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 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…
In light of the nationwide strike by Organized Labour, the Nigerian Medical Association (NMA) has announced that doctors are not participating in the strike. In a statement released on Monday, NMA National Secretary General, Dr. Benjamin Egbo, clarified that the association is not affiliated with Organized Labour and that doctors would remain at their duty…
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…
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 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,…
On Sunday, labor unions in the aviation sector announced plans to shut down airports nationwide, adhering to the directive from the Nigerian Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC), starting Monday, June 3. Newsmen reports that the NLC and TUC called for an indefinite nationwide strike on Friday, citing the federal…
The Federal Government has cautioned the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) against abandoning ongoing negotiations over the new minimum wage. The government has urged the organized labor groups to suspend their planned nationwide indefinite strike set to commence on Monday, June 3. In a statement on Sunday, Attorney General of…
Attorney General and Minister of Justice, Prince Lateef Fagbemi, has condemned the call for industrial action by organized labour, deeming it “premature, ineffectual, and illegal.” This statement follows the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) declaration of an indefinite nationwide strike starting June 3, 2024. Prince Fagbemi pointed out that discussions on…
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have announced an indefinite nationwide strike starting Monday, June 3, 2024, due to a deadlock in negotiations over a new minimum wage and increased electricity tariffs. TUC President Comrade Festus Osifo made this announcement during a joint news conference with NLC and TUC leaders…
The Tripartite Committee on the new minimum wage is set to reconvene on Friday, May 31, 2024, as the Federal Government and Organised Labour continue their discussions. This announcement was made by the Committee’s Secretary, Ekpo Nta. In the previous meeting held on Tuesday, labour unions revised their demands, lowering the proposed minimum wage from…
The Federal Government has arrested three suspects and sealed an illegal mining site in Gaube, Kuje Area Council of the Federal Capital Territory (FCT) in a bid to combat illegal mining and curb revenue loss in the sector. The operation, executed by the Mining Marshals under the leadership of Assistant Commandant John Onoja Attah, was…
The Federal Government has granted the International Organization of Legal Metrology (OIML) Certification System to Zonal Coordinators of Weights and Measures. This announcement was made by Nura Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, during a three-day capacity-building workshop in Nasarawa State, north-central Nigeria. Rimi emphasized that these standards are…
On Tuesday, the naira traded at N1,339.33 to the dollar in the official market, maintaining the same rate as the previous day. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated that the naira’s value remained unchanged from Monday to Tuesday. The volume of currency traded, however, saw a…
President Bola Tinubu has announced plans to restart the conditional cash transfer program, which was previously suspended. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this announcement during a ministerial sectoral briefing marking the first year of President Tinubu’s administration in Abuja. Edun stated that the program will deliver direct…
Organised Labour has once more rejected the Federal Government’s proposal of a N60,000 minimum wage. Comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), Organised Labour has turned down the latest offer of N60,000 as the new minimum wage. In a recent development, Organised Labour reduced its demand from N497,000 to N494,000….
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), has reaffirmed the administration’s commitment to harnessing Nigeria’s natural resources for economic prosperity, in line with President Bola Tinubu’s renewed Hope agenda. At a ministerial briefing marking the administration’s first year in office, Senator Lokpobiri addressed the challenges that have plagued the oil and gas…
A Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of $4,719,054 and N830,875,611, along with various properties, linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Justice Yellim Bogoro issued the order on May 23, 2024, following an ex-parte application by the Economic and Financial Crimes Commission…
President Bola Tinubu affirmed that Nigeria is a safe hub for investments and pledged his administration’s support to foster a thriving business environment. During a meeting on Friday with a delegation led by Mr. Dai Hegen, chairman of the China Railway Construction Corporation (CRCC), at the State House in Abuja, Tinubu assured the Chinese executives…
The Federal Government plans to establish a regulatory framework to protect the gemstone and jewelry industry from sabotage. Dr. Dele Alake, Minister of the Solid Minerals Department, announced this at a National Gemstone and Jewelry Show and the graduation ceremony for students trained under the Mineral Sector for Economic Diversification (MinDiver) project in Abuja. Dr….
The Neo Black Movement, NBM of Africa, has lauded President Bola Tinubu for his decision to suspend the proposed 0.5 per cent cybersecurity levy on electronic transactions nationwide. In a statement released in Benin City, the National President of the organization, Olorogun Ese Kakor, expressed support for President Tinubu’s directive to the Central Bank of…
Business activities came to a halt at the head office of the Yola Electricity Distribution Company (YEDC) in Maiduguri, the capital of Borno State, as organized labour staged a protest against the recent electricity tariff increase by the Nigeria Electricity Regulatory Commission (NERC). As early as 6:30 a.m., workers gathered at the Yerwa Business office…
Sen. Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, has urged Planning Officers nationwide to embrace technology-driven approaches to enhance budgeting and planning procedures, particularly in rural areas. During a visit to Abuja by Muktar Ahmed, the Commissioner of the Kaduna State Planning and Budget Commission, Sen. Bagudu emphasized the importance of leveraging…
The Economic and Financial Crimes Commission (EFCC) has issued a stern directive to foreign missions operating in Nigeria, mandating them to conduct all financial transactions in the local currency, the naira. In a letter addressed to the Ministry of Foreign Affairs, EFCC Chairman, Ola Olukoyede, emphasized the imperative for Nigerian embassies abroad to adhere strictly…
The International Monetary Fund (IMF) has released its projection for Nigeria’s growth rate in 2024, estimating it to be at 3.3%. This forecast is underpinned by anticipated improvements in both oil and agriculture sectors, coupled with enhanced security measures. According to a statement from the IMF headquarters in Washington D.C., Nigeria’s financial sector has shown…
The federal government has unveiled plans to remove the naira from all peer-to-peer (P2P) exchanges, a decision aimed at tackling concerns related to the manipulation of the local currency’s value in the foreign exchange market. The announcement was made by Emomotimi Agama, the Director General of the Securities and Exchange Commission, during a virtual conference…
Gabriel Suswam, former Governor of Benue State, expressed skepticism about the ability of the government led by President Bola Tinubu to address Nigeria’s economic challenges. In an interview on Channels Television, Suswam argued that the Tinubu administration lacks the capability to improve the country’s economic situation, which he believes was worsened by the policies of…
The Economic and Financial Crimes Commission (EFCC) has acknowledged the reimbursement of $760,910 by the American International School, Abuja. This payment, originally made as an advanced school fee by former Kogi State Governor Yahaya Bello for his children, was confirmed by EFCC spokesperson Dele Oyewale during a national television broadcast on Saturday. The reimbursement initiative…
The national currency, naira, showcased further resilience against the US dollar, settling at an impressive N1,300.43 per dollar in the official foreign exchange market on Wednesday. Data from FMDQ revealed a notable surge, with the naira climbing to N1,300.43 per USD, marking a substantial gain of N82.52 compared to the preceding day’s rate of N1,382.95….
The Air Component of Operation Delta Safe launched a decisive blow against illicit oil refining operations, obliterating clandestine sites and confiscating stolen crude oil products detected from March 25th to 26th in various locations including Bille, Dariama, Elem Bekinkiri, Temakiri, Opumakiri, and Degema areas of Rivers State. A barge laden with illicitly refined products was…
