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Nigerian labour law looks into the rights, working conditions, minimum wage, termination clauses, and many other rules set by the government of Nigeria. The current version of the act was put into place in 2004, five years after their current constitution was established. [1] A group of men in Africa ploughing with oxen.
The Nigeria national debt or simply national debt of Nigeria is the total amount of money that the Federal Government of Nigeria owes to its creditors, both domestic and external. The national debt is composed of two main components: debt held by the public and debt held by government accounts.
It has recently developed a software to aid the seamless and transparent tracking and sharing of revenue for the three tiers of government. [5] In 2021, the Commission initiated dialogues with government officials and stakeholders as a prelude to modifying the revenue sharing formula in Nigeria. [6]
As of 2013, it was reported that NERFUND ran at huge losses up to N5.7 billion. [4] As of 2017, NERFUND had N17.5bn in bad loans. [5] After a special assessment report by the Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria, Mahmoud Isa-Dutse, the Permanent Secretary, Federal Ministry of Finance announced the closure of NERFUND stating it was too expensive to run, it has a ...
A less severe form of involuntary termination is often referred to as a layoff (also redundancy or being made redundant in British English). A layoff is usually not strictly related to personal performance but instead due to economic cycles or the company's need to restructure itself, the firm itself going out of business, or a change in the function of the employer (for example, a certain ...
A senior civil servant acts as Permanent Secretary of the minister, assisting the politically appointed Minister of Finance, who is a member of the President's cabinet.. The Federal Ministry of Finance is led by the Honourable Minister of Finance and Coordinating Minister of the Economy, who serves as the chief executive officer.
Citizens and the government had to pay for the retribution of damages caused by the Boko Haram. This stalled the economy in the northeast region because businesses were leaving, people began to lose jobs, and there was less money going into the local economy. Conflict impacts child health through multiple pathways. [32]
Corruption in Nigeria is a constant phenomenon. In 2012, Nigeria was estimated to have lost over $400 billion to corruption since its independence. [2] [3] Nigerian politicians find themselves in a strong position of power and wealth due to their connections with the oil and gas industries in Nigeria.