Connect with us

Metro

How to Address Nigeria’s Economic Challenges — NECA

Published

on

Share

The Nigeria Employers’ Consultative Association (NECA) has described the economic challenges facing the country as multi-faceted and called for a holistic and multi-pronged approach toward resolving them.

NECA’s Director-General, Mr Wale Oyerinde, in a statement on Sunday in Lagos, said there was no better time for the Federal Government to reappraise current economic policies and deepen its engagement with the organised private sector.

‘’The nation is currently faced with multiple challenges: with dire combination of spiraling inflation; rising energy cost; scarcity of foreign exchange (FOREX); dwindling value of the naira and an almost comatose aviation sector.

‘’Also, stuttering education system; rising debt; depleting Foreign Reserve and rising fuel subsidy expenses among others, which threaten to lay bare the country’s economy.

‘’While government’s effort to salvage the economy is commendable, there is, however, need for a more holistic approach to resuscitate the stuttering economy, ‘’ he said.

The director-general noted that Nigeria had always lived dangerously on the precipice, with a major chunk of its revenue dependent on the complexities of global crude demand and supply.

According to him, a dangerous blend of self-destructive tendencies, insecurity and fiscal and monetary policy inconsistencies have also conspired to make the situation worse.

“In April 2022, the World Bank warned that the rising cost of fuel subsidy could significantly impact public finance and pose debt sustainability concerns: alas, this projection is almost happening.

‘’The fiscal performance report released recently by the government confirmed the accuracy of these projections.

‘’The combination of a struggling aviation sector and roads taken over by bandits have also conspired to fuel the situation, leading to rising inflation at 18.6 per cent, according to the National Bureau Statistics.

‘’These have continued to worsen the promotion of commerce and the increase the rate of de-industrialisation of some regions of the country,” he said.

Oyerinde, therefore, called for the commencement of a deliberate and economic-priority- influenced approach and wide consultation with stakeholders.

This, according to him, should be with the view of harvesting alternative policy options to re-energise all sectors of the economy.

‘’While the challenges of revenue shortage are acknowledged, burdening businesses with new taxes or levies will be counter-productive and a self-destructive action.

‘’Over-burdening already burdened businesses will only lead to business closure and an escalation of job losses with consequential effect on our social and economic stability.

‘’Government should, in the short-term widen the tax net, reduce wastage in governance, and focus on economic projects that will stimulate the Nigerian economy and guarantee an enabling environment for businesses to operate.

‘’An enabling environment for local businesses will create the platform for new foreign direct investment, which could increase foreign exchange inflow into the country,” he said.

The director-general also urged the government, as a matter of urgency, fix the four national refineries and encourage the development of modular ones as a precursor to total removal of fuel subsidy.

He said that interventions aimed at improving living standards to stimulate consumption and enterprise sustainability to promote job creation should be implemented.

Oyerinde said, ‘’While forex scarcity persists, allocation of the available forex to manufacturing and other productive sectors of the economy should be given priority. ‘’ (NAN).

Metro

FG Urges Planting of Trees to Mitigate Climate Change

Published

on

Share

By David Torough, Abuja

The federal government has urged Nigerians to take planting of trees seriously so as to help mitigate the negative impacts of climate change affecting the world.

Secretary to the Government of the Federation (SGF), Senator George Akume made the call at the project launch of the “One Woman, One Tree Initiative” by the Hope Alive Foundation held at Merit House, Abuja on Thursday.

Akume who expressed worry over the rate at which climate change was fast becoming a threat to humanity also called for all hands on deck to help cushion the current reality.

On his part, Director General, National Council on Climate Change, Dr Salisu Dahiru said women were most vulnerable to the negative impacts of climate change and gender inequality has further exacerbated the impacts.

Dahiru maintained that tree planting contributes to carbon sequestration, which helps mitigate climate change, serve as carbon sinks, capturing and storing significant amounts of carbon thereby making a natural solution to combat climate change.

Founder, Hope Alive Foundation who is also the House of Representatives Member for Gboko/Tarka Federal Constituency, Hon Regina Akume said that the foundation was established to empower to participate in climate change mitigation efforts, promote sustainable livelihoods and economic empowerment for women through tree planting and agroforestry restore degraded landscapes and enhance ecosystem resilience as well as raising awareness about the importance of environmental conservation and community resilience to climate change.

Hope Alive Foundation, a non-governmental organization (NGO) which was first launched in 2002 is focused on addressing the needs of vulnerable people in the middle-belt region of Nigeria.

Continue Reading

Metro

NAAT Proposes N350, 000 Minimum Wage

Published

on

Share

The National Association of Academic Technologists (NAAT) has proposed N350, 000 as minimum wage for workers in the country.

Mr Ibeji Nwokoma, NAAT President said this at the association’s 5th National Delegates Conference on Wednesday in Abuja.

The conference was themed “Technology, a recipe for national development and social-economic growth in the 21st century: The Nigerian quest for a better tomorrow”.

Nwokoma said that nothing less than N350,000 monthly would be enough for Nigerian worker to meet the prevailing economic challenges.

According to him, the removal of fuel subsidy, though with purported intentions to streamline the economy, has inadvertently burdened the worker.

“This is coupled with inflationary pressures, particularly in the unbearable food prices, and the volatility of the exchange rate owing to the floating regime adopted by the Central Bank of Nigeria (CBN).

“Nigeria must transcend the concept of a mere minimum wage to embrace the notion of a living wage, commensurate with the rising cost of living.

“Comparatively, other African countries have made strides in this regard, recognising the fundamental right of workers to earn wages that afford them dignity and a decent standard of living,.

