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Top CBN officials meet Monday over naira crisis

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Top members of the management team of the Central Bank of Nigeria (CBN) are to meet on Monday to review the crisis that the naira redesign programme has generated and come up with solutions to the acute cash crunch that has nearly paralysed the country.

The meeting would also consider the advice given by the National Council of State that the apex bank should print more redesigned N1,000, N500 and N200 notes or re-circulate the old ones withdrawn from circulation in order to ease the current cash crunch.

It was learnt that the meeting, which will hold at CBN headquarters in Abuja, would involve the top echelon of the apex bank, and a fresh directive might be issued to Deposit Money Banks on whether to keep accepting deposits of the old notes or not.

According to The Punch, a decision would likely be made on the continuous circulation of the old notes at the meeting.

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However, the advice to print more money would not be straightforward due to logistic reasons and the fact that the Nigerian Security Printing and Minting Plc had capacity issues as regards the printing of the new notes.

It had earlier been reported that the CBN was considering contracting foreign firms to print the redesigned naira notes as the Mint was unable to meet the demand for the currency, thus leading to the current nationwide scarcity.

It was reported that the Mint had succeeded in printing N500bn worth of the new N1,000, N500 and N200 notes and might not have the capacity to do more than that at the moment, whereas the CBN had withdrawn about N2.1tn of the old notes from circulation.

An official of the apex bank said that the advice given by the Council of State would be weighed carefully vis-à-vis the security implications of the continued scarcity of the notes, the cost of printing more notes and re-circulating the old ones, and the implementation of the Supreme Court interim order that the old notes should be allowed to circulate alongside the new ones.

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Labour gives FG May 31 deadline for new minimum wage

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The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have given the federal government a deadline of May 31 to come up with a new national minimum wage for workers.

 

The ultimatum was given despite the decision of the federal government to increase the salaries of civil servants by 35 percent.

 

The Federal Government also approved an increase in pension of between 20 percent and 28 percent for pensioners on the defined benefits scheme, with respect to the six consolidated salary structures.

 

The implementation of the new salary structure was backdated to January 1, 2024.

 

Labour has since said it wants the sum of ₦615,000 as the new minimum wage.

 

Speaking during the Workers Day Celebration in Abuja, Joe Ajaero, president of NLC, said they might not guarantee the industrial harmony of the country if the new minimum wage is not implemented.

 

“The NLC and the TUC have made it clear and emphatically that should the minimum wage negotiation continue and linger till the end of May, we can no longer guarantee industrial harmony in this country,” Ajaero said.

Also speaking, Festus Osifo, TUC president, said the N30,000 current minimum wage is insufficient for Nigerian workers due to the current economic realities.

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Osifo implored the Nigerian Electricity Regulatory Commission (NERC) and power distribution companies to immediately reverse the current increase in electricity tariff for Band A customers.

 

“The NLC and TUC hereby advise NERC and power sector operators to reverse the last increase in electricity tariff within the next one week,” the TUC president said.

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Claims of inciting Igbos against FG baseless, Obi replies Umahi

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The presidential candidate of the Labour Party in the 2023 election, Peter Obi, has responded to the allegation that he is inciting people of the south-east against the federal government.

 

The former governor of Anambra said the allegation is a “baseless distraction” designed to tarnish his character.

 

He averred that his “focus is on fostering constructive dialogue and inclusivity, rather than engaging in divisive politics”.

Obi said he would not reduce himself to the level of those who wallow in ethnic politics.

 

“Regarding allegations of incitement against the government, I firmly reject these unfounded accusations aimed at tarnishing my character,” Obi wrote on X.

 

“My focus is on fostering constructive dialogue and inclusivity, rather than engaging in divisive politics.

 

“Claims of incitement are baseless distractions. I have always advocated for unity and advancement, refusing to partake in reactionary divisive politics.

 

“Worse still, I have never and can never descend so low as to base my political aspirations on any sectional or ethnic interest.”

READ  Kano Govt sues FG over Naira redesign

 

THE INCITEMENT ALLEGATION

David Umahi, minister of works, on Wednesday accused Obi of inciting people of the south-east against the federal government over the Lagos-Calabar coastal road project.

Speaking during a stakeholders’ meeting in Lagos, Umahi said Obi implemented the demolition of structures for road infrastructure while he was governor of Anambra.

 

The minister condemned Obi for criticising the federal government over the project, adding that affected property owners are already being compensated.

 

Obi has repeatedly criticised the federal government for the construction, describing the project as a misplaced priority.

 

The former Anambra governor said the “insensitive” demolition of structures for the project was “heart-wrenching”.

 

Recently, the federal government commenced the construction of the 700-kilometre Lagos-Calabar coastal road, which is expected to run through the shoreline of beach resorts in Lagos, while traversing eight other states.

 

The project has elicited controversy over funding, and the businesses that would be affected during construction.

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RESPONSE ON DEMOLITIONS AS ANAMBRA GOVERNOR

Responding to Umahi on demolition of structures, Obi said while he was governor, he clearly stated that all structures obstructing existing roads and lacking approval would be removed.

 

The former Anambra governor challenged anyone to show evidence on whether the “demolished structures on existing roads or ongoing businesses were not encroaching on the road and built without government approval”.

 

He added that it amounts to false equivalence to compare his actions as governor with the current Lagos-Calabar coastal road project.

 

Obi said he “never proposed creating a new road that would disrupt existing structures”.

 

“My actions were strategic, aiming to prioritise the repair and maintenance of existing infrastructure over projects that risked disruption and destruction,” Obi added.

“This approach aimed to safeguard the livelihoods of Nigerians and ensure the efficient use of resources.”

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Coastal highway: Umahi slams Obi, says he’s inciting south-east people against FG

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David Umahi, minister of works, says Peter Obi, former governor of Anambra, is inciting people of the south-east against the Federal Government over the Lagos-Calabar coastal road project.

Umahi spoke in Lagos on Wednesday during a stakeholders’ meeting on the road project.

 

Recently, the federal government commenced the construction of the Lagos-Calabar coastal road, which is expected to run through the shoreline of beach resorts in Lagos, while traversing eight other states.

The project has generated controversy and concerns about funding and the businesses that would be affected during construction.

 

On Tuesday, Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, criticised the federal government over the project, describing it as a misplaced priority.

 

The former Anambra governor said the “insensitive” demolition of structures for the project was “heart-wrenching”.

 

UMAHI REPLIES OBI

Responding to the comment, Umahi said Obi supported the demolition of structures for road infrastructure while he was the governor of Anambra.

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The minister condemned Obi for criticising the Federal Government over the project, adding that affected property owners are already being compensated.

“When you condemn people you bring judgment upon yourself and that is what he has done,” Umahi said.

 

“I think he is inciting some of the south-east people that are not well informed.

“He is inciting and getting them into trouble and he does not go to fight for them.

“Wisdom is a defence. It gives light to those that practice it. I want our people to have wisdom because I’m involved.”

Umahi added that the federal government did not destroy the facilities of Landmark Beach, noting that only shanties on the right of way were removed.

 

He said the owners of Landmark Beach were not unfairly treated in the construction of the project.

 

The minister accused Paul Onwuanibe, chief executive officer (CEO) of Landmark Africa Group, of politicising the issues arising from the project.

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