Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
Pope Francis pressed world financial ministers and leading economists to support an international mechanism to alleviate foreign debt, lamenting that a “poorly managed globalisation” has deprived millions of people of a “dignified future.” Francis’ remarks were delivered during a meeting with participants in the “Addressing the Debt Crisis in…
Vice President Senator Kashim Shettima has lauded the Zeberced Group for its creation of 40,000 jobs and the development of the Abuja Industrial Park, among other initiatives in the Federal Capital Territory (FCT). Speaking with journalists after a tour of the company’s site in Idu, Abuja, Vice President Shettima highlighted that these projects align with…
Sultan of Sokoto and Co-President of World Religions for Peace Headquarters, New York, His Eminence Alhaji Muhammad Sa’ad Abubakar, CFR, mni, has sent his word of felicitation to Muslims from all over the world, who are gathered in Minna in Makkah, Kingdom of Saudi Arabia, from this Friday June 14, 2024 equivalent to Dhul-Hijjah 8,…
In response to the growing economic challenges facing Nigeria, Oyo State Governor, Engr Seyi Makinde has decried the Federal Government’s recent re-introduction of the old national anthem, calling for a shift in priorities towards addressing pressing issues which is hunger and poverty. Makinde, who blasted the decision yesterday as “a waste of time and resources,”…
The Governor of Anambra state, Charles Soludo has called for elected officials to start earning minimum wage, highlighting the urgent financial crisis facing Nigeria. Speaking on Wednesday at a special edition of The Platform, an event organised by The Covenant Nation to promote national development, Soludo emphasised that Nigeria is financially strained. He proposed that…
The Senate has approved the Federal Capital Territory (FCT) Supplementary Appropriation Bill for 2024, amounting to N98.5 billion. The bill was passed following the review of a report by the Senate Committee on FCT during a plenary session. Senator Osita Ngwu (PDP-Enugu West), Vice Chairman of the Committee, presented the report on behalf of the…
President Bola Tinubu has assured Nigerians, that the ongoing national reforms were not intended to inflict pain, but to “fix” the economy. Tinubu while addressing the nation in the wake of the 2024 Democracy Day on Wednesday, said the various initiated reforms are intended to create a stronger, and better foundation for future growth. “There…
President Bola Tinubu has assured the Organised Labour that a an executive bill on the new national minimum wage for workers will soon be sent to the National Assembly for passage. Tinubu made this known on Wednesday in his second Democracy Day speech on June 12, 2024. “In this spirit, we have negotiated in…
The Nigerian National Petroleum Corporation (NNPC) has signed a Project Development Agreement (PDA) with Golar LNG for the deployment of a floating Liquefied Natural Gas (LNG) facility offshore in the Niger Delta, Nigeria. This initiative aligns with NNPC’s commitment to monetize Nigeria’s extensive natural gas resources. In a statement, Olufemi Soneye, Chief Corporate Communications Officer…
The Association of Local Government of Nigeria (ALGON) has said that local councils cannot afford to pay the proposed N62,000 as new minimum wage because of the lean allocation from the Federation Account. National President of ALGON, Mr. Aminu Muazu-Maifata who addressed newsmen in Lafia, the Nasarawa state capital, on Monday, June 10, said…
The latest data from the Central Bank of Nigeria has revealed that the federal government spent about $2.2 billion on debt servicing in the first five months of this year. A breakdown of the report, ‘International Payments Data,’ revealed that FG spent the most on debt financing in May, at $854.36 million, which is also…
Youths in Ondo State protested on Monday against a sting operation by the Economic and Financial Crimes Commission (EFCC) at several nightclubs in Akure, the state capital, over the weekend. The EFCC’s Ibadan Zonal Directorate confirmed the arrest of 127 individuals suspected of internet fraud during the operation. Protesters gathered at the First Bank area…
The new minimum wage discussion between the Federal Government and Organised Labour are expected to end on Monday (today) as the Nigeria Labour Congress and the Trade Union Congress leaders await President Bola Tinubu’s decision on their N250,000 offer. The labour leaders had given a Monday deadline for the conclusion of talks on the new…
A former federal lawmaker, Shehu Sani has described as shocking the governors’ opposition to a minimum wage of N60, 000 for civil servants. During the ongoing negotiations by the tripartite committee, the Federal Government had at one point made an offer of N60, 000 as new minimum wage. The offer was, however, swiftly rejected by…
The House of Representatives has approved the 2024 supplementary budget for the Federal Capital Territory (FCT), amounting to N98.5 billion. The budget, which passed its second and third readings, was presented by Aliyu Betara, Chairman of the House Committee on FCT. During the plenary session, Betara referenced the 1999 Constitution, noting that a communication from…
