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FG proposes N54,000 as new minimum wage

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After the walkout by the Organised Labour comprising of the Nigeria Labour Congress and the Trade Union Congress during the last meeting with the Tripartite Committee on Minimum Wage following the proposed N48,000 as minimum wage by the Federal Government, it has been learned that the government has now upped it to N54,000.

 

A highly reliable source at the meeting, which is currently ongoing, disclosed this.

 

“The Federal Government has now proposed the sum of N54,000,” the reliable source said.

 

Though it is not clear whether Labour would accept this offer, FG’s proposal is a far cry from the N615,000 proposed by the organized Labour.

 

The National President of the Nigeria Labour Congress, Joe Ajaero, insisted on N615,000 minimum wage, arguing that the amount was arrived at after an analysis of the current economic situation and the needs of an average Nigerian family of six.

 

He blamed the government and the OPS for the breakdown in negotiation, saying, “Despite earnest efforts to reach an equitable agreement, the less than reasonable action of the Government and the Organised Private Sector has led to a breakdown in negotiations.”

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But speaking on behalf of the OPS, the Director-General of the Nigeria Employers Consultative Association, Mr Adewale-Smatt Oyerinde, described unions’ walkout when negotiation had not started as unfortunate.

 

The NECA DG admonished the union leaders to reconsider their position and return to the negotiation table in the interest of their members and national development.

 

However, Ajaero justified their decision to abandon the negotiation, saying, “The government’s proposal of a paltry N48,000 as the minimum wage does not only insult the sensibilities of Nigerian workers but also falls significantly short of meeting our needs and aspirations.

 

“Though it is worth noting that even the least paid workers in the private sector receive N78,000 as clearly stated by the OPS, highlighting the stark disparity between the proposed minimum wage and prevailing standards further demonstrating the unwillingness of employers and Government to faithfully negotiate a fair national minimum wage for workers in Nigeria.’’

 

He accused the government of failing to provide data to support its offer, noting that this undermined the credibility of the negotiation.

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“Furthermore, the government’s failure to provide any substantiated data to support their offer exacerbates the situation. This lack of transparency and good faith undermines the credibility of the negotiation process and erodes trust between the parties involved.

 

The NLC president noted that the unions remained committed to fighting for the rights and interests of Nigerian workers.

 

He also called on the government to reconsider its position and come to the negotiation table with “clear hands that reflect the true value of the contributions made by Nigerian workers to the nation’s development and the objective socioeconomic realities that confront not just Nigerian workers but Nigerians today as a result of the policies of the Federal Government.”

 

President Tinubu, through Vice President Kashim Shettima, on January 30, 2024, inaugurated the 37-member Tripartite Committee on Minimum Wage to come up with a new minimum wage ahead of the expiration of the current N30,000 wage on April 18.

 

The panel, whose membership includes federal and state governments, the private sector, and organised labour, will recommend a new national minimum wage for the country.

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During the panel’s inauguration, Shettima urged the members to “speedily” reach a resolution and submit their reports early.

 

“This timely submission is crucial to ensure the emergence of a new minimum wage,” Shettima said.

 

In furtherance of its assignment, a zonal public hearing was held simultaneously on March 7 in Lagos, Kano, Enugu, Akwa Ibom, Adamawa, and Abuja.

 

The NLC and the TUC in different states proposed various figures as a living wage, referencing the current economic crunch and the high costs of living.

 

In their different proposals on the minimum wage, the NLC members in the South-West states demanded N794,000 as the TUC suggested N447,000.

 

At the North-Central zonal hearing in Abuja, the workers demanded N709,000 as the new national minimum wage, while their counterparts in the South-South clamoured for N850,000.

In the North-West, N485,000 was proposed, while the South-East stakeholders demanded N540,000 minimum wage.

But organised labour settled for N615,000 as a living wage.

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JUST IN: FG declares October 1 as public holiday

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The Federal Government has declared Tuesday, October 1, as a public holiday to commemorate Nigeria’s 64th independence anniversary.

