Gov Obaseki Increases Minimum Wage To 40,000

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.

Improve Nigeria’s Revenue Generation, Debt Reduction – IMF Tasks Tinubu

The International Monetary Fund has drawn the attention of the incoming President, Bola Ahmad Tinubu on the need to increase the country’s revenue base. This was revealed by the Resident Representative of, IMF Nigerian Office, Ari Aisen during the Virtual forum on the Nigerian debt situation. He also advised the incoming administration to do whatever they can to reduce dependence on debt to fund expenditures, hence, the fastest way to resolve the country’s debt issues is to give more attention to how to improve revenue and expenditure.

Fuel Hike: Kwara Government Reduces Work Days To 3

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.

I Deliberately Closed Borders To Make Nigerians Productive – President Buhari

President Muhammadu Buhari has explained that he approved the closure of Nigeria borders with its neighbours in 2019 to prevent Nigerian rice smugglers and their collaborators in other countries including Niger from making Nigeria a dumping ground for smuggled rice. “So, closing that border of 1,600km, more than. Nigerians insist that they have to impress their neighbours and other people that they eat foreign rice. I said no rice. Rather, you eat what you grow and grow what you eat or you die,” the president said yesterday. He stated this on Tuesday at the inauguration of a new Customs Headquarters, built at the cost of N19.6 billion, in Abuja.

Subsidy: Protest To Get Sour As NUJ Directs Members to Join NLC

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.

Seven African Presidents Accompany Buhari To Commission Dangote Refinery

President Muhammadu Buhari alongside his counterparts from Ghana, Togo, Senegal, Niger, and Chad will be commissioning the Dangote Petroleum Refinery and Petrochemical being established by Africa's richest man, Aliko Dangote today, 22nd May 2023. The petroleum refinery with a capacity to process 650,000 barrels daily (bpd) is established on 2,635 hectares of land located in the Dangote Industries Free Zone in Ibeju-Lekki, Lagos, and will create employment for over 100,000 persons. The coming onstream of the gigantic project is expected to mark Nigeria’s exit from the league of oil-rich nations which are heavy importers of petroleum products.

Fuel Subsidy: Federal Government Meeting With NLC, TUC Ends In Deadlock

The meeting between Nigeria Labour Congress (NLC), Trade Union Congress (TUC) and the Federal Government has ended without reaching a consensus. Representatives of the Federal Government included Dele Alake, the spokesperson for President Bola Tinubu; and the Group CEO of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari. Other government officials present were the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; and former Edo State Governor Adams Oshiomhole.

FG Renames Aviation Ministry

The Federal Executive Council (FEC) on 17th May 2023 renamed the Ministry of Aviation as now Ministry of Aviation and Aerospace as disclosed by the Minister of Aviation, Hadi Sirika, after the FEC meeting presided by President Muhammadu Buhari. Sirika stated that aviation and aerospace were interwoven and Nigeria had to be proactive in setting its policies to align with future occurrences, also noting that the change became necessary because aviation is on the exclusive list. The minister said the council also approved the concession of the Nnamdi Azikiwe International Airport, Abuja, and the Aminu Kano International Airport in Kano, according to him the Nnamdi Azikiwe International Airport, Abuja, had been concessioned to a consortium of private operators for the sum of $700m; while that of Malam Aminu Kano International Airport, Kano was for $97.4m. He said the amount expected from the deal was almost the total amount of money spent by the government on remodeling the airports.

Naira Appreciates Marginally Against Dollar

Few hours after President Bola Ahmed Tinubu assumed office, the Naira appreciated against the dollar on Tuesday, exchanging for N464.50 at the Investors’ and Exporters’ window compared with the N464.51 to the dollar at the close of business on May 26. The open indicative rate closed at N464.10 to the dollar on Tuesday.

Diversify, Oil and Gas Going No Longer Dependable - Okonjo-Iweala

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala disclosed that oil and gas are no longer viable sources of revenue, and has urged stakeholders to diversify their revenue sources so as to double the growth rate and sustain higher growth until the upper middle-income status is attained.