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Be careful about proposed minimum wage, Soludo warns
Anambra State Governor, Chukwuma Soludo, insisted that concerns raised around the proposed new minimum wage for Nigerian workers must be well considered.
The warned that the new minimum wage potential sustainability and the economic repercussions must be weighed so that it does not trigger other consequences.
Soludo, who spoke at The Platform Nigeria, a Democracy Day event organized by Covenant Nation in Lagos, stressed the challenges that a high minimum wage could pose for state governments and the private sector.
In particular, the former Governor of the Central Bank of Nigeria (CBN) also vouched his apprehension about the ₦62,000 minimum wage proposed by the Federal Government and the ₦250,000 demanded by the Organised Labour.
He warned on consequences of wage increments that could lead to job losses and further economic difficulties, making the situation untenable for many employers.
According to him, “Not all state governments and the Organised Private Sector can afford to pay the ₦62,000 being proposed by the Federal Government and the ₦250,000 demand of the Organised Labour.”
He disclosed that the private sector employs a significant portion of the workforce and would struggle to pay any high minimum wage increment.
He said, “I spoke with nine entrepreneurs in my state, and none of them could pay the proposed amount by Labour.
“At the best of estimates, the Federal Government revenue won’t exceed ₦17 trillion this year. If you share it with all Nigerians, it comes to ₦6,160 per person, per month, per capita. If you take even the total ₦28.7 trillion budget and share, it will come down to ₦10,000 per capita.”
The Governor reiterated the need for a balanced approach, acknowledging the validity of workers’ demands while also considering the practical limitations faced by employers.
“The worker is right to ask, ‘What am I getting?’ But we also need to consider what a worker actually does. Even if we pay ₦1 million, it might not be enough, but we have to face reality,” he said.
However, Soludo also warned of the long-term implications of an unsustainable wage policy.
“I pity the President because it will all be on his head if the consequences come down. Whatever is negotiated if unsustainable or unpayable, months to come, who will bear the responsibility? Not me,” he said.
He called for a more pragmatic discussion on the minimum wage, highlighting the need for continuous dialogue and adjustment based on economic realities.
“Whatever they agree on, we will muddle through, but maybe after one year, we will need to meet to discuss the consequences,” he stressed.
CREDIT: NEWSTIDE247
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
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