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Vice President Yemi Osinbajo on Tuesday reiterated the present administration’s resolve towards reinforcing the country’s macroeconomic policies to achieve sustainable economic stability and growth as well as just distribution of the national wealth.
Osinbajo’s assurance came on the heel of concerns raised by organized labour over the need to eliminate serious structural issues undermining its economic diversification policy and inclusive growth.
Vice President Yemi Osinbajo, at the 2018 May Day celebration with the theme: ‘Labour relations in economic recession: An appraisal’, assured that the worst time is over for Nigeria.
“You are amongst the most committed taxpayers because your taxes are deducted at the source. Hence, nobody can deny you the right to interrogate government and how public funds are expended at all times. You remain amongst the few organizations that have risen above primordial sentiments.
“Great Nigerian workers, we believe that for Nigeria, the worst is over. Accordingly, we will do everything within our powers to sustain the current economic recovery efforts. We will continue to reinforce our macroeconomic policies to achieve sustainable economic stability and growth. We will also continue to ensure the growth comes along with more jobs and a fair and just distribution of the national wealth,” the Vice President assured.
While reflecting on the prevailing security challenges across the country, Osinbajo noted that Mr. President and the security council have been engaging in rigorous stock-taking with a view to restructuring our security architecture to meet the challenges of the mindless killings in some parts of the country, including marauding herdsmen, cattle rustlers and bandits.
He also pledged commitment towards protecting lives of all Nigerian citizens irrespective of tribe, tongue and religion, noting that “our diversities are our strength. We must reject every attempt to divide us, our focus must be on developing our economy, providing opportunities in industry, manufacturing, technology for our young people.”
The Vice President who applauded the resilience of Nigerian worked amidst the current socio-economic challenges, tasked the Tripartite Committee saddled with the responsibility of negotiating the new national minimum wage, to fast track the process for onward presentation for National Assembly’s approval.
Osinbajo also acknowledged the support of the organized labour towards the fight against corruption, noting that workers are major victims of such illicit activities.
According to him, some of the achievements recorded during the implementation of the social intervention scheme was historical.
“For the first time in the history of our country we are implementing a full social protection programme, through a youth employment scheme, N-Power, micro-credit to small businesses, conditional cash transfers to the poorest, and a home grown school feeding programme.
“So far we have employed 200;000 graduates in our N-Power programme, we are bracing up to do 300,000 more. Today we are feeding over. 7 million children in 22 states and we employ 70,000 cooks. So far we have given over 300,000 microcredit loans our target is to give 1 million of such loans in this cycle. We have also so far given cash transfers to over 30000 of the poorest Nigerians. Our target is also to give this benefit to one million of the poorest.
“These programmes have been targeted at the most vulnerable segments of our society, and are meant to ensure that we build a socially cohesive society in which the resources of the country work for all. We will continue to apply public funds in such a way that no section of the country or segment of the population suffers social exclusion,” Osinbajo noted.
ganized labour on Tuesday admonished Federal Government on the need to eliminate serious structural issues undermining its economic diversification policy and inclusive growth.
Ayuba Wabba, President of Nigeria Labour Congress (NLC) gave the a charge during the 2018 May Day celebration with the theme: “Labour relations in economic recession: An appraisal”.
Wabba who called for deliberate action towards resuscitating the country’s economy, harped on the need to prioritize rivival of collapsed industries, stop importation of petroleum products and smuggling; address high double digit inflation rate, reduce poverty and unemployment rates. (NLC) gave the a charge during the 2018 May Day celebration with the theme: “Labour relations in economic recession: An appraisal”.
Wabba who called for deliberate action towards resciscitating the country’s economy, harped on the need to prioritize revival of collapsed textile and cotton industries, stop importation of petroleum products and smuggling of textiles and rice; address high double digit inflation rate, reduce poverty and unemployment rates.
“We used the occasion of the 2017 May Day to reflect on the impact of the economic recession on labour relations in the country. We noted that the working class often bears the brunt of the ravaging recessions. Since then, the challenges confronting the working class and their organizations have not significantly changed despite the cheering news that Nigeria is out of recession and on the path of growth and sustainable development.
“Despite the promising nature of our economy, its great potentials and positive indicators to the recovery of our economy from recession especially as evidenced by positive run of growth, and increase in internally generated revenue, our economy remains largely import driven and dependent.
“Though described as mixed, our economy is essentially rent seeking and suffers from systemic distortions. The over dependence of our economy on crude oil revenue for a very long time continues to expose us to severe shocks from price fluctuation in the international crude oil market. This was a major issue that landed us in the last recession.
“While we commend the efforts of the current government on economic diversification particularly through agriculture, we are not unmindful of serious structural issues that undermine the progress being made, deeply undermine inclusive growth and impact negatively on sustainable development.
