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May 20, 2024 CBN Withdraws Cybersecurity Levy Circular After FG’s Suspension

CBN Withdraws Cybersecurity Levy Circular After FG’s Suspension

The Central Bank of Nigeria (CBN) has retracted its previous directive that required banks to impose a controversial 0.5% cybersecurity levy on electronic transactions.

This decision follows significant public backlash that emerged after the policy's announcement two weeks ago and the Federal Government's suspension of the levy last week.

In a new circular dated May 17, 2024, the CBN referenced its earlier directive from May 6, 2024, informing financial institutions that the initial circular on the cybersecurity levy "is hereby withdrawn." This latest circular was signed by Chibuzo Efobi, Director of the Payments System Management Department, and Haruna Mustafa, Director of the Financial Policy and Regulation Department.

The initial circular had been addressed to all deposit money banks, mobile money operators, and payment service providers, instructing them to deduct the levy and remit it to the National Cybersecurity Fund (NCF), managed by the Office of the National Security Adviser (ONSA).

The policy's announcement led to widespread public outrage, with labor unions threatening action and pressure groups criticizing the levy’s timing amid a cost-of-living crisis exacerbated by rising inflation. Responding to the public outcry, the Federal Government suspended the contentious cybersecurity levy on May 14, 2024.

CBN Withdraws Cybersecurity Levy Circular After FG’s Suspension
CBN Withdraws Cybersecurity Levy Circular After FG’s Suspension
May 16, 2024 NNPP Leader Warns Tinubu: N48,000 Minimum Wage Insufficient for Workers

NNPP Leader Warns Tinubu: N48,000 Minimum Wage Insufficient for Workers

A member of the New Nigeria People's Party (NNPP), Ambassador Olufemi Ajadi, has criticized the proposed N48,000 minimum wage by the federal government, stating that workers are insufficient to survive.

Following reports that the meeting between the federal government and labor unions ended in a deadlock over the proposed N48,000 minimum wage, Ajadi expressed his disappointment with the figure. In a statement released Thursday, Ajadi revealed that he closely monitored the negotiations between the government and organized labor on the new minimum wage. He emphasized that the government did not take into account the current economic realities before proposing N48,000.

to Ajadi, the suggested minimum wage does not align with the present economic conditions in Nigeria, especially considering the high cost of living and skyrocketing prices of essential commodities like petrol and food items. He argued that with petrol selling for over N700 per liter in most filling stations, and basic food items becoming increasingly expensive, it would be unrealistic for workers to manage their expenses with a monthly salary of N48,000. Ajadi suggested alternative measures, such as paying workers based on their working hours, to ensure that those who genuinely put in effort are adequately rewarded.

also highlighted the example of states like Edo, which have independently increased their minimum wage to N70,000. While acknowledging the presence of inefficiencies in the civil service, Ajadi urged the federal government to prioritize the welfare of Nigerian workers and consider raising the minimum wage. He called on labor unions to continue negotiations with the government rather than rejecting the proposal outright, emphasizing the need for constructive dialogue to reach a fair and realistic wage agreement.

In conclusion, Ajadi stressed that any minimum wage below N200,000 would be inadequate and urged labor representatives to clearly articulate the reasons why N48,000 is insufficient for workers to sustain themselves.

May 16, 2024 ASUU Threatens Strike Over Unpaid Salaries in Two Weeks

ASUU Threatens Strike Over Unpaid Salaries in Two Weeks

The Academic Staff Union of Universities (ASUU) has issued a warning of impending strike action if the Bola Tinubu administration fails to disburse the withheld salaries of public university lecturers within two weeks.

ASUU President Emmanuel Osodeke expressed dissatisfaction with the Federal Government's decision to pay lecturers for only four out of the seven-and-a-half months of withheld salaries from 2022. Osodeke argued that universities across Nigeria have already compensated for the missed work during the 2022 strike period and should receive full payment accordingly. He emphasized that members of ASUU have made significant sacrifices by forgoing leave and working continuously to cover the missed workload during the strike.

The ultimatum given to the government commenced on May 13, 2024, with ASUU demanding full payment for the entire period of the industrial action in 2022. In 2022, academic and non-academic unions in Nigeria embarked on an eight-month strike to address various demands, including improved welfare conditions. While ASUU received payment for four months of withheld salaries, other unions like SSANU and NASU were not compensated at all.

Osodeke stressed that ASUU members deserve full payment for the entirety of the strike period and that the partial payment made by the Tinubu administration does not adequately address their grievances.

May 16, 2024 Emirates Airlines To Resume Operation In Nigeria October 1st 2024

Emirates Airlines To Resume Operation In Nigeria October 1st 2024

Emirates Airlines has announced its intention to restart flight operations at Nigerian airports beginning October 1, 2024, after a two-year hiatus from operating in the country. The airline made this announcement through its official X account on Thursday.

The flights will be conducted using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, reaching Lagos at 1520hrs; while the return flight EK784 will leave Lagos at 1730hrs and arrive in Dubai at 0510hrs the following day. “We’re back, Nigeria! We’ll be resuming services to Lagos from 1 October 2024, and we can’t wait to offer unrivalled connectivity to Dubai and beyond to over 140 cities,” the tweet stated.

Adnan Kazim, Emirates’ Deputy President and Chief Commercial Officer, expressed, “We are excited to resume our services to Nigeria. The Lagos-Dubai service has traditionally been popular with customers in Nigeria and we hope to reconnect leisure and business travellers to Dubai and onwards to our network of over 140 destinations. We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard." “With the resumption of operations to Nigeria, Emirates operates to 19 gateways in Africa with 157 flights per week from Dubai, with further reach to an additional 130 regional points in Africa through its codeshare and interline partnerships with South African Airways, Airlink, Royal Air Maroc, Tunis Air, among others.

“As a major economic hub in Africa, Nigeria and the UAE have built strong bilateral trade relations over the years, headlined by Lagos as the nation’s commercial centre. With the resumption of daily passenger flights, the airline’s cargo arm, Emirates SkyCargo, will further bolster the trade relationship by offering more than 300 tonnes of belly-hold cargo capacity, in and out of Lagos every week.” It is worth noting that Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, had earlier hinted at this development.

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