Category: Economy
Senate Considers Bill to Amend ICAN Act
Abuja, Nigeria — June 13, 2024 — A new bill aimed at amending the Institute of Chartered Accountants of Nigeria (ICAN) Act No. 15 of 1965 is currently under consideration at the National Assembly. The bill, sponsored by Senator Olamilekan Adeola Yayi from Ogun West, seeks to expand the scope of ICAN’s professional practice. One…
President Tinubu Announces Draft Legislation for Unified Minimum Wage in Nationwide Broadcast
Abuja, Nigeria — June 10, 2024 — In a nationwide broadcast commemorating the 25th anniversary of Nigeria’s democracy, President Bola Ahmed Tinubu announced that his administration is finalizing a draft legislation for a unified minimum wage. The bill will be presented to the National Assembly for approval in the near future. During his address, President…
BREAKING: Lagos State Orders Additional 100 Refuse Compactor Trucks from Dangote’s Truck Assembly Plant
Lagos, Nigeria — June 10, 2024 — Lagos State has announced the purchase of an additional 100 refuse compactor trucks from Dangote’s Truck Assembly Plant. Governor Babajide Sanwo-Olu made the announcement during the commissioning of the Completely Knocked Down (CKD) Plant in Lagos State. This new acquisition follows the earlier procurement of 102 compactor trucks…
Dangote Refinery Delays Petrol Production Start to Mid-July
Lagos, Nigeria — June 10, 2024 — The commencement of petrol production at the $20 billion Dangote Refinery in Lagos has been postponed from June to mid-July, according to Aliko Dangote, the President and CEO of Dangote Group. During a meeting with journalists on Monday, Dangote confirmed the shift in the production timeline, attributing it…
EFCC Launches Investigation into Former Governor El-Rufai Over Alleged N423 Billion Fraud
Abuja, Nigeria — June 10, 2024 — The Economic and Financial Crimes Commission (EFCC) has initiated an extensive investigation into former Kaduna State Governor Nasir El-Rufai and several key figures in his administration over allegations of mismanaging N423 billion. This probe follows a petition submitted by a non-governmental organization (NGO) and corroborated by a report…
FAAC Distributes N1.143 Trillion Among Federal, State, and Local Governments in May 2024
— In a recent financial update, a total of N1.143 trillion from the Federation Accounts Revenue has been allocated to the Federal Government, States, and Local Government Councils for the month of May 2024. This was disclosed in a press release by Bawa Mokwa, Director of Press and Public Relations at the Office of the…
Nigerian Imports Surge to ₦12 Trillion in Q1 2024, Fuel and Food Items Lead
June 10, 2024 — Nigeria’s total imports in the first quarter of 2024 have skyrocketed to ₦12.64 trillion, marking a significant 39.65% increase from ₦9.05 trillion in the last quarter of 2023, and a staggering 95.53% rise from ₦6.47 trillion in the first quarter of 2023. This surge highlights a sharp escalation in the nation’s…
NLC President Ajaero Clarifies Position on Minimum Wage Dispute, Rules Out Immediate Strike
June 10, 2024 — The Nigeria Labour Congress (NLC) has announced that there will be no strike action scheduled for Tuesday in the ongoing pursuit of a revised national minimum wage. This announcement was made by NLC President Joe Ajaero during the International Labour Conference currently taking place in Geneva, Switzerland. “We cannot declare a…
Labour Dismisses ₦62,000 and ₦100,000 Minimum Wages as Insufficient, Hints at Possible Strike Resumption
June 10, 2024 — The Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) have firmly rejected the proposed minimum wages of ₦62,000 and ₦100,000, deeming them inadequate. They have warned that a nationwide strike, temporarily halted last week, may resume if their demand for a ₦250,000 minimum wage is not met by the…
Nigerian Petroleum Marketers Register with Dangote Refinery Ahead of June Petrol Launch
Lagos, June 10, 2024 — As Nigerians eagerly anticipate the availability of petrol from the Dangote Petrochemical Refinery this month, petroleum marketers have begun the registration process with the company in preparation for loading the product. The marketers are signing up as independent business proprietors to request direct fuel supply from the oil refinery, signaling…