The Nigerian Labour Congress (NLC) has confirmed its plans to stage a two-day nationwide protest in response to the escalating economic challenges and deteriorating security conditions in Nigeria.

NLC President, Joe Ajaero, made the announcement during a press briefing held in Abuja on Friday, following an emergency meeting of the National Executive Council (NEC) of the union.

According to Ajaero, the protest is scheduled to commence one week after the expiration of a 14-day ultimatum issued to the Federal Government, which is set to lapse on February 23.

The labour union expressed deep concern over the severe hardships endured by millions of Nigerians, including widespread hunger, dwindling purchasing power, and escalating insecurity, all exacerbated by policies leading to soaring inflation rates.

During a press briefing in Abuja, Ajaero announced that the decision resulted from an emergency National Executive Council meeting discussing the nation’s economic state and insecurity issues.

On February 8, the NLC and the Trade Union Congress issued a two-week ultimatum to the Federal Government, demanding action on various fronts, including wage increases and improved access to public services. They accused the government of failing to fulfill promises to mitigate the impact of reforms. Ajaero emphasised that the Federal Government must adhere to the 14-day deadline.

Labour leaders expressed concern over the plight of millions of Nigerian workers facing challenges such as hunger, diminished purchasing power, and insecurity, all exacerbated by reforms that led to soaring inflation. These reforms included President Bola Tinubu’s decision last May to remove fuel subsidy and the lifting of currency trading restrictions, increasing petrol prices.

President Bola Tinubu has again approached the Senate for approval to borrow N7.3 trillion, the balance of Ways and Means revenue in the Consolidated Revenue Fund (CRF) of Nigeria.

Tinubu made the request in a letter addressed to President of the Senate, Godswill Akpabio and read at plenary on Saturday.

“I will like to call the attention of senate to the provisions of section 38 of the CBN Act 2007, which stipulates that the apex bank may grant temporary advances to the Federal Government.

”In respect of temporary deficiency of budget revenue provided, such overdraft do not surpass five per cent of government revenue from the previous year.

“The senate is invited to note that from available information by the CBN, the Consolidated Revenue Fund (CRF) account of the Federal Government of Nigeria (FGN) stood at N7.3trillon as at Dec 2023, that is due to domestic debt servicing, principal and interest.

“While the Federal Government is considering various measures to forestall the use of ways and means advances for domestic debt servicing,” he said.

Tinubu added: “It has become highly imperative to securitise the outstanding ways and means advance of the Federal Government of Nigeria before end of year.

“The securitization of the Ways and Means will lead to the realisation of the following benefits among others.

”Reduction of debt service costs as interest rate for the securitize ways and means is lowered at nine per cent compared to three per cent previously adopted.

“The savings arising from the much lower interest rate will help to to reduce the deficit in the budget and improvement in debts transparency as securitised ways and means advances are included in the public debts statistics.”

” In view of the forgoing the senate is invited to kindly consider and approve the securitisation of the outstanding debit balance of N7.3trillion in the same order as at Dec. 2023”.

(NAN)

Governor Yahaya Bello of Kogi on Wednesday signed into law the 2024 budget of N258,278,501,339.00 into law, expressing confidence that the incoming administration would consolidate on the foundation of development laid down by his administration.

Governor Bello who signed the 2024 budget, and three other bills into law at the Executive Chambers, Government House Lokoja, on Wednesday said his administration has laid a very solid foundation and would further continue to create an enabling environment, whereby the incoming government will be able to source for funds to implement the budget to the benefit of the people of the state.

The Governor noted that the budget, tagged, ‘Budget of Consolidation and Continuity for Inclusive Growth’, would enhance further development and place Kogi on another growth pedestal.

Bello commended the lawmakers for the speedy and expeditious passage of the bill, noting that the incoming administration would ensure smooth implementation with little difficulty.

He particularly commended the House Speaker for his unwavering loyalty and commitment to the growth and development of the state, expressing confidence that Ahmed Usman Ododo would be in safe hands, and the state will attain the height so desired.

Gov. Bello thanked God for the opportunity to serve the people. He also thanked President Tinubu, family members, Party leaders and other Stakeholders for giving him the support needed to succeed in his mission.

The Speaker, Rt. Hon. Umar Yusuf, while presenting the 2024 budget for the governor’s accent, said the Assembly applied due diligence in considering the budget, and also engaged with all the MDAs to ensure a true reflection of the interest of the citizenry.

The Speaker thanked his colleagues for their commitment to the exercise noting that the legislature would continue to work in synergy with the executive arm to deliver good governance to the people.

Rt. Hon. Yusuf disclosed that the House also passed some other bills, such as a bill to amend and re-enact the Kogi State Local Government Law, Kogi State Oil Producing Area Development Commission bill, (KOSOPADEC), and the bill to amend the College of Nursing and Midwifery Obagende.

The Speaker however assured that the House of Assembly under his watch would extend its support and total cooperation to the incoming executive for the benefit of the state.