Economy
Minimum wage: FG offers over N60,000, Labour may end strike
There are indications that the organised Labour may end its strike over the new minimum wage as it reached an agreement with the Federal Government on Monday.
After a six-hour meeting in Abuja, the Federal Government expressed the commitment of President Bola Tinubu to raising the N60,000 offered as the minimum wage.
The meeting, held in the office of the Secretary to the Government of the Federation, on Monday evening aimed to resolve the impasse and bring an end to the industrial action that had paralysed various sectors across the country.
After extensive deliberations, several key resolutions were reached.
The agreement stated that “ the President of Nigeria, Commander-in-Chief of the Armed Forces, is committed to establishing a National Minimum Wage higher than N60,000; and the Tripartite Committee will convene daily for the next week to finalize an agreeable National Minimum Wage.”
The organised labour also agreed to “immediately hold meetings of its organs to consider this new offer, and no worker would face victimisation as a consequence of participating in the industrial action.”
These resolutions were signed on behalf of the Federal Government by Minister of Information and National Orientation, Mohammed Idris, and Minister of State for Labour and Employment, Hon. Nkeiruka Onyejeocha.
Representing the organised labour were the President of the Nigeria Labour Congress, Joe Ajaero, and the President of the Trade Union Congress, Festus Osifo.
Meanwhile, the Federal Government will on Tuesday (today) resume talks with organised Labour in a move to resuscitate the stalled minimum wage negotiation.
The meeting will be held amidst the nationwide strike which grounded the states and the Federal Capital Territory, Abuja, on Monday.
The invitation to the meeting sighted by The PUNCH on Monday was signed by the Secretary of the Tripartite Committee on National Minimum Wage, Ekpo Nta.
The invite addressed to the labour leaders read, “I respectfully invite you to attend the 8th meeting of the Tripartite Committee on National Minimum Wage scheduled as follows: Date: Tuesday, June 4, 2024; Venue: Nicon Luxury Hotel, Area 11, Abuja; Time: 10am prompt.
“The minutes of the 7th meeting, the draft agenda for the 8th meeting and the Zoom link for virtual attendance will be forwarded to you in due course. Regards.’’
Worried by the crippling impact of the strike, the Minister of Information and National Orientation, Mohammed Idris, again, on Monday, called for more minimum wage negotiations.
In what he called “a very passionate, heartfelt and deeply considered appeal” to organised labour, the information minister said the cost of the proposed minimum wage would total N9.5tn annually for the Federal Government.
He said, “As we had explained earlier, Labour’s current proposal of N494,000 is an increase of 1,547 per cent on the existing wage and translates into an annual wage bill of N9.5trn for the Federal Government of Nigeria.’’
The minister called the labour unions to return to the negotiation table and promised that the Federal Government would be available to further the discussions.
Idris stated, “Yesterday (Sunday), the leadership of the National Assembly met with the unions. Today, we have offered yet another invitation to the unions to meet with us and continue our discussions.
FG invites Labour
“We will continue to engage and continue to make ourselves available in the context of these negotiations on behalf of the Nigerian people.”
Speaking on the strike, the Labour Party in Nigeria called on the unions to re-negotiate with the government on a new minimum wage rather than embarking on an industrial action.
The National Publicity Secretary of the Labour Party, Obiora Ifoh, in an interview with the News Agency of Nigeria, declared that labour’s demand for N494,000 minimum wage was unrealistic.
Ifoh said that the strike was not an option, noting that it would cause more hardship and suffering.
He stated, “Our immediate reaction is that organised labour should not throw Nigerians into more hardship.
“Nigerians are already grappling with a lot of challenges and we do not need to exacerbate the situation. I think the demand for N494,000 minimum wage is unrealistic. It is really unrealistic.
“It is a figure that cannot be sustained because it will imply that Nigeria will take all that money it has to pay the civil servants.”
Meanwhile, there was a high level of compliance with the industrial action declared by the leadership of the Nigeria Labour Congress and the Trade Union Congress across the country.
The strike was directed by the leadership of the labour movement following the failure of the tripartite committee to reach a consensus on a new minimum wage paralysed economic and commercial activities as airports, banks, schools, public offices and hospitals were locked down by workers.
Organised Labour declared an indefinite nationwide strike on Friday due to the Federal Government’s refusal to increase its new minimum wage offer above N60,000.
The President of the NLC, Joe Ajaero, announced that the strike followed failed negotiations between the government and organised labour, and its refusal to reverse the withdrawal of the power sector subsidy and increase in electricity tariff.
The unions had earlier given May 31, 2024 deadline for the conclusion of new minimum wage negotiations.
The government had raised its minimum wage offer from N57,000 to N60,000 while the labour unions reduced their demand to N494,000 from N497,000 proposed earlier. The labour leaders initially demanded N615,000.
Strike grounds states
Across Osun, Ogun, Lagos, Niger, Sokoto, Kano and other states, the strike was effective with schools, banks, government offices and public utilities locked down.
In Osogbo, Osun State, the power station and Osun Government Secretariat were shut.
A high number of security operatives were deployed to the Government Secretariat and Osogbo Regional Transmission Company as the facility was under lock and key.
Speaking to journalists at the gate, Mr. Musibau Okunloye, Chairman, Lagos Generation and Transmission Council, urged the Federal Government to reverse the recent hike in electricity tariff and do more in catering for the well of workers in the country.
