Business
…As Group Calls For Compromise Between Labour, FG
Some Nurses under the ageis of University Graduates of Nursing Science Association (UGONSA) have called for a compromise between the Federal Government and the Nigeria Labour Congress (NLC) over the new minimum wage.
Speaking through their National Secretary, Mr Goodluck Nshi, they said an amicable resolution of the disagreement would enable workers and government focus on their primary duties of moving the country forward in view of the enormous challenges.
Nshi, who spoke to The Tide Source yesterday in Abakaliki, said they were of the view that though it was good to index minimum wage against cost of living , both the Federal Government and NLC should appreciate the fact that issues on minimum wage and standard of living, were knotty.
They therefore called for a deeper understanding of the factors at play, which is necessary in finding a more encompassing solution to the impasse.
They recalled that in the year 2011 when minimum wage was increased from N7,500 to N18,000, the N18,000 amounted to $112 USD at the then exchange rate of N160 per dollar.
“Today, at the rate of N360 per dollar, the N30, 000 minimum wage amounts to $83 USD.
“Therefore, even with N30, 000 minimum wage, it is understandable that there are still gross marginal wage deficits if wages in 2019 are compared with what they were in the year 2011 in US dollars.
“This notwithstanding, it is also understandable that prices of commodities are higher today than they were in the year 2011.
“On the other hand, the price of crude oil (which is the mainstay of our economy) has dropped from $110 per barrel that it sold in the year 2011, to around $60 per barrel in the year 2019.
“This represents about 45% reduction in government revenue from what it used to be in 2011, when compared to what it is in the current year.
“These factors need to be considered by both Federal Government and the organized labour for the necessary compromise to be made to move the country forward,” they said.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.