“On this note, I propose a minimum of N350, 000 for the Nigeria worker as monthly wage,”he said.

He decried the poor funding of tertiary institutions, in spite of the UNESCO-recommended allocation of at least 26 per cent of the national budget to education.

Nwokoma lamented  that Nigeria had persistently fell short of the expectations.

He said the consequence was evident in the deteriorating state of the universities and other tertiary institutions, marked by inadequate funding and infrastructural decay.

“This chronic underfunding hampers academic excellence and impedes the development of human capital, hindering our nations progress,” he said.

Also speaking at the conference,  Minister of Education, Prof. Tahir Mamman justified his position that  candidates seeking admission into tertiary institutions should be 18 year and above.

According to Mamman, a good number of students below the age of 18 in higher institutions were falling prey to negative vices.

It would be recalled that the minister had advocated for the review of undergraduate age while monitoring the conduct of the 2024 Unified Tertiary Matriculation Examination (UTME) in Abuja.

On the theme of the conference, the minister said that government was planning to adopt skills and technology from the primary school to the tertiary level.

Mamman said the introduction of skills and technology would go a long way to bridge the unemployment gap.(NAN)

Continue Reading

Metro

VP’s Official Resident won’t Obstruct Traffic – Wike

Published

on

Share

By Laide Akinboade, Abuja

Minister of the Federal Capital Territory, Nyesom Wike has assured that the official residence of the Vice President under construction in Abuja, will not obstruct the flow of traffic when the project is completed. The Minister made the statement when he inspected the ongoing construction works at the Vice President’s official residence, over the weekend.

The Minister said the design and conceptualization of the VP’s residence by the Federal Government took into consideration the flow of traffic around the area, adding that the construction work is being carried out according to specification.
BWike further disclosed that the Office of the National Security Adviser (NSA) has made its input into the project and that the FCDA and the contractor executing the project have also made the necessary adjustments.
According to the FCT Minister, “Those who designed the Vice President’s residence know why. We are not the ones who designed it. It was the Federal Government that decided that the Vice President’s residence should be located here. So, I’m sure they considered everything before deciding that. “We have invited the office of the NSA and they have taken a look and made their input which the FCDA and the contractor, Julius Berger has taken into cognizance and made amendments. So, for traffic concerns, I don’t think it’s a problem”. Barrister Wike meanwhile expressed satisfaction with the speed and quality of work and assured that the project will be completed and commissioned by next month. He said “significant progress has been made on the project since his last visit to the site, while the contractor has also promised to hand over the project in May, adding that he has no reason to doubt their capacity. “As for the quality of the job, of course, we can see the work is going according to design and specification. So, we believe, by the grace of God, that is something that will be actualized”, Barr. Wike further stressed.The FCT Minister also reassured that other ongoing infrastructure projects in the FCT scheduled to be completed by May next month would be actualized and opened for public use thereby making the Renewed Hope Agenda of President Bola Ahmed Tinubu a reality in the FCT.He said the projects will showcase the President’s achievements within his first year of office, in in fulfillment of the promises he made to Nigerians.

Continue Reading

Read Our ePaper

Top Stories

Business News8 hours ago

Retreat:  Fubara Commits To Making Greater Port Harcourt City A Model

ShareThe Greater Port Harcourt City 2024 Management Retreat, with the theme, “Transiting to New Smart Cities; The Beginning” which held...

Labour11 hours ago

FG Approves Pay Rise for Civil Servants 

ShareBy Tony Obiechina  Abuja  The Federal Government has approved 25% and 35% salary increase for civil servants across various consolidated...

COVER15 hours ago

Reps Ask NERC to Halt Implementation of Electricity Tariff Increase

ShareBy Ubong Ukpong, Abuja House of Representatives at its resumed plenary on Tuesday asked the Nigerian Electricity Regulatory Commission (NERC)...

COVER15 hours ago

Agama Assumes Office as Acting SEC DG

ShareBy Tony Obiechina, Abuja The staff of the Securities and Exchange Commission were in great jubilation as newly appointed Director...

NEWS16 hours ago

Uzodimma Inaugurates 24 Commissioners, Appoint Self Commissioner for Lands

ShareFrom Marcel Duru & Charity Wins Owerri Governor Hope Uzodimma has inaugurated 24 Commissioners and appointed self as Commissioner for...

NEWS16 hours ago

Governor Mutfwang Commission 20 Sienna Buses for Abuja Route in a Subsidized Rate

ShareFrom Jude Dangwam, Jos The Executive Governor of Plateau State Barr Caleb Manasseh Mutfwang has commission 20 Sienna buses for...

COVER16 hours ago

Again Gunmen Invade Bwari, Kidnap Four

ShareBy Laide Akinboade, Abuja & Attah Ede, Makurdi Four residents of Bmuko community at Dutse Baupma axis of Bwari Area...

the 9th National Assembly the 9th National Assembly
NEWS2 days ago

Nasarawa Assembly Moves to Regulate Activities of Telecoms Operators

Share Nasarawa State House of Assembly says it is working on a proposal to regulate the activities of telecommunications operators...

NEWS2 days ago

Gov Yahaya Directs Swift Action to Address Water Shortage in Gombe State

Share Gov.Inuwa Yahaya has directed the Ministry of Water, Environment and Forest Resources and other relevant bodies to speed up...

NEWS2 days ago

Fuel Queues will be Cleared by Wednesday, says NNPCL  

Share The Nigerian National Petroleum Company Ltd. has assured Nigerians that the ongoing fuel scarcity and queues will be cleared...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc