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Market Digest Nigeria


Nigerian Newspapers Headlines (13th May, 2019)

Nigeria Labour Congress

Following last week’s saga at the Nigeria Labour Congress Picketing of the Minister of Labour and Employment, Dr Chris Ngige’s residence in Abuja. The NLC has asked President Muhammadu Buhari to probe the minister now and they have begun a protest today.

The Minister has blatantly refused to inaugurate the board and chairman of the NSITF, despite the NLC threatening to picket him anywhere they saw him. Ngige insisted that nobody can coerce him into anything.

Nigerian Newspapers have more on the story:

Nigeria Labour Congress

Guardian Newspaper: Probe Ngige now, labour tells Buhari, begins protest today

The Nigeria Labour Congress (NLC) has called on President Muhammadu Buhari to probe the Minister of Labour and Employment, Dr. Chris Ngige’s involvement in the affairs of the Nigeria Social Investment Fund (NSITF). There was a violent clash between NLC members protesting against Ngige’s refusal to inaugurate the board of the NSITF last week at the minister’s residence in Abuja.

The NLC President Ayuba Wabba has said that they will be protesting on the streets today while the inauguration of the NSITF board is going on. He said the protest is not against the NSITF board but against how Ngige has overseen the affairs of the labour sector since his appointment.

Nigeria Labour Congress

Punch Newspaper: FG flouts pension law, remits low amounts to workers’ accounts

Workers have been complaining of the low monthly stipends being paid to them after retirement under the Contributory Pension Scheme, this is coming five years after the Pension Reform Act stipulated that workers pension contribution should be increased from 15 per cent to 18 per cent.

A lot of  private firms have complied with the new Act, however the Federal Government is yet to do so. Many retired workers have complained about being paid ridiculously low pensions even in some cases less than what they earned in paid employment.

Nigeria Labour Congress

Sun Newspaper: Economy: 17 states in danger

According to the Annual States Viability Index (ASVI) by the Economic Confidential for 2018, 17 states of the 36 states are in danger as their Internally Generated Revenues (IGR) in 2018 were far below 10 percent of their receipts from the Federation Account Allocations (FAA).

The report index revealed that without the monthly disbursement from the Federal accounts Allocation Commission, many of the state will be unable to survive.

The IGRs are generated by states through Pay-As-You-Earn Tax (PAYE), direct assessment, road taxes and revenues from Ministries, Departments and Agencies (MDAs). 

The IGR of the 36 states of the federation totalled N1.1 trillion in 2018 as compared to N931 billion in 2017, an increase of N172 billion. The report by the economic intelligence magazine further indicated that the IGR of Lagos State at N382 billion was higher than that of 30 states put together whose IGRs are extremely low and poor compared to their allocations from the Federation Account. 

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