President Bola Tinubu, Wednesday said Nigeria is open for business and constructive partnerships. The President spoke while hosting President XI Jinping of China’s Special Envoy, Peng Qinghua, at the Presidential Villa, Abuja. Mr Qinghua said the two countries at present had good bilateral relations and economic cooperation, noting that Chinese companies were doing well in Nigeria in railways, roads, hydropower and free trade zones. While commending Mr Tinubu’s  plan to lead Nigeria to a new era of economic development and prosperity, the Chinese envoy, however, said there were areas where Nigeria could benefit from China. Jinping also pledged increased economic cooperation with Nigeria, saying the country is important to Africa and the world.

The Federal Government has secured the sum of $800 million from the World Bank under the National Social Investment Programme as part of palliatives to cushion the negative effects of the plan to remove subsidy on petroleum products by June 2023. The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, announced this Wednesday after the weekly Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the State House Abuja. “There’s a provision (of the Petroleum Industry Act) that says 18 months after the effectiveness of the PIA that all petroleum products must be deregulated. That 18 month takes us to June 2023.

Governor of Ekiti State, Biodun Oyebanji has appealed to residents within the state to accept the old naira notes as means of the transaction and added that any trader and service provider caught rejecting the old notes shall be prosecuted. The governor further urged commercial banks and the Central Bank of Nigeria,(CBN) to make both the old and new notes accessible.

Following the removal of petrol subsidy across the nation by President Bola Ahmed Tinubu, the Edo State government has announced an increment in the minimum wage in the state from N30,000 to N40,000. This was contained in a statement on 6th June 2023, released and signed by the Governor, Godwin Obaseki. Also attached to the increase in wage, was the reduction of working days from five to three days, as resident strives to keep up with the effect of the removal of fuel subsidy.
The statement in full: “In the wake of fuel subsidy removal by the Federal Government, fuel prices have increased astronomically leading to rise in prices of goods and services and overall cost of living. “The Edo State Government shares the pains of our people and wants to assure everyone that we are standing with them in these very challenging times.

Following the hike in transport fares, occasioned by fuel subsidy removal, the Kwara State Government has reduced the working days to three days per week. The State’s Head of Services, Mrs Susan Oluwole announced the palliative in a statement on Monday. The statement was signed by Oluwole’s press secretary, Murtala Atoyebi.

Following the declaration of industrial action by the Nigerian Labour Congress, NLC concerning the removal of subsidies by the federal government, the Nigerian Union of Journalists directed its members to support the NLC in its protest. This was declared by the NUJ body in a press statement by its National Secretary, Shuaibu Usman Leman, which was made available to newsmen in Abuja saying the central Working Committee of the Union deliberated on the issues and has found the NLCs position and proposed action as worthy in the interest of general Nigerian citizens.

The Security and Exchange Commission (SEC) has announced that it has prohibited six online trading platforms from continuing activities. This was contained in a circular issued on Monday by the Commission which stated that the affected platforms were not registered by the SEC, therefore the financial services offered by them were unauthorized.

The supreme court has invalidated the naira redesign policy introduced by the Central Bank of Nigeria (CBN) and further declared the old N200, N500 and N1000 notes legal tender until December 31, 2023. The apex court on Friday nullified the CBN's redesign policy, stating that it was an affront to the 1999 constitution. It added the President’s disobedience of the February 8 order, is a sign of dictatorship.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) stated that it has called off the suspension notice earlier, on the sales of products sent to its members since issues of contention have been resolved. The spokesman of the IPMAN office in Maiduguri, Borno State, where the suspension notice emanated from, Abdulkadir Mustapha, has confirmed the suspension via a telephone call, “Yes, the suspension notice is confirmed as genuine but we have already resolved the issue and directed all the members to start dispensing fuel since an hour ago.”