President Tinubu Sacks Five Ministers
President Bola Tinubu has urged Nigerians to be patient as his administration’s tough policy decisions are set to bring relief and improve the economic situation in the nation.
Speaking at the Annual General Conference of the Nigerian Bar Association (NBA) in Lagos, President Tinubu who was represented by Vice President Kashim Shettima, reiterated his administration’s commitment to promoting the rule of law, adhering to the principles of separation of powers, and tolerating dissenting views within the legal framework of the country. He emphasized that the challenging decisions made were necessary for transformative changes and promised that these would soon yield positive outcomes for the populace.
The President praised the NBA’s long-standing role in championing democratic ideals and the rule of law, aligning these principles with his administration’s objectives. Tinubu’s address highlighted the difficult but necessary path his government has embarked on to amend longstanding issues and inefficiencies.
He said;
“Let me reassure you all that this administration will continue to promote the rule of law, adherence to the principles of separation of powers and tolerance of dissent within the bounds of the law.
“While I acknowledge the temporal existence of some daunting challenges besetting us as a nation, I would like to urge you all not to adopt a defeatist approach; rather, we should remain resolute in working for a country of our dreams.
“It is obvious that Nigeria as a nation cannot continue to sojourn on the trajectory of the past if we must be assured of sustainable development; hence, the need to sanitize the Augean stable and chart a proper course of rebuilding the nation.
“I acknowledge that altering the status quo requires difficult decisions and changes, which also inevitably come with hard outcomes. However, I am confident that this is a passing phase and our policies and actions, as an administration, are bound to usher in relief in no distant time.”
On Thursday, President Bola Tinubu increased the Federal Government’s national minimum wage offer from N62,000 to N70,000, with a commitment to review it after three years rather than the previously planned five years.
Tinubu said he had to intervene in the negotiations, knowing the economic challenges faced by many Nigerians, and the need to provide urgent succour.
He said this at a meeting with the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), at the Presidential Villa in Abuja.
“I have heard all your presentations. You came here with the intention to get something on behalf of your members. It has been tough globally. And if you review my track record, I have never been found wanting in ameliorating the problem of workers.”
“I belong to the people and to all of you in leadership. Without you, this job is not interesting,” the President said.
He said the labour leaders challenged the thinking faculty of leadership, “and we have reviewed the position. I have consulted widely, and when the tripartite committee submitted their reports, I reviewed them again and started to think and rethink.
“Last week, I brought the workload to you because we have a timeline. We have a problem, and we recognise that you have a problem too.
“We are in the same economy. We are in the same country. We may have different rooms, different addresses, and different houses; we are just members of one family that must care for each other.
“We must look at the parameters of things. Here, I have a speed limit, and I must pay attention to traffic warnings; slippery when wet, curved roads, and be careful not to have an accident. That is why I went as far as having this meeting today.”
He said the government and labour leaders were driving the economy together.
“Let us look at the tenure of review. Let us agree on that, and affirm three years. Two years is too short. We affirm three years. We will review.
“I am going to move from the tripartite committee. I am going to edge a little bit forward, looking at the review that we have done.
“Yes, no one in the federal establishment should earn less than N70,000. So, we are going to benchmark at N70,000,” he said.
Tinubu explained that renewing the hope of Nigerians extended to providing infrastructure that would improve their livelihoods and create an inclusive economy that all could participate and benefit.
The President said the government was committed to reducing the cost of transportation with the introduction of Compressed Natural Gas-powered buses, which would be cheaper and efficient.
He also assured the labour unions of providing buses that would be deployed across the country.
President Tinubu also said the entitlements of members of the Senior Staff Association of Nigerian Universities and the Non-Academic Staff Union of Universities and Allied Institutions would be considered.
He urged the Ministries of Finance, and Budget & Economic Planning to look at the possibilities of clearing the backlog.
At the meeting, Sen. George Akume, the Secretary to the Government of the Federation, thanked the President for his consideration of issues as the “Father of the Nation” and scheduling two meetings to resolve the initial impasse.
