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2026 May Day: LASG Announces ₦50,000 Salary Support for Workers, Reaffirms Commitment to Welfare, Industrial Harmony

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Lagos State Governor, Mr. Babajide Sanwo-Olu, has approved an additional ₦50,000 to State workers’ salaries for the month of May as part of efforts to cushion the prevailing economic hardship, particularly the impact of rising fuel prices.

Governor Sanwo-Olu made the announcement at the 2026 Workers Day celebration themed “Insecurity, Poverty: Bane of Decent Work”, held on Friday at the Mobolaji Johnson Arena, Onikan, Lagos.

He reiterated that the intervention, which will be reviewed, underscores his administration’s resolve to ensure that Lagos remains a functional city and one that works for its residents, especially the workforce that drives its growth and development.

Governor Sanwo-Olu, represented by his deputy, Dr. Kadri Obafemi Hamzat, emphasised that the welfare of workers remains central to his administration’s agenda, adding that the government will continue to deploy sustained support measures to ease economic pressures and improve living conditions.

“Our job has always been to make sure that the city we are building is also a city that works for you. We know that prices of fuel are rising. We know we did not cause the war in Iran, but we are feeling its impact. So this government has made the decision that for this May, there will be an additional ₦50,000 for every worker in Lagos State, irrespective of grades—₦50,000 across the board,” he said.

He further reaffirmed his administration’s commitment to addressing structural, policy, and moral challenges affecting the workforce, noting that the realities faced by workers require deliberate and measurable action rather than rhetoric.

According to him, the administration has spent the past seven years systematically tackling these challenges through targeted interventions aimed at improving welfare, dignity, and productivity. He cited issues such as long commuting hours, housing affordability, and delayed retirement benefits as structural and moral concerns being addressed through policy reforms.

Governor Sanwo-Olu stressed that public servants are regarded not as a budget line or political bloc, but as the living infrastructure of Lagos State.

He also highlighted key reforms and investments across sectors, including the implementation of the highest minimum wage in the country, expansion of healthcare coverage through the Lagos State Health Management Authority, and the introduction of the “Ilera Eko Easy Pay system” to ease health insurance payments for residents.

On pensions, he said the Lagos State Pension Commission has intensified timely payments, disbursing over N1 billion to retirees while introducing free first-year post-service healthcare and pre-retirement support initiatives.

He further restated the administration’s commitment to dignifying senior civil servants through the provision of official vehicles, describing it as part of deliberate efforts to improve efficiency and living standards.

The Governor also commended the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) for their constructive engagement, noting that while discussions may not always be seamless, the government remains committed to open dialogue and sustained collaboration with labour unions.

In his goodwill message, the Lagos State Head of Service, Mr. Olabode Agoro, described workers as critical partners in governance and economic development, stressing that the government will continue to implement strategic interventions to improve welfare and working conditions.

He said the Workers Day Celebration offered an opportunity to reflect on progress made and to reaffirm commitment to building a more efficient and people-centred public service, adding that the strong relationship between government and labour unions remains a key driver of industrial harmony in the State.

Also speaking, the Commissioner for Establishments and Training, Mr. Afolabi Ayantayo, commended Governor Sanwo-Olu’s administration for its consistent investment in workers’ welfare, describing it as a clear demonstration of leadership that prioritises labour harmony and productivity.

He noted that the administration has ensured seamless implementation of the minimum wage, prompt salary and pension payments, and clearance of retirement bond certificate backlogs, thereby transforming labour relations into a partnership for progress.

In their remarks, the Chairperson of the Nigeria Labour Congress (NLC), Lagos State Council, Comrade Agnes Funmi Sessi, and her Trade Union of Nigeria (TUC) counterpart, Comrade Aladetan Abiodun, stressed the importance of the event as one that presents an opportunity to appreciate the invaluable contributions of workers to national development, reevaluate the collective progress and advance policies that guarantee industrial harmony, decent work and social justice for all.

They added that continued government participation in the May Day celebration, particularly the presence of the Governor and his cabinet members and other top government officials, demonstrates a commendable commitment to the welfare of workers in the state.

While commending the approval of the current minimum wage, she argued that it is no longer sufficient to meet basic needs as inflationary pressures, worsened by global geopolitical tensions, have significantly eroded workers’ purchasing power.

They therefore appealed for a review of the minimum wage from ₦85,000 to ₦250,000, stressing that Lagos remains Nigeria’s economic nerve centre, where the cost of transportation, housing, and feeding remains exceptionally high.

