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CBN Compels Banks To Suspend Staff Lay-off

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The proposed plan by some banks to downsize their workforce as a result of the Coronavirus pandemic has been suspended.

The Central Bank of Nigeria and the banks in the country, after a meeting agreed to suspend the planned sack of workers in the banking sector even as they plan to recommence operations.

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This was contained in a statement on Sunday by the apex bank’s Director, Corporate Communications, Isaac Okorafor.

READ ALSO: Word Press Freedom Day: Ex-Legislator Commends Journalists, Says ‘You Deserve Reward’

The PUNCH reports that the Presidential Task Force Team on COVID-19 had said last week that banks would be allowed to re-open for commercial operations as the lockdown eases in parts of the country effective Monday, May 4.

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Some banks had proposed the idea of downsizing their workforce as they plan to recommence operations, a decision that has met public outcry.

But the apex bank said it convened a meeting with the banks to review the economic impact the proposed action would have on workers and their families, especially at such a difficult time.

READ ALSO: Three Arrested For Insulting Buhari

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It said, “A special meeting of the Bankers’ Committee was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry. The Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties and decided as follows:

“In order to help minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods, no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).

“To give effect to the above measure, the express approval of the Central Bank of Nigeria shall be required in the event that it becomes absolutely necessary to lay-off any such staff.

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READ ALSO: Alleged Plot To Return Niger Delta Amnesty Boss, Youths Send Protest Letter To Buhari

“The Central Bank of Nigeria solicits the support of all in our collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.”

(PUNCH)

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(PHOTO: File)

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Economy

Edo University Graduates 54 Nursing Students

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The Nursing and Midwifery Council of Nigeria on Friday inducted 54 nurses who are graduates from the Department of Nursing Science, Edo State University, Uzairue, Edo State.

Administering the oath taking/induction, Director of Special Duties, Nursing and Midwifery Council of Nigeria, Mr. Yahaya Summi, congratulated the students for their successful completion of their degree program of the university and also passing the professional examinations saying it is a great achievement and the council is proud of them.

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He also expressed appreciations to the school management and lecturers of the nursing department for their commitment, support and contributions both academically, morally and financially towards victorious accomplishment of their education in the university.

READ ALSO: Edo Varsity, Uzaire, Announces Post-UTME, Resumption Date

He said essence of the occasion was to celebrate their transition from being nursing students to graduate and registered nurses, adding that the gathering is to formerly received them into the noble profession of nursing through oath taking and induction.

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He further stated that the occasion was to also to remind them of their fundamental responsibility as nurses, saying that it is only after the induction that their names would be entered into the council’s register and thereafter would be addressed with the title registered nurses.

Mr. Summi said that a lot is being expected from them as prospective nurses, adding that nursing is a profession that is tremendously demanding compassion and helpfulness, meaning that nurses are required to be compassionate, kind and attentive in dealing with old patients and clients.

”The BSc program as you are all aware is high standard of education programs designed to produce nurses who are adequately equip with the requisite knowledge, clinical skills and professional intelligence to render safe and efficient health care to the populace.

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“As a prospective graduate nurses, you have attained high standard of education in clinical skills that will enable you to render safe and efficient health care services as you go into the labour market; you will be fully accountable for your own decisions, actions and attitudes, you must be able to perform nursing skills verities of health care settings’.

The director however encouraged them to learn and work with other nurses who are already in health practice by accepting corrections, improve and make adjustments positively when necessary and avoid unnecessary mistakes.

He appealed to them to be credible ambassadors, adhered to the ethics of the profession by display honesty and humility in the course of their practice at all times.

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He lamented that Nigeria is currently faced with challenge of migration of health professionals, adding that WHO encouraged migration of health professionals.

On his part, the Vice Chancellor, Prof. Emmanuel Aluyor said the oath taking/induction is the 2nd edition for graduates of nursing students in the institution.

READ ALSO: Edo Varsity VC Charges Graduating Students To Be Good Ambassador As Best Graduand Gets Automatic Employment

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Aluyor said the institution had groomed and equip them to effectively take up the challenges in the nursing profession.

Edo University Uzairue prides itself as a modern university that develops leaders, as nursing graduates from the university, we as management are confident of the fact that the knowledge you have received will act as catalyst needed to succeed in life.

“As graduate nurses, yours is a call to service. Your mandate to all patients include medication, treatment administration, patient education and case management.

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“You will be required to offer these services as they are crucial to saving lives.

“It is my charge to you that as you go out to render this services, do so with every sense of pride and the defense of your Alma mata,” he said.

The VC disclosed that the university is proud to have modern simulation equipment such as the simman 3G Manikin and different low fidelity and high fidelity Manikins deployed in the training of nursing students.

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Lagos Govt Announces Resumption Date For Schools

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The Lagos State Government has mandated all schools to begin the 2022/2023 academic year on September 5, 2022.

This was confirmed in a statement on Saturday issued by the Director-General, Office of Education Quality Assurance of the state, Abiola Seriki-Ayeni.

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According to Seriki-Ayeni, the date was approved by the Commissioner for Education in the state, Mrs. Folasade Adefisayo.

READ ALSO: Mysterious How Adamu, Ngige Still In Office While ASUU Strike Persists – Rights Activist

All schools below tertiary level in Lagos State are mandated to resume for First Term on Monday, September 5, 2022, as stated in the 2022/2023 Harmonised Academic Calendar as approved by the Honourable Commissioner for Education Mrs. Folasade Adefisayo.

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“The academic calendar prioritises standardised learning days and schools are to ensure strict compliance for the delivery of quality and sustainable education in Lagos State,” it read in part.

The statement added that students and staff “are expected to adhere to health and safety protocols” when they resume.

The academic calendar is available for download on the Lagos Education Quality Assurance website.

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FG’s New Borrowings Rise By 278.03% In Six Years

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The Federal Government’s thirst for debts appears to have deepened as new borrowing allocations rose by 278.03 per cent or N4.03tn between 2015 and 2021, The PUNCH has learnt.

This was disclosed in the presentation of the public debt data as of December 31, 2021, by the Director-General of the Debt Management Office, Patience Oniha.

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According to the document, the new borrowing allocation for 2015 was N1.46tn, which was 90.17 per cent of the N1.62tn budget deficit.

For 2021, the allocation for new borrowing was N5.49tn, which was 85.11 per cent of the N6.45tn budget deficit.

On the source of the figures, the document read in part, “2015 comprises 2015 Appropriation Act and supplementary budget of N575bn for the same year. 2021 comprises 2021 Appropriation Act and supplementary budget of N802bn for the same year”.

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The document further identified issues around the public debt level, which include fast-growing debts, high Debt Service to Revenue Ratio, and concerns around the use of proceeds from the debts.

However, the DMO DG tried to justify the reason for the increase in public debt levels, which, according to her, is due to the country’s huge infrastructure deficit, recession, consecutive budget deficits, and low revenue base.

READ ALSO: Nigeria’s Debt Set To Hit N45trn As Plan To Borrow Additional N6.39trn Emerges

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The World Bank has said Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.

According to the Washington-based global financial institution, the country’s debt is also at risk of becoming unsustainable in the event of macro-fiscal shocks.

Report had it earlier that the Federal Government incurred N950bn new domestic borrowing between January 2022 and March 11, 2022.

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Also, the Federal Government plans to add N6.3tn new debts to the current debt stock, which would push the country’s total debt stock to N45.86tn by December 2022.

PUNCH.

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