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.
Donald Trump swears in as the 47th President of the United States. The swearing in ceremony was held in Washington, DC.
The ceremony started by Trump attending the church service to start off the inauguration activities.
Trump gives a speech to the audience during his inauguration “I stand before you as proof that you should never believe something is impossible to do. In America, doing the impossible is what we do best.”
“We will not fail. From this day on, the United States of America will be a free, sovereign and independent nation.”
“The future is ours, and our golden age has just begun.”
Nyesom Wike, the Minister of the Federal Capital Territory (FCT), has issued a stern warning to electricity vandals in Abuja, urging them to stop their criminal activities.
In a media chat on Sunday evening, Wike expressed his anger over the destruction and theft of transmission cables, which led to widespread power outages across the city. He vowed that those responsible would face severe consequences.
The Minister confirmed that several suspects have been apprehended in connection with the vandalism. However, he made it clear that the charges would not simply be theft, but economic sabotage.
“These vandals have caused more than 60% of Abuja to be plunged into darkness. This is pure sabotage.
Thankfully, our security agencies are fully on top of this,” Wike said. “Those involved will face the full weight of the law, and we will ensure they stay in litigation until convicted.
We won’t settle for theft charges. We’re going after them for economic sabotage.”
Bashir Ahmad, a former media aide to ex-President Muhammadu Buhari, has warned those pushing for the release of Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB), saying such individuals are enemies of Nigeria.
On his X platform, Ahmad made it clear, stating, “Anyone advocating for the release of Nnamdi Kanu, a terrorist and leader of the banned IPOB group, should be seen as an enemy of this nation.”
Kanu, known for his call for an independent Biafra and his support for the secession of the southeastern region of Nigeria, has been a contentious figure for years.
The Nigerian government arrested him, accusing him of instigating violence and plotting the division of the country.
Despite court rulings that cleared him, Kanu remains in the custody of the Department of State Services (DSS).
His detention continues despite legal setbacks, including a 2022 ruling that acquitted and discharged him.
Inauguration Day: Donald Trump Swears In As The 47th President Of The United States
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