The Presidency has said two trending fiscal policy documents in circulation are still proposals and have not been approved by President Bola Tinubu. It also reiterated that the fuel subsidy regime has ended, and the government’s position on fuel subsidy has not changed since President Tinubu’s declaration on 29 May 2023. The presidency also added…
The Chairman, House of Representatives Committee on Information and Communication Technology (ICT), Honourable Adedeji Dhikrullahi Olajide, has declared that an average Nigerian worker can no longer purchase essential commodities like rice and other food items. Olajide, who represents Ibadan North-West/Ibadan South-West federal constituency in Oyo State, used the opportunity to call for an urgent upward…
The state leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have reopened the Oyo State government secretariat following the suspension of the national strike. Initially, union leaders had blocked the secretariat’s entrance gates and enforced a sit-at-home directive by patrolling various ministries, departments, and agencies, effectively halting all activities within the…
The Central Bank of Nigeria (CBN) has refuted allegations that it plans to revoke the licenses of three banks following regulatory action against Heritage Bank Plc. This clarification was provided in a statement issued by the apex bank on Tuesday. The CBN described the allegations as false and intended to incite panic within the financial…
Activist Deji Adeyanju has applauded the Nigerian Labour Congress, NLC, and Trade Union Congress, TUC, for employing a “good strategy” in their push for a new minimum wage. Recall that organised labour embarked on an indefinite strike on Monday to protest the low wages for workers in the country. In response to the current high…
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have suspended their nationwide strike for one week. TUC President Festus Osifo announced this on Tuesday in Abuja, following a joint extraordinary national executive council meeting of the unions. Osifo indicated that a formal communique would be issued soon. The strike, initiated on Monday, was…
A Chieftain of the New Nigeria People’s Party, (NNPP), Ambassador Olufemi Ajadi Oguntoyinbo has called on the President of Nigeria to accede to the request of the Labour Leaders on the new minimum wage in the country and save the country from collapse. Ajadi said the demand of N494,000 minimum wage by the Labour Union…
The workers in Bauchi, Borno and Yobe on Monday joined the nationwide strike embarked by the Nigerian Labour Congress and the Trade Union Congress (TUC). The Correspondents of the News Agency of Nigeria, who monitored the strike in Bauchi, Damaturu and Maiduguri report that government offices, schools and banks were closed in compliance with the…
In response to the ongoing indefinite strike initiated by the organised labour, the Members of the Parliamentary Staff Association of Nigeria have stopped the supply of water to the National Assembly. PASAN which is under the Nigeria Labour Congress temporarily suspended the supply of electricity and water to the two structures accommodating the Senate and…
The Secretary to the Government of the Federation, SFG, George Akume has summoned organised labour to an emergency meeting following the ongoing indefinite nationwide strike. Comrade Festus Osifo, President of the Trade Union Congress of Nigeria confirmed the meeting on Monday. According to Osifo, labour leaders comprising the Nigeria Labour Congress, NLC and TUC were…
Amid the ongoing nationwide strike, the Labour Union has shut down the national grid, resulting in a widespread blackout across the country. The Transmission Company of Nigeria (TCN) confirmed the development in a press statement signed by General Manager of Public Affairs, Ndidi Mbah. According to the statement, the national grid was shut down around…
The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect. This decision was announced in a statement by the Acting Director of Corporate Communications, Hakama Sidi Ali. “The action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The Board and Management…
The Transmission Company of Nigeria has released a public notice that the Labour Union has shut down the national grid, resulting in black out nationwide. The national grid shut down occured at about 2.19am, Monday morning, 3rd June 2024. According to the press release signed by Ndidi Mbah, General Manager, Public Affairs of Transmission Company…
The federal government has been urged to reinstate the N35,000 wage award to workers, which was suspended in February 2024 pending further negotiations on a new minimum wage. This request was part of an agreement reached during a last-minute meeting convened on Sunday by Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas,…
LAGOS — Fuel distribution, health, bank and other essential services nationwide will be shut from today as organised labour begins an indefinite strike over minimum wage and the recent hike in electricity tariff. But the Federal Government in a swift reaction yesterday, warned the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, to…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured Nigerians that food prices will come down in the coming months. “We can expect that food prices will come down and food availability will increase,” Edun said on Channels Television’s Sunday Politics programme. The minister said though food insecurity is a…
