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Economy

Unemployment rate worries Senate

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Poor standard of education worsening insecurity in Nigeria – Senate President

…As NACCIMA begs Nigerians to buy local products***

The Senate on Wednesday called on Federal Government to initiate a sustainable unemployment fund for the payment of stipends to unemployed Nigerians, until such persons secure employment.

It also urged the Federal Government to put up a mechanism and programme that would provide employment for the teeming unemployed graduates.

The resolutions were sequel to a motion entitled: “Escalating rate of unemployment in the country” sponsored by Sen. Ike Ekweremadu (Enugu West) during the plenary.

Other resolutions included a call on federal and state governments to revitalise existing industries, build new ones and provide conducive and enabling environment for the private sector to build more industries.

The Senate also urged the federal, state and local governments to declare emergency on provision of employment to the youths of Nigeria.

Moving the motion, Ekweremadu raised concern that there were large numbers of various levels of graduates that Nigeria’s high institutions were turning out yearly but could not be absorbed by the labour market.

He also raised the concern that the most pressing demand on the hand of legislators and public officers was the rising number of curriculum vitae and application for employment from various constituencies.

“A situation where every school graduate has to queue up for jobs in government offices is an indication of the breakdown of the private sector which is the major driver of world economies,” he said.

Supporting the motion, Sen. Smart Adeyemi (Kogi West), said that unemployment was a serious national problem that affected everybody directly or indirectly.

“This is an issue that demands that all of us take very seriously by proffering solutions as to how we should reduce unemployment in our country,” he said.

He said the Iron and Steel Complex, Ajaokuta, Kogi, alone was capable of employing over 25, 000 people.

“But today, I doubt if they have up to 500 people working for Iron and Steel Complex, Ajaokuta; it was abandoned by previous administration,” Adeyemi said.

Also read:  Buhari gives ministry marching orders to complete Ajaokuta Steel Coy

While stating that unemployment was an issue beyond the Federal Government, Adeyemi said that state governments should be encouraged to set up small scale businesses for citizens to check unemployment.

Adeyemi said that banks contributed in no small measure to the problem of unemployment in the country.

“They refused to give facilities to small scale industries. Graduates are roaming the streets; some of them have ideas as how to be self-employed, but the facilities are not just there for them,” he said.

He, however, called for a blueprint that should be in place to encourage young graduates to be self-reliant.

Similarly, Sen.Istifanus Gyang (Plateau North) said that “menace of unemployment in the country was “the trauma of despondency, helplessness and hopelessness”.

He called on government to declare a state of emergency on the unemployment situation.

“This is so that all hands will be on deck and deliberate steps must be taken to ensure that we rescue the generations of Nigerian youths that are in this state of trauma, despondency and helplessness.

“It will require sectors like the agriculture with potential to generate a lot of employment opportunities should attract attention at the policy level and as a deliberate effort of government,” he said

The resolutions were unanimously adopted after a voice vote by the President of the Senate Ahmad Lawan.

Meanwhile, President Muhammadu Buhari has forwarded the 2020 Statutory Budget Proposal of the Federal Capital Territory Administration to the Senate for consideration and passage.

The letter was read by Lawan during the plenary.

In the meantime, the President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mrs Saratu Aliyu has pleaded with Nigerians to intensify growing the nation’s local economy by buying local products.

Aliyu made this call while commending the Rivers Government on Wednesday in Port Harcourt, on the state government’s contribution to the 15th edition of the Annual International Trade Fair.

The fair was organised by the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA).

She said that this year’s edition of the annual international trade fair had been remarkable following the support by the state government.

“Indeed, there is a remarkable difference in this year’s trade fair because the state government has started recognising the impact of the fair in promoting our local economy.

“The Rivers governor even gave directives to the 23 local government chairmen to ensure that goods and services domiciled in the various LGAs are packaged and displayed to attract both local and foreign investors”.

The NACCIMA president urged all levels of government to key into programmes and policies aimed at promoting local products.

“Our economy should be a general concern, if the recent economic policies of the Federal Government are supported and allowed to thrive,” he said.

She said that the trade fair would offer huge opportunities to foreign investors to leverage on the abundant investment potential in our local products.

The NACCIMA boss said that the Standard Organisation of Nigeria (SON), would ensure that only certified products were given approval during the fair.

“SON as well as other related agencies already have their stands strategically located at the venue to ensure that only quality goods and services would be displayed at the fair,” she said.

Aliyu said that the boarder closure has made it impossible for unauthourised containers to have access to the country’s borders, adding that some of those containers are used to conceal dangerous chemicals, consumables and even arms.

She said that the motive behind closure of the country’s borders was appreciable.

 

Economy

May Day: We’ll Not Delay Action On New Minimum Wage – Makinde

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May Day: We’ll not delay action on new minimum wage – Makinde

…As FG approves salary increase for civil servants 

Gov. Seyi Makinde of Oyo State has assured workers that his administration will not delay in implementing the new minimum wage.

