The Nation Newspaper

Tag: Fed Govt

  • Job creation: ILO unveils plans to support Fed Govt

    Job creation: ILO unveils plans to support Fed Govt

    The President Muhammadu Buhari administration’s employment creation initiative is to get a boost from the International Labour Organisation (ILO).

    ILO Country Director Mr. Dennis Zulu made the commitment on Tuesday during his visit to the Minister of Labour and Employment, Sen. Chris Ngige.

    According to the communiqué signed by the Deputy Director, Press, in the ministry, Mr. Samuel Olowookere, the ILO will like to partner Nigeria in the drafting of a new employment policy.

    “We as an organisation has attained an advanced stage in the drafting of this policy, and we need the contribution of the tripartite partner as well as the ministry to push it forward,” Zulu said.

    He stated that the global labour organisation was looking forward to receiving the input of the ministry towards the completion of the Social Protection Policy, which is aimed at providing social protection floor for the vulnerable including retirees thereby making sure that they did not fall back to poverty the trap after retirement.

    He also canvassed the need to review Nigeria’s labour laws to reflect the reality of the moment in the sector, adding that the ILO is looking forward under the present administration to see that the labour laws that have been in the National Assembly since 2005 are clarified to ensure that they reflect changing times and changing demands both in the private and public sectors.

    In his response, Sen. Ngige reiterated the administration’s commitment to the provision of jobs for the teeming unemployed youths. He assured the ILO of his ministry’s commitment to continued maintenance of industrial peace and harmony in the labour sector through proactive social dialogue.

    “The name of this ministry was changed to Ministry of Labour and Employment to reflect its pivotal role in the job creation efforts of the Federal Government. The activities of the ministry are also accentuated by this responsibility and we are living up to the task. However, the aspect that makes for industrial relations, social protection for the vulnerable and the entire workforce as enshrined in the ILO status and the nation’s constitution will not be abandoned,” Ngige said.

    The minister added that the change mantra of the present administration seeks to impact positively on the lives of the people. “We are going to make state resources available to everybody especially those on the lower rung of the social ladder and not a select few at the top.

    “We have fashioned out some social intervention programmes such as the Graduate Teachers Conversion Scheme, Commercial Farmers Training Project, Conditional Cash Transfer, Skill Acquisition Programme to impact skills such as metal fabrication, plumbing, electric wiring, baking, interior decoration, repair of phones, painting, hairdressing, garment production and mechatronic among others,” he said.

    The minister expressed hope that the ILO will give the ministry the technical support to man the various skills acquisition and vocational centres.

    He reminded the ILO Country Director of his earlier request in Addis Ababa, Ethiopia that in view of the enormous contributions of Nigeria to the ILO and being the first country to host its office in Africa, opened in 1959, it should be accorded a prime place in the West African sub region through the upgrade of its regional office in Nigeria.

    In a related event, ILO has warned the public, especially job seekers of fraudulent schemes purporting to solicit applications for employment or business opportunities on behalf of its officials.

    The ILO said it strongly recommends that prospective applicants and recipients must carefully verify the authenticity of solicitations and offers before sending any response.

  • Fed Govt to pay states’ March deferred debts

    Fed Govt to pay states’ March deferred debts

    Creditors have got some assurance from the Federal Government on states’ debts that were due for payment last month.

    The debts will be paid, the Ministry of Finance, in a statement, said.

    It said the clarification became necessary following the states’ debt repayment deferral announced last week.

    “Further to the states’ debt repayment deferral for the month of March that was announced last Thursday, the Federal Ministry of Finance has clarified that the debt repayments due to the states’ creditors will be fully paid, notwithstanding the deferral. All creditors, including bondholders, will not be adversely impacted,” it stated.

    It said the deferral is not a bailout but “a responsive measure by the Federal Government to put states in a better position to meet their salary obligations”. The deferral is N10.9 billion.

    All states will receive the relief in this instance, but further deferrals will be “subject to the agreement of a Fiscal Restructuring Plan to be prepared by each state with clear measurable objectives.”

    The statement said the ministry was keen in ensuring that the financial discipline being driven by the Federal Government is replicated in all tiers of government, including elimination of payroll fraud and increased spending efficiencies in overhead.  It called for enhanced financial transparency by the publication of audited accounts and submission of debt profile.

    President Muhammadu Buhari  approved the states’ deferred payment on account of the backlog of salaries owed by many states to their workers and the abysmally low revenue (aboutN299.7billion) available for sharing for the month of March.

    The government said last week that with about 27 states experiencing challenges meeting their salary payments and in response to the obligatory repayments due to the Federal Government from the states in respect of their restructured loans, the Federal Government offered to defer for March, the repayment of their obligations to all their creditors.  The deferral amounted to a total of N10.9 billion.

