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.
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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.
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.
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“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.”
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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.
In a significant boost to Nigeria’s economy, major global tech companies, including Google, Meta, X (formerly Twitter), TikTok, and Microsoft, have contributed a combined N2.55 trillion ($1.5 billion) in taxes to the Nigerian government during the first half of 2024.
The news, revealed by the National Information Technology Development Agency (NITDA) on Wednesday, highlights the positive impact of foreign digital companies adhering to tax regulations in Nigeria.
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Data from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS) revealed that these tech giants, including interactive computer service platforms and internet intermediaries, have contributed substantially to government revenue by adhering to Nigeria’s tax regulations.
“This significant increase in revenue underscores the role of regulatory frameworks in shaping compliance and driving revenue growth in the digital economy,” said Hadiza Umar, NITDA’s Head of Public Affairs, in a statement.
Beyond financial contributions, the report also highlighted the actions taken by social media platforms to enforce their policies in Nigeria.
In 2023, platforms deactivated 12.1 million Nigerian accounts for various violations, while 65.8 million pieces of Nigerian content were removed for breaching platform guidelines.
Additionally, 4.126 million complaints from Nigerian users were filed, and 379,433 pieces of content were reinstated after appeals.
NITDA also lauded Google, X, Microsoft, and TikTok for their adherence to the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries, a set of guidelines developed by the Nigerian Communications Commission (NCC), the National Broadcasting Commission (NBC), and NITDA. The Code aims to enhance online safety and manage harmful content.
“The Code of Practice outlines clear guidelines for promoting online safety and managing harmful content,” NITDA’s statement read.
While acknowledging the progress made by these platforms in ensuring user safety, NITDA stressed the importance of continued collaboration and innovation.
“We remain committed to working with stakeholders to strengthen and enhance user safety measures, digital literacy, trust, and transparency,” the agency concluded.
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