Lagos State Governor, Mr. Babajide Sanwo-Olu, has approved an additional ₦50,000 to State workers’ salaries for the month of May as part of efforts to cushion the prevailing economic hardship, particularly the impact of rising fuel prices.

Governor Sanwo-Olu made the announcement at the 2026 Workers Day celebration themed “Insecurity, Poverty: Bane of Decent Work”, held on Friday at the Mobolaji Johnson Arena, Onikan, Lagos.

He reiterated that the intervention, which will be reviewed, underscores his administration’s resolve to ensure that Lagos remains a functional city and one that works for its residents, especially the workforce that drives its growth and development.

Governor Sanwo-Olu, represented by his deputy, Dr. Kadri Obafemi Hamzat, emphasised that the welfare of workers remains central to his administration’s agenda, adding that the government will continue to deploy sustained support measures to ease economic pressures and improve living conditions.

“Our job has always been to make sure that the city we are building is also a city that works for you. We know that prices of fuel are rising. We know we did not cause the war in Iran, but we are feeling its impact. So this government has made the decision that for this May, there will be an additional ₦50,000 for every worker in Lagos State, irrespective of grades—₦50,000 across the board,” he said.

He further reaffirmed his administration’s commitment to addressing structural, policy, and moral challenges affecting the workforce, noting that the realities faced by workers require deliberate and measurable action rather than rhetoric.

According to him, the administration has spent the past seven years systematically tackling these challenges through targeted interventions aimed at improving welfare, dignity, and productivity. He cited issues such as long commuting hours, housing affordability, and delayed retirement benefits as structural and moral concerns being addressed through policy reforms.

Governor Sanwo-Olu stressed that public servants are regarded not as a budget line or political bloc, but as the living infrastructure of Lagos State.

He also highlighted key reforms and investments across sectors, including the implementation of the highest minimum wage in the country, expansion of healthcare coverage through the Lagos State Health Management Authority, and the introduction of the “Ilera Eko Easy Pay system” to ease health insurance payments for residents.

On pensions, he said the Lagos State Pension Commission has intensified timely payments, disbursing over N1 billion to retirees while introducing free first-year post-service healthcare and pre-retirement support initiatives.

He further restated the administration’s commitment to dignifying senior civil servants through the provision of official vehicles, describing it as part of deliberate efforts to improve efficiency and living standards.

The Governor also commended the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) for their constructive engagement, noting that while discussions may not always be seamless, the government remains committed to open dialogue and sustained collaboration with labour unions.

In his goodwill message, the Lagos State Head of Service, Mr. Olabode Agoro, described workers as critical partners in governance and economic development, stressing that the government will continue to implement strategic interventions to improve welfare and working conditions.

He said the Workers Day Celebration offered an opportunity to reflect on progress made and to reaffirm commitment to building a more efficient and people-centred public service, adding that the strong relationship between government and labour unions remains a key driver of industrial harmony in the State.

Also speaking, the Commissioner for Establishments and Training, Mr. Afolabi Ayantayo, commended Governor Sanwo-Olu’s administration for its consistent investment in workers’ welfare, describing it as a clear demonstration of leadership that prioritises labour harmony and productivity.

He noted that the administration has ensured seamless implementation of the minimum wage, prompt salary and pension payments, and clearance of retirement bond certificate backlogs, thereby transforming labour relations into a partnership for progress.

In their remarks, the Chairperson of the Nigeria Labour Congress (NLC), Lagos State Council, Comrade Agnes Funmi Sessi, and her Trade Union of Nigeria (TUC) counterpart, Comrade Aladetan Abiodun, stressed the importance of the event as one that presents an opportunity to appreciate the invaluable contributions of workers to national development, reevaluate the collective progress and advance policies that guarantee industrial harmony, decent work and social justice for all.

They added that continued government participation in the May Day celebration, particularly the presence of the Governor and his cabinet members and other top government officials, demonstrates a commendable commitment to the welfare of workers in the state.

While commending the approval of the current minimum wage, she argued that it is no longer sufficient to meet basic needs as inflationary pressures, worsened by global geopolitical tensions, have significantly eroded workers’ purchasing power.

They therefore appealed for a review of the minimum wage from ₦85,000 to ₦250,000, stressing that Lagos remains Nigeria’s economic nerve centre, where the cost of transportation, housing, and feeding remains exceptionally high.

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Elon Musk becomes world’s first trillionaire as SpaceX IPO surges on debut

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Elon Musk, the world’s richest person, has attained trillionaire status after SpaceX, the rocket, AI and satellite communications company established by him, turned a soaraway success on its first trading day, surging 20 per cent to $2.1 trillion in valuation.