Makinde gave the assurance on Wednesday in his address at the 2024 May Day celebrations, held at Lekan Salami Sports Complex, Ibadan.

The governor, who was represented by his deputy, Mr Bayo Lawal, said notwithstanding the new minimum wage, his government will not fail in its promise of ensuring payment of salaries and pensions on or before the 25th of every month.

He said that his administration had been responsive to the welfare of workers, adding that it had also put people at the heart of its policies and programmes.

Acknowledging the importance of labour in the policies, programmes and projects aimed at ensuring the development of the state, Makinde commended the workers for ensuring an atmosphere devoid of incessant industrial actions.

He noted that the cooperation between his government and labour had contributed immensely to the existing development and peaceful atmosphere in the state.

He urged the workers to reciprocate his administration’s good gesture by being more dedicated and committed.

The governor also enjoined them to work ‘tirelessly and vigorously’ for their future.

 The Federal Government has approved 25 per cent and 35 per cent of salary increases for civil servants on the remaining six Consolidated Salary Structures.

The Head of Press, National Salaries, Incomes and Wages Commission (NSIWC), Mr Emmanuel Njoku, said this on Tuesday in Abuja.

“The Federal Government has approved an increase of between 25 per cent and 35 per cent in salary increase for Civil Servants on the remaining six Consolidated Salary Structures.

” They include Consolidated Public Service Salary Structure (CONPSS), Consolidated Research and Allied Institutions Salary Structure (CONRAISS) and Consolidated Police Salary Structure (CONPOSS).

“Others are Consolidated Para-military Salary Structure (CONPASS).
Consolidated Intelligence Community Salary Structure (CONICCS) and Consolidated Armed Forces Salary Structure (CONAFSS).

“The increases will take effect from January 1,” he said.

According to Njoku, the Federal Government has also approved increases in pension of between 20 per cent and 28 per cent for pensioners on the Defined Benefits Scheme.

He said this was in respect of the above-mentioned six consolidated salary structures and would also take effect from January 1.

He said the move was in line with the provisions of Section 173(3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

The official recalled that those in the Tertiary Education and Health Sectors had already received their increases.

“This involves Consolidated University Academic Salary Structure (CONUASS) and Consolidated Tertiary Institutions Salary Structure (CONTISS) for universities.

“For Polytechnics and Colleges of Education, it involves the Consolidated Polytechnics and Colleges of Education Academic Staff Salary Structure (CONPCASS) and Consolidated Tertiary Educational Institutions Salary Structure (CONTEDISS).

” The Health Sector also benefitted through the Consolidated Medical Salary Structure (CONMESS) and Consolidated Health Sector Salary Structure (CONHESS),” Njoku said.

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Economy

Electricity: NLC, TUC Condemn Higher Tariff For Non-existent Electricity

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Electricity: NLC, TUC Condemn Higher Tariff For Non-existent Electricity

…Insist Estimated billing is an extortion and a daylight robbery against Nigerians

The  Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC),  have appealed to the  Nigerian Electricity Regulatory Commission (NERC) and Power Sector operators,  to reverse the increase in electricity tariff within one week.

President of the unions, Mr Joe Ajaero and Mr Fetus Osifo made the call on Wednesday in a joint speech to mark the  2024 Workers’ Day in Abuja.

The duo expressed dissatisfaction over the epileptic power situation in the country which is affecting the economic growth of the country.

According to them, it’s imperative that any nation incapable of effectively and efficiently managing its energy resources faces certain ruin.

“One of the pivotal factors constraining our nation is our glaring incompetence in managing this sector for the collective welfare of our citizens.

“Power, regardless of its source, remains paramount in Kickstarting any economy, while oil and gas are indispensable for robust energy success in every country. “

They said it was absolutely critical for the government to collaborate with the people to establish frameworks that ensure energy works for all Nigerians.

According to the duo, the plight of the power sector remains unchanged over a decade after the privatisation of the sector.

“The reasons are glaringly evident. As long as those who sold the companies remain the buyers, Nigerians will continue to face formidable challenges in the power sector.

” It is unethical to force Nigerians to pay higher tariffs for non-existent electricity.

“Estimated billing is an extortion and a daylight robbery against Nigerians, ” the duo said.

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Economy

Naira Rebounds, Gains N28.15 Against Dollar Weakly Trading At N1,390.96 

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Naira Rebounds, Gains N28.15 Against Dollar Weakly Trading At N1,390.96 

The Naira on Tuesday closed the month of April on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for Naira.

The percentage increase is significant when compared to the previous trading date on Monday, April 29.

The local currency experienced about two weeks of steady fall by exchanging at N1,419 to a dollar.

The success story was replicated in the volume of currency traded, as the total daily turnover increased.

The daily turnover stood at 225.36 million dollars on Tuesday up from 147.83 million dollars recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,450 and N1,200 against the dollar. 

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