He said, “Well, my appeal to the Federal government is just the same as what the Nigeria Labour Congress and TUC have said. They should listen to Labour. Labour is a force to be reckoned with.’’
There were no activities at the Specialist Hospital, Asubiaro.
Public schools were also shut while pupils who went to school were sent back, while academic activities went on uninterrupted in private schools.
Some banks located along Osogbo/Gbongan road did not open for business, while a few others received customers.
Official activities were also paralyzed at Ondo State and local government secretariats on Monday.
Similarly, all public schools, including the University of Medical Sciences Teaching Hospital, Akure, did not function.
The NLC Chairman in the state, Victor Amoko, said there was complete compliance with the strike, noting that the public and private sectors effectively shut down.
Amoko stated, “We have made a good start. If you go out there, you will find that the majority of our public and private offices are closed, and there is no work. Our construction chairmen are here to provide us with updates.”
In the same vein, the state TUC chairman, Clement Fatuwase, explained that the level of compliance in both public and private sectors in the state was encouraging, urging members to unite in the fight for the betterment of workers.
“The message is, let’s fight this once and for all and win it once and for all. Although we met with the Ondo state government yesterday (Sunday) and had extensive discussions about the strike, we granted them an exemption to ensure the completion of the WAEC and INEC officials’ work,” he explained.
The situation was the same in Sokoto as many banks, public schools and offices complied with the strike order.
Students of the Federal Government College were turned back by their teachers.
The NLC Secretary in the state, Hamisu Hussaini, said the labour leaders went round to ensure full compliance with the strike action.
At the Usmanu Danfodiyo University Teaching Hospital, there was partial compliance as a few doctors were on hand to attend to patients.
The Chairman, Academic Staff Union of Universities, Usmanu Danfodiyo University, Sokoto, Prof Muhammad Almustapha, said the union would join the strike.
He said, “I want to assure you that we are joining the strike, we just received the letter from the national headquarters and we are having our congress any movement from now.
“All I can tell you is that as a bonafide member of the NLC, we are joining the strike action immediately after the congress, which is our tradition.”
Similarly, Niger State was grounded by the strike as the labour leaders in the state enforced the shutdown of the state and federal secretariats, schools, hospitals, Abuja Electricity Distribution Company offices and banks.
The banks also closed their offices and turned back customers who came to transact business.
A resident, Aliyu Tanimu, applauded the commitment of the NLC and the TUC to the workers’ welfare.
“This development is highly impressive, considering the government is not ready to take necessary action. With the current economic hardship, how can N60,000 sustain a family?’’ he asked.
Meanwhile, the NLC Chairman in Kebbi State, Murtala Usman, confirmed that there was high compliance with the action in the state.
Usman said he led the NLC executive members to monitor the level of compliance, describing it as impressive.
“As you know, today is the first day but I can tell you that the level of compliance was impressive. I am sure by tomorrow going forward it will be better than this.
“The hospitals were allowed to operate skeletal operations due to some of the patients on admission, but I can tell you that things will improve as we go on,” he added.
Banks, schools, hospitals and public offices were also shut down in Ogun State.
It was observed that banks around Oke-Ilewo, Abeokuta, did not open while St Annes Nursery and Primary School and other educational centres sent their pupils back home.
The nurses at the State Hospital, Ijaye, Abeokuta, withdrew their services leaving the doctors to render skeletal services.
A senior matron confirmed that the Olabisi Onabanjo University Teaching Hospital, Sagamu, asked their patients to go home.
The source said, “I can tell you that the staff in OOUTH have joined the strike, although, the doctors who are not members of NLC are still on duty. The patients were discharged and asked to come back whenever the strike is called off.”
The Chairman, TUC, Ogun State, Akeem Lasisi, described the strike as very successful, saying that the compliance has been total and quite encouraging.
Lasisi said, “The level of compliance as far as the strike is concerned is total. The schools, hospitals, local government secretariats, the state and even federal secretariats are shut down.
“We only allow some schools to open because of the students writing the West African Senior Secondary Certificate Examination, so the strike in Ogun State has been quite successful.
“We, however, sincerely hope that the Federal Government will be reasonable enough to dialogue with workers to get this challenge resolved once and for all in favour of the workers. The truth is that the suffering is much and the government needs to respond positively to our modest requests”.
Rivers schools
In Port Harcourt, the Rivers State capital, banks, courts and schools did not open to the public.
All the banks along the stretch of Ikwerre Road, Aba Road, Trans-Amadi and Olu Obasanjo Road were shut.
Some customers attempted to use the Automated Teller Machines along the Trans-Amadi and Olu-Obasanjo Roads, but many were not dispensing cash.
Also, students of the Government Secondary School, Borikiri and Community Secondary School, both in Port Harcourt, were asked by the school authorities to go back home.
Workers did not show up at the Rivers State Judiciary Complex, Azikiwe Road and the Customary Court Complex.
But members of the Judiciary Staff Union of Nigeria were observed lounging under a tent in front of the judiciary complex.
Speaking to our correspondent, the State Secretary of JUSUN, Rosemary Mbata, said, “This place was shut as early as 6:30am today. It is because of the failure of the Federal Government and labour to agree on a new minimum wage.
“There will be no access until we are heard and a reasonable new minimum wage is agreed upon.
