anniversary of the election, INEC explained why the IREV failed to upload the presidential results despite the seamless working of the bimodal voter accreditation system (BVAS).
The commission attributed the challenge to technical glitches, which was, however resolved and that this did not in any way affect the credibility of the elections.
Obi, who spoke through Dr Yunusa Tanko, the Chief Spokesperson, Obi-Datti Campaign Committee, described the report as medicine after death.
“I think the INEC report is medicine after death. The truth about it is that if I didn’t mean that INEC actually deal with this issue as it happened during the election, possibly Nigerians will have believed and trusted this particular report.”
“But here we are, the report of the INEC which signifies that the IREV refused to function or been uploaded during the election is false. Considering the fact that there were three elections that happened on that day, the Federal House of Representatives, the Senate, and the result was uploaded and there was no issue.
“Why must there be issue as regard to the presidential election? So totally for us is deceit, disdain for the people and is trying to promote an indecency,” he said.
He lamented that unfortunately everyone knew when INEC gave a written document, citing that they would not agree with any result that is not posted on the IREV.
“It is documented and everybody saw it. But then this is the same INEC who went again to the Supreme Court citing that they had an authority to collate the result manually and it was stamped on authority on illegality by our judiciary.
“And you want to convince me that that particular issue of glitch was not done deliberately? The truth is that nobody was arrested. Somebody ought to have been arrested who has been saddled with that responsibility.
“And if he is saddled with the responsibility, he must be held responsible and account for why the glitches occur.
“And even if there was a glitch, it’s just like your network taking off. It shouldn’t take up to a whole day. A few seconds it is off, three seconds it is back. Why was the server not back or why is the glitch not resolved?
“So for me and many of us, this is totally unacceptable. The report is deceitful to the Nigerian people. Our electoral Act and electoral law must be revisited to give clarity as regard to the process of our election.
“We don’t want to give any lacuna to any of our election process and give room for the judiciary only to decide who wins election. Election should be done and dusted at the polling units,” he said.
CAN Youth Calls For Immediate Arrest, Prosecution Of Muslim Cleric Over Hate Speech Targeting wife of the President
AdminThe Youth Wing of the Christian Association of Nigeria (YOWICAN) has demanded prompt arrest and public legal proceedings against Muslim Cleric, Idris Abdulaziz Dusen Tenshi.
Naija News reports that the cleric was reportedly advocating for the killing of Senator Oluremi Tinubu, the wife of the President, branding her an “infidel” because of her Christian faith.
This demand was put forth during the 2024 National Prayer Day and the 1st Quarter National Executive Council (NEC) meeting of YOWICAN, held at the National Christian Centre in Abuja on Friday.
The YOWICAN Chairman, Belusochukwu Enwere, articulated the council’s unified viewpoint in a formal communication, underscoring the immediate necessity for governmental and security authorities to intervene.
The communiqué partly stated, “NEC is calling for the immediate arrest of the Muslim Cleric (Idris Abdulaziz Dusen Tenshi) who has called for the killing of the wife of the President, Sen Oluremi A Tinubu, for being a Christian. Describing her as an infidel.
“The NEC is calling for the public prosecution of the cleric and wish to request the said preacher should be restricted from preaching in Nigeria to serve as a deterrent to others.
“The NEC is giving the Federal Government and security agencies to act immediately to avoid the further deterioration of security situation in the country because of the unguided statement/utterance.”
The NEC meeting also addressed comprehensive concerns affecting the nation, including economic challenges faced by citizens amid rising living costs and the deteriorating security situation marked by widespread killings across the country.
YOWICAN emphasized the employment crisis, urging the government to enact targeted policies to tackle youth unemployment, stressing the significance of engaging young individuals in the country’s development endeavours.
The House of Representatives Committee on the National Agency on Food, Drugs Administration and Control (NAFDAC) has decided to temporarily lift the ban on the sale of spirits and alcoholic drinks in sachets and pet bottles until the investigation is completed.
Chairperson of the House Committee on NAFDAC, Regina Akume, made this announcement in Abuja on Friday following a public hearing on the ban of these products last week.
She emphasized the importance of following proper procedures before imposing a ban, highlighting the necessity of implementing access control measures to prevent children and young people from accessing and consuming alcoholic beverages sold in sachets and pet bottles.
