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July 24, 2024 NASS Approves Bill for IGP to Serve Full Four-Year Tenure
IFMNEWS

NASS Approves Bill for IGP to Serve Full Four-Year Tenure

The National Assembly passed the Police Act Amendment Bill on Tuesday, enabling the Inspector General of Police (IGP) to remain in office until the end of the term specified in their appointment letter. President Bola Tinubu forwarded the Bill to the House of Representatives and the Senate, seeking to amend the tenure of the IGP.

The Bill, aimed at amending the Nigeria Police Act 2020, seeks to ensure the IGP's tenure and enhance police operations through improved accountability, modernized policing methods, and better police-community relations.

Both chambers of the National Assembly expedited the Bill through its second and third readings, resulting in its passage. President Tinubu is expected to sign the Bill into law.

In July, the police refuted claims that IGP Kayode Egbetokun attempted to lobby the National Assembly to extend the retirement age of officers. Egbetokun, appointed by President Tinubu in June 2023, has a four-year term. According to Section 18(8) of the Police Act 2020, Egbetokun, born on September 4, 1964, would retire in September 2024 upon turning 60. This would mean he would only have served one year and three months of his four-year term.

This controversy over the IGP's tenure is not new. Egbetokun's predecessor, Usman Baba, faced a similar situation. Baba turned 60 and completed the mandatory 35 years of service in March 2023 but remained in office until Egbetokun was appointed as his replacement three months later.

July 23, 2024 Tinubu Urges Nigerians to Avoid Protests
IFMNEWS

Tinubu Urges Nigerians to Avoid Protests

President Bola Tinubu on Tuesday appealed to Nigerians planning to stage a nationwide hunger protest to reconsider their plans. He urged citizens to give his administration sufficient time to address their concerns.

This was disclosed by the Minister of Information and National Orientation, Mohammed Idris, after a closed-door meeting with President Tinubu at the Aso Rock Villa, Abuja.

Idris stated, “On the issue of the planned protest, Mr. President does not see any need for that. He asked them to shelve that plan and await the government’s response to all their pleas. So, there is no need for a strike. The young people out there should listen to the President and allow him more time to realize all the benefits he has for them.”

His comments come just days after calls for nationwide protests from August 1-10 against the rising cost of living and economic hardship.

July 23, 2024 CBN Raises Interest Rate to 26.75% in Response to Rising Inflation
IFMNEWS

CBN Raises Interest Rate to 26.75% in Response to Rising Inflation

The Central Bank of Nigeria (CBN) has once again increased the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.25% to 26.75% in response to soaring inflation and escalating food prices. CBN Governor Olayemi Cardoso announced this adjustment following the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

The MPC also modified the asymmetric corridor around the MPR from +100/-300 basis points to +500/-100 basis points. Additionally, it retained the Cash Reserve Ratio (CRR) for deposit money banks at 45% and for merchant banks at 14%, as well as the Liquidity Ratio at 30%.

Cardoso emphasized that the committee is aware of the impact of rising prices on households and businesses and is committed to taking necessary actions to control inflation. He noted that despite the inflation uptick in June 2024, prices are expected to stabilize in the near term as monetary policy measures take effect, along with further actions by the fiscal authority to address food inflation.

The MPC expressed concern over persistent food inflation and rising energy costs, which continue to undermine price stability. The next MPC meeting is scheduled for September 23 and 24.

Nigeria is facing one of its worst economic crises in recent times, characterized by rising living and energy costs, driven by the government’s removal of the petrol subsidy and unification of the foreign exchange windows in May 2023. The country's inflation reached a record high in June, hitting 34.19%, according to the National Bureau of Statistics (NBS). Food inflation also surged to 40.87% year-on-year in June 2024, compared to 40.66% in May 2024, and 25.25% in June 2023.

Despite palliative measures rolled out by President Bola Tinubu's administration and governors of the 36 states, Nigerians continue to suffer from the severe impact of inflation as the prices of food commodities and basic products increase uncontrollably.

July 23, 2024 Senate Swiftly Approves National Minimum Wage Bill
IFMNEWS

Senate Swiftly Approves National Minimum Wage Bill

On Tuesday, the Senate swiftly passed the National Minimum Wage Act 2019 (Amendment Bill). The bill, which was transmitted by President Bola Tinubu, sailed through its second and third readings within minutes and was promptly approved by the upper chamber.

Following a unanimous vote after a clause-by-clause consideration in the Committee of the Whole, the National Minimum Wage Bill successfully passed its third reading. Earlier that day, President Tinubu had sent the National Minimum Wage Bill to the National Assembly for consideration and speedy passage.

In his separate communications to the Senate and the House of Representatives, the President requested expedited consideration of a bill to amend the National Minimum Wage Act of 2019, aiming to increase the National Minimum Wage from ₦30,000 to ₦70,000. He also asked lawmakers to shorten the interval for periodic reviews of the national minimum wage from five years to three years.

Last Thursday, an agreement was reached between President Tinubu and the leadership of the Organised Labour, setting the new minimum wage for Nigerian workers at ₦70,000. This truce followed several discussions between labour leaders and the President, after months of stalled negotiations between labour unions and a tripartite committee on minimum wage established by the President in January.

The committee, which included representatives from state and federal governments as well as the Organised Private Sector, had proposed ₦62,000, while labour initially demanded ₦250,000. Labour argued that the current minimum wage of ₦30,000 was untenable due to inflation and the high cost of living exacerbated by the removal of the petrol subsidy.

Despite their initial stance, Labour accepted the President’s offer of ₦70,000. Joe Ajaero, President of the Nigeria Labour Congress (NLC), stated that Labour agreed to the ₦70,000 wage and rejected a proposal from President Tinubu to set the minimum wage at ₦250,000 on the condition of increased petrol prices. He noted that the acceptance of ₦70,000 was also influenced by the new agreement to review the minimum wage every three years instead of every five.

The submission of the wage bill followed President Tinubu's announcement in his Democracy Day speech on June 12, 2024, where he promised to send an executive bill on the new national minimum wage to the National Assembly for passage.

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