Economy - Abia ThinkTank News

Oct

2024

Why We Agreed To N70,000 Minimum Wage Amid Petrol Price Hike – NLC President

Why We Agreed To N70,000 Minimum Wage Amid Petrol Price Hike – NLC President President of the Nigeria Labour Congress (NLC), Joe Ajaero, detailed the NLC’s reasoning behind accepting a N70,000 minimum wage offer during a recent interview on Arise Television’s Morning Show. Ajaero explained the decision occurred amid discussions with President Bola Tinubu at the Presidential Villa, Abuja, where the NLC turned down further fuel price increases while negotiating the wage agreement. Ajaero highlighted that despite organised labour’s initial push for a N250,000 minimum wage, they ultimately accepted N70,000 after negotiations reached a deadlock. “While we were discussing, we…

Oct

2024

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By Abia ThinkTank

Obi Breaks Silence On Increased Fuel Price

Columns/Opinions/Letters, Economy, News Flash, Politics

Peter Obi Breaks Silence On Increase In Fuel Price The Labour Party presidential candidate in the 2023 election, Peter Obi, has condemned the recent increase in fuel prices, calling on the Federal Government to reverse the sudden hike. Obi’s statement comes after the Nigerian National Petroleum Company Limited (NNPCL) announced an increase in petrol price, raising it from ₦897 to ₦1,030 per litre. The latest price surge marks the second increase within a month, following a previous rise from ₦615 to ₦897 in September. In a post on his X handle on Saturday morning, Obi described the fuel price hike…

Oct

2024

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By Abia ThinkTank

Atiku Nicknames Tinubu ‘T-Pain” Over Hardship He Has Inflicted On Nigerians

Columns/Opinions/Letters, Economy, News Flash, Politics

Atiku Slams Tinubu Over Hardship, Calls Him ‘T-Pain’ Former Vice President Atiku Abubakar has slammed President Bola Tinubu for being undisturbed by the hardship his policies including the removal of petrol subsidy has inflicted upon Nigerians. In an X post on Thursday, Atiku, the 2023 presidential candidate of the Peoples Democratic Party (PDP), labelled Tinubu as “T-Pain” for drowning the well-being of Nigerians. “The haphazard and disingenuous approach of the current administration to fuel subsidy management has been the reason we are in this current economic crisis in the country. “As things stand, there will be no let up in…

Oct

2024

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By Abia ThinkTank

Amid Hardship, Nigerian Banks Declare Huge Profits; Customers Complain

CBN/Commercial Banking, Economy, News Flash

Amid Hardship, Nigerian Banks Declare Huge Profit; Customers Complain Commercial bank customers in the Federal Capital Territory have urged banks to pay more attention to customer satisfaction than declaring massive profits. They spoke against the backdrop of some commercial banks making an estimated profit before Tax of N3.8 trillion in the first half of 2014. According to reports, the banks, which include Zenith Bank, UBA and 10 others, recorded a 108.2 per cent increase from the N1.83 trillion recorded in the first half of 2023. But bank customers told the News Agency of Nigeria (NAN) on Wednesday that they were…

Oct

2024

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By Abia ThinkTank

NNPCL Increases Fuel Price To N1,030 Per Litre In Abuja, N998 In Lagos

Economy, News Flash, Oil & Gas

NNPCL Increases Fuel Price To N1,030 Per Litre In Abuja, N998 In Lagos Filling stations belonging to the Nigerian National Petroleum Corporation Limited (NNPCL) have increased the pump price of fuel. The product which previously sold for N897 in Abuja, the nation’s capital, currently sells for N1,030. Daily Trust correspondent who visited an NNPC outlet in Maitama observed how motorists queued up to purchase the product amid complaints. At another NNPC station in Gudu, still in Abuja, motorists queued up while waiting for attendants to commence sale. When our reporter asked an attendant if the station was out of stock,…

Oct

2024

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By Abia ThinkTank

Crude-For-Loans: NNPC Votes 8Million Barrels Monthly For $8.8 Billion Debt – Report

Economy, News Flash, Oil & Gas

Crude-For-Loans: NNPCL Votes 8Million Barrels Monthly For $8.8 Billion Debt – Report The Nigerian National Petroleum Company Limited (NNPCL) has pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn. By pledging 272,500 barrels daily, it means that about 8.17 million barrels of crude will be used for different loan deals by the national oil firm on a monthly basis. This is according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements. Under these deals, notable projects include Project Panther, Project Bison, Project Eagle Export…

Oct

2024

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By Abia ThinkTank

FGN Names 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu(Full List)

Economy, Business, FGN, News Flash

63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (See Full List) The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), as part of its latest fiscal reforms. This was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, via a post on X (formerly Twitter) on Friday. The exemptions are outlined in the official ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024. The announcement follows the recent introduction of fiscal concessions aimed at revitalising Nigeria’s oil and gas sector, as disclosed by the…

Oct

2024

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By Abia ThinkTank

CBN Introduces Electronic System To Boost Transparency In Forex Market

CBN/Commercial Banking, Economy, FGN, News Flash

CBN Introduces Electronic System To Boost Transparency In Forex Market The Central Bank of Nigeria has announced the introduction of an Electronic Foreign Exchange Matching System aimed at transforming the country’s foreign exchange market. This new system is set to be operational in the Nigerian Foreign Exchange Market by 1 December 2024, following a two-week test run scheduled for November. The EFEMS is expected to reshape how foreign exchange transactions are conducted in the interbank market by enhancing transparency and promoting a market-driven exchange rate accessible to the public. According to a circular by the Director of the Financial Markets…

Oct

2024

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By Abia ThinkTank

ICPC Recovers N13 Billion Diverted Public Funds In September

Crime, Economy, News Flash

ICPC Recovers N13 Billion Diverted Public Funds In September The Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr Musa Aliyu, on Wednesday revealed that the anti-graft agency recovered diverted public funds to the tune of N13 billion in the month of September only. Aliyu made the revelation in his welcome address at the launch of the commission’s 2024-2028 Strategic Action Plan in Abuja, saying ICPC had make significant progress in the fight against corruption on Nigeria. Describing the recovery as a remarkable achievement, the chairman said it was a testament to ICPC’s relentless efforts aimed at combating…

Oct

2024

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By Abia ThinkTank

Minimum Wage: FGN Raises Retiree’s Pension By N32,000

Economy, FGN, Labour, News Flash

Minimum Wage: FG Raises Retirees’ Pension By N32,000 Following the consequential adjustment in salary structures by the committee set up by the government to review the new minimum wage, retirees will now receive an increment of N32,000 in their monthly pensions. This was revealed in a memo by the National Salaries, Wages, and Income Commission, sighted on Monday by The PUNCH. According to the memo, dated September 27, 2024 and signed by the Chairman of the NSIWC, Ekpo Nta, the affected retirees are those who retired under the salary schemes for doctors, health workers, lecturers, police, paramilitary, armed forces, and…