News

Minimum wage: Labour begins nationwide strike Monday

Published

7 months ago

May 31, 2024

By Francesca Hangeior

Members of the organised labour, on Friday, declared a nationwide indefinite strike over the Federal Government’s refusal to raise the proposed minimum wage from N60,000.

The President of the Nigeria Labour Congress, Joe Ajaero, disclosed this at an ongoing press conference in Labour House, Abuja.

Ajaero said the strike would begin by midnight on Sunday, June 2, 2024.

Recall that the NLC and TUC had given a May 31, 2024 ultimatum on the new minimum wage.

As of the time of filing this report, an emergency press briefing has been called by labour.

On Tuesday, talks between the Federal Government and organised Labour broke down after the government and organised private sector raised their offers to N60,000.

The government added N3,000 to its initial offer of N57,000 proposed last week, taking the total figure to N60,000.
It was dismissed by labour at the meeting.

At the meeting, labour again lowered its demand by removing N3,000 from the N497,000 it proposed last week, pegging the new proposal at N494,000.

To fast-track the negotiation process, the Nigeria Labour Congress and Trade Union Congress of Nigeria on May Day gave the committee till the end of the month to wrap up talks on a new national minimum wage.

News

Reps Call for Revival of NAPAC to Boost Transparency, Accountability

Published

8 minutes ago

December 18, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has called for the revitalization and strengthening of the National Association of Public Accounts Committees (NAPAC) to enhance transparency, accountability, and good governance across Nigeria.

Chairman, House Committee on Public Accounts (PAC), Rep. Bamidele Salam, stated this at the joint sitting of Public Accounts Committees of Senate and House and inauguration of an Adhoc Committee for the reconvening of NAPAC at the National Assembly on Tuesday, emphasised the importance of collaboration among Public Accounts Committees at both federal and state levels.

Formed in 2014, NAPAC comprises 38 chapters nationwide, including the Public Accounts Committees of the Senate, House of Representatives, and all 36 State Houses of Assembly, Rep. Salam noted that the Association has been dormant in recent years, necessitating urgent action to restore its relevance.

He stated, “This Association is a pivotal platform for promoting transparency and accountability in governance. However, in recent times, the Association’s activities have been dormant, necessitating the need for a quick revitalization.

“It is in this context that we are inaugurating this Ad-hoc Committee, tasked with the vital responsibility of reconvening the meeting of NAPAC.”

Salam outlined committee’s objectives, including reviving NAPAC’s activities, adopting innovative strategies to combat corruption, and collaborating with anti-corruption agencies, civil society, and the media.

He also stressed the importance of leveraging partnerships with continental and regional associations such as AFROPAC, WAPAC, and SADCOPAC for capacity building and knowledge sharing.

“The task ahead is daunting, but with collective effort, unwavering commitment, and an unshakeable faith in our nation’s potential, I am confident that we shall succeed,” he added.

In an interaction with journalists, thr Committee chairman, stressed plans to engage with the Auditor General of the Federation and Accountant General of the Federation to address delays in submitting reports on Ministries, Departments, and Agencies (MDAs).

“Of course, Nigerians should expect that we’re going to have more productivity, especially in consideration of the report of the Auditor General,” he said.

He noted that only the 2021 Auditor General’s report is currently before the National Assembly, a situation he described as inconsistent with constitutional provisions. Salam expressed the committee’s determination to ensure Nigeria catches up with the 2022 and 2023 reports by next year.

He added, “We’ll also be able to bring more of these agencies of government in line to ensure that all monies appropriated by the National Assembly are spent judiciously, efficiently, and in a lawful manner.”

News

Nigeria Needs Comprehensive Reforms To Expand Its Tax Base – Speaker Abbas

Published

24 minutes ago

December 18, 2024

Gloria Ikibah

…say we’re consulting stakeholders to address concerns of 4 tax bill

…assure NASS will ensure equity, protection of vulnerable Nigerians

By Gloria Ikibah

Speaker of the House of Representatives Rep. Tajudeen Abbas has said that Nigeria needs “comprehensive tax reforms to broaden the nation’s tax base.

Speaker Abbas stated this while delivering the votes of thanks during the presentation of the 2025 budget to a joint session of the National Assembly by President Tinubu, said that the leadership of the House has commenced a series of engagements with the relevant stakeholders to address the concerns raised on the four tax reform bills transmitted to the National Assembly by President Bola Ahmed Tinubu.

He reiterated the commitment of the House, and indeed the National Assembly to ensure equity and the protection of vulnerable Nigerians.

He said, “Nigeria’s low tax revenue also remains a major constraint. Our tax-to-GDP ratio, currently at approximately 10.9 per cent for 2024, is among the lowest in Africa, significantly below the continental average of 15.6 per cent. In comparison, South Africa’s tax-to-GDP ratio stands at 25.4 per cent, while Rwanda and Ghana, with much smaller populations, report ratios of 15.1 per cent and 14.1 per cent, respectively.

“Even our VAT collection efficiency – at approximately 20 per cent – is notably below the near 70 per cent efficiency achieved by South Africa, Equatorial Guinea, and Zambia.”

“Addressing these challenges requires urgent and comprehensive tax reforms to broaden our tax base, improve compliance, streamline administration and reduce reliance on borrowing.”

Speaker Abbas, therefore, stated the preparedness of the National Assembly to work with the President Tinubu-led administration towards achieving the required reforms.

“The National Assembly will continue to work with your administration to ensure that such reforms are equitable, effective, and considerate of the needs of vulnerable populations.

“To this end, we have engaged stakeholders to address concerns raised on the tax reform bills, fostering trust and cooperation. I have personally led numerous high-level meetings and consultations with state governors and other key stakeholders on this issue, achieving positive outcomes”, he added

According to Speaker Abbas, the reforms by the Tinubu administration have “disrupted the status quo, sparking resistance from vested interests.”

He added: “Yet, these courageous measures underscore your resolve to prioritise the welfare of Nigerians.”

“The National Assembly stands ready to support these reforms through legislative backing and to facilitate public engagement for greater understanding and acceptance.”

He stated that collaboration between the three arms of the government remains essential to achieving the shared objectives.

News

TALL Forcast: 2025 Budget will bring down inflation to 15%, dollar to N1,500-Tinubu

Published

4 hours ago

December 18, 2024

Naijablitznews

President Bola Tinubu has said that the 2025 budget forecasts that inflation will decline from current 34.6% to 15% next year.

He said this during his presentation of the N47.9 trillion 2025 budget proposal to a joint session of the National Assembly on Wednesday.

The President also said that the exchange rate will improve from approximately N1,700 per dollar to N1,500.

According to Tinubu, “this is an ambitious but necessary budget to secure our future.”

“The Budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day,”Tinubu said.

He said the budget projections are based upon observations such as reduction of petroleum products importation, increased export of finished petroleum products, bumper harvest driven by enhanced security, reducing reliance on food imports, among others.

Tinubu listed highlights of the budget to include defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.

Nigerians are grappling with economic hardship following incessant increase in inflation and volatile exchange rate that has seen dollar exchange as high as N1,700 in recent days.

On Monday, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024.

The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.

“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the Bureau said.

Significantly, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).