  • APC Osun hails Fed Govt

    APC Osun hails Fed Govt

    The All Progressives Congress (APC) has hailed the Federal Government for its mature, responsible and compassionate approach to addressing the worsening salary crisis across the states.

    Its Director of Publicity, Research and Strategy, Kunle Oyatomi, said: “It takes a high degree of political maturity, responsibility and stately mind-set of compassion for political operators in our clime to act the way the Federal Government has done.

    “This crisis underlines a major fault line in the structure of our federation, which is everything but federal.

    “And it particularly stands in the way of states from being financially solvent through developing their natural resources.

    “It will take political courage to address the crisis holistically and we are all hopeful that the Federal Government will be up to that task.

    ‘We have cause to be this hopeful because President Muhammadu Buhari’s government has shown, by this intervention, that it feels for the people.”

    The APC, therefore, criticises politicians who are heartlessly urging the Federal Government not to help states solve the crisis.

    According to the party, “only political vultures would prey on people’s pain to score disgusting political point”.

    The APC calls on residents as well as security forces to be on “red alert” so that criminally disposed politicians are stopped from actualising their murderous plans.

  • Fed Govt, States, Councils share N299.7b for March 

    Fed Govt, States, Councils share N299.7b for March 

    The cash shared for March, given out yesterday after the Federation Accounts Allocation Committee (FAAC) meeting,  dropped significantly to N299.747 billion from the N338.765 billion shared for February.

    The shared amount is the lowest in over five years.

    But the states got a relief because of the decision of President Muhammadu Buhari that federal government deductions should be shelved for March allocation.

    Permanent Secretary of the Federal Ministry of Finance Mahmud Dutse announced that the Federal government got N109.113 billion; state governments (N55.344 billion) and Local Governments (N42.668 billion). Oil producing states received N19,750 billion as 13 per cent derivation.

    An amount of N61. 665billion was shared from Value Added Tax (VAT) proceeds out of which the Federal Government got  N9.250 billion; States (N30.833b) and local governments (N21.583b).

    The permanent Secretary noted that the statutory revenue of N232. 619 billion received for the month was lower by N37.880 billion to the N270.499 received in the previous month.

    The fall in revenue he said, was due to shut-in and Shut-down of oil production for repairs and maintenance which continued during the period.

    Dutse added that there was a slight increase in production of crude oil in December 2015 but the resulting income was marginal due to a 10 per cent drop in crude oil prices.

    The drop in the average price of crude oil from $43.40 in November to $39.04 in December, 2015 resulted in revenue loss of $22.55 million. Another reason for the fall in the FAAC revenue, according to Dutse, “is the significant decline in incomes from Petroleum Profit Tax and Companies Income Tax.”

    The sum of N6.330 billion was refunded by the Nigeria National Petroleum Corporation (NNPC) to the Federal government and there was an exchange gain of N2.894 billion which was proposed for distribution.

    He said the balance in the Excess Crude Account (ECA) still stands at $2.259 billion.

  • Fed Govt urges BoI to increase lending to agric sector

    Fed Govt urges BoI to increase lending to agric sector

    The Federal Government has called on the Bank of Industry (BOI) to increase its lending rate to the agricultural sector. This is part of its strategies to accelerate the diversification process of the nation’s economic base.

    The Minister of Agriculture and Rural Development, Chief Audu Ogbe, made this call during  a visit by the management team of BoI led by the bank’s Acting Managing Director,  Waheed Olagunju in Abuja. He said there is urgent need to boost productivity along the agricultural value chain, particularly with the attention of the current administration focusing on diversifying the economy away from oil.

    Ogbe said: “There is a lot of disenchantment in the country as a result of the huge level of unemployment. I commend the management of the bank for its zeal in the development of the financial institution.

    “I will like to request your bank to see what you can do to assist us in financing young people in agro processing business. Young people are finding it difficult to access loans. If we want young people to live and achieve their aspiration, we need to do what we can to shift the focus by creating a platform for them to access loan and become entrepreneurs.

    “The degree of frustration and disenchantment among the youth is very high and it’s time we did something to make funding available for businesses. Government would put in place adequate mechanism as well as the needed support to ensure that the loans are repaid by borrowers.

    “To achieve this, the ministry is planning to build an agro-processing park for young people, which will assist in reducing some of their operating costs. We are also trying to move industries to the villages so that people don’t have to migrate into the big cities for  jobs.”

    Responding, Olagunju said the request by the minister was in line with the objective of the bank in reducing the level of poverty and unemployment in the country.

