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.
Omoyele Sowore has criticized northern leaders for shutting down schools to allow children to participate in Ramadan fasting. The decision, implemented in Bauchi, Katsina, Kebbi, and Kano States, has caused criticism from many Nigerians.
Sowore, a well-known Nigerian activist, accused the leaders of hypocrisy, claiming that their children are not affected by the policy since they attend expensive private schools in Abuja or study abroad.
In a statement on his Facebook page, Sowore condemned the move, saying, “Those who decided to shut down schools for Ramadan fasting don’t have their children in these struggling public schools.
Their kids attend top private schools or study overseas, funded by resources meant to support underprivileged students in these poorly maintained schools, which remain open during Ramadan. These leaders are irresponsible and unfair.”
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.
Priscilla Ojo Celebrates 24th Birthday With Juma Jux In Saudi Arabia Vacation
Kylian Mbappe Returns to France Squad for Quarter-Final Clash Against Croatia
Actress Adeyela Adebola Urges Women to Resist Societal Pressure on Body Image
-
Fashion14 hours agoSunday Rose Returns to Runway For Miu Miu at Paris Fashion Week
-
Sport10 hours agoRonaldo Backs Out of CBF Presidential Race After Struggling to Gain Support
-
Entertainment13 hours agoDDG Fires His Cameraman During Livestream for Flirting With His Date
-
Entertainment14 hours agoFull List of 2025 iHeartRadio Music Awards Nominees
-
Entertainment13 hours agoLady Gaga Announces Plans to Write and Star in a New Broadway Musical
-
News13 hours agoSowore Criticizes Northern Leaders for Shutting Schools Down During Ramadan
-
Entertainment10 hours agoCourt Orders Arrest of VeryDarkMan Over Defamation of Mercy Chinwo
-
Sport9 hours agoOsimhen Excited to Train Under New Super Eagles Coach Chelle