Category: Economy
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…
BREAKING: SGF, George Akume, Summons Labour to Emergency Meeting Over Nationwide Strike
Abuja, Nigeria – June 3, 2024 In an urgent attempt to address the ongoing nationwide strike that has paralyzed economic activities across Nigeria, the Secretary to the Government of the Federation (SGF), George Akume, has summoned leaders of the organized labor unions to an emergency meeting. The President of the Trade Union Congress of Nigeria…
Breaking News: Presidential Committee Recommends Withholding Tax Exemptions for Manufacturers and Farmers
Lagos, Nigeria – May 30, 2024 In a significant move aimed at easing the tax burden on businesses, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced new recommendations to exempt manufacturers and farmers from withholding tax. This announcement was made at a public forum discussing proposed amendments…
Federal Government Considers Supplementary Budget Amid Minimum Wage Talks – IMF
As discussions on a potential increase in the minimum wage for Nigerian workers continue, the Federal Government is contemplating the necessity of preparing a supplementary budget to accommodate the proposed raise. This recommendation comes from the International Monetary Fund (IMF), which recently released its staff country report for Nigeria. The IMF’s report highlights the possibility…
VP Shettima Affirms Tax Reforms Aimed at National Benefit
Reforms poised to enhance revenue generation in investment-friendly climate Vice President Senator Kashim Shettima has reaffirmed that Nigeria’s tax reforms, spearheaded by the administration of President Bola Ahmed Tinubu, are designed to overhaul the system for the collective welfare of all Nigerians. Dispelling speculations circulating in certain circles, Shettima emphasized, “Our objective is not to…
Federal Government Plans New Audit of N2.8tn Fuel Subsidy Request
The Federal Government is gearing up to launch a fresh audit into the N2.8 trillion fuel subsidy request submitted by the Nigerian National Petroleum Company Limited (NNPC). This move comes in the wake of an initial audit conducted by the auditing firm KPMG, which led to a significant reduction in the subsidy claims from an…
Central Bank of Nigeria Suspends Cash Deposit Fees Until September 2024
In a move aimed at providing relief to individuals and businesses, the Central Bank of Nigeria (CBN) has announced the suspension of fees on cash deposits until September 30, 2024. The decision was communicated in a memo dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision at the CBN. The memo…