“We know every matter that comes to the court here is important and pressing but they too should understand with us that we are on strike. It’s nationwide, not just in Rivers State. So, the Federal Government should listen to us and do the needful. “
The state Chairman of the NLC, Alex Agwanwor, in an interview, expressed happiness that compliance with the strike was total.
Agwanwor further said a monitoring team went around to ensure compliance, adding that the Port Harcourt Refining Company and other companies were also shut.
He stated, “There is 100 per cent compliance and we are monitoring too. Our monitoring team is on the ground to ensure that workers comply.
“Both the federal and state secretariat are under lock and key. Workers in banks, and the oil and gas sector, like the petrochemical company, have no choice but to comply. It’s a national directive so the enforcement will continue until further notice.”
However, at the Rivers State University Teaching Hospital, the situation was different as the staff were attending to patients.
The strike also recorded a measure of success in Kano State where several government ministries, parastatals, and schools, including the Kano State Polytechnic, were shut.
However, many private schools were not affected by the labour action.
Meanwhile, the leadership of the NLC has set up two committees which went around the ministries and parastatals to ensure total compliance with the strike in the state.
The labour leaders in Edo State led by Vice Chairman, Williams Uwumarogie, who stood in for the state chairman, Odion Olaye, picketed several banks and public offices to enforce the strike order.
Most residents who needed cash had to patronise the Point Of Sale operators who quickly increased their charges per transaction.
The teams shut the NNPC Mega Filling State along Sapele Road, which was already opened for business in the early hours.
The NLC executives also shut the entrance gate to the Oba Akenzua II Airport which left many travellers stranded.
The 18 local government secretariats across the state and other government offices were padlocked.
Some public schools like Imaguero College on Sapele Road, which had students in attendance, were also shut. The students and a few teachers around were forced out of the premises.
The industrial action paralysed operations at the nation’s major airports leaving several passengers stranded.
Passengers were forced to return to their homes after the aviation unions shut down the Nnamdi Azikiwe International Airport, Abuja, until further notice.
The unexpected shutdown left local travellers in confusion as no information or assistance was provided to them.
One of our correspondents who visited the airport observed that Air Peace cancelled its local flights while the international flights went on without disruption.
A traveller, Yemi Adeleke, who arrived at the airport 10 minutes before the shutdown, was dismayed by the development.
He stated, “I am supposed to be travelling to Ilorin. I didn’t know the airport would be shut down. People must make plans ahead of time, and if the airport ends up being shut down, there should be some notifications.’’
Emmanuel Oyeleke shared his ordeal, saying, “We have been here for about three or four hours, and our flight was supposed to be at 8am.
“This is demoralizing. We have connecting flights to other countries. It is counterproductive and quite tiring. We believe that there will be a resolution to this; otherwise, some of us will have to resort to unsafe means of transportation, like road transportation, and no one wants to settle for that because of the insecurity that comes with it.”
A passenger, whose children were returning to Lifeforte School in Ibadan, was in a dilemma over the situation.
Speaking to The PUNCH outside the terminal, the parent, who spoke on condition of anonymity, said, ‘’Thanks to Air Peace, my children were supposed to go back to school yesterday (Sunday), but they cancelled their flight without notice.
‘’Now, we are back here only to see that the airport has been shut down. If nothing happens within the next hour, we will go back home and hope that something is done tomorrow.”
Patients were also not spared the pains of the strike as the health workers down tools.
Health workers at the Kubwa General Hospital, Abuja, did not attend to patients.
A staff member at the Radiology Unit informed patients who came for scans that the hospital would not be attending to them because of the strike.
“We are not attending to patients today because of the strike”, she told the patients.
A patient at the Pharmacy unit of the Accident and Emergency Wards, who did not give her name, lamented that she had made payment, but was not given drugs.
“They collected money and refused to give us the drugs. Since they knew they wouldn’t attend to anyone because of the strike, why did they open?”, she asked.
However, the post-natal ward and laboratory units were attending to patients when one of our correspondents visited the units.
Reacting to reports that doctors did not join the strike, the Nigerian Medical Association said it is not an affiliate of Organised Labour and its members are attending to patients who need healthcare services.
The NMA, in a statement by its National Secretary-General, Dr Benjamin Egbo, however, said it shares the pains and hardship Nigerians are grappling with.
“The NMA has not declared a strike action, hence doctors will be at their duty posts to attend to clients who desire to use health services.
“The NMA uses this avenue to call on the Government as well as all stakeholders to consider the plight of the average Nigerian and do everything possible to address the issues that have led to the present impasse,” the statement partly read.
In a bid to enforce the industrial action, the Joint Union Action Committee shut the entrance gates of the Federal Capital Territory Administration complex.
Some directors and top officials were reportedly denied entrance to their offices.
The JUAC President, Rifkatu Iortyer, stated that the union was enforcing the strike action, as an affiliate body of the NLC and the TUC.
She urged the FCTA workers to stay at home, describing the FG-Labour impasse over the minimum wage as a long-term struggle.
“It’s been a long-term struggle concerning the national minimum wage issue. Now the hike in electricity tariff has joined.
‘’Till now, they have not reached a compromise on what to pay the least staff as the minimum wage, and since the national body of the two labour unions have declared it; FCT is part of it. We are an affiliate body of the national unions. We have to join the strike,’’ she said.
To demonstrate their level of seriousness, the electricity workers shut down the national grid, triggering a national blackout.