SpaceX’s shares closed at $161 on the Nasdaq on Friday, compared to its initial public offering (IPO) price of $135, making it the biggest-ever stock market debut.

The IPO had earlier raised $75 billion from investors and the underwriters of the transaction before the listing.

“Liftoff! First $SPCX trade complete,” Space X wrote on X (formerly Twitter), which Mr Musk also owns.

The 54-year old now has a total net worth of $1.1 trillion, according to the Bloomberg Billionaires Index, with its stake in SpaceX standing at 42 per cent or $767.1 billion as of Friday.

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SpaceX debuted with a valuation of around $1.8 trillion. Its valuation at the end of Friday’s trade makes it the sixth-largest publicly traded company in the United States.

Trading under the ticker symbol “SPCX,” SpaceX began trading shortly before noon, attracting strong investor demand.

The listing places SpaceX among the world’s most valuable companies, despite the firm reporting a loss of nearly $5 billion last year and generating significantly less revenue than many technology giants with comparable valuations.

“I gave SpaceX a 10 per cent chance of succeeding at all,” Mr Musk said shortly before the company was listed.

SpaceX, since its establishment in 2002, has evolved from an experimental rocket startup into a dominant player in aerospace, satellite communications, and AI-related infrastructure.

READ ALSO: Elon Musk announces formation of American Party

Starlink, its satellite internet business, has expanded SpaceX beyond rocket manufacturing into a broader technology and connectivity platform.

Mr Musk, who now controls several companies, including Tesla, SpaceX, xAI, and X, began building his wealth by co-founding Zip2 and PayPal.

After completing the acquisition of X in October 2022 in a deal worth $44 billion, Mr Musk introduced monetisation features on the platform, which contributed to the growth of his business empire.

After selling Zip2 and later PayPal, he reinvested much of his earnings into Tesla, SpaceX, and other ventures.

Mr Musk’s wealth is now nearly equivalent to the entire economic output of Switzerland or Poland.


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Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms

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BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has received a four-member delegation from Kenya’s Retirement Benefits Authority (RBA) for a four-day technical study visit in Abuja, solidifying Nigeria’s position as a leading reference point for pension reform and regulatory innovation across the African continent.

The Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, is visiting Nigeria from June 8 to 11, 2026, to understudy PenCom’s regulatory and supervisory frameworks.

Keah noted that the engagement highlights the critical role of cross-border learning among African regulators aiming to optimize retirement systems and improve pension outcomes for citizens. He added that structural similarities between the two nations’ pension landscapes make Nigeria’s journey highly relevant to Kenya’s ongoing domestic reforms.

The RBA delegation is focusing its study on PenCom’s Environmental, Social, and Governance (ESG) initiatives, its risk-based supervision framework, and its strategies for expanding pension coverage to both the informal sector and the diaspora.

Keah particularly lauded the governance safeguards within Nigeria’s pension system and described the Diaspora Pension Arrangement as an innovative milestone capable of reducing old-age poverty and enhancing long-term retirement security.

Welcoming the delegation, the Director General of PenCom, Ms. Omolola Oloworaran, reiterated Nigeria’s dedication to regional collaboration and knowledge exchange. Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General revealed that pension assets under management in Nigeria have grown to over ₦32 trillion, representing approximately 10.4 percent of the nation’s Gross Domestic Product (GDP).

This growth, she noted, stems from continuous regulatory reforms, heightened governance standards, and rigorous supervisory mechanisms established since the inception of the Contributory Pension Scheme (CPS) in 2004.

Ms. Oloworaran also highlighted the Federal Government’s recent settlement of outstanding accrued pension rights liabilities as a historic turning point for the CPS.

The intervention, executed through the issuance of a Federal Government bond, effectively resolved a prolonged funding backlog that had previously delayed retirement benefits for public sector employees within Treasury-Funded Ministries, Departments, and Agencies (MDAs).

Under the new framework, accrued rights are transferred directly into retirees’ Retirement Savings Accounts (RSAs), granting immediate access to investment returns and eliminating lengthy waiting periods.

The technical visit, anchored on the theme “Risk-Based Supervision and ESG Integration in Pension Funds,” includes interactive departmental presentations, study tours to selected Pension Fund Administrators (PFAs), and collaborative sessions on emerging risks.

Both regulatory bodies expect the engagement to deepen bilateral cooperation and foster resilient, inclusive, and sustainable pension architectures across East and West Africa.

The post Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms appeared first on Business Today NG.

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