Economy - Abia ThinkTank News

Jun

2024

Tinubu Approves N50,000 Grant, N155 Billion Food Package For Households

CBN/Commercial Banking, Economy, FGN, News Flash

Tinubu Approves N50,000 Grant, N155 Billion Food Package For Households President Bola Tinubu has approved the National Construction and Household Support Programme during the National Economic Council meeting on Thursday in Abuja. According to a statement issued by the presidential spokesman, Ajuri Ngelale, the programme is aimed at boosting agricultural productivity, strengthening the economy, and providing immediate economic relief for Nigerian households. Ngelale added that the programme, which was supported by the NEC, includes financial allocations and infrastructure projects across all geo-political zones in the country. He added that a key component of the programme is the approval of the…

Jun

2024

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By Abia ThinkTank

Crypto Is Like Air, Nigerian Government Can’t Cage It – SEC

Business, Economy, News Flash

Crypto Is Like Air, Nigerian Govt Can’t Cage It – SEC The Securities and Exchange Commission (SEC) says it controls and regulates cryptocurrencies and other digital assets but admits it is impossible to “cage” it, describing it as “air.” SEC director-general Emomotimi Agama said this at the first Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) on Thursday in Abuja. Mr Agama described crypto assets as digital or virtual assets utilised by cryptography for security. He said over 15,000 cryptocurrencies were created, with Bitcoin being the most popular. The director-general said the regulatory landscape for cryptocurrency…

Jun

2024

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By Abia ThinkTank

National Assembly Passes Bill To Extend 2023 Appropriation Act Supplementary Budget

Economy, National Assembly, News Flash

National Assembly Passes Bill To Extend 2023 Appropriation Act, Supplementary Budget The National Assembly comprising the House of Representatives and the Senate has passed a Bill for an Act to Amend the Appropriation Act 2023, to further extend the implementation of the Capital aspect of the Appropriation Act, 2023 from 30 June 2024 to 31 December. It also passed a Bill for an Act to Amend the Supplementary Appropriation Act, 2023 to further extend its implementation from 30 June 2024 to 31 December 2024. The bill scaled the first reading on Thursday. The leader of the senate, Sen. Opeyemi Bamidele…

Jun

2024

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By Abia ThinkTank

Governor Otti Assures The 300 Beneficiaries Of The State Sponsored Agricultural Training Programme At CSS Farms Nasarawa Of Government’s Support To Set Up Immediately

Abia State, Agriculture, Economy, Good Governance, News Flash

GOVERNOR OTTI ASSURES THE 300 BENEFICIARIES OF THE STATE-SPONSORED AGRICULTURAL TRAINING PROGRAMME AT CSS FARMS NASARAWA OF GOVERNMENT’S SUPPORT TO SET-UP IMMEDIATELY. The Executive Governor of Abia State Dr. Alex Otti, OFR, has assured the 300 beneficiaries of the State-sponsored Modern Agricultural Skills and Practices Training Programme at CSS Integrated Farms, Nasarawa State, of the State Government’s support to enable them hit the ground running immediately. Dr. Otti gave the assurance during the graduation and passing out ceremony of the Trainees which the Governor personally attended, underscoring the strategic importance of the Agric sector to his Administration. 'For us as…

Jun

2024

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By Abia ThinkTank

CBN Stops FX Price Verification System Portal For Importets

CBN/Commercial Banking, Economy, News Flash

CBN Stops FX Price Verification System Portal For Importers The Central Bank of Nigeria (CBN) says the foreign exchange (FX) price verification system (PVS) portal used by importers has been discontinued. The CBN disclosed this in a statement on Thursday signed W. J. Kanya, its acting director of trade and exchange department. In August 2023, the CBN had said price verification from the portal was mandatory for all Form M requests. The Form M is a document used to declare the intention to import physical goods into Nigeria. According to the statement, importers would no longer need the portal to…

Jun

2024

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By Abia ThinkTank

‘No Cause For Alarm’ – Dangote Refinery Reacts To Fire Outbreak

Business, Economy, Mishap, News Flash, Oil & Gas

‘No Cause For Alarm’ – Dangote Refinery Reacts To Fire Outbreak A “minor fire” incident was recorded at the effluent treatment plant of the Dangote Refinery in Lagos on Wednesday. The fire was immediately put out as fire fighters and first responders swiftly rose to the occasion. In a statement, a spokesman for the company, Anthony Chiejina, said operations at the refinery was not affected in anyway. “There is no cause for alarm as the refinery is operating and there is no recorded injury or body harm to all our staff on duty,” he said. The $20bn facility sited in…

Jun

2024

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By Abia ThinkTank

Minimum Wage: Approve N250,000 Demand To Match Inflationary Trend – Labour Tells Tinubu

Economy, Columns/Opinions/Letters, FGN, Labour, News Flash

Minimum Wage: Approve N250,000 Demand To Match Inflationary Trend – Labour Tells Tinubu Organised Labour has pleaded with President Bola Tinubu to prove his love for Nigerian workers and approve its demand of N250,000 minimum wage to reflect the present inflationary trend in the country. Speaking to Vanguard, a member of the organised labour negotiating team in the Tripartite Committee of the New National Minimum Wage and President-General of the Maritime Workers Union of Nigeria, MWUN, Prince Adewale Adeyanju, accused state governors of stalling efforts at achieving a reasonable wage for public workers. He said: “If you are an employer…

Jun

2024

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By Abia ThinkTank

Tinubu Appoints New Consumer Protection Commission CEO

Economy, Business, FGN, News Flash, Presidency

Tinubu Appoints New Consumer Protection Commission CEO President Bola Tinubu has approved the appointment of Mr. Olatunji Bello as the new Chief Executive Officer/Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC). Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement disclosed that the appointment is subject to confirmation by the Senate. Mr. Bello is a lawyer, administrator, and renowned journalist. He is the former secretary to the Lagos State Government and holds a Master’s degree in International Law and Diplomacy from the University of Lagos. He also studied Law at the same…

Jun

2024

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By Abia ThinkTank

NLC Rejects Call To Decentralize Minimum Wage Negotiations; ‘Governors Will Basterdize It’

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

‘Governors Will Bastardise It,’ NLC Rejects Call To Decentralise Minimum Wage Negotiations The Nigeria Labour Congress (NLC) has opposed some politicians’ calls for decentralised minimum wage negotiations. Adebayo Aribatise, secretary of NLC in Oyo State, spoke with journalists on Sunday in Ibadan and said decentralising minimum wage negotiations would be at workers’ disadvantage in some states. Some politicians had recently called for decentralised minimum wage negotiations. One of them, Kayode Fayemi, stressed the need for allowing states to conduct wage negotiations with their labour unions, separate from the federal government. Mr Fayemi, a former governor of Ekiti, said the position…

Jun

2024

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By Abia ThinkTank

National Assembly Moves To Approve N70k Minimum Wage For Workers

FGN, Economy, Labour, National Assembly, News Flash

National Assembly Moves To Approve N70k Minimum Wage For Workers The National Assembly has reportedly moved to approve a new minimum wage of N70,000 as part of efforts to alleviate the sufferings of Nigerian workers, 9News Nigeria has learnt. The move, according to an inside source who preferred not to be named, will relax the tension between the organised labour, the federal government, states, and local governments. Nigerian Senate President Godswill AkpabioNigerian Senate President Godswill AkpabioRecall that the tripartite committee had recommended a minimum wage of N62,000. Labour unions in the country have since turned down the offer, insisting on…