The Transmission Company of Nigeria in a statement, signed by its General Manager, Ndidi Mbah, disclosed that the grid shutdown occurred at about 2.19 am on Monday.
She said workers at the Benin Transmission Operator were sent away from the control room and beaten by some unidentified protesters.
“At about 1:15 am this morning, the Benin Transmission Operator under the Independent System Operations unit of TCN reported that all operators were driven away from the control room and that staff that resisted were beaten while some were wounded in the course of forcing them out of the control room and without any form of control or supervision, the Benin Area Control Center was brought to zero,” the statement read.
Other transmission substations that were shut down by the labour union include the Ganmo, Benin, Ayede, Olorunsogo, Akangba and Osogbo Transmission Substations.
The statement noted, “Some transmission lines were equally opened due to the ongoing activities of the labour union. On the power generating side, power generating units from different generating stations were forced to shut down some units of their generating plants.
‘’The Jebba Generating Station was forced to shut down one of its generating units while three others in the same substation subsequently shut down on very high frequency.
“The sudden forced load cuts led to high frequency and system instability, which eventually shut down the national grid at 2:19am.”
The TCN, however, said grid recovery commenced at about 3:23 am, using the Shiroro substation to attempt to feed the transmission lines supplying bulk electricity to the Katampe transmission substation.
“The situation is such that the labour union is still obstructing grid recovery nationwide,” the firm said.
The transmission company promised to make an effort to recover and stabilise the grid to enable the restoration of normal bulk transmission of electricity to distribution load centres nationwide.
President Bola Tinubu, on Tuesday, stated that Nigeria must either reform for progress and prosperity or continue with business as usual and risk collapse.
He, however, said his administration, upon taking over the leadership of the country 16 months ago, decided to reform the political economy and defence architecture, given the critical juncture the country found itself.
He lamented that Nigeria found itself in a precarious situation because of the missed opportunities and mistakes of the past while calling on Nigerians not to allow the mistakes to follow the country into the future.
This was part of the text of the national broadcast by the President, on the occasion of the 64th Independence anniversary of the Federal Republic of Nigeria, delivered on Tuesday morning.
Nigeria got its Independence from Britain, its erstwhile colonial master, on October 1, 1960.
Tinubu, in the national broadcast made available to The PUNCH, said the economy faced many headwinds and security highly impaired upon his assumption of office.
“We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse. We decided to reform our political economy and defence architecture,” he said.
He added that if the country did not correct the fiscal misalignments that led to the current economic downturn, it would face an uncertain future and the peril of unimaginable consequences.
The President further said the economy was undergoing the necessary reforms and retooling to serve the people better and more sustainably.
“Thanks to the reforms, our country attracted foreign direct investments worth more than $30bn in the last year.
“We inherited a reserve of over $33bn 16 months ago. Since then, we have paid back the inherited forex backlog of $7bn.
“We have cleared the ways and means a debt of over N30tn. We have reduced the debt service ratio from 97 per cent to 68 per cent.
“Despite all these, we have managed to keep our foreign reserve at $37bn. We continue to meet all our obligations and pay our bills. We are moving ahead with our fiscal policy reforms.
“To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.
“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law,” he said.
He announced that the ExxonMobil Seplat divestment would receive ministerial approval shortly, having been concluded by the Nigerian Upstream Petroleum Regulatory Commission, in line with the Petroleum Industry Act.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.
“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.
“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA.
“This was done in the same manner as other qualified divestments approved in the sector.
“The move will create vibrancy and increase oil and gas production, positively impacting our economy,” he said.
Tinubu also lauded the Central Bank of Nigeria for its monetary policy management which, he said, had ensured stability and predictability in the foreign exchange market.
The President said the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players was on course.
He said the Federal Government was ready to assist the 36 states and the Federal Capital Territory in acquiring CNG buses.
He said the move would also help to ensure cheaper public transportation for the masses and relief to the hardship.
The President reiterated the stand of his administration on Local Government autonomy, saying it was resolute in its determination to implement the judgment of the Supreme Court.
“As part of our efforts to re-engineer our political economy, we are resolute in our determination to implement the Supreme Court judgment on the financial autonomy of local governments,” he said.
The President said the past mistakes landed the country in its present state.
He, however, said to become one of the greatest nations on earth, as destined by God, the country must not repeat such mistakes.
“We celebrate the progress we have made as a people in the last sixty-four years, we must also recognise some of our missed opportunities and mistakes of the past.
“If we are to become one of the greatest nations on earth, as God has destined us to be, our mistakes must not be allowed to follow us into the future.”
He vowed to tackle hardship and the rising cost of living with renewed vigour.
“Fellow Nigerians, as I address you today, I am deeply aware of the struggles many of you face in these challenging times.
“Our administration knows that many of you struggle with rising living costs and the search for meaningful employment. I want to assure you that your voices are heard.
“As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel.”
He lamented the high cost of living, especially food costs, a situation he said was shared by many around the globe, as prices and the cost of living continued to rise worldwide.
Tinubu, however, assured Nigerians that his administration was implementing measures to reduce the cost of living in the country.
He lauded the governors of Kebbi, Niger, Jigawa, Kwara, Nasarawa and those in the South-West who had embraced the agricultural production programme.
The Federal Government, in July 2024, announced a comprehensive plan to ramp up agricultural production for the 2024/2025 farming cycle.
