23 Nov

Daily Watch – Unemployment rate jumps, Constitutional crisis in Kogi

  • Nigeria’s Unemployment rate increased to 9.9% for the third quarter of 2015 according the National Bureau of Statistics. The NBS in its latest jobs data reports that a total of 20.7 million persons between the ages of 15‐64 that were willing and able to work and actively seeking work (i.e in the labour force) that were either unemployed or underemployed compared to 19.6 million in Q2 2015, compared to 17.7 million in Q1 2015. Underemployment, which the NBS defines as people work less than 40 hours a week but at least 20 hours on average has been put at to 17.4% in Q3 2015, 13.2 million, down from 18.3%, 13.5 million, in Q2 2015. This drop, the NBS claimed, was partly due to previously idle or not fully engaged rural farmers who have become fully employed on their farms due to the beginning of the planting season.
  • Abubakar Audu, the governorship candidate of the All Progressives Congress, in Saturday’s Kogi state election, is dead. The former governor died shortly INEC declared Saturday’s governorship in the state as inconclusive. The APC candidate was on the verge of a sensational return to the Kogi Government House before INEC ordered supplementary elections in some local government areas because the number of invalid votes exceeded the number difference in votes between both candidates. The Electoral Act has no provision for a candidate passing away after an election has been deemed inconclusive, and there is confusion among lawyers about the way forward.
  • The Senate has said that Nigeria loses N4 trillion per year to illegal mining. Senator Duro Faseyi, told the Senate that illegal mining was thriving in Nigeria as a result of weak legislation and poor enforcement, adding that the situation had jeopardised the urgent need to diversify the economy from oil to solid minerals sector.
  • CBN deputy governor, Dr. Sarah Alade, has denied a news report that the CBN plans to restrict dollar supplies to the interbank foreign exchange market. Bloomberg had quoted an unnamed source as stating that the central bank had told commercial lenders at a meeting last week that it plans to cut dollar supplies to the market because it is running short of reserves, according to a person who attended the talks. Alade denied that the central bank will reduce dollar supply to the market.
  • Nigeria’s Petroleum Profits Tax collection for the year dropped by N390 billion from a target of N1.48 trillion to N1.09 trillion, according to the Acting Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler. Fowler says that over 200 oil and gas companies operating in the country have not filed their tax returns for the year. He also pointed out that the decline in oil revenue had made it necessary for the Federal Government to focus on non-oil taxes.