  • Labour to Fed Govt: fix the economy

    Labour to Fed Govt: fix the economy

    Labour has called on the Federal Government to take steps to revamp the  economy.

    The Trade Union Congress of Nigeria (TUC) is worried that the economy is down and thousands sacked because of the closure of some companies.

    The President, Comrade Bobboi Kaigama said: “Aside fuel scarcity , the dearth of US dollars has made it impossible for firms to repay foreign loans and import needed materials for production of which the consequence is mass sack of workers.

    “Our role as a labour centre is multifaceted. We are saddled with the responsibility of functioning as change agents and watchdogs of both government and private businesses, with the issue of workers welfare as priority.

    “But, of late our desk has been inundated with industrial issues, ranging from redundancy complaints to anti-labour practices, casualisation of workers to outright termination of employment.’’

    Kaigama lamented that the food and beverage sector had lost over 500 employees in the few months.

    He said the naira exchanges for N197 to a dollar at the official window and N320 at the parallel market, adding that firms that borrowed dollar-denominated loans were facing the risk of foreclosure on assets.

    The union chief demanded that the power distribution companies should stop sending estimated bills to Nigerians.

    “They are defrauding consumers while the government consistently looks the other way; how else do we explain the fact that Nigerians are paying for services not rendered?

    “We recall that the Minister of Power, Babatunde Fashola, prior to the 2015 elections said any government that cannot fix power in six months is irresponsible,” he said.

    He said it was worrisome to labour that the lingering fuel scarcity appeared to defy all solutions in a country that is the sixth largest oil producer in the world.

    Kaigama said Nigeria has become a laughing stock in the comity of nations, adding that man-hours lost in traffic because of long fuel queues were unimaginable.

    “As it stands now, virtually all sectors of the economy are groaning in serious and unbearable pain.

    “We are adverse to people blaming any particular political party for the ordeals of the country.

    “The people voted for the Federal administration because they desire change. We need to see that change now,” he said.

  • Mining: Fed Govt seeks Australia’s help to upgrade lab

    The Federal Government is seeking help from the Australian government to upgrade the mining laboratory in Kaduna to world class standard and realise the desire of the present administration to diversify the economy.

    Minister of Solid Minerals Development, Dr. Kayode Fayemi made the request during in Abuja when he met with the Australian High Commissioner to Nigeria, Mr Paul Lehmann who paid him a courtesy visit.

    A press statement endorsed by Sade Fatoke, on behalf of the Deputy Director (Press) Ambrose Momoh, Fayemi said rather than send raw minerals to Europe and South Africa, the quality of such minerals can be enhanced if certified in the country before export.

    While appreciating the role played by the High Commissioner’s predecessor in the promotion of Nigerian-Australian relations in the mining sector and the support of almost $1million in the area of research,  Fayemi confirmed that a number of ministry officials benefitted from exchange programmes, study tours as well as graduate programmes up to the doctorate level. He also acknowledged the support of the Geological Surveys, Artisanal and Small Mining Department and the Mining Cadastre Office.

  • Neco embraces Fed Govt’s policy on stamp duty

    The National Examinations Council (NECO) has embraced the Federal Government’s policy on stamp duty in all its transactions, the Registrar/Chief Executive, Prof Abdulrashid Garba, has said.

    Addressing the new zonal coordinators and state officers during a two-day meeting, the Registrar directed all staff to comply with the stamp duty policy as well as the Treasury Single Account (TSA) in their zones and states.

    Garba said the implementation of these policies of the government was not only key to the change mantra of the administration, but is also relevant to the realisation of its goals.

    He stressed that the TSA is intended to “ensure accountability of government revenue, enhance transparency and avoid misapplication of funds”, while the stamp duty is intended to ‘legitimise all transactions entered into by the Council.’

    The Registrar also announced the release of utility vehicles to the eight zonal coordinators for the conduct of examination.

    He assured the state officers that the management would provide them with conducive working environment within available resources.

     

  • Fed Govt’s Yuan’s pact with China ‘good for Nigeria’

    Federal Government’s pact with China allowing economic transactions to be conducted in the latter’s currency, is the right thing to do, the Lagos Chamber of Commerce and Industry (LCCI), and an Economist and Chief Executive Officer, Nextnomics Advisory, Dr. Temitope Oshikoya, have said.

    LCCI’s Director-General, Muda Yusuf, said the agreement would increase the Yuan component of Nigeria’s external reserves, as well as allow free flow of Yuan among various banks in Nigeria.

    Yusuf, in praising the pact which was signed between the Industrial and Commercial Bank of China (ICBC) and the Central Bank of Nigeria (CBN) on April 12, in the course of President Muhammadu Buhari’s visit to China, said: “It is good for our economy  because it will diversify our portfolio,” adding that the “Yuan is a strong and stable currency backed by a strong economy with which we do a lot of international transactions.”

