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Video: Nigerian President, Tinubu promises interim wage increase to forestall labour strike

Published

1 year ago

October 1, 2023

Nigerian President, Bola Tinubu, in a nationwide broadcast on the commemoration of the country’s independence, announced an interim wage rise for low income workers, and deployment of mass transit buses running on gas to ease the impact of petrol subsidy removal.

The announcement comes two days before labour unions are set to embark on an indefinite strike.

Tinubu said the decision was reached after talks with labour, business and other stakeholders. In the plan, federal government workers would get an additional 25,000 naira a month for the next six months, a marginal raise he said was necessary to avoid pushing up double-digit inflation.

That would take the minimum wage in Nigeria to 55,000 naira ($71) from 30,000 naira, although labour unions want Tinubu to reinstate the fuel subsidy and had previously demanded a minimum wage of 200,000 naira.

The Nigerian president said tax collection would be increased to improve investment in small businesses in order to boost employment, while a special investigator would soon present findings on what he called a “den of malfeasance” at the central bank.

Related Topics:Featured Minimum wage Nigeria President Bola Tinubu

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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

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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.