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No Forced Retirements – CBN Clarifies Early Exit Package For Employees

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The Central Bank of Nigeria (CBN) has clarified that its Early Exit Package (EEP) is entirely voluntary, dispelling rumours of forced mass retirements.

The apex bank assured that the initiative, which was introduced following extensive consultations, has no negative impact on eligible staff who choose not to participate.

In a statement released on Wednesday, in Abuja, Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, explained that the decision to roll out the EEP across all staff levels was the result of dialogue with the Bank’s Joint Consultative Council (JCC), the body representing employee interests.

READ MORE: Reps To Probe CBN’s Planned Retirement Of 1,000 Staff, N50bn Payoff

“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand,” Mrs. Sidi Ali said.

She further addressed concerns over potential repercussions for employees who decline the offer, emphasizing that these worries are unfounded.

“Management is committed to supporting employees’ professional growth and well-being,” she stated. “This initiative is an internal corporate matter designed to promote career development for staff.”

The clarification from the CBN comes amid growing questions surrounding the implementation of the Early Exit Package, which was previously available only to the executive cadre.

 

 

International News

Mexico To Raise Minimum Wage By 12% In 2025

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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.

READ MORE: Reps Demand N100m Boost For Tobacco Control Fund

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.

 

 

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Reps Demand N100m Boost For Tobacco Control Fund

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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.

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Experts Urge Action To Boost Family Planning For FP2030 Targets

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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.

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