Tag Archives: Cut

NLC Faults Cut In Workers’ Salary

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The Nigeria Labour Congress (NLC) has faulted the Federal Government’s upward review on deduction on workers’ salaries. Dr Peter Ozo-Eson, NLC General Secretary, told the News Agency of Nigeria (NAN) in an interview on Tuesday, that the increased deduction was unacceptable.

“We got complaints from a number of workers about the pay that they got last month, being a fall compared to what they use to get. “We have tried to make enquires as to how this has come about, and we heard that there has being upward revisions in the number of deduction that has been taking place before.

“The National Housing Fund, Pension contributions and the PAYE (Pay as You Earn), that is the Personal Income Tax deduction.

“We are at a lost as to how that will happen, because with regards to the National Housing Fund, it is stipulated what percentage of salary goes as deduction.

“So whatever has been deducted in the past is based on that law and therefore you cannot just wake up and change the amount of deduction.

“It will require an amendment and a change to the subsisting law before you can do that effectively He called on the Federal Government to have a rethink on the situation as workers were already in hardship. He said that NLC had received complaints from various workers that their November salaries were reduced as compared to what they used to get.

He said that the salary deducted ranged from N5,000 to N10,000 and above, depending on grade levels. He explained that the Pension Contributions 2004 Pension Act as amended stipulates 7.5 per cent as employee contribution.

According to him, what can be done and what the law allows is that the matching contribution of the employer is set as a minimum and is free to increase what it has.

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How Abba Moro, Others Cut Cost Causing NIS Recruitment Tragedy– Witness

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Despite raking in about N1 billion from sale of forms, only N45 million was released for the conduct of the tragic 2014 immigration recruitment exercise, a witness told the court on Friday

Tabugn Sylvanus, a retired Director and Secretary of the Board of the National Immigration Service, NIS, said N201 million was actually required for a proper conduct of the exercise.

Mr. Sylvanus also told the Federal High Court that a last minute adjustment made to the recruitment exercise moved the number of expected participants at the Abuja test venue from 6,800 to over 66,000.

Mr. Sylvanus is the second persecution witness to testify in court during the ongoing trial of former Interior Minister, Abba Moro.

Mr. Moro, who was also the chairman of the board of the NIS, is accused of defrauding hundreds of thousands of job seekers, who paid N1,000 each for the recruitment test.

Despite raising about a billion naira from the job seekers, the tests were poorly organised at different centres across the country, resulting in deadly stampedes with at least 18 deaths confirmed, majority from the Abuja stadium stampede.

The Economic and Financial Crimes Commission, EFCC, said part of the proceeds of the recruitment fees was used to buy choice property in Abuja.

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OPEC approves first oil output cut deal since 2008

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Members of the Organisation of Petroleum Exporting Countries (OPEC) agreed yesterday, to cut oil output for the first time since 2008, with Saudi Arabia softening its stance on arch-rival, Iran, amid mounting pressure from low oil prices.

A report which quoted two sources in the organisation said the group would reduce output to 32.5 million barrels per day from current production of 33.24 million bpd.

The sources however could not tell how much each country will produce, saying that is to be decided at the next formal meeting of OPEC in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia, sources said.

Oil prices jumped more than five per cent to trade above $48 per barrel after the outcome of OPEC’s informal meeting in Algeria took traders by surprise. Still, many said they wanted to see the details of the deal.

“We don’t know yet who’s going to produce what. I want to hear from the mouth of the Iranian oil minister that he’s not going to go back to pre-sanction levels. For the Saudis, it just goes against the conventional wisdom of what they’ve been saying,” said Jeff Quigley, director of energy markets at Houston-based Stratas Advisors.

Saudi Energy Minister Khalid al-Falih said on Tuesday that Iran, Nigeria and Libya would be allowed to produce “at maximum levels that make sense” as part of any output limits which could be set as early as the next OPEC meeting in November.

That represents a strategy shift for Riyadh, which has said it would reduce output to ease a global glut only if every other OPEC and non-OPEC producer followed suit. Iran has argued it should be exempt from such limits as its production recovers after the lifting of EU sanctions earlier this year.