Olubunmi Tunji-Ojo, minister of interior, announced the holiday on Saturday in a statement by Magdalene Ajani, permanent secretary in the ministry.

The minister praised patient and hardworking Nigerians, adding that their sacrifices would not be in vain.

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Good Morning! Here Are Some Major News Headlines In The Newspapers Today: Bobrisky scandal: We won’t spare indicted officials –Minister

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1. The Minister of Interior, Olubunmi Tunji-Ojo, on Friday warned that officials of the Nigeria Correctional Service (NCoS) found culpable in the apartment-for-prison scandal involving notorious cross-dresser Idris Okuneye, a.k.a. Bobrisky, would not go unpunished. Tunji-Ojo, who spoke at a media briefing in Abuja to mark his one year in office, vowed that no personnel or officer of the Nigeria Correctional Service found involved in the ongoing probe would be spared.

 

2. Ahead of the resumption of flights to Nigeria by Emirates on October 1, the federal government has finalized an agreement with United Arab Emirates (UAE) authorities to guarantee reciprocal rights for Nigerian airlines willing to start flying to any UAE cities, especially Dubai.

 

3. The Economic and Financial Crimes Commission (EFCC) on Friday arrested a former governor of Taraba State, Darius Ishaku, over alleged fraud of N27 billion. He was reportedly picked up at his Abuja residence.

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4. President Bola Tinubu on Friday appointed seven executive directors for the Nigerian Television Authority (NTA).

 

A press release signed by his media aide, Bayo Onanuga, said the president re-appointed Ayo Adewuyi as the Executive Director of News.

 

5. The Minister of Interior, Olubunmi Tunji-Ojo, on Friday justified the increase in passport fees, stating that the rise was only about 45 percent. According to him, the increase was driven by the exchange rate between the dollar and the naira.

 

6. Justice Ayokunle Faji of the Federal High Court in Lagos State, on Friday, ordered the remand of four bloggers for allegedly cyberstalking and spreading false information aimed at insulting the Chief Executive Officer of Guaranty Trust Holding Company PLC, Segun Agbaje.

The bloggers, Precious Eze, Olawale Rotimi, Rowland Olonishu, and Seun Odunlami, were remanded at the Ikoyi Correctional Centre.

 

7. The Lagos State Police Command has summoned four of its officers to account for their alleged involvement in the extortion of N1 million from some National Youth Service Corps members.

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In an X post, a user tweeting as #YemieFash, identified as Olúyẹmí Fásípè, revealed that the corps members were threatened by the officers and later taken to the Kafaru Oluwole Tinubu House, Area C Police Command, where they were “robbed.”

 

8. The Lagos State Wastewater Management Office has sealed off the Orchid Shopping Centre in the Eti-Osa area of the state over a threat to public health.

 

This was disclosed in a statement shared on X.com by the state Commissioner for the Environment and Water Resources, Tokunbo Wahab, on Friday.

 

9. The House of Representatives has summoned the EFCC Chairman, the Nigerian Correctional Service Comptroller General, Bobrisky, VeryDarkMan, and all officers involved in the prosecution of Bobrisky.

 

This was contained in a letter written by the Lead Chairman of the joint committee, Jon Ginger Onwusibe, to parties on Friday over the disturbing allegations of corruption against the Economic and Financial Crimes Commission (EFCC) and the Nigeria Correctional Service.

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10. A Federal High Court in Abuja has ordered the Independent National Electoral Commission (INEC) to recognize Chief Olusola Ebiseni and Dayo Awude as the governorship and deputy governorship candidates of the Labour Party (LP) for the November 16 governorship election.

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CBN extends suspension of processing fees on deposits to March 2025

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The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.

 

The development comes six days before the suspension date initially fixed, expires.

 

On May 1, banks resumed the collection of processing fees on cash deposits.

 

Six days later, CBN suspended charges on the deposits until September 30.

 

However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.

 

“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.

 

“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.

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“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”

 

CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.

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