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N30000 MINIMUM WAGE: Governors call for workers sack, tinker with ‘another formula’

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Nigerian governors on Wednesday insisted that they lacked the capacity to be able to pay the proposed new minimum wage of N30,000. The body also hinted that it would work on ‘another formula’ to address the wage issue.

They, however, gave two conditions that could enable them pay the amount which are: that they either sack many workers or the Federal Government reviews national revenue allocation formula.

This was the resolution of the governors at their emergency meeting in Abuja, Wednesday night.

The chairman of Nigeria Governors Forum (NGF) and Zamfara State governor, Abdulaziz Yari, read this out from the meeting’s communiqué.

Among other things, the governors said they will commission a new committee that would meet with President Muhammadu Buhari over the issue.

“Following a meeting of the Nigeria Governors’ Forum where we deliberated on the national minimum wage, governors resolved to re-strategise and put together another committee to meet with the President once again, to work out another formula towards quickly resolving the problem associated with the proposed N 30.000 minimum wage which is impracticable unless labour agrees to a downsizing of the workforce all over the country or the Federal Government itself accedes to the review of the national revenue allocation formula.

“Members of the committee who were nominated to see the President include the governors of Lagos, Kebbi, Plateau, Bauchi, Akwa Ibom, Ebonyi. Enugu and Kaduna,” Yari read from the communique.

According to Yari, the report of the Amal Pepple led Tripartite Committee presented to President Muhammadu Buhari, which recommend N30,000 as minimum wage failed to consider the submission of the governors that they could only afford to pay N22,500 as minimum wage.

“We have seen what has been presented to the President by the (Tripartite) Committee.

“As a member of the committee, our representative there said the committee did not take our submission of N 22,500 because it came late.

“I am surprised. How can you do this without the input of the states because the states are the key stakeholders in this business.

“So, a situation whereby our report was not taken or considered by the Tripartite Committee – then I don’t know how the committee wants us to work.

“But we still say we want to pay, but the issue is the ability to pay. If we say no, it is not about the ability to pay, just pay, I don’t know how this formulae will work and I don’t know how we can get a solution to the issue.

“We are paying N18,000 ( as minimum wage today), but when the President assumed office, about 27 states were not able to pay, not that they chose not to pay.

“So, now you say N30,000, how many of them can pay? We will be bankrupt (if we pay). So as Nigerians, we should look at the issues seriously.

“While other people are saying that governors are riding jets and living in affluence, that one is not luxury but compulsory.

“Like Lagos that is paying about N7bn as salaries; if you say it should pay N30 ,000, now it will be N13 bn.

“From our calculation, it is only Lagos State that will be able to pay N30,000. As Nigerians, this is our country; there is no other country we have and we should be fair to this country,” he said.

On what is the governors’ next line of action he said, “As for the way forward, we will continue to talk with Labour. Let them see reasons and difficulties some of us have.

“For instance, the money Lagos State is using to pay is not coming from Abuja. They have a way of getting their money from the IGR and that is why they can afford to pay. They get money through VAT (as well).

“Apart from Lagos, even Rivers State cannot afford to pay. So we have been crying out about this since 2011 but no one will listen .

“One critical example is that some states ration their salaries while some others put everything they earn on the table and ask labour to come and see and ask them to suggest how much should go for capital and personnel costs.

“Some say 70 per cent for personnel cost and 30 per cent for capital projects and yet the states cannot pay and they put the remaining as outstanding.”

Noting that it was wrong to use the price of crude oil in the international market to determine the minimum wage, Yari added;

“So, let us look at this matter seriously to see how we can do it properly. It is our primary responsibility to see that everybody is happy.

“It is the same labour that is pushing for the N 30,000 that will still turn around to say that the governors did not do any infrastructure and how are we going to achieve that by paying only salaries?”

READ ALSO : Reactions as video emerges of President Buhari praising Gov Ganduje

Revenue in the country is currently shared under three major components – statutory allocation, Value Added Tax distribution; and allocation made under the derivation principle.

For statutory allocation the Federal Government receives 52.68 per cent of the revenue shared; states get 26.72 per cent while local governments get 20.60 per cent.

Value Added Tax revenue sharing has Federal Government getting 15 per cent; states 50 per cent and LGs, 35 per cent.

Also extra allocation is given to the oil producing states based on the 13 per cent derivation principle.

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Amaechi was behind plot to destroy CJN, says Wike

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Governor Nyesom Wike of Rivers State, has said that the Minister of Transportation was behind the plot to destroy the Chief Justice of Nigeria, CJN, Justice Walter Onoghen.

Governor Nyesom Wike of Rivers State, has said that the Minister of Transportation was behind the plot to destroy the Chief Justice of Nigeria, CJN, Justice Walter Onoghen.

