Nigerian Newspaper: Thisday Headlines Today, Wednesday 7th November, 2018.

Nigerian Newspaper: Thisday Headlines Today, Wednesday 7th November, 2018.

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Fear of Inflation Mounts as Buhari Approves New Minimum Wage
Wed, 07 Nov 2018

BUY OR SELL OLD AND NEW CARS, PARTS, CAR MATERIALS AS CAR MART NG LAUNCH IN NIGERIA

As workers and their unions celebrate the N30,000 new minimum wage approved by President Muhammadu Buhari yesterday, analysts have expressed fear that the fresh wage regime could put inflationary pressure on the already fragile economy.

Those who spoke to THISDAY said the 60 per cent minimum wage increase was likely to lead to a general increase in prices of goods and services in the short-term.

One of them, the Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, pointed out that the wage hike would lead to inflationary pressures.

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He said, “Productivity growth in Nigeria is still minus 0.7 per cent. So, an increase in the minimum wage and all other increases that would follow and it means that basically inflation is likely to increase.

“Our projection is that inflation will go from 11.5 per cent to around 13 per cent because of the wage increase.

“If you add the election spending and the promissory notes the government has issued for contractor debt of N483 billion; when we add the money supply of the contractor note, the minimum wage and negative productivity, you have an inflation.”

When asked about the likelihood of an interest rate hike, he said, “Not really, because there is a transmission time lag between when money supply rises and when prices rise.

“The transmission time lag is between three and six months.”

Buhari had received the report of the National Minimum Wage Tripartite Committee yesterday in Abuja and approved the new figure, effectively ending the first phase of the workers’ struggle for pay increase.

Receiving the report of the committee from its chairman, Ms Amal Pepple, in the Council Chamber of the Presidential Villa, Buhari told members of the committee, the organised labour and government representatives that henceforth, he would put the machinery in place for the transmission of the new National Minimum Wage Bill to the National Assembly.

The president, who said he was committed to seeing the new wage come into fruition, chronicled all the events leading to the final resolution, saying he was regularly briefed on updates on the negotiations.

Promising that the government would continue to engage the organised labour wherever necessary, Buhari thanked all who participated in the process.

However, he counselled the organised labour not to allow themselves to be used as political weapons by politicians.

He said, “In a way, both arguments are valid. I want to assure you all that we will immediately put in place the necessary machinery that will close out these open areas. Our plan is to transmit the Executive Bill to the National Assembly for passage within the shortest possible time.

“I am fully committed to having a new National Minimum Wage Act in the very near future.

“Let me use this opportunity to recognise the leadership of the organized labour and private sector as well as representatives of State and Federal Governments for all your hard work. The fact that we are here today, is a notable achievement.

“As the executive arm commences its review of your submission, we will continue to engage you all in closing any open areas presented in this report. I therefore would like to ask for your patience and understanding in the coming weeks.

“May I therefore, employ workers and their leaders not to allow themselves to be used as political weapons.’

In her submission, Pepple narrated how the decision to finally peg the minimum wage at N30, 000 was arrived at.

She also reported that the draft of the New Minimum Wage Bill that would be sent to the National Assembly had already been produced.

