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Minimum wage: N494,000 demand by organized labour will cripple economy – Nigerian Govt
The Nigerian Government has stated that the new minimum wage of N494,000 proposed by organized labor could severely damage the country’s economy.
Minister of Information and National Orientation, Mohammed Idris, expressed this concern during a press briefing in Abuja in response to labor’s demands and their planned indefinite strike.
The minister highlighted that the proposed N494,000 minimum wage would impose a N9.5 trillion expenditure burden on the government.
He explained that the government had already agreed to double the current minimum wage from N30,000 to N60,000, reflecting current economic conditions. However, he criticized the 1,547 percent increase proposed by organized labor.
Idris emphasized that meeting labor’s demand for a N494,000 minimum wage would force the federal government to reduce its 1.2 million workforce, which would be detrimental to the economy.
“The N494,000 national minimum wage which labor is seeking would cumulatively amount to a N9.5 trillion bill for the Federal Government of Nigeria,” he said.
He added that while the government is committed to providing fair compensation for workers, President Bola Ahmed Tinubu would not support actions that could lead to significant job losses, especially in the private sector, which might struggle to meet labor’s wage demands.
The organized labor is set to begin an indefinite strike on Monday, June 3, over the government’s failure to implement a new minimum wage and the reversal of the April 3 electricity tariff increase.
It is noteworthy that President Bola Ahmed Tinubu signed the 2024 N28.7 trillion appropriation bill on January 1, with projected revenue of N19.7 trillion and a budget deficit of N10 trillion.
Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.
Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.
This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.
The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.
In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.
As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.
The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.
The full lineup for the Round of 16 is as follows:
- Spain vs Canada
- Brazil vs Cameroon
- Colombia vs South Korea
- Mexico vs USA
- North Korea vs Austria
- Germany vs Argentina
- Netherlands vs France
- Japan vs Nigeria
The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.
In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.
A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.
Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.
He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).
Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.
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