“He wants to destroy the nation’s judiciary.  This particular evil will finally consume Amaechi.” The governor wondered why Amaechi would say that PDP was a party of thieves when he was Speaker for eight years under the PDP and eight years as governor under the PDP.

Reacting to Wike’s accusation, an APC Chieftain, Prince Tonye Princewill, said “People have learnt to disregard what Wike says and this gibberish is no exception.

“Many of us can remember when he called a press conference over missing money in Ikeja, Lagos and his ultimatum to the Federal Government. The man is not worthy of a considered response.

Good luck to anyone who takes him seriously.”

Read more at: vanguardngr

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RANKING: Best and worst performing banks of 2018

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The year 2018 has been very challenging and equally eventful for the Nigerian banking sector. Skye Bank morphed into Polaris Bank, while Access Bank and Diamond Bank are fixing the bolts and nuts of the biggest banking deal of 2018.

The banking sector, which controlled trillions of naira in market value and transactional strength in 2018, also had a bleeding year, as many of the listed entities had massive declines in share price and market capitalisation.

The biggest bank in Nigeria, by market cap, for 2018 is Guaranty Trust Bank (GTB), with a year-end market cap of over N1 trillion at the Nigerian Stock Exchange (NSE).

Unity Bank had the smallest market cap by the end of the year, but had a drastic increase in market value, with a 109.8 percent increase in share price, to lead the pack as the best performing bank at the exchange for 2018.

Access Bank, on its way to becoming Nigeria’s largest bank, come 2019, had the worst year, in terms of market value, shedding 35.05 percent of its share price in 365 days.

Since the Herbert Wigwe-led bank made the move to acquire Diamond Bank, the latter has gained more than 45 percent in market value, becoming the bride of the Nigerian bourse.

The ranking above is basically driven by market forces and share value, it does not directly take into account corporate governance issues, non-performing loans (NPLs), and other management factors.

By market cap, the leading banks for 2018 are GTB, Zenith Bank, Stanbic IBTC, Ecobank and First Bank of Nigeria.

Banks not listed on the Nigerian Stock Exchange (NSE), such as Keystone Bank, were not taken into consideration while compiling this list.

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We Are On Mission To Rescue Nigeria From Greedy Few – Buhari

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President Muhammadu Buhari says his administration is on a mission to rescue the nation’s resources from being appropriated by “a privileged few in their never-ending quest to satisfy their greed”.

The President stated in his New Year message to Nigerians which was issued by his Special Adviser on Media and Publicity, Mr. Femi Adesina, in Abuja on Monday.

To this end, the president said the All Progressives Congress-led Federal Government had resolved to build a country in which the resources were utilized for the benefit of citizens, irrespective of their socio-political affiliations.

He said: “That is the journey we have embarked on since we came on board in 2015, and we are not distracted as we move on.

“We are resolved to build a country in which the resources are utilized for the benefit of the largest number, and not appropriated by a privileged few in their never-ending quest to satisfy their greed.

“We are on this mission together, and I assure you of a firm commitment to the ideals of a safe, secure, fair, just and prosperous country.’’

According to him, Nigerians desire peace, security, prosperity, inclusiveness and infrastructure development, a nation they can be proud of, a country that can hold its own among the nations.

He, however, stated that those who continued to trumpet falsehood and negativity were on their own, fighting a losing battle.

He noted that “the greater number of Nigerians are trusting and believing that we shall deliver on our promises for a level playing field at the polls, and that is what we shall do’’.

He, therefore, reiterated his promises and declarations that the general elections would be free, fair and credible.

“Elections need not be done or die affair, and we should not approach that eventuality in a democracy with trepidation and mortal fear.

“Happily, a large number of presidential candidates have committed to peace, and peace we shall have,’’ he added.

President Buhari acknowledged that the country had its challenges; ranging from security, economic, political to social, but the government had resolved to combat and overcome them all.

He, therefore, expressed the hope that Nigerians would renew the mandate they overwhelmingly gave the APC in 2015, for another term.

“I appreciate your support and collaboration in previous years, and look forward to same in 2019, and beyond, as I hope you will renew the mandate you overwhelmingly gave us in 2015, for another term.

“We are motivated by nothing other than service to the motherland, and service without selfishness or personal interest.

“I can assure you all that we are making steady and sustainable progress in all areas of national life. Those who are unbiased can see and appreciate the progress the country has made since 2015.

“A New Year provides an opportunity for renewal of commitment, and I invite you to rededicate ourselves to the vision of a Nigeria that works for all.

“We are moving from potentials to actualization, and it’s a task to be accomplished by us all; man, woman, young, old, military, civilian, all Nigerians. Please come along, as we journey to the land of our dreams. Happy 2019,’’ he said.

 

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