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Senate Investigates, Police Deny Attack on Ekweremadu Was Assassination Attempt
Wed, 07 Nov 2018
Deji Elumoye, Alex Enumah, Adedayo Akinwale, Shola Oyeyipo in Abuja The police have dismissed the claim by Deputy Senate President Ike Ekweremadu that there was an assassination attempt on his life when unknown persons yesterday broke into his residence, saying the incident was a case of burglary. Ekweremadu had told the Senate yesterday that his []The post Senate Investigates, Police Deny Attack on Ekweremadu Was Assassination Attempt appeared first on THISDAYLIVE.
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Revitalising Nigeria’s Ailing Textiles Industry
Wed, 07 Nov 2018
Jonathan Eze writes that Nigeria’s ailing textile industry can be revived by developing a local supply chain Despite promises to revitalise the Nigerian textile sector which holds numerous potential for the economy, the sector has continued to perform below expectation. The sad reality however is that the country relies more on imported fabrics while the []The post Revitalising Nigerias Ailing Textiles Industry appeared first on THISDAYLIVE.
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Billionaire Businessman, Sunny Odogwu, Passes at 87
Wed, 07 Nov 2018
Okowa, Ibori mourn Omon-Julius Onabu in Asaba Billionaire industrialist and publisher of the defunct Post Express Newspapers, Chief Sunny Odogwu, has passed on at 87. Odogwu, who holds the prestigious traditional title of Ide Ahaba of Asaba Kingdom in Delta State, died on Monday night in his Lagos home. He was a brother-in-law to former []The post Billionaire Businessman, Sunny Odogwu, Passes at 87 appeared first on THISDAYLIVE.
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Democrats Capture US House Majority, Republicans Retain Senate
Wed, 07 Nov 2018
Democrats rode a wave of dissatisfaction with President Donald Trump to win control of the U.S. House of Representatives on Tuesday, giving them the opportunity to block Trump’s agenda and open his administration to intense scrutiny. In midterm elections two years after he won the White House, Trump and his fellow Republicans expanded their majority []The post Democrats Capture US House Majority, Republicans Retain Senate ‘ appeared first on THISDAYLIVE.
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Buhari: I’m Depressed, Distressed by Ethno-religious Killings
Wed, 07 Nov 2018
Omololu Ogunmade in Abuja President Muhammadu Buhari yesterday in Abuja said he was distressed and depressed by the atrocious ethno-religious killings in the country and appealed to Nigerians to learn to live together in peace and harmony. Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, in a statement, said the president []The post Buhari: I’m Depressed, Distressed by Ethno-religious Killings appeared first on THISDAYLIVE.
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Institute to Hold Annual Conference
Wed, 07 Nov 2018
Olaseni Durojaiye The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has announced that its annual conference will hold in Lagos on 8th and 9th of November 2018, with the theme: ‘Exploring the diversification agenda towards the emergence of a resilient economy.’ The sub-themes for the conference are ‘The Diversification Agenda: Thekey areas of []The post Institute to Hold Annual Conference appeared first on THISDAYLIVE.
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Despite Court Ruling, Kano Assembly Continues Ganduje’s Alleged Bribery Investigation
Wed, 07 Nov 2018
Ibrahim Shuaibu in Kano Kano State House of Assembly yesterday said that it would continue investigating the videos showing the state Governor, Alhaji Abdullahi Ganduje, allegedly receiving bribe from a contractor, despite a court ruling on the investigation. A Kano High Court on Monday had ruled that the status quo be maintained, following an order []The post Despite Court Ruling, Kano Assembly Continues Ganduje’s Alleged Bribery Investigation appeared first on THISDAYLIVE.
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Buhari Campaign Challenges PDP, Atiku on Petrol Price
Wed, 07 Nov 2018
Puts landing cost of fuel at N205 per litre Onyebuchi Ezigbo in Abuja The Muhammadu Buhari Campaign Organisation has asked the Peoples Democratic Party (PDP) and its presidential candidate, Alhaji Atiku Abubakar, to tell Nigerians how they intend to bring down the pump price of petrol from N145 to N97 per litre without resorting to []The post Buhari Campaign Challenges PDP, Atiku on Petrol Price appeared first on THISDAYLIVE.
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Anchor Borrower: 850,000 Farmers Integrated Into Financial System
Wed, 07 Nov 2018
CBN seeks legal framework as global remittances hit $613bn James Emejo in Abuja Over 850,000 small holder farmers have been integrated into the mainstream financial system through the Anchor Borrowers’ Programme (ABP), the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said. The apex bank governor, in a speech delivered at Enhancing []The post Anchor Borrower: 850,000 Farmers Integrated Into Financial System appeared first on THISDAYLIVE.
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Firm Engages NIBSS, Banks on Financial Inclusion
Wed, 07 Nov 2018
