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The Nigeria Labour Congress (NLC) has voiced its concerns over the severe consequences of the forex crisis on the nation's economy. The NLC President, Joe Ajaero, attributed the sharp depreciation of the national currency to government officials' preference for foreign luxury goods. He warned that the economy was at risk of enduring a series of negative consequences unless the naira stabilized against the US dollar.

The NLC's statement came ahead of a meeting between organized labor and the Federal Government, scheduled for today, where they will review the implementation of the Memorandum of Understanding signed regarding subsidy removal palliatives.

The NLC has recommended that public officials should support the naira by purchasing locally-manufactured products, rather than foreign luxury items. They emphasize the importance of patronizing Nigerian brands and express their concerns about the negative impact of officials opting for foreign products on the naira's value. They state that these actions "de-market" the naira and call on officials to be more patriotic in their choices, favoring domestically-made goods.

The labor union warns that without immediate interventions, they may be compelled to take action to prioritize the rescue of the naira, the economy, and the nation as a whole. They stress the significance of boosting local production and consumption of domestic products while reducing imports to stabilize the naira. Additionally, they suggest that commodities for export should be priced in naira.

Labor also raises concerns about ongoing disputes with the Imo State government, including unpaid salaries, wrongful designation of workers as ghost workers, destruction of the NLC state Secretariat, discriminatory pay practices, non-compliance with the National Minimum Wage, and unsettled gratuity arrears. They express their intent to embark on mass protests and industrial action to protect workers' rights in Imo State if the government does not resolve these issues. Labor warns that if necessary, they will shut down the state on the governorship election day, November 11, 2023.

The lawsuit was filed in January 2023 by Mr. Nnamdi Kanu, the leader of IPOB, against the Nigerian government, South-East Governors' Forum, the President of Nigeria, the Attorney General of the Federation, and the Governor of Ebonyi State. Justice Onovo's ruling emphasized that the proscription of IPOB also violated Mr. Kanu's fundamental rights as outlined in the African Charter on Human and People's Rights (Enforcement and Ratification) Act.

The court ordered the Nigerian government to publicly apologize to Mr. Kanu and declared that self-determination is not a crime, making it an invalid basis for arresting and prosecuting the IPOB leader. Furthermore, the federal government and other respondents were directed to jointly pay Mr. Kanu N8 billion in damages for the numerous physical, mental, emotional, psychological, and property damages he suffered due to the infringements on his fundamental rights.

The Nigerian government had repeatedly accused IPOB of being behind attacks in the South-east region, leading to loss of lives and property damage, but the group had consistently denied these allegations. Mr. Kanu, accused of terrorism, remains detained by Nigeria's secret police, SSS, in Abuja, while security agencies continue to target suspected IPOB members in the South-east.

Aloy Ejimakor, a special counsel to Nnamdi Kanu and IPOB, described the court's judgment as a landmark victory and highlighted the government's unjust targeting of IPOB compared to other ethnic organizations that have not faced similar measures.
 

The House of Representatives is considering the introduction of legislation aimed at securing federal funding for the Sustainable Development Goals (SDGs). Terseer Ugbor, a member of the House of Representatives, made this announcement during an event on funding for change in Abuja. He emphasized the importance of creating structures to ensure a safe environment for citizens, highlighting that environmental sustainability is a significant component of the SDGs. Additionally, he stressed the need for government entities at all levels to conduct environmental assessments and consider the social impacts of their actions alongside economic considerations.

Ugbor revealed that the National Assembly's lower chamber has established a committee dedicated to the SDGs. This committee is expected to develop policies and regulations related to SDGs. He further explained that the aim is to propose recommendations and policies that would ensure federal funding for the SDGs is effectively executed at the state and local government levels, allowing for a trickle-down effect rather than being limited to the federal level.

During the event, stakeholders emphasized the importance of developing relevant policies and bankable projects to attract the necessary funding for achieving the SDGs. Edu Okeke, the Managing Director of Azura Power West Africa, highlighted the necessity for governments to consider environmental assessments and the overall impact of projects on citizens when making development-related decisions. He also pointed out that Nigeria has often struggled to develop projects that are attractive to available financing.

