Business
Experts Want FG To Review Workers’ Salaries
Some financial experts and other Nigerians last Thursday urged
the Federal Government to review upwards the wages it currently pays its
workers.
They spoke with our correspondent on contemporary living
standards in Lagos.
According to them, a substantial increase in wages will
complement the government’s efforts to tackle corruption and other social
vices.
They noted that the economy would remain stagnant until
wages match contemporary levels of inflation.
Mr Okechukwu Unegbu, a former President of the Chartered
Institute of Bankers of Nigeria (CIBN), pointed out that the high level of
inflation had eroded the value of workers’ salaries which, he said, had
remained stagnant.
Unegbu observed that periodic upward review of wages would
reinvigorate economic activities and create the liquidity needed in the system,
as well as encourage investment among workers.
“Low wages make workers to be less productive, create
discord in families and compel a majority of them to engage in shady deals to
make ends meet,” he said.
Mr Harrison Owoh, the Managing Director, HJ Trust and
Investment Ltd., Lagos, attributed the increase in corruption and other social
ills among the working class to the prevailing “dismal wages’’.
Owohsaid that the inability of the Nigerian working class to
financially support extended family members to create small businesses had
contributed to the army of unemployed youths and high level of poverty
nationwide.
“A well paid worker will not only support extended family
members in operating small businesses, but would find it difficult to engage in
corruption or any social vices,” he said.
Owoh said that the absence of social security benefits also
compounded the problem of poor wage earners.
Mrs Abisola Egbedi, a Human Resource Officer with Rhine
Ltd., Ikeja, said that Nigerian workers earned less than their counterparts
elsewhere.
“A World Bank research conducted sometimes ago shows that
over 120 million Nigerians live on less than two dollars (N320) per day.
“ The situation has not improved even with the N18,000
minimum wage; it is very hard for people to survive on that kind of salary in a
country where most goods are imported.’’
Mr Henry Idemudia, a career counsellor in Lagos, said that
the nation’s poor wage profile had robbed the country of committed workers
interested in professional career growth.
“Job seekers are no longer concerned about the prospect of
the jobs they get.
“They are only interested in the salary they will earn; this
is the reason many people want to work in multinational companies and oil firms
who pay their staffs huge salaries,’’ Idemudia said.
Mrs Olubunmi Oyefeso, a Lagos-based civil servant, told our
correspondent that there was a need for the government to periodically shore up
the minimum wage to meet current economic realities.
“Our salary is not good enough; we are grossly underpaid. We
live on loans; without loans we can’t embark on meaningful projects like having
houses and cars of our own.
“We would have finished spending the salary before it is
even paid at the end of the month; we would have incurred lots of debts.
“We buy necessities like food and clothing on credit; it is
like a cycle. At the end of the year, we always have nothing to show for our
labour,” she said.
Mr Uche Anyim, a medical doctor, appealed to the government
to increase workers’ purchasing power through improved wages.
“Many Nigerians are struggling to make ends meet; they can’t
live the kind of lives they desire because of poor wages.
“How can people buy goods when they do not have money? It is
good to encourage the growth of foreign and local businesses in the country; we
should, however, empower people who will buy their products,” Anyim said.
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with a firm, Sweetcrude Ltd., has announced detailed selection criteria for the inaugural “Champions of Nigerian Content Awards”, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
The Tide learnt that the event, scheduled to hold 21st May, 2025, at the NCDMB’S content tower headquarters in Yenagoa, capital of Bayelsa State, will recognize individuals and organizations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The Tide further gathered that the ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), which promises to spotlighting industry excellence and contributions to national economic transformation.
A statement by the Board’s Directorate of Corporate Communications and Zonal Coordination says the event has 12 Award Categories, which include, “Nigerian Content Icon of the Year”, “Nigerian Content Lifetime Achievement Award”, “Nigerian Content International Upstream Operator of the year”, and the “Nigerian Content Independent Upstream Operator of the year”.
Others are, “Nigerian Content Midstream Operator of the year”, “Nigerian Content Downstream Operator of the year”, “Nigerian Content International Service Company of the year”, Nigerian Content Indigenous Service Company of the year”, and the “Nigerian Content Innovator of the year”.
