Economy - Abia ThinkTank News

Jun

2024

Nigeria Is Poverty Capital, Stop Downplaying Our Situation – Obi Tells Tinubu

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

Nigeria Is Poverty Capital, Stop Downplaying Our Situation – Obi Tells Tinubu The Presidential Candidate of the Labour Party (LP), in the 2023 election, Peter Obi, has implored President Bola Ahmed Tinubu to stop downplaying the hardship currently being suffered by citizens with his view that it’s not peculiar to Nigeria alone. Obi noted that rather than face the reality that we are the poverty capital of the world and the most insecure people and take decisive steps to stem the situation, the government is trying to play the ostrich even when the people are overwhelmed by the situation. The…

Jun

2024

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By Abia ThinkTank

Hardship: It’s Now Difficult To Plan Our Meals – Abuja Residents Cry Out

Economy, Abuja, News Flash

Hardship: We Can No Longer Plan Our Meals – Abuja Residents Cry Out A cross-section of residents of the Federal Capital Territory (FCT), says they can no longer fend for their families due to the rising cost of foodstuff. The residents, who spoke in separate interviews with the News Agency of Nigeria (NAN) on Friday in Abuja, said that eating beans and yam have become a luxury due to its high cost. This, they said, had affected their domestic food timetable, making it impossible to eat varieties. Mrs Glory Ocholi, a mother, said that beans have become so expensive that…

Jun

2024

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Xclusive: Court Document Reveals How $6.2m Stolen From CBN Was Shared Amongst Top Officials

CBN/Commercial Banking, Crime, Economy, Judiciary, News Flash

EXCLUSIVE: Court Document Reveals How $6.2m Stolen From CBN Was Shared A fresh revelation has emerged in the ongoing investigation into the alleged theft of $6,230,000 from the Central Bank of Nigeria (CBN) on February 8, 2023. According to court documents, the stolen funds were shared among top officials of the apex bank, with the personal assistant to the former CBN Governor, Godwin Emefiele, Odoh Eric Ocheme, receiving the largest share of $3,730,000. The documents reveal that the theft was an insider job, carried out by CBN officials in collaboration with two outsiders, Adamu Abubakar and Imam Abubakar. The investigators…

Jun

2024

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By Abia ThinkTank

Minimum Wage: FGN Pushes N62,000 Pay Despite Labour’s Opposition

Economy, FGN, Labour, News Flash

Minimum wage: FG pushes N62,000 pay despite Labour’s opposition The Presidency, on Sunday, insisted that the N250,000 minimum wage clamour by Organised Labour is unsustainable, warning that the Federal Government cannot channeled all its resources to meet such a demand. The warning comes two days after the Association of Local Governments of Nigeria raised concerns over the N62,000 being proposed by the FG. The ALGON said if approved, the wage may put a strain on the councils’ financial burden. On Tuesday, May 28, talks between the Federal Government and Organised Labour broke down after the government and the Organised Private…

Jun

2024

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By Abia ThinkTank

Stop Buying Presidential Jets, Focus On Alleviating Suffering – Peter Obi Slams FGN

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

Focus On Alleviating Suffering, Not Buying Presidential Jets – Obi Slams FG The Labour Party Presidential flag bearer, Peter Obi, on Monday, faulted the Federal Government for contemplating adding new aircraft to the existing Presidential fleet. Three days ago, the House of Representatives Committee on National Security and Intelligence mandated the FG to buy new aircraft for President Bola Tinubu and Vice-President Kashim Shettima. The committee’s recommendation was contained in a report released after it investigated the status of the aircraft in the presidential air fleet. The recommendation comes a few months after three planes from the Presidential Air Fleet…

Jun

2024

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Why Labour Should Review Stance On Minimum Wage – Committee

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

Why Labour Should Review Stance On Minimum Wage — Committee The Tripartite Committee on National Minimum Wage has given reasons why organised labour should rethink the amount it demands as minimum wage. The chairman of the committee, Goni Aji, in Abuja on Sunday said that the labour should reconsider its stance based on economic considerations and non-monetary incentives which the Federal Government had so far provided for workers. He listed such incentives to include the N35,000 wage award for all treasury-paid federal workers, N100 billion for the procurement of gas-fuelled busses and conversion to gas kits. Others include the N125…

Jun

2024

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Minimum Wage: I’ll Approve What Nigeria Can Afford – President Tinubu

Economy, Labour, News Flash

Minimum wage: I’ll approve what Nigeria can afford – Tinubu President Bola Tinubu has said that he would approve a new minimum wage that the government can afford. The President said this on Wednesday at a dinner to mark Nigeria’s 25 years of unbroken Democracy in Abuja. Tinubu thanked those who stood by him over the years, promising Nigerians that he won’t depart from the tenets of democratic governance. “I have to celebrate with you my dear brother, Senate President, Deputy Senate President,” he said, adding that Senate President Godswill Akpabio and his deputy, Jibrin Barau would soon get an…

Jun

2024

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Nigeria Is Poor, Elected Officials Should Earn Minimum Wage – Soludo

Columns/Opinions/Letters, Economy, News Flash

Nigeria Is Poor, Elected Officials Should Earn Minimum Wage – Soludo Governor of Anambra state, Charles Soludo has called for elected officials to start earning minimum wage, highlighting the urgent financial crisis facing Nigeria. Speaking on Wednesday at a special edition of The Platform, an event organized by The Covenant Nation to promote national development, Soludo emphasised that Nigeria is financially strained. The event coincided with the celebration of Nigeria’s 25 years of uninterrupted democracy. Soludo pointed out that Nigeria’s economic woes are exacerbated by the extravagant lifestyles of government officials, which are sustained at the expense of the nation’s…

Jun

2024

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There’s Hunger, New Anthem Not Priority – Makinde

Economy, News Flash, People Reorientation

There’s Hunger, New Anthem Not Priority – Makinde Amidst the growing economic challenges facing Nigeria, Governor Seyi Makinde of Oyo State has decried the Federal Government’s recent re-introduction of old national anthem, calling for a shift in priorities towards addressing pressing issues such as hunger and poverty. Makinde, who blasted the decision yesterday as “a waste of time and resources,” stated that “the return of old national anthem shouldn’t be our priority when so many Nigerians are suffering.” Makinde maintained that the country must prioritise economic development, saying there could not be production without mobilisation. According to the governor, the…

Jun

2024

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World Bank Approves $2.25bn Loan For Nigeria

CBN/Commercial Banking, Economy, FGN, News Flash

World Bank Approves $2.25bn Loan For Nigeria Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy announced Thursday night the approval of two major financial support packages by the World Bank. The loans are part of President Tinubu’s ongoing efforts to stabilise the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable, the minister said. “We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth. We welcome the support of the RESET and ARMOR programs as…