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CBN will release $120m trapped funds to foreign airlines, says Emefiele

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Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has disclosed that $120 million will be released to international airlines to offset part of their funds trapped in the country.

Emefiele spoke on Monday at a meeting between the leadership of the house of representatives, the International Air Transportation Association (IATA), Airlines Operators of Nigeria (AON), and representatives of the federal government, including Hadi Sirika, minister of aviation.

He said the apex bank has been working to enable international airlines to repatriate their funds, hence the resolve in August to release $265 million to them, and that the money has been disbursed in bits with $120 million set to be due on October 31.

“Everyone is calling on CBN to release blocked funds, and I am doing everything I can to provide dollars for you to repatriate your money,” he said.

“We used our discretion to allocate $265 million to the foreign airlines, broken down into spot and forward. We did $110 million on the spot and the rest in 60 days forward.

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“On that day, we allocated to IATA $32 million through UBA. Qatar Airways, $22.8 million through Standard Chartered; Emirates, $19.6 million through Access Bank; British Airway, $5.5 million through GTB; Virgin Atlantic, $4.8 million through Zenith and others.

“How then can they go about and begin to say that they have not received money? This is an extra allocation. This is something I have told you (foreign airlines) that we will continue to do so that you will not blackmail the country. $120 million will be due on the 31 of October.”

Emefiele said it was unacceptable for foreign airlines to resort to “blackmail” against the country because of their trapped funds.

“I can print naira, even though I have been accused of printing naira, but I cannot print dollar. We have to either earn it or borrow it,” he said.

The apex bank governor said foreign airlines should respect the bilateral aviation services agreement (BASA) as it would tackle the problem of unrepatriated funds.

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“When you allow Nigerian airlines to fly in your country, what the airlines will do is charge naira as we expect foreign airlines to charge. You cannot be flying 21 flights into Nigeria and you do not allow Nigerian airlines to land in your country and when they land, you intimidate them with sniffer dogs and do not allow them to carry out maintenance checks,’’ Emefiele said.

In his submission, Samson Fatokun, the representative of IATA, said about $700 million of foreign airlines are still trapped despite the intervention of the CBN.

He said the CBN should provide a timeline of how the funds are to be repatriated to assure the international airline operators.

“What we have right now is $700 million — our balance is $700 million. The airlines are reasonable by saying that [you] give us a plan for repatriation,” he said.

Nigeria is facing a forex exchange crisis and this has seen the naira depreciate against the dollar.

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The Federal Government had said it could not release the funds due to the foreign exchange crisis.

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UK local election: Boris Johnson turned away from polling station after forgetting valid ID

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Former prime minister of the UK, Boris Johnson, was turned away from his local polling station after forgetting to bring the required photo identity.

 

Johnson had joined locals in South Oxfordshire on Thursday to vote in the police and crime commissioner election.

Polling officials however told him he would not be allowed to vote without providing his identity.

There are 22 acceptable forms of ID in the UK including passports, driving licences, blue badges, and certain local travel cards.

 

As prime minister in 2022, Johnson introduced the Elections Act which requires photo ID — a development that sparked intense criticisms from Britons.

Last year, the Electoral Commission warned that the new law could exclude hundreds of thousands of people, including minorities and those with disabilities.

A spokesperson for Johnson confirmed he had forgotten the photo ID, but that he was able to cast his ballot after he returned with a valid ID.

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“Mr Johnson voted Conservative,” Sky News quoted the spokesperson as saying.

Downing Street said it would “look into” changing the controversial rules which require photo ID in order to vote, so that ID cards of veterans can be added to the list of valid identification.

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Governors can pay N615k minimum wage if they get priorities right – NLC

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President of the Nigeria Labour Congress (NLC), Joe Ajaero, says state governors can afford to pay the proposed N615,000 minimum wage if they get their priorities right.

Ajaero spoke on Thursday during an interview with Channels Television.

 

Recently, organised labour announced that the new minimum wage should be pegged at N615,000.

The proposal came amid ongoing minimum wage negotiations between federal and state governments on one hand, and organised labour on the other.

 

In 2019, the administration of former President Muhammadu Buhari pegged the national minimum wage at N30,000.

After the new minimum wage was announced at the time, it took some states forever to implement the increment.

 

Asked during the interview if organised labour’s proposal of N615,000 is realistic, Ajaero said the amount is the “most realistic” given the galloping inflation in the country.

 

The NLC president said organised labour considered factors like transportation, housing, and feeding before arriving at the sum.

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“If you are talking about being realistic, the N615,000 demand is the most realistic. Being realistic is not about slave wage,” Ajaero said.

 

“However, N30,000 is big money if inflation is brought down, and at a single digit.

“Look at the indices that create inflation. If you check them, you can talk about being realistic. All other factors in the country are going high and wages remain constant.”

 

Asked if states can afford the N615,000 proposal, the NLC president averred that it is not about ability to pay but the priorities of states.

“I think we need to understand the issues of ability to pay and not getting the priority right,” he added.

 

“Most of the states that have shown willingness to pay the current minimum wage are not among those getting the highest revenue.

“During the time of Muhammadu Buhari, some states were declared not having enough money to pay and he released funds for them to pay.

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“Those states still refused to pay. It is not the question of either the quantum of money that they have or not, it is what they decide to do with such money.

 

“If they get their priorities right, then a lot can happen.”

 

Organised labour has also threatened to embark on a strike if a new minimum wage is not announced before May 31, 2024.

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15-yr-old Kwara public school student scores 362 in UTME

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A student of a public secondary school, Government Secondary School, Omu Aran, Kwara State, Olukayode Victor Olusola, scored 362 marks in this year’s Unified Tertiary Matriculation Examination, UTME, to be among the contenders for the highest scorers in the examination.

Though the Registrar of the Joint Admission and Matriculation Board, JAMB, Prof. Isaq Oloyede, organisers of the exam, had said the Board would not announce the highest scorer to avoid last year’s experience of confusing claims, Olukayode’s score is celebratory, as it is among the highest in recent years.

He scored 95 marks each in Mathematics, Physics and Chemistry and 77 in English Language.

 

His exploit is coming against the backdrop of the poor performance of candidates in the exam in which 1.4 million scored less than 200 marks out of 400. The exam was taken by over 1.8 million candidates

Also, Olukayode’s excellent performance is coming at a time when confidence is greatly eroding in what public schools have to offer and some private schools are boasting of being the most expensive in the country.

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Olukayode was born in 2009 and hopes to study Electrical Electronic at the University of Ilorin, Kwara State.

 

His mother, Beatrice Tosin, while giving all the honour to God, also praised the studious and hard working nature of her child.

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