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Video: Nigeria’s labour union, NLC declares nationwide strike over continued cash scarcity

Published

2 years ago

March 24, 2023

Amidst the continued cash scarcity in Nigeria, a major pressure group, the Nigeria Labour Congress (NLC) has directed public sector workers in the country to embark on strike.

The NLC made the announcement during a press conference in Abuja, Nigeria’s capital city through its president, Joe Ajaero who said the strike is billed to commence on Wednesday next week.

The labour leader also directed that affiliate unions constituting the NLC should be on standby for picketing exercises across all branches of the Central Bank of Nigeria (CBN) nationwide.

It has been said in some quarters that the redesigning of the country’s currency and the limited supply of the new note is a deliberate plot by the outgoing president Buhari, who has vowed to deliver a free and fair election to frustrate “vote buying” which has been characteristic of recent elections in Nigeria.

It was believed that the redesigning of the country’s currency and the limited supply of the new note is a deliberate plot by the outgoing president Buhari, who vowed to deliver a free and fair election to frustrate “vote buying” which has been characteristic of recent elections in Nigeria but the 2023 general elections were rather controversial and largely marked with voters impression and violence.

Watch the video of the strike declaration below:

Related Topics:Cash scarcity Nigeria NLC

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Video: Kenya’s Ruto targets inflation rate below 3%

Published

3 weeks ago

October 24, 2024

Ifeoluwa Dada

In this video, Kenyan President, William Ruto, stressed the economic goals of his government and charged the public to believe in the economic reforms of his administration.

Ruto also emphasized that the international community and multilateral bodies had applauded his policy direction, and urged Kenyans to join the train.

“You do have my commitment that we will be disciplined as a public sector… it my target that by next year inflation will be sub 3%”, Ruto said.

Earlier in the month, the Central Bank of Kenya slashed the benchmark rate to 12.0%, 75.0 bps down. The Central Bank’s prescribed target band for headline inflation is 2.5% – 7.5%, 5.0% being the mid-point · The last time Kenya registered <3.0% headline inflation was May 2007

Watch the video below:

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Video: Amid unpopular reforms, W’Bank chief insists Nigeria must ‘stay in course’ for 15 years

Published

1 month ago

October 15, 2024

Ifeoluwa Dada

In this video, Indermit Gill, the Vice President and Treasurer of the World Bank who also serves as the Pension Finance Administrator of the World Bank Group, at an event in Abuja, Nigeria’s capital, commended the recent fiscal and monetary reform policies of the government.

He noted that implementing such reforms was impossible without strong resolve from the political class. He also commended the central bank’s decision to raise interest rate.

The central bank has had to hike its policy rate by a huge 850 points in the last 9 months to boost confidence in the Naira and anchor inflationary expectations.

“But this is only the beginning, Nigeria will need to stay the course for at least another 10 to 15 years to transform its economy,” the World Bank chief stressed.

Gill’s remark brings to mind the age-long argument on the actual interest of multilateral bodies in their engagements with developing countries, largely African states, whether through loans or policy framework. Some have argued that the institutions are only bent on impoverishing the continent through policy positions like the removal of subsidy and the devaluation of currencies, both of which Nigeria under the current administration has done under two years— leading to unprecedented inflation rate and soaring cost of living.