The Saudi and Iranian economies depend heavily on oil but in a post-sanctions environment, Iran is suffering less pressure from the halving in crude prices since 2014 and its economy could expand by almost 4 per cent this year, according to the International Monetary Fund.

Riyadh, on the other hand, faces a second year of budget deficits after a record gap of $98 billion last year, a stagnating economy and is being forced to cut the salaries of government employees.

NUPENG Flays NNPC’s Plan To Cut Contracting Cycle

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Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, yesterday, in Warri, Delta State, condemned the plan by the Nigerian National Petroleum Corporation, NNPC, to cut contracting cycle in the Nigerian oil and gas industry from its current stretch of between two to four years, to six months, insisting that it would be resisted.

The union, in a statement by its President and acting General Secretary, Achese Igwe and Joseph Ogbebor, contended that the plan was untenable, unnecessary, anti-labour, wicked and would amount to modern day slavery for oil and gas workers.

NUPENG stated that cutting the contracting cycle to six months negated the principle behind the local content policy and the change mantra of President Muhammadu Buhari on job creation and not short-lived contract employment.

They said: “NUPENG notes that NNPC’s position that contract cycle of two to four years was a major contributor to the high cost per barrel of Nigerian crude oil compared to other OPEC member countries amounts to self-service and sounds very unpatriotic. Oil and gas workers in other OPEC countries are given permanent work status with good conditions of service as compared to the modern day slavery practised in Nigeria and encouraged by NNPC that is supposed to be the regulator of operations in the sector. The plan to cut contracting cycle to six months is a stab on the face of oil and gas workers who produce the black gold to be tossed around every half of the year on their contract status.”

Credit: vanguardngr

Why We Must Cut Minimum Wage Or Sack Workers- Nigerian Govs

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Nigerian governors will eventually reduce the federal minimum wage of N18,000 or downsize because of the current economic crunch, the chairman of the body of governors has said.

The chairman of the Nigerian Governors Forum and Zamfara state governor, Abdulaziz Yari, said on Thursday that irrespective of public condemnations of the plan, it would not be economically feasible to retain the same workforce and pay same amount of money.

According to him, funds allocated from the Federation Account could no longer sustain the expenses of the state as the internally generated revenue was still below par in some states.

Governors had two weeks ago declared that they could no longer cope with the N18, 000 minimum wage. The pronouncement caused a stir as Nigerians kicked against it.

The governors of Rivers and Edo rejected the plan.

Credit: PremiumTimes

Buhari Commits To 20% Emissions Cut At Conference Of Parties 21

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President Muhammadu Buhari has announced Nigeria’s Intended Nationally Determined Contribution, committing to emissions cut of 20 per cent.

At the ongoing Conference of Parties 21 on Climate Change in Paris, President Buhari on Monday explained that Nigeria would meet this goal by making more use of natural gas and climate smart agriculture.

“There will also be more focus on energy efficiency measures and investment in renewable energy,” the Nigerian leader told the conference.

He asked developed countries to honour their promises in relation to providing climate finance to help developing countries including Nigeria adapt to and mitigate climate change.

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Buhari Establishes E-UNIT To Cut Cost Of Governance

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President Muhammadu Buhari has taken a critical step towards cutting the cost of governance with the establishment of the Efficiency Unit, E-UNIT, which will vet all major expenditures of Federal Ministries, Departments and Agencies, MDAs.

The E-UNIT which is to be domiciled in the Federal Ministry of Finance is headed by a Project Leader, Ms Patience Oniha.

The Minister of Finance, Mrs. Kemi Adeosun, who announced this in Abuja, yesterday, explained that the E-UNIT was in line with the current administration’s resolve to institutionalize reform policies that would ensure effective management of the nation’s economy.

She identified reducing the cost of governance as a major peg upon which President Buhari’s economic policies would stand.

Credit: Vanguard

Why CBN Cut Interest Rate

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Nigeria’s Central Bank on Tuesday cut policy interest rate for the first time in almost four years.

At the end of its two-day rate setting meeting, the CBN Chief, Godwin Emefiele announced a 200 points cut to 11% in headline interest rate from 13% previously.