Akume underscored the committee’s responsibility in ensuring the efficiency and effectiveness of NAFDAC in promoting job creation and economic development.
She promised to reach a level playing field between NAFDAC and manufacturers that would not be detrimental to children or public safety.
Earlier, the Director General of NAFDAC, Prof Mojisola Adeyeye, emphasized that the prohibition was implemented with the intention of safeguarding the well-being and safety of children, young individuals, and other susceptible populations.
“We tried to protect the market, and that was why we agreed to a five-year moratorium for the manufacturers to phase out alcoholic drinks in sachets and pet bottles in December 2018,” Adeyeye said.
She further explained that the decision was not solely made by NAFDAC but rather a ministerial directive, and now the five-year period has elapsed.
Adeyeye expressed her surprise at the manufacturers’ campaign, despite the agreement to ban alcohol in sachets and pet bottles.
She emphasized that many problems could have been resolved earlier, clarifying that the agency does not oppose the production of alcoholic beverages but rather the packaging in sachets and pet bottles in order to prevent children from having easy access to them.
A Northern group, Civil Society For Credible Election has stated that erstwhile president, Muhammadu Buhari should be blamed for the economic crisis plaguing the nation.
The group lamented that President Bola Tinubu inherited the challenges from his predecessor.
They shared their reservations while addressing newsmen in Kano.
Umar argued that Tinubu had since hit the ground working to reverse the situation through various steps and policies put in place.
He subsequently called on Nigerians to exercise patience with the President as things will be better in no distant time in the country.
According to him, “We recognize the fact that Nigerians are passing through hardship at the moment. It is a result of a global economic meltdown, but only further compounded by some shortcomings of the last administration under former president Muhammadu Buhari.
“What people need to know about Nigeria’s present challenges is that President Bola Ahmed Tinubu inherited them from the past administration of former president Buhari but as a determined leader, Tinubu is pulling all strings together to overcome them head-on.
“Nigerians are all living witness to the phantom steps and policies of the present administration of President Bola Ahmed Tinubu to address the country’s sociocultural, economic and political indices.
“What President Tinubu need from all Nigerians now is patience, cooperation and understanding of the administration reforms policies. These reforms are strategic and competent enough to in no distant time make all Nigerians proud of their beloved country.”
Yoruba nation agitator, Sunday Adeyemo, popularly known as Igboho, has described as incorrect, the assertion made by some Nigerians that President Bola Tinubu is responsible for the rot in the country.
Tinubu, who was sworn in on May 29, 2023, announced the removal of the subsidy during his first address, a decision that increased the cost of petrol and economic inflation.
This is against the backdrop that the Buhari-led government did not make provisions for petroleum subsidies in the 2023 budget.
Speaking during a visit to the palace of the monarch of Igboho town in Oyo State on Friday, Adeyemo said, “Some people believe it is Tinubu that spoils the country; it is not Tinubu. When Buhari was in government, I was shouting for us (Yoruba) to be united and free ourselves from slavery, saying that Buhari did not have anything to offer us.
“Let’s free ourselves and divide Nigeria. Some people were saying it is what he will eat that he is looking for. Buhari handed over spoiled Nigeria to Tinubu. Tinubu spent six months in office; we are cursing him. What did he do?”
On July 1, 2021, Igboho escaped from a deadly night raid on his Ibadan residence by the operatives of the Department of State Service.
Buhari knocked for economic crisis, EFCC defies order with night raid: Weekly news recap
He was subsequently arrested in Benin Republic on his way to Germany on July 19 together with his wife, Ropo. Igboho was, however, released in October 2023.
The Yoruba nation agitator returned to Nigeria about 30 months after for the burial of his mother, who died on July 22, 2023.
In a video that has since gone viral on social media, Igboho was spotted sitting on top of a car while being welcomed by a mammoth crowd in his home town of Oyo State.
While addressing his supporters at the monarch’s palace, he accused Buahari of sending the security agency to kill him because he was defending the rights of the Yoruba people.
He said, “Buhari sent his soldiers and DSS to arrest me in my house because I said Yoruba’s are not slaves to Fulani. Fulani cannot suppress us in our father’s land.
