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July 23, 2024

July 23, 2024July 23, 2024 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.

July 23, 2024

July 23, 2024 IFMNEWS

NPF Denies Selling Falomo Barracks In Lagos, Unveils Redevelopment Plans

The Nigeria Police Force (NPF) spokesperson, ACP Olumuyiwa Adejobi, clarified that no police barrack has been sold in Lagos State. In a statement on Tuesday in Lagos, Adejobi emphasized that the police are undertaking comprehensive renovations of several police barracks in the state.

He addressed the situation to correct misinformation circulating on social media, which suggested that the Falomo Barracks in Ikoyi, Lagos, had been sold.

"The Nigeria Police Force must address the baseless discussions about the state of police barracks and their redevelopment, particularly the Falomo Barracks and others in Lagos," Adejobi stated.

He acknowledged the public's concern for the welfare of police personnel and aimed to provide clear information about the allegations. Due to the poor condition of several police barracks, including Falomo Barracks, the NPF leadership initiated a partnership with sub-national governments and reputable developers to enhance the barracks. The goal is to transform them into more suitable and modern accommodations.

Adejobi explained that the redevelopment would include modern infrastructure and complementary facilities. Once completed, the occupants of the redeveloped barracks, including Falomo Barracks, would be offered new accommodation on the same sites.

Specifically, occupants of Falomo Barracks Blocks A and B have received ₦2 million each as a temporary relocation allowance. This payment has been made to 347 families after a validation process to facilitate their temporary relocation.

"This initiative is not limited to Falomo Barracks alone. Similar redevelopment projects will be carried out across all police barracks nationwide over time," he added.

Adejobi highlighted that this project is a strategic effort to improve the living conditions of officers and their families, which is a key focus of the current police administration.

July 23, 2024

July 23, 2024July 23, 2024 IFMNEWS

Dangote Offers to Sell Refinery to NNPC

Aliko Dangote, President of Dangote Group, has offered to sell the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL). In an exclusive interview with Premium Times on Sunday, Dangote expressed his willingness to sell the refinery to address allegations of monopolizing the industry. He suggested that NNPCL's acquisition of the refinery would negate these allegations.

"Let them (NNPCL) buy me out and run the refinery the best way they can. They've labeled me a monopolist. That’s incorrect and unfair, but if they buy me out, their so-called monopolist would be out of the way," he said. Dangote emphasized that the refinery could help resolve Nigeria's long-standing fuel crisis but acknowledged some people seem uncomfortable with his involvement.

This statement follows claims by Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, who alleged that the Dangote refinery had requested the regulator to stop issuing import licenses to other marketers to be the sole fuel supplier in Nigeria. Ahmed argued this reliance on one refinery is not good for national energy security or market competition. He also claimed the refinery's products are inferior in quality, citing sulphur content higher than the West African standard.

Dangote disclosed that the challenges facing his refinery validate warnings from friends and associates who advised caution in investing billions of dollars in the Nigerian economy. At 67, he stated he needs very little to live the rest of his life and is willing to let NNPCL take over to ensure high-quality products and job creation for the country.

The Dangote Refinery, operational since last year after prolonged construction, has a capacity of 650,000 barrels per day, aiming to reduce Nigeria's dependence on foreign fuel imports and conserve foreign exchange.

July 23, 2024

July 23, 2024 IFMNEWS

58 Countries Endorse Okonjo-Iweala for Second Term as WTO Director-General

Fifty-eight out of the 164 member states of the World Trade Organisation (WTO) have expressed their support for the African Group's proposal backing the incumbent Director-General, Ngozi Okonjo-Iweala, for a second term. This was announced at a July 22 meeting of the WTO General Council, according to a statement by the global trade body.

“The African Group requests that the current Director-General make herself available to serve a second term and has proposed that the process of reappointing the Director-General should be started as soon as possible,” the statement read.

"Fifty-eight members, several speaking on behalf of groups of members, took the floor to comment and express their support for the African Group proposal. They called on DG Okonjo-Iweala to make her intentions regarding a second term known as soon as possible. Most of these members praised the DG’s hard work and her achievements during her first term."

Okonjo-Iweala, 70, expressed her gratitude for the support from members. “Everything that I’ve accomplished, we’ve accomplished together,” she said. She added that she takes the members' call seriously and is favorably inclined, promising to announce her intentions soon.

Okonjo-Iweala, the seventh WTO Director-General, began her term on March 1, 2021, with her current term set to expire on August 31, 2025. She is eligible for a second term.

The former Nigerian Finance Minister overcame significant opposition to become the first woman and the first African to serve as WTO Director-General. Prior to her current role, she served as Nigeria’s Finance Minister from 2003 to 2006 and from 2011 to 2015, and briefly acted as Foreign Minister in 2006, making her the first woman to hold both positions. Okonjo-Iweala also had a 25-year career at the World Bank as a development economist, eventually rising to Managing Director of operations.

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Author: IFMNEWS

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