News
Minimum wage: Nigerian govt can pay N500,000 with active production economy – Moghalu
A former deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, has said the Nigerian Government can pay N500,000 as minimum wage if the country has an active production economy.
Moghalu, however, said government can only pay between N75,000 to N100,000 as new minimum wage due to the lack of a production economy.
This comes amid continued negotiations between organized labour and the Nigerian Government over the need to increase the minimum wage.
Labour had called off its nationwide strike after a productive meeting with the Nigerian Government on an increase in the pay of workers.
The Nigerian Government had proposed N60,000 with the possibility of an increase, while organized labour demanded N494,000; but a middle ground is believed to have been reached as negotiations continue.
Following the agreement reached, President Bola Tinubu directed the Minister of Finance, Wale Edun, to work out the financial implications of the new minimum wage within the next 48 hours.
However, the former CBN deputy governor said the level of production in Nigeria can only support between N75,000 to N100, 000 minimum wage.
Posting on X, Moghalu wrote: “In the debates on the national wage in Nigeria we miss the fundamental point: there is little or no productivity in the economy. If we had a truly productive economy, there is no reason we can’t have the kind of minimum wage of 400 or 500K that labour wants. But we can’t, because the level of productivity in the economy cannot support it.
“Remember, the minimum wage is not just about government salaries. There are not more than 2, at most 3 million civil servants in Nigeria. It is even more about what is paid in the private sector, to household staff, etc.
“All of this is why, all things considered, including avoiding a minimum wage that multiplies already ravaging inflation (assuming such a wage can even be paid), I recommend a minimum wage of between N75,000 and N100,000.”
CREDIT: DAILY POST
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.
We’ll be forced to export 97% of our petrol – Dangote Refinery warns
Why is Ethiopia just entering 2017 and celebrating a New Year in September?
FIFA U-20 Women’s World Cup: Round of 16 fixtures confirmed [Full list]
What we know about Israel’s war with Hamas
LaLiga: Everyone want to play with him – Vinicius on player Real Madrid should sign
Iran calls on Islamic, Arab countries to confront Israel
-
World News11 months agoWhat we know about Israel’s war with Hamas
-
Sports11 months agoLaLiga: Everyone want to play with him – Vinicius on player Real Madrid should sign
-
World News11 months agoIran calls on Islamic, Arab countries to confront Israel
-
Tech11 months agoTop 10 AI Skills to Learn in 2023
-
ICT1 year agoApple Bows To EU, Unveils iPhone With USB-C Charger
-
Entertainment11 months agoBET Hip-Hop Awards: Black Sherif wins big as Burna Boy loses seven nominations
-
Entertainment11 months ago‘Black Panther’ star Lupita Nyong’o breaks up with boyfriend, Selema Masekela
-
ICT1 year agoApple iPhone 15 and iPhone 15 Pro pricing around the world