International Trips: Tinubu, Shettima’s Absence Fiscal Irresponsibility — Obi
The Labour Party, LP, presidential candidate during the 2023 elections, Peter Obi, has described the foreign trips embarked upon by both President Bola Tinubu and his deputy, Kashim Shettima, as fiscal irresponsibility. Obi raised issues with the trips, coming when the country is grappling with domestic (economic) challenges. Recall that Tinubu departed for the United Kingdom on October 2, for a...
Cost-of-Living Crisis: FG Planning Cash Transfer To 20 Million Nigerians — Finance Minister
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the increase in Nigeria’s revenue recorded in the 2024 fiscal year is being strategically allocated to various social intervention programmes aimed at improving the living standards of citizens and addressing pressing societal needs. The minister said the social investment programme is targeted to impact 60...
List Of Ten African Nations Where Workers Earn Highest Wages [Must Read]
There are several countries in Africa where workers, particularly salaried employees, are well paid. Here’s a look at the top 10 African countries where workers earn the best salaries, as a result of the economic conditions and high demand for skilled labour. Morocco The first on this list is Morocco, with an average salary of $2,031 due to its diversified economy, strong...
China Ready To Lend Us More Money, We’re Not Discussing Debt Forgiveness With Them — FG
The Federal Government of Nigeria says it is not discussing debt forgiveness with China, noting that Beijing is willing to lend Nigeria more money and invest more in the economy of Nigeria. The Minister of Foreign Affairs, Yusuf Tuggar, stated this on Channels Television’s Sunday Politics programme. Nigeria has been making proposals for debt forgiveness at the United Nations General Assembly...
Private Employers Paying Less Than N70,000 Risk Jail Term, FG Warns
The Federal Government has called on agencies recruiting for the private sector to adhere to the N70,000 minimum wage, warning that any deviation would not be tolerated. According to the FG, the new minimum wage is necessary to address the current economic reality, emphasising that no Nigerian worker, whether in government or private employment, should be paid less than the...
CBN Auctions $876m To 26 Banks, Disqualifies Six
The Central Bank of Nigeria (CBN) has successfully auctioned $876.26 million to 26 deposit money banks (DMBs) in the latest Retail Dutch Auction System (RDAS) held on Tuesday, August 6, 2024. The auction was part of the apex bank’s efforts to enhance foreign exchange liquidity in the market, alleviate demand pressure, and support price discovery, in line with its objectives. The CBN disclosed...
CBN Approves Merger Of Unity, Providus Banks
The Central Bank of Nigeria (CBN) has approved a pivotal financial accommodation to support the proposed merger between Unity Bank and Providus Bank. CBN’s acting Director of Corporate Communications, Hakama Sidi Ali, disclosed this in a statement on Tuesday. According to the apex bank, the action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007. It...
National Assembly Adjusts 2024 Budget From ₦28.7tn To ₦35.5tn
The Senate has approved the ₦6.2 trillion amendment to the 2024 Appropriation Act, raising this year’s national budget from ₦28.7 trillion to ₦35.055 trillion. The amendment for capital and recurrent are for key infrastructure projects omitted in the 2024 appropriation and for the newly passed ₦70,000 national minimum wage. Meanwhile, the House of Representatives has also passed the amended 2024 budget...
Every Fund In Dormant Accounts Should Be Sent To Us, CBN Tells Banks
The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to transfer funds in all dormant accounts to the apex bank. A circular by CBN Ag. Director of Financial Policy and Regulations, Mr. John Onoja, last night indicated that accounts that have remained dormant for 10 years and above would be affected. It said, “The provisions of...
ECOWAS Nations Set To Launch Single Currency ECO
Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States (ECOWAS) have advanced plans to launch the single currency initiative, known as the ECO. This initiative envisioned to propel economic growth and development throughout the West African sub-region, received Nigeria’s endorsement. The single currency is part of the features in the three-in-one Identity cards planned by...
