InvestmentInAfrica | #Nigeria
Nigeria’s Government may not increase wages across board, instead increase remuneration package of some certain government agencies, Vice President Yemi Osinbajo has hinted.
A transcript made available to journalists in Abuja on Tuesday by his Senior Special Assistant on Media and Publicity, Mr. Laolu Akande, titled, ‘Conversation with the Vice-President’ at the 2017 Nigerian Bar Association National Conference held in Lagos on Monday.
Osinbajo said though the issue of better pay for workers was a good suggestion, the government was “in a bind of sorts.”
He said that FG was currently spending 70 per cent of its revenues on remuneration and overheads, leaving less than 30 per cent for capital expenditure.
He said the government would work to ensure balance in revenues and to ensuring a more efficient civil service.
The speech read:
“Sometimes, it is a chicken and egg situation because in order to increase revenues, we need to increase remuneration.
“I think that what we are probably going to end up doing is what we have done with some of the parastatals; in other words, identifying certain government services that must be remunerated differently in order to increase efficiency. One of the revenue generating agencies, for instance, is the Federal Inland Revenue Service.
“Improving remuneration, especially bonuses, would do a lot of good. That we saw happen in Lagos with the Lagos Inland Revenue Service, where because there were bonuses, there was improvement in revenue and reform. People were able to do better, even in our judicial system. Because we paid better; we remunerated better, people were able to improve.”
The Vice-President said the commitment of the APC-led government was to leave Nigeria with all the resources that could be brought to the table.
…calls on ECOWAS Investment Bank to increase agricultural funding
Also, the Vice President has called on the management of ECOWAS Investment Bank to increase agricultural funding in order to reduce the level of poverty and unemployment in the sub region.
He was speaking Tuesday in Abuja at the 15th Annual General Meeting of the board of governors of the bank.
He said, “The population of the sub region is a youthful one, 70 per cent of our population is under 35 (years) with all the implications for providing education and livelihood.
“So, the challenges of today call for greater creativity, and foresight in supporting and making investments in our member countries.
“So one of the crucial issues today, which would decisively impact the future is how the bank can make a difference in the lives of our young people.”
He acknowledged the support of the bank, but noted that there was a need to galvanise more resources to enable it to effectively achieve its mandate.
The President of the Bank, Bashir Ifo, in his speech at the event, said during the 2016 financial year, 11 projects amounting to $121.5m were appraised.