Also included are, “Nigerian Content Financial Services Provider of the year”, “Nigerian Content Media Organization of the year”, and “Women in Leadership Award for Promoting Gender Equality and Empowerment”.
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks such as Production output for crude oil and gas volumes, Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
Other criteria are adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
The Board’s statement added that similar criteria will apply to financial institutions, media organizations, and individuals, ensuring a transparent and merit-based selection process.
“Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
“The Advisory Committee of Industry Titans will Oversee the process to uphold the prestige of awards. The Committee consist of distinguished experts set up to oversee nominations and validate winners”, the NCDMB said.
Members of the committee, according to the Board, include: Pioneer Executive Secretary of the NCDMB, Dr. Ernest Nwapa; Secretary-General, African Petroleum Producers Organization, Dr. Omar Farouk; and former Zonal Operations Controller, DPR, Mr. Woke Akinyosoye.
The Statement quoted the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, as emphasizing that the awards aim to becoming the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content.
“With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector”, the NCDMB Executive Scribe said.
By: Ariwera Ibibo-Howells, Yenagoa
Nigeria’s apex Banking institution, Central Bank of Nigeria (CBN), has declared that Federal Government’s debt servicing increased to N696billion in January 2025.
The CBN’s recently published Economic Report revealed a precarious fiscal position, which worsened in January 2025 as debt servicing obligations exceeded total retained revenue by a wide margin.
According to the report, the Federal Government’s debt servicing obligations for the month stood at N696.27bn, while total retained revenue amounted to only N483.47bn, indicating that debt service alone consumed about 144 per cent of all government earnings.
This development highlights the growing debt burden and dwindling fiscal space facing Africa’s largest economy.
According to the report, despite slight improvements in some revenue categories, the retained earnings were grossly inadequate to cover obligatory debt repayments, exposing the government’s continued reliance on borrowing to meet basic obligations.
The report further revealed that retained revenue in January 2025 only recorded a marginal 0.89 per cent increase when compared with the N479.21bn generated in the corresponding month of 2024.
”FGN retained revenue declined in the review period, owing largely to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.
“At N0.48tn, provisional FGN retained revenue was 69.19 and 70.40 per cent below the levels recorded in the preceding period and monthly target, respectively”, it revealed.
While this points to stagnation rather than growth, the marginal rise was wiped out by the overwhelming debt service obligations.
The retained revenue components showed that the Federation Account contributed N167.69bn, while the VAT Pool Account delivered N90.73bn.
By: Corlins Walter
The Federal Government has announced plans to commence the payment of the outstanding N35,000 wage award arrears owed workers in the Federal Civil Service.
A statement issued by the Office of the Accountant-General of the Federation (AGF), which was signed by the Director of Press and Public Relations, Bawa Mokwa, said the outstanding arrears will be paid in instalments, with workers set to receive N35,000 per month for five months.
It clarified that the first tranche of the wage award arrears would be released immediately after the April salary payment.
“The wage award arrears was not paid with the April 2025 salary; it will come immediately after the salary is paid”, the statement read.
The Federal Government had earlier disbursed wage awards to federal workers for five months as part of efforts to cushion the impact of economic reforms. However, five months’ arrears remained unpaid.
The AGF office further reiterated the government’s commitment to fully implementing all policies and agreements relating to staff remuneration and welfare, noting that such efforts were geared towards enhancing productivity and operational efficiency across ministries, departments, and agencies.
The N35,000 wage award was introduced in 2023 as a palliative measure to support workers following the removal of the petrol subsidy and other economic adjustments.
In January this year, the Federal Government assured workers that it would clear the arrears of the N35,000 wage award, just as it also said the government had resumed the payment of the wage award.
The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, had disclosed the government’s commitment towards implementing agreements with trade unions during separate meetings with the leadership of the Trade Union Congress and Congress of University Academics, in Abuja.
The Nigeria Labour Congress had criticised the Federal Government over the delay in the payment of the minimum wage for certain workers in the federal civil service.
Also, the Federal Government had earlier blamed the delay in payment on the prolonged approval of the 2025 budget.
By: Corlins Walter