    He pointed out that the Chinese economy is the second largest economy in the world, arguing that there is a relationship between the size of an economy and the strength or quality of its currency. He said  apart from the fact that China is the third major export destination in Africa, it is Nigeria’s largest source of imports and third major trade partner.

    In his words: “This move will greatly improve the fortunes of Nigeria’s economy in view of the rising profile of her trade relations with China.”

    Yusuf told the News Agency of Nigeria, that the diversification of the reserves to include the Yuan (Renminbi), would maintain the value of the country’s external reserves, while eliminating losses at a time of increased volatility in major world currencies.

    In the same vein, Oshikoya said under the new arrangement, there would be a reduction in transactional cost, for traders and businesses, since the usual exchange of currencies involving the US dollar would have been eliminated.

    On how the Yuan will benefit Nigeria, Oshikoya, said the Yuan has about five per cent in our foreign reserves. He said most of our traders go to Dubai and China with dollar. Hitherto, he said, they have to transfer their naira to dollar and then to Yuan, but now they can transfer directly from naira to Yuan. That will be beneficial for them. That will lead to lower transaction cost, he stated.

    He stressed the importance of the arrangement, saying, it is not a bad decision. As he put it: “Just as traders will be able to get Euro and Dollars, Yuan will also be made available for them. The essence of this is to reduce transaction cost for the traders and government.”

    He dismissed insinuations that the new agreement will lead to friction, or suspicion between Nigeria and her current trading partners, especially those from the West, including Europe and the US, saying the degree and level of trade between Nigeria and China, is already well known.

    He said:” If you look at it, most, or a significant amount of imports by Nigeria are coming from China. Our oil export to the U.S. has declined substantially because of the shale oil. I do not think the U.S. will over react,” adding, “we have been dealing with China in terms of infrastructure both at the state level and Federal level, the Chinese have been playing a major role. Not that the Western powers are not aware of this. They are fully aware of this. So long as it does not violate World Trade Organisation rule, I do not think there will be too much controversies.

    “In any case, China has swap with other countries, especially in Asia,” he stated.

     

  • ’Fed Govt seeking source of Chibok girls’ ransom demand’

    ’Fed Govt seeking source of Chibok girls’ ransom demand’

    Information and Culture Minister Lai Mohammed has denied reports that Boko Haram is demanding $50 million from the government as ransom for the abducted Chibok schoolgirls.

    President Muhammadu Buhari promised to do all he can to ensure the release of the girls, during his recent meeting with their parents at the Presidential Villa in Abuja.

    The minister said yesterday: “It appears we have several versions of this report. The one that we heard was from a source that (Boko Haram) wants to release 10 of these girls for 1 million euros,” he told the VOA.

    “But the most important thing is that we’ve gone through this route before, and until and when we establish the credibility of this source and the truth behind it, the government will not be in a hurry to make a statement.  However, government is using its own channels to authenticate the credibility of this source.”

    Mohammed said the accusation that the Buhari administration appears not to be doing enough to secure the release of the more than 200 girls is not fair.

    “No day passes without the issue of the kidnapped girls not being at the front burner. But these are highly security and intelligence issues, which cannot always be discussed openly,” he said, adding that: “But I can assure you that for this government, the return of these girls is what is going to bring the final closure on the Boko Haram terrorism and we are working very hard, daily on it.”

    Mohammed’s remarks came after the government announced it has made significant progress in the fight against Boko Haram.

    The administration said it has “technically” defeated Boko Haram. But critics say the militants continued attacks on unarmed civilians, including the use of suicide bombers, shows Boko Haram remains potent, despite the government’s reports.

    “Those who say that are being very unfair to us,” Mohammed said.

    “We inherited a very bad situation where the trail had gone cold, despite that every day we send out reports, we receive [information] some of them are phony, some of them are just there to excoriate government.

    “But the truth of the matter is that it’s not a matter that the government is taking lightly. Those who want a daily report on what we are doing, of course in security that does not happen. But we have channels of information in which we make available on a need-to-know basis,” he said.

    Mohammed said the military has been able to wrest control of territories previously under the control of the Boko Haram militants. He also said the militants have been dislodged from their fortresses, including their main operation centre in the Sambisa Forest.

    “What we have today is cowardly attacks on soft targets. … And Nigeria has moved on from that and we are now concentrating very much on the rehabilitation, resettlement of those who are displaced. And I think the fact that one of the most wanted persons all over the world was captured without even firing a shot last week. … I think, is evidence so far of Nigeria’s success in dealing with terrorism,” Mohammed said.