The plan included sustained support for smallholder farmers through existing government initiatives during the ongoing wet season farming.
Other initiatives, as unveiled by the Minister of Agriculture and Food Security, Abubakar Kyari, included the intensive agricultural mechanisation and development aimed at reducing drudgery, lowering production costs, and boosting productivity.
The government also disclosed readiness to collaborate with subnational entities to identify irrigable lands and increase the area under cultivation.
In partnership with the Federal Ministry of Water Resources and Sanitation, the government also promised to rehabilitate and maintain irrigation facilities under river basin authorities across the federation.
Speaking on the initiative, the President said, “I commend the governors particularly, in Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest Governors that have embraced our agricultural production programme.
“I urge other states to join the Federal Government in investing in mechanised farming. We are playing our part by supplying fertiliser and making tractors and other farm equipment available.
“Last week, the Federal Executive Council approved establishing a local assembly plant for 2,000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment. The plant has a completion time of six months.”
Tinubu listed the achievements of the administration in the area of improved security, adding that it was winning the war on terror and banditry.
He announced that within one year, the security forces had eliminated over 300 Boko Haram and bandit commanders in the Northeast, Northwest and some other parts of the country.
“On the security front, I am happy to announce to you, my compatriots, that our administration is winning the war on terror and banditry.
“Our target is to eliminate all the threats of Boko Haram, banditry, kidnapping for ransom, and the scourge of all forms of violent extremism.
“Within one year, our government has eliminated Boko Haram and bandit commanders faster than ever. As of the last count, over 300 Boko Haram and bandit commanders have been eliminated by our gallant troops in the Northeast, Northwest, and some other parts of the country.
“We have restored peace to hundreds of communities in the North, and thousands of our people have been able to return home. It is an unfinished business, which our security agencies are committed to ending as quickly as possible.
“As soon as we can restore peace to many communities in the troubled parts of the North, our farmers can return to their farms.
“We expect to see a leap in food production and a downward spiral in food costs. I promise you, we shall not falter on this,” the text of the broadcast read.
Speaking on the recent natural disasters, particularly the flooding in parts of the country, Tinubu sympathised with victims and promised relief to those affected.
“After Vice President Kashim Shettima visited Maiduguri, I also visited to assure our people that this Federal Government will always stand with our people in their times of trouble.
“At the last meeting of the Federal Executive Council, we approved a Disaster Relief Fund to mobilise private and public sector funds to help us respond faster to emergencies.
“Our government has also ordered integrity tests of all our dams in the country to avert future disasters,” he stated.
The President announced a 30-day gathering of the youth in the country, where their diverse challenges and opportunities would be addressed.
“As we work to overcome the challenges of the day, we remain mindful of the next generation as we seek to galvanise their creative energy towards a better future.
“We lead today with the future we wish to bequeath to our children in focus, recognising that we cannot design a future that belongs to them without making them its architects.
“Considering this, I am pleased to announce the gathering of a National Youth Conference. This conference will be a platform to address the diverse challenges and opportunities confronting our young people, who constitute more than 60 per cent of our population.
“It will provoke meaningful dialogue and empower our young people to participate actively in nation-building. By ensuring that their voices are heard in shaping the policies that impact their lives, we are creating a pathway for a brighter tomorrow.
“The 30-day Confab will unite young people nationwide to collaboratively develop solutions to issues such as education, employment, innovation, security, and social justice.
“The modalities of this confab and selection of delegates will be designed in close consultation with our young people through their representatives.
“Through this confab, it will be our job as leaders to ensure that their aspirations are at the heart of the conference’s deliberations. The government will thoroughly consider and implement the recommendations and outcomes from this forum as we remain resolute in our mission to build a more inclusive, prosperous, and united Nigeria,” he said.
He said the government was implementing several other youth-centric programmes to give the youth an advantage in the rapidly changing world.
Tinubu added, “We are implementing, amongst others, the 3 million Technical Talents programme (3MTT) of the Ministry of Communications, Innovation and Digital Economy, aimed at building Nigeria’s technical talent backbone.
“We have also enthusiastically implemented the Nigerian Education Loan Fund (NELFUND), which provides cheap loans to our students to pursue their tertiary educational dreams.
“In addition, later this month, we shall launch The Renewed Hope Labour Employment and Empowerment Programme (LEEP). It is conceived as a comprehensive suite of interventions at job creation by the Federal Ministry of Labour and Employment that is aimed at facilitating the creation of 2.5 million jobs, directly and indirectly, on an annual incremental basis whilst simultaneously ensuring the welfare and safety of workers across the country.”
Tinubu said though it was tempting to focus on what had been left undone and where the people had stumbled as a nation, the sight of how far Nigerians had come in forging and holding the country together must not be lost.
“Since independence, our nation has survived many crises and upheavals that led to the dissolution and disintegration of many other nations worldwide.
“Six years after independence, our country descended into a political crisis that led to a bitter and avoidable civil war. Since returning from the brink of that darkest moment, we have learned to embrace our diversity and manage our differences better as we continue to work towards engendering a more perfect union.
“Despite the many challenges that buffeted our country, we remain a strong, united, and viable sovereign nation.”
He lauded the “can-do spirit” of the Nigerian people, the massive intellectual capacity, and enterprise and industry in all vocations, saying that Nigerians were living the dream of the founding fathers.
