Tag Archives: Minister Of Finance

Workers Lock Out Minister of Finance, Protest N1.2bn Unpaid Allowances

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Staff of the Ministry of Finance, yesterday, prevented  the Minister of Finance, Mrs. Kemi Adeosun, from entering her office following  a protest to  demand the payment of N1.2 billion unpaid  allowance.

As  early as 7am,  the staff had barricaded the gate and chanting  “Adeosun must go. Adeosun must go”. Their placards read: “Staff welfare means nothing to Kemi Adeosun”;  “Adeosun Kemi must stop treating us like foreigners in our country”;  “Mr. President remove Adeosun before she destroys the economy.”

The workers who spoke on condition of anonymity,  said that since the Minister assumed office she has not met with either the workers or the union executives. They alleged that the Minister told them that she was appointed by the President for a specific assignment and not for the staff.

The workers who defied the rains and the presence of armed policemen, vowed to continue the protest until the President removes the Minister.

However, the Director,  Information, in the Ministry of Finance, Salisu Na’nna Dambatta, said the payment known as  a Special Overtime (SOT), was stopped by the last administration in 2014 on the grounds that it was not listed in any extant government Circular, Financial Regulations or the Public Service Rules and the sum of N1.2 billion computed by the staff union for payment could not have been budgeted for in 2016 in the first place, not only because of the paucity of funds but also due to the fact that the SOT allowance was not part of the remuneration in the Federal Public Service. 

The Director also noted that the Federal Ministry of Finance, the Office of the Accountant General of the Federation and the Budget Office of the Ministry of Budget and National Planning do not individually or collectively owe any of their personnel their salaries.

“In view of the foregone, the management of the Federal Ministry of Finance wishes to categorically state that the protests have no justifiable grounds,” he said.

Credit: Sun

Minister Of Finance Unfolds Plan To Reset Economy

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Minister of Finance, Mrs. Kemi Adeosun, has said the government plans to reset Nigeria’s economy with structured borrowing, targeted investment and diversified growth.

Adeosun, who spoke to journalists after a special event hosted by the Lagos Business School at the weekend, also said part of the cash set aside to finance some energy projects would be used to help fund the budget.

“We have inherited a set of conditions that requires us to refine how we collectively work towards ushering in a new era in Nigeria,” she said.

Pointing to the impact of falling oil prices on the economy, the minister said: “In the past, we had the means but not the will. Now we have the will but we no longer have the money to invest. The safety blanket of oil has been ripped away, laying the poverty of Nigeria’s institutions bare.”

She added: “We have spent too many years tinkering at the edges of our institutions, our infrastructure and our economy and the mistakes and misjudgment of the last 40 years have set our clocks back by decades.

“We must collectively adopt a blueprint that equips the future generations to be creative and dynamic, that allows us to articulate a vision of a Nigeria, with a strong educational foundation; rich in depth of knowledge with a breadth of skills, an expansive infrastructure capable of servicing the needs of a nation of 150 million Nigerians.”

On the N1.8 trillion borrowings to invest in railway transportation, roads, housing, power and health, the minister said: “We are committed to a countercyclical budget expenditure model. This has been a success in other nations, offsetting the risk of recession and creating an economy which is not based on either fragile consumer spending or over-reliance on oil.”

Credit: Thisday