“Fulani can’t stop our fathers and mothers from going to their farms. Fulani can’t dare it. But, I’m back with the power of God and authority, not that of man. I use the power that God used to create the universe.”
The Independent National Electoral Commission has insisted that the 2023 poll was free and fair, noting that it reflected the wishes of Nigerians.
The commission added that an analysis of the poll showed that no party dominated it and the spread of results across party lines was better than in previous elections conducted in the country.
INEC’s position was contained in a 526-page document titled, ‘The Report of 2023 General Election,’ made available to Saturday PUNCH.
The commission, however, noted that the currency swap by the Central Bank of Nigeria, attacks on INEC facilities, and a few glitches were the challenges encountered during the elections.
The National Commissioner and Chairman, Information and Voter Education Committee, Sam Olumekun, described the poll as unique “in terms of keeping to the timetable, new 80 clauses in the Electoral Act, and introduction of new technologies which made voting easier.”
Olumekun stated, “In keeping with our tradition over the last four electoral cycles, and our commitment to transparency, we are pleased to announce the release of the official INEC report on the 2023 general election.
“The report showcases the election’s unparalleled diversity in party representation, demonstrating significant democratic progress. This election saw four political parties winning governorship races, seven parties winning senatorial seats, eight in federal constituencies and nine in state legislatures, illustrating a broad shift in political representation across Nigeria.”
He further stated that the 2023 general elections were “perhaps the best planned and most innovative election in Nigeria”.
“The election witnessed the highest number of eligible voters and voting locations across the country with the participation of over one million election duty officials and the deployment of enormous logistic requirements including over 100,000 vehicles and about 4,000 boats protected by gunboats,” the report added.
Meanwhile, political parties have criticised the 2023 general elections report released by the INEC.
The chief spokesperson of the Labour Party Presidential Campaign Council, Yunusa Tanko, blamed INEC for covering its “illegality,” adding that the release of the report was medicine after death.
Tanko said, “This is medicine after death. INEC should have made this particular clarification at the time of the election and promised to make amends and pick up from where they stopped.
“However, what is happening is that INEC is trying to cover its tracks after the judiciary had one way or the other legalised their illegality.
“Let me explain better. If INEC says that this is what they are going to do and later on goes to the court to say that they have the right to do manual collation then the court justifies that particular action, it is unacceptable. It is a conspiracy.”
In the same vein, the presidential candidate and former chairman, of the Inter-Party Advisory Council, Yabagi Sani, urged INEC to deal with the culprit involved in the glitches it encountered during the elections.
“Whoever was responsible for the glitches should be dealt with in a manner that should serve as a deterrent for the future because accountability is key.
“INEC should be commended for coming out clean. They should be given a pass mark. We will keep improving in our electoral process. We can now point out exactly what happened,” Sani noted.
The spokesperson of the Peoples Democratic Party, Debo Ologunagba, when contacted said the party needed to critically look at the report before making its decisions known.
But the Publicity Director of the All Progressives Congress, Bala Ibrahim, said, “Nigerians should salute INEC for being honest and sincere by admitting errors or failures on its side. Whatever we do, we should admit that we are humans and we are not infallible.
“Everything that is technologically based or IT-based is liable to some failures. Even in established democracies where they have perfect infrastructures on IT, they still have glitches here and there.”
The Academic Staff Union of Universities has accused the Nigerian government of inflicting hardship on lecturers and students.
Speaking on Friday at a press conference organised at the University of Lagos by the Lagos Zone of the union, the Zonal Coordinator, Prof Adelaja Odukoya, explained that it was imperative to update Nigerians about the events that transpired after the last nationwide strike that was suspended on October 14, 2022, ASUU’s interactions with the present administration, and the possible consequences of the lack of notable actions by the authorities.
ASUU had over time lamented the government’s refusal to fulfil the agreements it had with lecturers.
Odukoya said the government had shown consistent insensitivity to agreements and the well-being of patriotic academics in Nigeria’s public universities.
“The government has persisted in inflicting misery on lecturers and students in Nigeria, despite their sincere efforts to elevate our public universities to a global standard. ASUU is unfazed in its patriotic endeavors.
“To reposition the Nigerian university system, we call on other patriots in the media, labour movement, student organisations, and civil society organisations to join ASUU in the rejection of the government’s master-slave posture on labour matters,” he said.