He said looking back to the past 64 years, Nigerians could see how well the country had succeeded in realising the lofty dreams of the founding fathers.
“Exactly 64 years ago, our founding fathers chose democracy as a form of government and launched the dream of a great country that would lead the rest of Africa out of poverty, ignorance, and underdevelopment, a beacon of hope to the rest of Africa and the world.
“Over six decades later, we can look back, and Nigerians worldwide can see how well we have succeeded in realising the lofty dreams of our founding fathers.
“The world is witnessing and benefiting from the can-do spirit of the Nigerian people, our massive intellectual capacity, and our enterprise and industry in all vocations, from arts to science, technology to infrastructure.
“The dreams that our founding fathers envisaged are still a work in progress. Every day, we put our hands on the plough, determined to do a better job of it,” he added.
The President announced that the Senate President, Godswill Akpabio and the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, have been conferred with the honour of the Grand Commander of the Order of the Niger.
He listed the Deputy Senate President, Barau Jibrin and the Speaker of the House of Representatives, Tajudeen Abbas, as recipients of the Commander of the Order of the Federal Republic.
The Deputy Speaker of the House of Representatives, according to the President, was awarded the Commander of the Order of Niger.
The economy is on the right path and will soon turn the curve. President Bola Ahmed Tinubu expressed this enthusiasm yesterday following the report that Gross Domestic Product (GDP) grew in the second quarter (Q2).
The National Bureau of Statistics (NBS) put the growth of GDP in Q2 at 3.2 per cent year on year far above the 2.51 per cent recorded in the same period of 2023.
The report followed the drop in headline and food inflation last month – the first time in 19 years.
Experts said this development will reverse the economic crisis in the next few months.
The President is excited about the new figure, according to his Special Adviser on Information & Strategy Bayo Onanuga.
He said in a statement: “President Tinubu has welcomed the latest report by the National Bureau of Statistics on the state of the economy, as the country’s Gross National Product (GDP) posted another growth.
“According to NBS, the real GDP grew by 3.2 per cent year on year in Q2, higher than the 2.51 per cent recorded in the same period of 2023.
“After another report on declining food and headline inflation, this latest report affirms that the economy is on the right trajectory and is indeed on the path to recovery.
“As the President said in his August 4, 2024 national broadcast, our economy is recovering.
“Sooner than later, Nigerians will begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts.
“We want to reiterate that this government will continue to work assiduously to rekindle Nigerians’ hope and confidence.
“President Tinubu is working to build a solid and resilient economy.
“President Tinubu urged Nigerians to retain their faith in the government and not allow themselves to be swayed by naysayers intent on aborting and undermining the current reforms for their selfish ends.
“According to the NBS report, the growth rate in Q2 is higher than the 2.51 per cent recorded in Q2 2023 and higher than the 2.98 per cent growth in Q1 2024.
“The GDP’s performance in the second quarter of 2024 was driven by the service sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate output.
“The agriculture sector grew by 1.41 per cent in contrast to the 1.50 per cent recorded in the second quarter of 2023.
“The industrial sector’s growth was 3.53 per cent, up from the -1.94 per cent recorded in the second quarter of 2023.
“The NBS also reported that crude production grew to 1.41 million barrels per day, compared with 1.22 million barrels a year earlier.
“We are confident that with the policies we have put in place, we expected production to rise to about two million barrels very soon.
“In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.
“In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms.
“This performance is higher than the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13 million, indicating a 16.94 per cent year-on-year nominal growth.”
Experts applaud growth
A breakdown of the NBA report showed significant improvements across key sectors, with the services sector rising by 3.79 per cent, contributing 58.76 per cent to the aggregate GDP.
The agriculture sector grew by 1.41 per cent in the second quarter as against 0.18 per cent recorded in the first quarter and 1.50 per cent recorded in the second quarter of 2023.
Also, the industry sector recorded growth of 3.53 per cent in the second quarter, compared with a negative -1.94 per cent recorded in the comparable period of the second quarter of 2023 and 2.19 per cent recorded in the first quarter.
The oil sector’s real GDP grew by 10.15 per cent in the second quarter, nearly double of 5.70 per cent recorded in the previous first quarter and a major turnaround from a decline of -13.43 per cent recorded in the corresponding period of the second quarter of 2023.
The non-oil sector real GDP remained flat at 2.80 per cent over the past two quarters, lower than the 3.58 per cent recorded in the comparable period of the second quarter of 2023.
Most analysts commended the economic outlook, highlighting gains from the government’s efforts aimed at tackling oil theft and boosting the productive sectors.
Managing Director, Arthur Steven Asset Management, Mr Olatunde Amolegbe, described the economic growth as “a pleasant surprise”, expressing optimism that the growth momentum will build up further in the quarters ahead.
He said concerted efforts should be focused on non-oil sectors of manufacturing, transport, agriculture and services to further boost the economy.
“All in all, it’s a welcome step that we hope will continue in subsequent quarters,” Amolegbe said.
Managing Director, AIICO Capital, Dr Femi Ademola, said the GDP report appeared to show some gains of ongoing activities aimed at optimising the contribution of the oil sector.
“The growth is generally expected due to the increase in oil production from 1.22mbd to 1.41mbd over the period.
“The devaluation of naira over the period also improved the accruable value to the federal government in naira terms.
