News

Thursday, 02 May 2024 04:38

Workers' frustration mounts as FG delays minimum wage announcement

The expectations of workers were dashed as the Federal Government refrained from unveiling the long-awaited increase in the minimum wage yesterday. President Bola Tinubu, however, pledged to enforce a living wage that reflects the current economic circumstances. Addressing attendees during the May Day celebration at the Eagle Square in Abuja, Tinubu, represented by Vice President Kashim Shettima, acknowledged the diligent efforts of the Tripartite Committee in proposing a national minimum wage. He expressed regret over the committee's inability to reach a consensus at its last meeting but assured resolution soon. Tinubu emphasized the government's openness to considering not just a…

Wednesday, 01 May 2024 04:45

‘Not true’: Maersk refutes Tinubu’s claim of $600m investment pledge in Nigeria

Contrary to President Bola Tinubu's announcement at the World Economic Forum in Riyadh, Maersk, the Danish shipping behemoth, has refuted claims of a proposed $600 million investment in Nigeria's port infrastructure. Tinubu had touted A.P. Moller-Maersk's commitment to bolstering Nigerian ports to accommodate larger vessels, thereby stimulating trade and economic growth. However, Maersk swiftly denied any such agreement, clarifying that no deals had been finalized. The confusion stemmed from a routine meeting between Robert Maersk Uggla, Chairman of A.P. Moller-Maersk, and Tinubu, which did not result in new investment commitments. While reaffirming its longstanding presence in Nigeria and commitment to…

Wednesday, 01 May 2024 04:44

Outrage over FG’s threat: ‘Accept tariff hike or brace for nationwide blackout’

Minister of Power, Adebayo Adelabu, sparked outrage with his warning that Nigeria faces a nationwide blackout within three months unless the proposed electricity tariff hike is implemented. Adelabu delivered this ultimatum during his appearance before the Senate Committee on Power, which is scrutinizing the tariff hike proposed by the Nigerian Electricity Regulatory Commission (NERC). Despite the Senate committee's rejection of the new tariff regime, Adelabu stressed the necessity of the increase to prevent a complete shutdown of the power sector. His remarks triggered a wave of indignation on social media, with Nigerians denouncing the government's insensitivity to the plight of…

Wednesday, 01 May 2024 04:43

FG announces marginal salary raise for federal civil servants

Federal Government on Tuesday raised salaries for government workers by between 25% and 35%, backdated to January, the salaries commission said, as Africa's biggest economy grapples with its worst cost of living crisis in nearly three decades. The lowest-paid government employee will earn 450,000 naira ($323.97) a year or 37,500 monthly, the National Salaries, Incomes and Wages Commission said in a statement. The increase covers all federal government employees, including those in the health, education and security sectors. The government is separately negotiating with labour unions on a new national monthly minimum wage, which was last reviewed in 2019. Nigerians…

Tuesday, 30 April 2024 04:51

FG announces deregulation of electricity meter prices amid FX fluctuations

In a circular issued on Monday by the Nigerian Electricity Regulatory Commission (NERC), the deregulation of meter prices under the Meter Asset Provider (MAP) scheme for end-user customers has been announced. This move, effective May 1, entails determining meter prices through competitive bidding processes, providing customers with a choice of authorized vendors. Previously, in September 2023, NERC approved price increases for single-phase and three-phase electricity meters. However, under the new directive, all meter prices will be subject to competitive bidding to adapt to changes in macroeconomic parameters, particularly exchange rates. NERC emphasized the need for efficient pricing to enable end-users…

Tuesday, 30 April 2024 04:50

CBN orders Opay, Moniepoint, other fintech banks to halt new customer registrations over FX manipulation suspicion

Following a directive from the Central Bank of Nigeria (CBN), four Nigerian fintech companies, Opay and Moniepoint, Palmpay, and Kuda have suspended the enrollment of new customers. An official from one of the fintech firms, speaking anonymously, confirmed compliance with the directive. Another fintech official suggested the directive is linked to foreign exchange (FX) transactions, an area unrelated to their business. Attempting to open a new account with one of the fintech platforms resulted in a message indicating inability to complete the process. This development coincides with CBN’s efforts to combat illicit foreign exchange transactions, including those involving cryptocurrency exchanges…

Tuesday, 30 April 2024 04:49

Obaseki increases minimum wage in Edo state by 133%

Governor Godwin Obaseki of Edo State has declared a new minimum wage of N70,000 for civil servants in the state. This is a 133 percent increase on the current national minimum wage of N30,000. The announcement was made during the inauguration of the Labour House, which has been named after Adams Oshiomhole, the Senator representing Edo North and former governor of the state. Effective from May 1, 2024, the new minimum wage regime aims to alleviate the financial burden on workers. This decision follows the persistent advocacy by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) for improved…