Odukoya insisted that despite its promises ahead of assuming office, the Bola Tinubu administration had failed to live up to expectations concerning the issues that had been at the forefront of the union’s recent strike actions, the last being from February to October 2022.
Some of the issues he highlighted were the renegotiation of the FGN/ASUU 2009 agreement, withheld salaries, unpaid arrears of earned academic allowance, removal from integrated personnel and payroll information system, public universities and the treasury single account, and proliferation of universities.
Speaking on TETFUND and foreign partnerships, Odukoya said, “As if the abuse and violation of TETFUND by the government are not enough, our union has further noted reports in the media, not refuted, of TETFUND’s intention to help King’s College, London, to establish a medical school in Nigeria in the name of partnership.
“We urge the leadership of the Fund to provide further updates on this proposed course of action and allay fears that it is contemplating funds meant for the development of Nigerian institutions for the development of foreign ones. We believe very strongly that there are many areas in which the agency can strengthen its interventions to the benefit of Nigerian universities.”
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The federal government has said that the Port-Harcourt refinery would begin operation by producing two million litres of Premium Motor Spirit (PMS) otherwise known as petrol and 2.2 million litres of diesel per day.
The government said this after an inspection tour of the facility along with the leadership of organised labour.
Minister of State for Labour and Employment, Nkeiruka Onyejeocha, who disclosed this, said the refinery was 80 percent completed.
She explained that the old plant would begin with 54,000 barrels per day, while the new plant which is currently going through its last phase of completion would also begin production before the end of the year.
“The combined capacity of the two plants, when fully on stream, would produce 10 million litres of PMS per day,” Onyejeocha said in a statement issued by the Director of Press and Public Relations, Federal Ministry of Labour and Employment, Olajide Oshundun on Thursday.
A scheduled visit to the Port-Harcourt refinery was one of the points listed in the 16 – points agreement reached with the government last year by organised labour.
The minister reiterated the government’s commitment to social dialogue with organized labour and other stakeholders towards achieving industrial peace and harmony, while prioritising workers’ welfare.
She appealed to union leaders to see the strike as the last option.
The minister said: “Issuing of constant strike threat could send wrong signals to potential investors. This is not healthy for our business environment.”
According to the statement, the minister met with the leadership of TUC to review the progress reports of agreements reached in October 2023 between the government and organised labour.
“During the review, the minister read each item on the memorandum of understanding among which were the payment of four out of six months on wage award, the committee of minimum wage review, payment of outstanding salaries and wages of tertiary education workers in federal- owned educational institutions, suspension of VAT on diesel, payment of N25,000 conditional cash transfer to 3,140,819 households, including the pensioners.
“While she said the government has made a huge financial commitment to the provision of CNG Buses and conversion Kits, she also explained that the procurement process was slowing down the launch but measures were already in place to fast-track the process.
“The minister explained that the government has commenced a series of engagements with relevant stakeholders on tax incentives, just as the leadership crises rocking NURTW and RTEAN have been resolved.
“Among the progress made are subsidized distribution of fertilizers to farmers across the country, government’s engagement with various state governments and the private sector on the issue of the implementation of wage award for their workers, and plans to encourage MSEs in the country to create jobs and boost the economy.
“Speaking on the inspection visit to the Port-Harcourt refinery by TUC and federal government delegation, the minister said reports by organized labour and government established that the Port-Harcourt refinery is 80% completed,” the statement said.
The leadership of TUC led by its Secretary General, Nuhu Toro commended the government for the progress recorded so far in implementing a substantial part of the agreement, but differed with the government on some of the items.
He said, for instance, that while the issue of RTEAN has been resolved, that of NURTW has not been resolved.
“If the issue of the president of the union has not been resolved, it suggests that the issue of NURTW has not been resolved.
“You have carefully done justice to the items, and we commend you and the federal government, but we expect fulfillment of all the agreements,” said Nuhu Toro.
He said some of the items have not been fully implemented but from their own assessment, the government has achieved 50% implementation.
According to Toro, “50% is a pass mark, but we urge you to do more. We know there are challenges, but we are very optimistic that they could be addressed”.
While the minister disagreed with the 50% rating by the union, citing reasons, Comrade Toro said 50% is a good performance on the side of the government.
