NEWS
CBN Earmarks N50bn For Early Exit Package Of 1,000 Employees
The overhauling of the human capital at the Central Bank of Nigeria (CBN) has taken a new turn, with the sum of N50 billion earmarked for the Early Exit Package (EPP) of about 1,000 employees this December.
This was detailed in a circular issued three weeks ago by the CBN, in which it called for applications for EPP from certain classes of employees.
The offer would close close by Saturday, December 7, Biztellers reports.
ALSO READ: SERAP Urges Tinubu To Unveil Defaulting Contractors Over N167bn MDAs’ Fraud
The move is seen as part of a strategic realignment of the CBN’s workforce, by the Board of Governors, led by Olayemi Cardoso, who already expressed commitment to reviewing the workforce.
According to the circular, the class of employees exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December, 20, 2024”.
This effectively excludes those hired for and by the President Bola Ahmed Tinubu administration, under the Cardoso governorship.
Recall that the apex bank has been undergoing a strategic refit in critical areas, including operational bases and human capital.
Probably as part of moves to take firm control, the CBN in the last 10 months, had disengaged many employees, including 17 directors, who served under the immediate past governor, Godwin Emefiele.
Speculations are that the next phase would be to replace the 17 directors after pruning the workforce.
Discreet findings show that as many as 860 staff from the various departments have already applied for the EPP.
According to the apex bank’s management, the EEP is a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”
It cautioned that it would not entertain a rethink from workers who formally moved to take advantage of the EPP, and make it clear that all completed and submitted applications are final.
The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of current grade’s gross annual emoluments.
It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of current grade’s gross annual emoluments.
“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.
Also the EEP also made provisions for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”
It was gathered that those grabbing the offer with two hands are those believed to have been brought in by embattled former CBN governor, Emefiele.
This set of workers already know that the new regime holds their loyalty in doubt and would axe them for the flimsiest of excuses.
What makes it a win-win for the Cardoso leadership is that it presents a peaceful exit for those who can constitute moles, while also offering vacancies to be filled by allies.
In a bid to support low-income workers, Mexico has announced plans to raise its minimum wage by 12% starting January 2025.
The announcement was made Wednesday by Labor Minister Marath Bolaños during President Claudia Sheinbaum’s daily press conference, underscoring the government’s commitment to a “humanist economy” focused on reducing inequality.
The increase will see the daily minimum wage rise from 249 pesos ($12.23) to 278.80 pesos nationwide, while workers in northern border regions will earn approximately 420 pesos per day due to higher regional costs.
This adjustment reflects an agreement between labor and business sectors and builds on significant wage hikes in recent years.
“We continue on the path to rebuild the minimum wage and the purchasing power of Mexican men and women,” Bolaños said, highlighting that the wage has more than doubled—up 135%—since 2018 under successive leftist governments.
President Sheinbaum, who assumed office in October, has committed to maintaining annual wage increases of around 12% throughout her term.
Responding to concerns that the hike could stoke inflation, she dismissed such fears as unfounded.
“They said this would increase inflation. That’s false,” Sheinbaum said, pointing to central bank data indicating the hike will not have significant inflationary effects.
The administration’s long-term goal is to ensure the minimum wage covers 2.5 “basic food baskets,” a measure of essential groceries for a family of 3.7 people, by the end of Sheinbaum’s term.
The House of Representatives has called on the Federal Government to allocate ₦100 million to Nigeria’s Tobacco Control Fund, enhancing its capacity to enforce the National Tobacco Control Act.
During Wednesday’s plenary, Bassey Akiba, representing Calabar Municipal/Odukpani Federal Constituency, emphasised the need for increased funding.
He highlighted that the current allocation of ₦10 million in the 2024 budget falls short of what is required to combat tobacco-related health issues effectively.
READ MORE: Martial Law: South Korea Opposition Files Impeachment Motion Against President Yoon
“Tobacco control is crucial due to its impact on preventable deaths, including cancer,” Akiba stated. He warned that inadequate funding could worsen health risks, noting tobacco consumption’s link to cardiovascular diseases, stroke, and cancer.
The House urged the Federal Ministry of Health to provide a detailed report on the Tobacco Control Fund, including its balance, funding sources, and previous expenditures.
Speaker Tajudeen Abbas backed the motion, stressing the importance of sustainable funding to reduce dependence on international donors.
The House resolved to advocate for a ₦100 million allocation in the 2025 budget to bolster the fund’s effectiveness.
At the eighth Nigeria Family Planning Conference held in Abuja, medical experts stressed the urgent need to address high fertility rates and low family planning uptake to improve maternal and child health outcomes.
The event, themed “Sustaining Commitments for Family Planning within the Nigeria Health Sector Renewal Investment Initiative,” was organised by the Association for the Advancement of Family Planning (AAFP) in collaboration with the Federal Ministry of Health and Social Welfare.
Dr Ejike Oji, Chairman of the AAFP Management Committee, underscored the transformative potential of family planning as a tool for sustainable development. He highlighted its multifaceted benefits, including saving lives, promoting gender equity, and fostering economic growth. According to Oji, “$1 invested in contraceptive services saves $3 in maternal and newborn health costs by reducing unintended pregnancies.”
READ MORE: Martial Law: South Korea Opposition Files Impeachment Motion Against President Yoon
Despite some progress, Nigeria’s Contraceptive Prevalence Rate (CPR) remains at 15 per cent, with an unmet need of 21 per cent. Dr Oji called for increased collaboration and innovation to meet the FP2030 targets.
Funmilola OlaOlorun, Co-Principal Investigator at Performance Monitoring for Action/Nigeria, emphasised the need for strict adherence to the national family planning blueprint to achieve a two per cent annual CPR increase. “We cannot do business as usual,” she stated, urging for more funding, dedication, and resource mobilisation.
Samuel Oyeniyi, Director at the Reproductive Health Department, acknowledged the slow but steady progress towards FP2030. He emphasised the importance of integrating family planning into broader health initiatives to bridge existing gaps.
The conference highlighted Nigeria’s renewed commitment, including a $4 million government investment in family planning and the integration of family planning services into the healthcare provision fund, ensuring access for marginalised groups.
Ex-Kwara Gov, Finance Commissioner On Trial For Diverting N5.78bn Education Fund
Mexico To Raise Minimum Wage By 12% In 2025
Reps Demand N100m Boost For Tobacco Control Fund
Senate Suspends Tax Reform Bills Amid Public Backlash
Experts Urge Action To Boost Family Planning For FP2030 Targets
NITDA Reports N2.55trn Tax Payment From Google, Meta, X, Others In H1 2024
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
