News
Private Sector Urges Government for Support to Meet New N70,000 Minimum Wage
Following the recent agreement between the Federal Government and organized labor on a new minimum wage of N70,000, the Organised Private Sector of Nigeria (OPSN) has raised concerns about its capacity to meet this financial obligation.
The workers’ union had initially accepted the increase based on President Tinubu’s assurance of government support to facilitate the transition for private sector employers.
The OPSN is now urging the Federal Government to promptly outline the specifics of the promised support to enable businesses to plan effectively. The private sector is currently grappling with substantial production costs and other financial pressures.
Mr. Adewale-Smatt Oyerinde, Director-General of the Nigeria Employers’ Consultative Association (NECA), voiced these concerns on behalf of the OPSN.
While acknowledging the government’s efforts in approving the new minimum wage, he emphasized the need for additional measures to alleviate the burden on businesses.
These measures include reversing recent increases in electricity tariffs, ensuring that the Central Bank of Nigeria (CBN) fulfills outstanding financial commitments to companies in the productive sector, imposing a moratorium on new taxes and levies for the next five years, and providing exemptions and subsidies for imported conversion kits.
Oyerinde stressed the importance of implementing reforms that will enhance the private sector’s capacity to absorb the new wage levels.
He noted that during discussions with the National Minimum Wage Committee, the OPSN had previously expressed concerns about meeting the earlier recommended minimum wage of N62,000.
This recommendation was made with the understanding that the government would take concrete steps to mitigate the existing economic challenges facing the private sector.
The NECA Director-General underscored that the ability of the private sector to comply with the new wage demands is a critical issue that needs addressing.
President Donald Trump has announced plans to purchase a new Tesla vehicle to demonstrate his support for Elon Musk amid recent boycotts and a significant drop in Tesla’s stock value.
On his Truth Social platform, Trump praised Musk’s contributions to the nation and criticized efforts to harm the entrepreneur and his company. He stated, “I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American.”
In response, Musk expressed gratitude to the president on his social media platform, X. Musk currently leads the Department of Government Efficiency (DOGE) under the Trump administration, focusing on reducing federal spending and workforce.
This initiative has caused protests and boycotts targeting Tesla, with incidents of vandalism reported at dealerships and charging stations.
Tesla’s market value has declined sharply, with shares dropping over 15% recently, influenced by Musk’s political involvement and its impact on consumer sentiment. Despite these challenges, Trump continues to voice strong support for Musk’s efforts to “Make America Great Again.”
Former U.S. President Donald Trump has predicted that the country will become extremely wealthy through tariffs.
Trump stated that the U.S. is set to gain hundreds of billions of dollars from tariffs soon. He believes the move will encourage companies and factories to return to the U.S., creating more jobs.
Speaking with FOX Business’ Maria Bartiromo on Air Force One on Sunday evening, Trump responded to concerns about a possible recession. He admitted there’s always hesitation but remained confident about the benefits of the tariffs.
“All I know is we’re going to make hundreds of billions of dollars from tariffs, and we’ll become so rich you won’t even know where to spend it all,” Trump said. “Just watch — there will be more jobs and open factories. It’s going to be great.”
Trump has recently placed tariffs on key trade partners, including Canada, Mexico, and China, as part of his economic strategy.
Senate President Godswill Akpabio denies sexual harassment allegations made against him by Senator Natasha Akpoti-Uduaghan.
Senator Akpabio claims that the allegations outburst served as Senator Natasha’s reaction to the change of Senate Seat. He stated that it was a way of her disagreeing with the new arrangements.
The Senator questions the timing of the allegations, he shared that such statements have never been made about him till now.
“It was only yesterday that I realized that these allegations arose after a change of seat and committee. That is when hell broke loose, and all sorts of accusations were made.”
He shares that none of the accusations have been proven and they are just baseless allegations.
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