Connect with us

Business

We Have Started Paying Workers’ Arrears – AGF

Published

on

Accountant General of the Federation (AGF), Mr Ahmed Idris, says his office has began issuing mandates for payment of backlog of promotion arrears, salary shortfalls and other staff claims owed to   civil servants since 2012.
He said this on Wednesday in Abuja while declaring open a two-day media sensitisation workshop on proper reporting of the Treasury Single Account (TSA) policy of the Federal Government.
Idris said N13.2 billion was set aside for salary shortfall and N10 billion monthly for promotion arrears, adding that the mandates being issued were in the name of individual employees.
He said that the money would not be paid to the Ministries, Departments and Agencies (MDAs) but to the individuals affected to avoid any error in the payments.
“We cannot give money in bulk to the agencies, we will accept detailed information of all those individual employees and staff who are in that category having their names, banks, account numbers and amount that are in arrears as far as their salary payments are concerned.
“After due verification, we will now pay directly to the account of the employee, we have started that already and monies have been set aside.
“This is to make sure that the information is correct, factual and the monies go to the persons that are due to receive them.’’
Idris reiterated government’s readiness to live up to its responsibilities to its workers and their welfare.
He said the TSA policy since implementation has helped the Federal Government make tremendous gains to the economy especially in the time of recession.
“We have successfully eliminated multiple banking arrangements, resulting in consolidation of over 20,000 bank accounts which were spread over Deposit money Banks (DMBs) across the country.
“This has further brought about transparency and effective tracking of government revenues and led to the blockage of leakages and abuse which characterised the public finance management before the implementation of the TSA.
“TSA has taken us out of the era of indiscriminate borrowings by MDAs and saved the government charges associated with those borrowings which hitherto amounted to N4.7 billion monthly.’’
He said the policy was seriously opposed when its implementation began adding that even after a year, monies were still discovered in DMBs.
He also said the case where some DMBs were charged to court for violation of Federal Government’s policy to remit all its funds to the TSA had been settled out of court.
He said the case was settled out of court to avoid jeopardising the financial system, adding that the government was doing all it could to ensure that the monies are returned to it.
The banks were ordered to remit 793.2 billion dollars that was allegedly hidden with the banks in contravention of the Federal Government’s policy on lodgement of money into the TSA.
The funds were revenues, donations, transfers, refunds, grants, taxes, fees, dues and tariffs accruable to the Federal Government from different MDAs.
The TSA policy was introduced by the Federal Government in April 2012, but a Presidential directive ensuring firm entrenchment was issued in August 2015 directing all MDAs to comply.

Continue Reading

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase 

Published

on

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.
Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.
The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.
PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.
He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.
“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.
Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.
“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.
“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.
“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.
“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.
Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.
“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.
“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.
“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.
Continue Reading

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

on

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.
The Commission disclosed this in a statement posted on its website.
According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.
The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.
According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.
“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.
The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.
Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.
“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.
The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.
It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.
Continue Reading

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products 

Published

on

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.
The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.
NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu
Continue Reading

Trending