Emma Okonji In order to boost financial inclusion in the country, Terragon Group, a data and marketing technology company, recently hosted a chat with the new Deputy Governor, Central Bank of Nigeria (CBN), Mr. Adebisi Shonubi, and top executives of financial institutions in Nigeria, on the theme ‘Transforming customer experience on digital channels through data []The post Firm Engages NIBSS, Banks on Financial Inclusion appeared first on THISDAYLIVE.
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FG Commends Risk Managers
Wed, 07 Nov 2018
Ebere Nwoji The federal government has commended the efforts of Risk Managers Society of Nigeria(RIMSON) in championing the course of risk management education and Awareness in Nigeria. The Head of Civil Service of the Federation, Mrs Winifred Ekanem Oyo-Ita, who gave the commendation in a goodwill message while declaring open the 2018 National Risk Management []The post FG Commends Risk Managers appeared first on THISDAYLIVE.
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Active Kids Rocked at MTN 2018 Kids Mini Marathon
Wed, 07 Nov 2018
For more than three hours on Saturday November 3, 2018, parents, teachers and marathon fans were thrilled by the performance of nearly 2000 children who took part in the 2018 Lagos Kids Mini Marathon ‘ an initiative of St. Saviour’s School, Ikoyi Endowment Fund. The Lagos Kids Mini Marathon which was supported by MTN []The post Active Kids Rocked at MTN 2018 Kids Mini Marathon appeared first on THISDAYLIVE.
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Insurers Urged to Develop Affordable Products
Wed, 07 Nov 2018
Ebere Nwoji Insurers have been urged to design affordable insurance policies to meet the needs of Nigerians at the grassroots. The Chairman, Small and Medium Enterprises (SMEs) Trade Group of the Lagos Chamber of Commerce and Industry (LCCI), Abiodun Oladapo, who stated this, enjoined insurance operators to emulate managers of food and beverage industries in []The post Insurers Urged to Develop Affordable Products appeared first on THISDAYLIVE.
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Liverpool Shocked by Red Star Belgrade
Wed, 07 Nov 2018
UEFA CHAMPIONS LEAGUE Liverpool suffered a shock in Serbia as two goals from Milan Pavkov gave Red Star Belgrade victory in their Champions League group-stage encounter. Victory would have taken Liverpool four points clear at the top of Group C but they will be knocked off that spot later on Tuesday, whatever the result between []The post Liverpool Shocked by Red Star Belgrade appeared first on THISDAYLIVE.
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Gas Exporting Countries to Discuss Global Outlook
Wed, 07 Nov 2018
The 20th Ministerial Meeting (MM) of the Gas Exporting Countries Forum (GECF) will take place on November 14, 2018, in Port of Spain, Trinidad and Tobago. At the meeting, which would usher in the celebration of the 10th anniversary of the forum, the ministers would discuss among other important issues, current and future energy trends []The post Gas Exporting Countries to Discuss Global Outlook appeared first on THISDAYLIVE.
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Leadway Pensure PFA Wins Awards
Wed, 07 Nov 2018
Leadway Pensure has won two major awards. They were the award for ‘Excellent Service Delivery,’ and ‘Most Outstanding Pension Funds Administrator’ for the year 2018. The awards were won at the Nigeria Customer Service Awards and the International Standards Leadership Awards respectively. The company was said to have emerged winner of the keenly contested award []The post Leadway Pensure PFA Wins Awards appeared first on THISDAYLIVE.
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We Have Enough Specialised Skills to Develop Nigeria
Wed, 07 Nov 2018
Chief Peter Ameh, presidential candidate of the Progressive Peoples Alliance (PPA) and National Chairman of the Inter-Party Advisory Council (IPAC) fields questions from Udora Orizu on the security crises currently bedeviling the country. He insists that the existing security system can be empowered to effectively carry out its constitutional functions As your partys presidential candidate, []The post ‘We Have Enough Specialised Skills to Develop Nigeria’ appeared first on THISDAYLIVE.
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NAHCO Consolidates Growth
Wed, 07 Nov 2018
After a positive six months results, Nigerian Aviation Handling Company Plc recently reported profit growth of 117 per cent for the nine months ended September 30, 2018, writes Goddy Egene The earnings season has been mixed for shareholders as company reported their financial results for the nine months ended September 30,2018. Going by the results, []The post NAHCO Consolidates Growth appeared first on THISDAYLIVE.
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Lukaku Misses Training ahead Juventus Clash
Wed, 07 Nov 2018
Striker Romelu Lukaku and defender Diogo Dalot missed training on Tuesday ahead of Manchester Uniteds Champions League match at Juventus but captain Antonio Valencia and Marouane Fellaini returned. The match in Turin on Wednesday pits Juves Cristiano Ronaldo against the team he played for from 2003-09. Lukaku has been out of form, having failed to []The post Lukaku Misses Training ahead Juventus Clash appeared first on THISDAYLIVE.
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