Ure Utah, the founder of Bridge Synergy, explained that the conference's focus was on securing financial support for innovative social impact initiatives, with the goal of closing the annual financial gap of $10 billion by introducing development partners to suitable SDG initiatives in Nigeria.

The Taraba State House of Assembly has responded to recent reports claiming that the Assembly was withholding seven years' outfit allowances for its staff. The Chairman of the House Committee on Information, Hon. Nelson Len, has clarified that the reported allowance owed to the staff was incurred during the previous administration led by Governor Darius Ishaku. When the current administration took office in June, they were concerned about the outstanding allowance and approached the state governor, Agbu Kefas. The governor approved the payment of the seven years' outfit allowance, but it will be disbursed when the state's financial situation improves.

Len emphasized the distinction between approval and payment, noting that the staff will receive their allowance once the necessary funds are available. He stressed that the Taraba State House of Assembly values its staff and recognizes their vital role in the day-to-day operations of the institution. Len also expressed concern that the false reports of funds being released for the outfit allowance could create discord between the Assembly's leadership and its staff.

The chairman urged social media content creators to verify facts before publishing information to ensure that the public is not misinformed. He further clarified that the N5 billion allocated to the House in the supplementary budget was intended for the renovation and construction of new structures within the Assembly complex and was not earmarked for the payment of outfit allowances. This statement aims to set the record straight and address any misconceptions about the allowance issue.

The Federal Government is taking significant steps to maintain the January to December budget cycle, with a goal of passing and signing the 2024 budget before December 31, 2023. This development was disclosed by the Minister of Budget and Planning, Atiku Bagudu, following a meeting presided over by President Bola Tinubu at the Council Chamber in the Presidential Villa, Abuja.

During the briefing with State House correspondents after the Federal Executive Council (FEC) meeting, several ministers were present, including Mohammed Idris from the Ministry of Information and National Orientation, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, Engr. Dave Umahi, the Minister of Works, Doris Uzoka-Anite representing the Ministry of Industry, Trade, and Investment, Simon Lalong from the Ministry of Labour and Employment, and Nkeiruka Onyejecha, the Minister of State for Labour.

One of the significant outcomes of this meeting was the approval of the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP). This approval aligns with the Fiscal Responsibility Act's requirement for the executive to present a medium-term economic outlook to the National Assembly ahead of budget presentations.

The Minister of Budget and Planning, Atiku Bagudu, presented some key assumptions made by the FEC regarding the 2024 budget. These assumptions included a reference price for crude oil at $73.96, an exchange rate of N700/$, oil production estimated at 1.78 million barrels per day, debt service amounting to N8.25 trillion, inflation at 21 percent, and a projected GDP growth rate of 3.76 percent.

The proposed 2024 budget was presented with an estimated aggregate expenditure of N26.01 trillion, encompassing statutory transfers of N1.3 trillion, non-debt recurrent expenditure amounting to N10.26 trillion, debt service projected at N8.25 trillion, and N7.78 trillion allocated for personnel and pension costs.

Minister Bagudu explained that the increase in debt service was attributed to the federal government's debt scrutiny at nine percent, resulting in a significant increment. Personnel costs also rose due to transfers as part of the agreement with labor.

Furthermore, the Federal Executive Council approved applications for financing from the World Bank and the International Development Association (IDA), which offers nearly zero-interest financing. The total financing from the World Bank amounted to $1.5 billion, and it was presented as support for Nigeria's efforts to restore balance in the economy and government finances.

In addition, the FEC approved an $80 million financing from the African Development Bank for the Ekiti Knowledge Zone Project (EKZ), aimed at empowering young people in technology and the knowledge economy sector.

Lastly, the Minister of Works, Engr. Dave Umahi, presented a memo addressing the scope of road infrastructure inherited from previous administrations, totaling 18,897 kilometers of roads and bridges. The FEC approved the continuation of these projects and directed a committee to strategize funding solutions. Additionally, the council encouraged using concrete for ongoing projects to mitigate inflation and variation.

Notably, the Federal Executive Council meetings have now been rescheduled to take place on Mondays, diverging from their previous Wednesday schedule.