“Mr President, at the tripartite meeting, and the resolutions of the government, Organised Private Sector and labour unions; we were all united as one family to promote and grow our economy, and deepen our democracy, by implication to the benefit of all.”
“Basically, that is what we are saying today. We have a listening President here,” said Akume.
Comrade Joe Ajaero, the NLC President, and Comrade Festus Osifo, his TUC counterpart, thanked the President for creating time to host two meetings on the review of the national minimum wage.
The two labour leaders acknowledged that at the last meeting, the President directed the rescheduling of an official trip in order to attend the second meeting.
The labour leaders also expressed their appreciation to the President, applauding him for his clear show of commitment to the welfare of Nigerian workers.
The organized labor unions, including the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), are currently meeting with President Bola Tinubu at the Presidential Villa in Abuja.
The meeting is expected to put finishing touches to issues on the new minimum wage.
The Labour team is led by the President of the NLC, Joe Ajaero and that of the TUC, Comrade Festus Osifo.
Last week, President Tinubu met with Labour leaders over the Minimum wage issue where he declared that Nigerian workers deserve improved welfare, better wages, as well as safe and enhanced working conditions.
The President also said he was concerned about the welfare of Nigerian workers and that his administration was working seriously to come up with a wage that would be acceptable to all.
Meanwhile on their part, Labour maintained that their demand for N250,000 still stands as against the N62,000 proposal of the federal government.
After last week’s Federal Executive Council meeting, the Minister of Information and National Orientation, Mohammed Idris, told reporters that the President would meet Labour Leaders to reach a consensus.
The Minister had said President Tinubu would hold a follow-up meeting with the labour leaders in continuation of his consultation with the stakeholders.
President Bola Ahmed Tinubu has arrived at Eagles Square, Abuja, for the Democracy Day celebration parade.
Tinubu who was accompanied by his wife, Remi Tinubu, was ushered in by the presidential motorcade.
The national anthem is being recited to signal the commencement of the program.
At the event are the Chief of Defence Staff, General Christopher Musa, Vice President of the country, Kashim Shettima, and the Senate president, Godswill Akpabio.
Nigeria is celebrating 25 years of uninterrupted democratic rule.
President Bola Ahmed Tinubu’s reasoning for floating the naira has been made public by the Presidency.
According to the statement, the decision was made because the Central Bank of Nigeria (CBN) was maintaining the value of the naira at the official rate by spending almost $1.5 billion each month.
This was revealed in a recent interview with Arise News by Bayo Onanuga, the President’s Special Advisor on Information and Strategy.
According to Onanuga, some connected to Godwin Emefiele, the previous governor of the Central Bank of Nigeria, and others close to some members of Muhammadu Buhari’s administration allegedly collected money at the official rate and sold it on the black market.
“Under the previous administration (of the CBN), as per media reports, the CBN was spending roughly $1.5 billion every year,” he stated.
In this case, individuals close to the former governor and other government figures were receiving payments at the official rate. They then engaged in arbitrage, or the sale of the funds obtained through roundtripping and selling them on the black market, where they profited handsomely for doing nothing. The government attempted to prevent some of these things.
Onanuga added that foreign direct investment (FDI) had eventually “dried up” because investors were unwilling to make investments in an area where there was unstable currency rates because of the gap in the official window and the parallel market.
According to the presidential adviser, market prices for goods and commodities were rising faster than they ought to.
“Some of the price increases we are seeing are extremely phony; it seems like everyone is just raising prices,” he stated. Because even if you want to dollarize your economy, you actually can’t tolerate the kind of extremely sharp price increases that this nation is currently experiencing if you line it with the exchange rate.
Onanuga went on to say that although more money had been allocated to the lower levels of government, there had been no progress in the last few months, so more complaints and queries should be addressed to state and local government councils rather than the federal government.
“I’m sure the naira will begin to wax stronger and stronger and probably go to the rate that Governor Cardoso envisages it will be instead of the rate we have now if we can sustain the stability we have now if we can ensure that we don’t have the volatility anymore,” he continued.