Economy - Abia ThinkTank News

Jul

2024

President Tinubu Appoints Board For Family Home Fund

Tinubu Appoints 10-member Board For Family Home Fund President Bola Tinubu has approved the appointment of a chairman and nine members of the board of the Family Homes Funds Limited. Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, disclosed this in a statement signed Tuesday, titled ‘President Tinubu appoints new board of the family home fund.’ The committee members include Mr Demola Adebise (Board Chairman), and Mr Abdul Muttalab, who was appointed Chief Executive Officer/Managing Director by former President Muhammadu Buhari in January 2023. Others are Mr Abdullahi Musa (Executive Director, Finance) and Mr. Emeka Inegbu (Executive Director, Operations).…

Jul

2024

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By Abia ThinkTank

Nigerian Rakes In Millions For Returning $14,000 Erroneously Credited To Him

Business, Economy, Gossips, News Flash

Nigerian Man Who Returns $14,000 Sent To Him As Giveaway Rakes In Million A Nigerian youth, Anjola Femi, who returned a sum of $14, 000 (over 21 million) mistakenly credited to his account by a foreign crypto trader has been gifted with financial rewards from the crypto community. As of the time of filing this report, Anjola has been rewarded with over N7.5 million by netizens who were thrilled by his gesture of returning the $14k mistakenly credited to his account. The excited chemical engineering graduate flaunted his crypto wallet, on Tuesday, showing the influx of credit alerts into his…

Jul

2024

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By Abia ThinkTank

Labour Sends New Message To Tinubu’s Government Over Minimum Wage

Economy, FGN, Labour, News Flash, Politics

“What We Want to Hear”: Labour Sends New Message To Tinubu's Govt Over Minimum Wage President of Nigeria Labour Congress (NLC), Joe Ajaero, has accused the federal government of hiding under the state governors. Ajaero said the delay in submitting the new minimum wage proposal to the National Assembly shows that the government has not put its house in order. He said any governor that cannot pay the new minimum wage, when it becomes effective, should resign. President of Nigeria Labour Congress (NLC), Joe Ajaero, said what organized labour wants to hear is that the federal government want to consult…

Jul

2024

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By Abia ThinkTank

Nigeria Customs Intercepts Container Of Arms Including 844 Riffles Worth N4Billion At Onne Port

Crime, Economy, News Flash, Security

Customs Intercepts Container Of Arms Including 844 Rifles Worth N4Billion At Onne Port The Nigeria Customs Service has intercepted a container from Turkey containing 844 rifles and 112,500 pieces of live ammunition. The service arrested three suspects who are currently in custody, and a thorough investigation is ongoing to ensure all those involved face the full wrath of the law, the NCS said. The container, which was subjected to a physical examination on June 21, 2024, was found to have the following contents. Briefing journalists at Onne Port, Rivers State on Monday where the items were seized, the Comptroller General…

Jul

2024

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By Abia ThinkTank

FCT, 27 Other States Fail To Access N36 Billion UBEC Grant

Education, Economy, FGN, News Flash

FCT, 27 Other States Fail To Access N36 Billion UBEC Grant Twenty-seven states of the federation and the Federal Capital Territory, have failed to access the N36.1bn education fund provided by the Universal Basic Education Commission in 2023. The N36.1bn figure is obtained from a document prepared by UBEC in March 2024, which showed how state-by-state matching grants were not accessed. The document, which was signed by UBEC’s Director of Finance and Account, Adamu Misau, said the sum of N36.1bn was not accessed by states. According to the data on the document, Jigawa, Sokoto and Zamfara states in the North-West;…

Jun

2024

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By Abia ThinkTank

Tackle Poverty With Financial Interventions – EU Urges FGN

Economy, Empowerment, News Flash

Tackle Poverty With Financial Interventions – EU Urges Nigerian Govt The European Union has called on the Federal and State Governments to increase financing for social protection interventions, “as it is critical to reducing poverty across the country.” According to a statement by the commission on Saturday, the Head of Cooperation of the EU Delegation to Nigeria and ECOWAS, Massimo De Luca, made the call on Friday, during the third edition of the Social Protection Cross-Learning Summit in Abuja. He described social protection as a fundamental pillar supporting the most vulnerable and poor households, providing not only a safety net…

Jun

2024

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PZ Cussons Reports N96.4 Billion Net Loss, Shareholders Funds Wiped Out

Business, Economy, News Flash

Shareholders Funds Wiped Out As PZ Cussons Reports N96.4 Billion Net Loss Consumer goods company PZ Cussons has reported a net loss of N96.4 billion for the fiscal year ending May 31, 2024. According to its latest unaudited financial statements, the losses resulted in the company posting a negative equity of N47.2 billion by the end of the fiscal year. PZ Cussons has been grappling with significant macroeconomic challenges that adversely affect its profit margins. Among the key issues cited are high interest rates, exchange rate depreciation, and escalating inflation. These factors have combined to create a tough operating environment…

Jun

2024

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By Abia ThinkTank

President Tinubu Urges Governors To Meet Targets On Food Security; Approves Immediate Rollout Of National Construction And Household Support Programme

Agriculture, Economy, FGN, News Flash, Prophecy

STATE HOUSE PRESS RELEASE PRESIDENT TINUBU URGES GOVERNORS TO MEET TARGETS ON FOOD SECURITY; APPROVES IMMEDIATE ROLLOUT OF NATIONAL CONSTRUCTION AND HOUSEHOLD SUPPORT PROGRAMME To boost agricultural productivity, strengthen the economy by creating opportunities in the real sectors of agriculture, manufacturing, and construction, as well as provide urgent economic relief for Nigerians, President Bola Tinubu has approved the immediate rollout of the National Construction and Household Support Programme to cover all geo-political zones in the country. Under the programme, the Sokoto-Badagry Highway, which will traverse Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos, is prioritized. Other road infrastructure projects, such…

Jun

2024

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Minimum Wage: NLC Cautions Governors Against Dictatorial Tendencies

Economy, Labour, News Flash, Politics

(Minimum Wage): NLC Cautions Governors Against Dictatorial Tendencies The Nigeria Labour Congress on Friday cautioned state governors against exhibiting dictatorial tendencies amidst the recent statements made by some governors regarding their desire to pay what they deem fit to Nigerian workers as the minimum wage. “This notion is not only dictatorial but also undermines the very essence as well as the model adopted for creating a national minimum wage in Nigeria,” NLC’s spokesperson, Benson Upah made this known in a statement sent to The PUNCH in Abuja. Explaining the concept of a national minimum wage, Upah noted that it is…

Jun

2024

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FGN Announces Date To Commence Payment Of N150bn SMEs, Manufacturer’s Loan

CBN/Commercial Banking, Economy, FGN, News Flash

FG Announces Date To Commence Payment Of N150bn SMEs, Manufacturers Loan The Nigerian Federal Government says the disbursement of N150 billion in loans to micro, small and medium enterprises and manufacturers would commence by the end of July 2024. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this in a statement through her official X handle on Thursday. Uzoka-Anite said that 60 percent of the proposed one million beneficiaries of the Presidential Conditional Grant had received a financial grant of N50,000 without repayment obligations in the 774 local government areas of the country. She said, “To all applicants…