The decision to cut both the policy rate and the harmonised cash reserve ratio, the CBN Governor said, was to engineer growth by increasing the flow of lending to critical sectors of the economy like agriculture, solid minerals, critical social infrastructure and manufacturing.

The financial regulator also shaves-off the Cash Reserve Ratio (CRR) sharply from 25% to 20%, the deepest cut in the harmonised rate following a smaller easing done by the CBN last September.

Credit: ChannelsTV

Real Life Rapunzel Hasn’t Cut Her Hair For 35 Years (PHOTOS)

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Going to the hairdressers can sometimes be a chore but one woman doesn’t bother to get her hair cut at all – in fact, she hasn’t bothered in 35 years.

Gu Meiying, 59, has been growing her hair since she was 24-years-old and it has now grown to a staggering 2.52 metres in length.

But Meiying, of the Miao ethnic tribe in Yunna Province, China, isn’t being lazy – she believes her hair to be a good luck charm.

She even turned down a £2,000 offer to give up her flowing locks – which are around TWICE her height.

Meiying said: “My hair is a treasure and my totem, my lucky charm.

“I also think that long hair is good for health.

“I will keep growing it and will aim for a Guinness World Record.”

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Kim Kardashian To Cut Her Uterus After Baby No. 2?

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Kim Kardashian’s current pregnancy may be her last.

In an interview with C Magazine, the multi-talented mama says that in her first pregnancy, she suffered placenta accreta. With placenta accreta, the placenta grows blood vessels into the uterus. Instead of the placenta getting completely expelled along with the baby during the birth, it stays attached to the wall of the uterus. It can lead to severe blood loss and, in some cases, death.

So after Baby South (or whatever they name him) comes into the world, surgeons may remove her uterus.

“They think I’ll have placenta accreta again, so if the placenta grows a little bit deeper than it did last time, then they are prepared to have my uterus removed, which is a little scary for me,” she told C Magazine. “I think we’re just gonna go day by day, see how overwhelming it is, and see how the delivery goes.”

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Rep Advocates Cut In All Govt Officials’ Salary

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As the outburst over the alleged jumbo wardrobe allowance for members of the National Assembly, Hon. Chike Okafor has suggested that there should be a cut in overhead, salary, allowances and emoluments for all government officials in the three tiers of government.

Hon. Okafor who represents Okigwe Federal Constituency in the House of Representatives, in an interview with Vanguard in Abuja, Thursday said that the economy was experiencing a serious down turn that had made it imperative to cut costs so as to save money for infrastructural development.

According to him, there was need for downward review of emolument and salary to save more funds to be able to fund infrastructure, provide security, to form and provide jobs, fund education as well as health care delivery.

The former Commissioner of Finance in Imo State said since the economic situation in the country would not allow for an increase in earnings, it was a simple economic balance to hold down cost.

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Reps Elect Demands 50% Pay Cut For Buhari, Lawmakers, Others

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A House of Representatives member-elect, Abdullahi Gaya, from Kano State, on Monday asked the in-coming administration of Muhammadu Buhari to slash the wages and allowances of the Presidency and National Assembly by 50 per cent.

Mr. Gaya, who spoke to journalists at his residence in Kano, said the reduction in salaries would cater for the nation’s capital expenditure.

Until his election as a legislator, Mr. Gaya was the Commissioner of Finance in Kano state.

“In my opinion I think it will be better for all the elected representatives, beginning from Mr. President to members of parliament, to Ministers, to other Advisors and special assistants, to agree that what we will be receiving is slashed to 50 per cent,” he said.

Mr. Gaya, who will represent Gaya/Ajing/Albasu federal constituency, said Nigerian leaders need to reduce their expenses for the country to have positive changes.

“Since we believe the country needs positive change we should therefore accept it as such. The slash in the expenses should continue till when our dear nation gets to execute capital projects. May be from the time we were inaugurated to another two years,” he said.

His call came days after a Senator-elect, Dino Melaye, pledged to lead a campaign for the reduction of Nigeria’s federal lawmakers, who are ranked the highest paid legislators in the world.

Mr. Melaye also said the government should use the funds realized from pay cut to develop the nation.

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