“The value increase in other non-oil exports and other commodities also contributed to the 2.8 per cent increase in non-oil GDP.
“The combination of these developments drove the GDP growth. The continued efforts in curbing oil theft and leakages appear to be yielding results,” Ademola said.
President, Association of Capital Market Academics in Nigeria, Prof Uche Uwaleke, called for more support to drive inclusive growth, especially across the productive sectors.
According to him, the economic structure should be such that productive sectors such as industry and agriculture are favoured in fiscal and monetary decisions.
“Indeed, structural change is strongly recommended as one of the ingredients of building productive capacities,” Uwaleke said.
He pointed out that the aggressive hike in the monetary policy rate in February and March by the CBN took a toll on output in the second quarter, which might be responsible for the decline recorded in major contributors to GDP such as manufacturing, trade, information and communication technology and real estate.
He said the growth pattern, weighted in favour of the services sector, is not healthy for a developing economy such as Nigeria’s and called for efforts to drive more inclusive growth.
Analysts at Cordros Capital noted that the economy “maintains growth trajectory”, pointing out that the economy sustained its positive growth momentum in the second quarter.
I earned N7m in one year growing tomato, pepper, says Gombe farmer
In what is seen as a reflection of the growth in agriculture, a farmer has said that he made N7 million in one year from selling his agricultural produce.
Mr Saleh Maikudi, 35, who hails Bula community in Akko Local Government Area of Gombe State, told the News Agency of Nigeria (NAN) that he became a millionaire from growing vegetables.
He said that investing in tomato and pepper farming yielded good returns.
Maikudi said he spent over N1.5 million on 30 hectares of farmland which he cultivated in 2023.
“In 2023, I made N7 million from cultivating tomato and pepper.
“I only spent N1.5 million as the total cost of preparing and planting the vegetables.
“I cultivated tomato, bell pepper (Tatashe), chilli pepper, Cayenne pepper (shombo) and Scotch bonnet (hot pepper) on my farmland.”
Maikudi, who is also the chairman of Vegetables Farmers’ Association in the community, said he cultivated 30 hectares of the vegetables annually.
He said that it took 10 weeks after cultivating the vegetables to start harvesting the commodities for another period of 10 weeks.
The farmer said that in the present wet season, farmers had started harvesting and off-takers had been coming to their community to buy the commodities for supply to various states.
He said that the year’s rainfall, which he described as moderate, was good enough for his vegetables to grow and that his tomato and pepper did well.
“If the market is good this year, I am expecting nothing less than N10 million because my vegetables really did well.’’
Maikudi advised the government to build a modern market in the community.
According to him, the facility will help standardise the marketing of vegetables and other agricultural produce as well as provide farmers with the platform to centralise the selling of the commodity.
“Also, the government can establish mini-processing factories to help farmers cut post-harvest losses, boost food security and provide more jobs for youths in the state,” he said.
The Comptroller-General of Customs, Bashir Adeniyi, has expressed hope that the suspension of duties and taxes on imported food items over some time would help reduce food prices.
Adeniyi stated that his service is dedicated to implementing the policy as outlined by the government.
He spoke at the security heads’ meeting in Abuja on Tuesday.
Adeniyi said, “The protest was premised on a number of things, one of them being to end hunger. We discovered that a significant amount of food consumed in Nigeria is imported. Importation takes some time. So one of the things the president has done to cushion the effect of the cost of importation is to suspend customs duties and taxes on imported food items for a period of time.
“We believe that when this is implemented, it will help to bring down prices of food items in the markets. Nigerian Customs is committed to the implementation of this particular fiscal policy as enunciated by the government.
“What does this kind of intervention imply for the local markets? Because we are trying to address the interests of all stakeholders. Those that are going to enjoy these duty waivers and concessions are also being cultivated by Nigerian farmers.”
He said there was a need to ensure the interests of all the stakeholders were considered before the implementation of the policy.
The Customs boss urged Nigerians to be patient, adding that some of the imported items already in the country would be cleared without duties and taxes.
Adeniyi said, “There is the issue of striking a balance between the long-term interests of Nigerian farmers, Nigerian stakeholders who are involved in the production of these items, and the short-term interests of food inflation.
“So, the guidelines are being worked out at the Ministry of Finance and I can assure you that within the next week, these guidelines will be ready and Nigerian Customs will begin implementation of these particular fiscal policies. So, I therefore urge Nigerians to be a little bit patient, believing that some of these items that have already arrived at our shores will be cleared without the imposition of Customs duty and taxes.”
The Inspector General of Police, Kayode Egbetokun, stated that although tensions had eased in some states following the presidential broadcast, subversive campaigns had emerged in states like Kaduna, Kano, Katsina, and Bauchi.
He said, “We are all aware that in the last 5-6 days, our country has been troubled with the spate of violent protests in some states. After the address of Mr President on Sunday, tension doused, and peaceful protesters heeded the call of Mr President to a brief dialogue.
“But we still have in a few states, in Kano, Kaduna, Katsina, and Bauchi states, groups of people who started a subversive campaign waving flags of other countries and openly calling for a military takeover of our country.”
Egbetokun warned youths to desist from accepting foreign flags from agents of destabilisation.
He said, “This is not a protest, but an offence of treasonable felony. The Police have arrested a number of them and they will be dealt with accordingly. I want to use this opportunity to warn our youth to desist from accepting foreign flags from agents of destabilisation.
