Zamfara Moves Away From N7,000 Minimum Wage, Now Pays N30,000
The Zamfara State Government has commenced the payment of N30,000 minimum wage to workers in the North-Western state. This followed a meeting the state governor, Dauda Lawal, held with the leadership of labour unions where he pledged to commence the payment of the minimum wage in June. Disclosing this in a statement on Friday, the governor’s spokesperson, Sulaiman Bala Idris, said...
2023: North Determines Next President, Will Be Asked To Vote Atiku – Primate Ayodele
Primate Elijah Ayodele of the INRI Evangelical Spiritual Church has made another revelation regarding the 2023 presidential election. He stated that the Peoples Democratic Party, PDP, presidential candidate Atiku Abubakar, would be asked to vote in the North. Primate Ayodele revealed in a statement signed by his media aide, Osho Oluwatosin, that the 2023 election will be based on ethnicity and...
Nine Local Banks Generate ₦14tn In Loan Interest Amid Interest Rate Hikes
In 2024, nine Nigerian banks earned a total of N14.26 trillion in interest revenue, according to an examination of the financial institutions' audited financial statements. As the banks made trillions of naira from the interest on loans given to customers during the review period, manufacturers counted their losses, groaning under the weight of soaring borrowing costs totalling N1.3tn for the...
CBN Raises ITMO Application Fee To N10m, Restricts Banks, Fintechs From Providing Services
The Central Bank of Nigeria (CBN) has increased the application fee for the international money transfer operators (IMTO) licence application fee from N500,000 to N10 million in the revised guidelines. The increase as contained in the revised guidelines for the operations of IMTOs, which were officially released on January 31, 2024, represents about 1,900% in 10 years. Also, the CBN banned...
Emefiele: Tinubu Orders Probe Into Activities Of CBN
President Bola Tinubu has appointed a special investigator Jim Osayande to probe the Central Bank of Nigeria (CBN) and Related Activities. This was contained in a letter signed by the President and addressed to Obazee, the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN). “In accordance with the fundamental objective set forth in Section 15(5) of the Constitution...
Salary Delay In 90 MDAs Resolved, As FG Hails Workers For Their Patience
The federal government has said all affected federal workers in about 90 Ministries, Departments and Agencies (MDAs) have received their January salaries. Top officials at the Head of Civil Service of the Federation (OHoCSF) and selected MDAs told Daily Trust that they have interacted with colleagues and their subordinates, who all confirmed that they received their salaries. They pleaded not to...
Gov. Mbah Lists Gains Expected As He Signs N521.5bn 2024 Budget Into Law
Governor of Enugu state, Peter Mbah has signed a N521.5billion Enugu State 2024 Budget into law, saying it would engender disruptive economic growth, radical infrastructural development and efficient service delivery. Mbah, who said that the Enugu State 2024 Appropriation Law, consisting N414.3billion Capital Expenditure, representing 79 per cent of the budget and N107.2 billion, representing 21 per cent of the...
Abuja Black Marketers Shuts Down Operation
In a surprising move, foreign exchange black market operators in Abuja, including those at the bustling Wuse Zone 4 market, abruptly stopped trading on Thursday morning. They attributed their decision to instructions from their union and a significant depreciation of the Naira against the US dollar at the official market. None of the traders approached was willing to exchange foreign currency. Initially, they...
Old Naira Notes: SERAP Drags Buhari, Malami, CBN To Court
The Socio-Economic Rights and Accountability Project (SERAP) announced over the weekend that it had sued President Muhammadu Buhari for "the unlawful directive banning the use of old N500 and N1,000 banknotes, contrary to the interim injunction granted by the Supreme Court that the old N200, N500, and N1000 banknotes remain legal tender." The Central Bank of Nigeria (CBN) and Abubakar...
Court Voids Passage Of Rivers Budget By Pro-Fubara Lawmakers
Justice James of the Federal High Court Abuja has nullified the N800 billion budget passed by the Edison Ehie-led group of the Rivers State House of Assembly and signed into law by the Rivers State Governor, Siminalayi Fubara. The court also upheld the suit filed by the Assembly and Speaker Martin Amaewhule, against Fubara, which sought an order of injunction...