Deputy President of TUC, Kayode Alakija, thanked the minister for her consistency with union leaders and appealed to her to back some of the gray areas with data to reconcile them.
He said: “We will appreciate it if you back up the VAT with empirical data. You said you got the information from the office of the Finance Minister. So, we would appreciate it if they could supply you with data on how they arrived at the information.”
Among those present at the meeting were the Permanent Secretary of the ministry, Ismail Abubakar; the Director of Trade Union Services and Industrial Relations, M A. Yusuf and other directors and departmental heads of the ministry.
On the side of the TUC, were its Secretary General, Toro, its Vice President, Alakija Kayode, Deputy President, and two others.
The 2023 presidential candidate of the Labour Party (LP), Peter Obi, has disclosed that he has no plans to leave the party.
He also described insinuations from certain quarters that he was leaving the party as the handwork of political mischief makers.
Obi, in a statement on Friday, signed by the Peter Obi Media Reach (POMR) said enemies of democracy bent on causing crisis in the Labour Party are the ones spreading rumours about his defection.
The LP candidate, in a statement signed by his media aide, Michael Jude Nwolisa, on Friday, dismissed the trending fake and fallacious news story suggesting that he was parting ways with the Labour Party.
“This is not true and it did not originate from Obi or the Obidient Movement but from mischief makers bent on sowing the seed of discord in the party.
“These rising misdemeanors on the party did not start today as they set out to destroy and disorganize the party all to get at Obi and derail the inevitable journey of rescuing Nigeria.
“Presently our principal is preoccupied with making Nigeria work not on partisan politics which ended on October 26, 2023, when the Supreme Court of the land took their final decision on the general elections.
“Those bent on creating a crisis in the Labour Party are clearly enemies of democracy wishing for the failed status quo to remain.
“OBI’s focus at the moment is on creating an environment where democracy is to be practiced according to the defined tenets not the rascality and all forms of impunity prevalent in the country today
“Peter Obi, therefore, would like to assure Nigerians, particularly the Obidient family that his way with Labour is unshaken and intact and that the struggle to rescue Nigeria from the criminal gangs holding it down will not stop until it’s achieved through the will of the Nigerian people,” the statement reads.
Former National President of the Nigerian Bar Association, NBA, Olumide Akpata, has emerged as the Labour Party, LP, governorship candidate in Edo State.
Akpata won the LP primary election held in Benin City, the state capital, on Friday.
He was declared the winner of the primary after polling the highest number of votes.
Akpata scored 316 votes to defeat other aspirants in a landslide victory.
The President Bola Tinubu-led federal government has announced plans to create 100,000 jobs for Nigerians before May 29, 2024.
The Senior Special Assistant to the President on Micro, Small and Medium Enterprises (MSMEs) and Job Creation, Office of the Vice-President, Temitola Adekunle-Johnson, made the disclosure.
According to the presidential aide, the target is to create 384,000 jobs in four years, but the initial 100,000 target is by May 29, 2024.
Adekunle-Johnson, made this known while speaking at the inaugural Job Creation and MSME Quarterly Communications Forum, organised by the Job Creation & MSME Secretariat, Office of the Vice President.
He said the government was focusing on job creation in partnership with the Federal Ministry of Labour and Employment.
“We are saying that by May 29, we will create at least 100,000 jobs. The target is to create 384,000 jobs in four years,” he said.
Adekunle-Johnson also noted that the initiative would be a partnership between the Federal Government and Access Bank.
“Today’s programme is to announce our partnership with the Access Bank, how the bank is trying to support the government with regard to access to funding for MSMEs.
“Right now, the interest rate for loans is between 27 and 29 per cent, but the Access bank is giving us at the rate of 15 per cent.
“The bank is committing N50 billion to support MSMEs. They are even now saying that if you are an MSME and you want to collect N1 to N3 million, don’t worry; the collateral that they need is simplified to enable you to have access to the money,” he stated.
Earlier, the Minister of Information and National Orientation, Mohammed Idris, who was represented at the event by the Director-General, Voice of Nigeria, Jibrin Ndace, said the Federal Government was committed to creating an enabling environment for MSMEs in the country in line with President Tinubu’s Renewed Hope Agenda.