Monday, 29 April 2024 04:44

Outcry over Minister's N260m wristwatch during meeting with foreign investor

Minister of Solid Minerals, Dele Alake, faced criticism from Nigerians after being photographed wearing a N260 million Richard Mille wristwatch during a meeting with the CEO of Glencore, a Swiss-based company. Alake's choice of accessory while attempting to woo the Swiss company into investing in Nigeria sparked outrage among citizens on social media who viewed it as inappropriate for a government official. Photos of the minister sporting the expensive wristwatch quickly circulated on social media, eliciting condemnation from various quarters. Responding to the images, Chinedu, an online commentator, expressed disbelief at how a government official could afford such luxury without…

Monday, 29 April 2024 04:43

IPMAN projects two more weeks of fuel scarcity

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected that the ongoing fuel scarcity, which is spreading to more states across the country, will persist for at least two more weeks. Despite assurances from the Nigerian National Petroleum Company Limited (NNPCL) of adequate stock, IPMAN insists that the scarcity will continue due to various challenges in the supply chain. Chinedu Ukadike, the Public Relations Officer of IPMAN, attributed the shortage to importation bottlenecks, slow license renewals for marketers by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and maintenance issues at refineries in Europe. He noted that only…

Sunday, 28 April 2024 04:46

Despite denials, Tinubu’s FG continues with Ways & Means borrowing from CBN, data shows

New data released by the Central Bank of Nigeria (CBN) reveals that the Federal Government borrowed an additional N3.8 trillion in the last six months of 2023, through what appears to be fresh Ways and Means borrowing. This contradicts claims by the Minister of Finance, Wale Edun, that the government had not borrowed from the CBN. The CBN's provisional data indicates a total increase from N4.4 trillion to N8.2 trillion by December 2023. The balances were initially part of the federal government's domestic debt profile, totaling N26.95 trillion in May 2023. However, from July 2023, the balances steadily increased every…

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Saturday, 27 April 2024 04:52

A fifth of Nigerians use cryptocurrencies for daily transactions - Report

A report by an open-source blockchain website, Elastos on Thursday revealed that 20 per cent constituting at least one in five Nigerians are using Bitcoin to carry out transactions everyday. According to the platform, the research was compiled from online interviews conducted with 1,407 self-defined ‘tech savvy’ respondents in Brazil, Germany, Nigeria, South Korea, UAE, UK, and US. The interviews were completed by a third party, registered market research company and completed between 30 March and 04 April ’24. The report further revealed that 67 percent of Nigerians would have more trust in Bitcoin to protect their life savings than…

Saturday, 27 April 2024 04:50

Many feared dead following fuel tanker explosion in Rivers

Multiple fatalities are feared following a devastating tanker explosion along the East-West Road in Port Harcourt, Rivers State. The incident occurred around 9:45 pm Friday night. involving a tanker carrying petroleum products which ignited, engulfing nearby vehicles. The explosion, near the Indorama Petrochemical Company, has raised concerns due to its proximity to critical national infrastructure. Witnesses describe hearing loud blasts followed by flames and thick smoke billowing from the scene.

Friday, 26 April 2024 04:41

119 inmates escape as rainstorm collapses Niger prison

The Nigerian Correctional Service (NCoS) FCT Command has confirmed the escape of 119 inmates from the Suleja Custodial Centre in Niger State. Samson Duza, the Public Relations Officer (PRO) of the command, issued a statement in Abuja on Thursday detailing the incident. Following a rainstorm that battered the facility on Wednesday night, numerous inmates took advantage of the damaged sections to flee. The FCT command, responsible for Kuje and Suleja Medium Security Custodial Centres, said it immediately activated recapture protocols in collaboration with other security agencies. The rainstorm not only inflicted damage on the custodial centre but also wreaked havoc…

Thursday, 25 April 2024 04:51

Naira continues decline at both official, parallel markets

On Wednesday, the naira experienced a depreciation to N1,300 per dollar in the parallel section of the foreign exchange (FX) market, marking a 3.17 percent decline from the N1,260 recorded on April 22. Currency traders, operating as bureau de change (BDC) operators, set the buying rate at N1,260 and the selling price at N1,300, maintaining a profit margin of N40. Meanwhile, at the official window, the naira dropped to N1,308.52 against the dollar, reflecting a 0.64 percent decrease from the N1,300.15 traded on April 23. According to data from the FMDQ Exchange, the naira reached a low of N1,367 and…

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