We acknowledge and commend the Federal Government of Nigeria for launching the Economic Recovery and Growth Plan (ERGP). Together with the existing National Industrial Revolution Plan (NIRP), the Plan can promote revival of industries and creation of mass decent jobs. ERGP rightly sets the target of reducing petroleum products imports in Nigeria by 80 per cent in 2018. NNPC must revive the refineries in order to meet the set refining targets. We must walk the talk and not repeat the mistake of our past.
“Dear compatriots, the 2016 phenomenal hike in the price of Premium Motor Spirit (PMS) otherwise known as ‘fuel’, or ‘petrol’, high electricity tariffs, and uncertainties in monetary cum fiscal policies of government have sustained high inflationary rates. Although, records from the National Bureau of Statistics show that Nigeria’s inflation rate dropped from 15.13% in January to 14.33% in February, 2018, this has had very little impact on the living conditions of Nigerian workers and pensioners. Double digit inflation rates continue to erode the living standards of Nigerians.
“The punch of rising living costs in Nigeria is made worse for the average worker by the absence of cushioning measures or palliatives such as increase in the minimum wage, upward adjustment of salaries and improvement in social conditions. Unfortunately, the living conditions of many Nigerian workers and pensioners have been further decimated by arbitrary lay-offs and retrenchment of workers in the private sector. Even some state governments now find it convenient to activate mass retrenchment of workers as their first line of ingenuity to cutting down on the cost of governance.
“The Unemployment Rate in Nigeria increased to 18.80% in the third quarter of 2017 from 16.20% in the second quarter of 2017. Unemployment has remained high with an alarming proportion of our youth jobless. The few that have a semblance of employment operate under very precarious conditions denoted by job insecurity, poor work conditions and gender discrimination. The trend of factory closures has continued to spiral out of control turning our once lively centres of economic productivity into worship and entertainment centres,” the NLC chief decried.
He also harped on the need for
“In fact, a number of international economic reports forecast that despite the significant difference in our population size, Nigeria may soon overtake India as the poverty capital of the world. The reasons for endemic poverty in Nigeria are not far-fetched. Our economic structure does not provide the enabling space for mass industrialization imbued with the capacity for sustainable jobs. Our public policies and consumption pattern still encourage the export of jobs and the import of poverty.“
While stressing the need to redouble efforts on
“However, in terms of manufacturing value added, South Africa at 25 per cent is the highest, followed by Egypt at 20 per cent and Nigeria with less than 5 per cent. Ghana is even more industrialized at 6 per cent manufacturing value added (MVA). Millions of youth join the labour market annually without jobs making them voluntary slaves to Europe and America. Only industry can provide sustainable jobs, living wages and necessary revenues for government to provide the needed infrastructure for development.
“In order for Nigeria to meet the Sustainable Development Goals 2030, especially SDG 9 dealing with industry and innovation, Nigeria must urgently innovate, revive closed textile, steel and engineering mills. We must industrialize! We must copy China’s industrialization drive which has within 20 years moved over 250 million people out of poverty through manufacturing and industrialization.
“We must stop exporting raw cottons, crude oil, mineral resources only to be importing finished textile, petroleum products from China, Europe and America. Nigeria must make what it consumes, otherwise it will be consumed by the rest of the world.
He also commended Federal Government for refusing to succumb to the Economic Partnership Agreement. “Also commendable is the cautious approach of government to the African Continental Free Trade Agreement (CFTA). The NLC is delighted that a broad and an inclusive group has been constituted to re-examine the contents of the CFTA in the overall interest of Nigerians,” Wabba said.
While applauding federal government’s Executive Orders initiative on the ease of doing business, Wabba underscored
The challenge is to ensure that the Ministries, Departments and Agencies (MDAs) make the executive orders a reality in patronizing locally produced goods. The Police and Customs department should stop buying officers uniforms from Bangladesh and China, when the surviving textile factories can produce at home.
While speaking on the need for explicit policy direction on National Development Planning, Wabba expressed regrets over the “constraints imposed by the dearth of deliberate planning of our national economy for many years.
“The difference between the prevailing politically tenured rolling plans as opposed to long term national development plans which were not tied to the political nuances of incumbent governments is there for all to see. We can attest that many of the enduring national development legacies were products of the first, second and third national development plans.
“Our budgetary framework remains frail as appropriation bills stall longer than necessary before they are passed into law. This is particularly the case with our Federal budgets. The 2018 budget is a case in point. It is still trapped in the National Assembly four months into the year. This has further compounded the sufferings of Nigerians whose daily sustenance depends on the budget. We are worried by the unnecessary bickering between the National Assembly and the Presidency over the budget.
“We call for an overhaul of our budgetary system, improved relations between the legislature and the executive and cutting down of wastes in government,” Wabba urged.