“It is very, very implicative for them to be seen with flags of other countries while protesting. So far, the situation is under control and we believe that after this press conference, those misguided elements and their sponsors will desist from this act of treason.”
President Bola Tinubu says his administration has implemented bold policies to propel Nigeria’s economy out of the downturn caused by multiple shocks in the global economy.
Tinubu spoke on Friday while declaring open the 2024 African Caucus meeting held at the Transcorp Hotel, Abuja.
He was represented by Vice-President Kashim Shettima.
“As a government, we have initiated bold economic reforms aimed at steering our economy away from the downturns caused by multiple shocks in the global economy,” he said.
”We believe it is a path of recovery and resilience through significant economic transformation.
”Our reform efforts have been strategically focused on fostering fiscal and monetary efficiency, driving sustained long-term economic growth, and catalysing job creation in alignment with the SDGs’ priorities.”
According to Tinubu, his administration remains committed to optimising the nation’s economic potential to deliver favourable outcomes for citizens.
The president also said his government would ensure the overall sustainable development of the regional economy.
”Our efforts are yielding positive results, with improved macroeconomic stability and increased investment,” he added.
He urged African countries to improve the quality of life for people across the continent.
‘NEED TO ENHANCE INTERNATIONAL TAX TO COMBAT ILLICIT FLOWS’
Speaking to African leaders, the president said there is a need to enhance international tax cooperation to combat illicit financial flows and ensure multinationals contribute fairly to economies on the continent.
“We need enhanced international tax cooperation to combat illicit financial flows and ensure that multinationals contribute fairly to our economies,” Tinubu said.
“We must also foster global economic cooperation to tackle shared challenges and leverage opportunities.
“However, we must also acknowledge the need to take responsibility for our own development by undertaking the difficult structural and fiscal reforms required to boost long-term growth.”
On his part, Wale Edun, minister of finance and coordinating minister of the economy, said available data revealed that 41 African countries were set for stronger growth of up to 3.8 percent from about 3.4 percent in 2022.
This, he said, will rise to 4.3 percent in 2025.
Edun, who is also the chairperson of the African Caucus, said these exceeded the global average of about 3.2 percent.
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), emphasised the significance of the meeting.
He said Africa stood at a “crossroads with unprecedented opportunities for development alongside significant challenges”.
Cardoso also said to navigate this complex landscape and set the continent on the path of sustainable economic growth, Nigeria must leverage the support of global partners
As hardship protests began all over the country on Thursday, the Nigerian equities opened the new month on a decline with N236 billion loss, indicating subdued investors participation and a lack of significant market movement as investors continued to offload their holdings.
The All-Share Index lost 414.46 points, representing a loss of 0.42 percent to close at 97,359.76 points. Also, market capitalisation declined by N236 billion to close at N55.278 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks among which are MTN Nigeria Communications (MTNN), Dangote Sugar Refinery, Oando, Guinness Nigeria and MeCure Industries.
However, market breadth closed positive, as 22 stocks gained relative to 19 losers. United Capital emerged the highest price gainer of 9.95 percent to close at N11.05, per share. Africa Prudential and CUTIX followed with a gain of 9.94 percent each to close at N9.40 and N5.64, respectively, while Tantalizer advanced by 9.52 percent to close at 46 kobo per share.
UPDC Real Estate Investment Trust rose by 8.99 percent to close at N4.85, while Cadbury Nigeria appreciated by 8.65 percent to close at N20.10 per share.
On the other side, MeCure Industries led others on the losers’ chart with 9.94 percent to close at N8.15, per share. Thomas Wyatt Nigeria followed with a decline of 9.74 percent to close at N1.76, while Wapic Insurance shed 8.24 percent to close at 78 kobo per share.
Oando lost 8.00 percent to close at N23.00, while Dangote Sugar Refinery shed 7.67 percent to close at N34.30 per share.
The total volume of trades decreased by 69.26 percent to 565.116 million units, valued at N8.531 billion, and exchanged in 6,821 deals.
Transactions in the shares of Fidelity Bank led the activity with 372.914 million shares worth N3.945 billion. United Bank for Africa (UBA) followed with an account of 23.030 million shares valued at N458.087 million, while Zenith Bank traded 19.242 million shares valued at N651.440 million.
Oando traded 19.035 million shares worth N445.427 million, while Access Holdings traded 15.758 million shares worth N289.552 million.
The Chairman of First Bank Holdings Holdings and billionaire, Femi Otedola said that Nigeria’s government’s windfall tax on commercial banks’ foreign exchange gain in 2023 will ensure fairer wealth distribution.
Otedola disclosed this in a recent statement.
He becomes the first financial heavyweight in Nigeria to announce support for the tax.
The billionaire also called on banks to halt extravagant spending on private jets, urging a focus on operational efficiency and customer service.
He emphasised the need for reforms in the Nigerian banking sector to enhance economic stability and integrity.
“Windfall taxes, which are levied on companies or individuals who receive substantial, unexpected profits, ensure a fairer distribution of wealth,” he said.
“This allows those who benefit disproportionately to contribute more significantly to the broader societal good.”
we recalls that the windfall tax, initially proposed by President Bola Tinubu at 50 per cent on bank profits FX profits in 2023, was increased to 70 per cent by the Senate and passed into law. This tax will be in effect from 2023 to 2025.
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