Economy - Abia ThinkTank News

Jun

2024

Minimum Wage: Where Will States Find Extra Money For The Minimum Wage? From Christ Embassy’s School Of Miracles? – Reno Omokiri

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

What is the use of making an unenforceable minimum wage law? More than half of Nigeria's thirty six states are already struggling to pay the current ₦30,000 minimum wage. It does not take a genius to know that if they are forced to pay ₦60,000, the Governors will have to engage in MASSIVE sacking. Only about eight states can fully survive on their own without federal allocations. Nigerians are notorious for not paying taxes. We have tax-to-GDP ratio of less than 10%. Even Ivory Coast has a higher tax-to-GDP ratio than we do. So, where will the states find the…

Jun

2024

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By Abia ThinkTank

FX Gain Now Major Source Of FAAC Revenue – Report

CBN/Commercial Banking, Economy, News Flash

FX Gain Now Major Source Of FAAC Revenue – Report A think-tank organisation, Agora Policy, has stated that foreign exchange gains have become a major source of revenue for the Federation Account Allocation Committee. In the report titled “How Exchange Gain Became a Major Source of Federation Revenue”, Agora Policy said the exchange gain saw an increase after the unification of the foreign exchange market. Exchange gain represents the difference between the exchange rate projected in the budget and the actual rate at which applicable revenue streams are converted at FAAC. The organisation stated exchange gain had been a feature…

Jun

2024

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By Abia ThinkTank

Strike: NLC Fires Secretary To The Govt, George Akume

FGN, Economy, Labour, News Flash

(Strike): NLC Fires Secretary To The Govt, George Akume Nigeria Labour Congress has berated the Secretary to the Government of the Federation, George Akume, for terming Monday’s nationwide strike by organised labour as a “treasonable felony and economic sabotage.” While rejecting the SGF’s insinuations, the NLC said the former Benue State Governor’s utterances exposed his personality. In a statement by its Head, Information and Public Affairs, Benson Upah, NLC argued that “Those who loot our treasury around the country, those who divert public resources meant for hospitals and schools; those who are involved in foreign exchange round-tripping; padding of budgets…

Jun

2024

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By Abia ThinkTank

N60,000 Minimum Wage Too High, Not Sustainable – Governors Reject Proposal

Columns/Opinions/Letters, Economy, News Flash

N60,000 Minimum Wage Too High, Not Sustainable – Governors Reject Proposal Governors under the aegis of the Nigerian Governors Forum have rejected the proposed N60,000 minimum wage for Nigerian workers. In a statement issued on Friday by the Director of Media and Public Affairs for NGF, Halimah Salihu Ahmed, the governors said the proposed minimum wage is too high and not sustainable. NGF expressed concerns that if the N60,000 minimum wage is adopted, many states would allocate their entire Federal Account Allocation Committee funds to salaries, leaving no resources for development projects. The statement read in part, “The Nigeria Governors’…

Jun

2024

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By Abia ThinkTank

FGN Has Not Resumed Fuel Subsidy – Presidency Disowns Leaked Fiscal Policy Documents

Business, Economy, FGN, News Flash

FG Has Not Resumed Fuel Subsidy – Presidency Disowns Leaked Fiscal Policy Documents The Federal Government has reacted to leaked fiscal policy documents which suggested that the government had resumed payment of petrol subsidy. In a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga on Thursday, the Presidency dismissed the documents as unapproved policy proposals. He, however, said they are still subject to review and not official government documents. He said, “One of the documents titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024 is being shared as if it were…

Jun

2024

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By Abia ThinkTank

$5.3m Fraud: US Hunts Scammers, Traces Funds To Nigeria, Others

Crime, Economy, News Flash

$5.3m Fraud: US Hunts Scammers, Traces Funds To Nigeria, Others The US government has filed a civil forfeiture action to recover $5.3 million linked to a business email compromise (BEC) scheme that defrauded a Massachusetts workers union. In January 2023, a spoofed email led the union to transfer $6.4 million to a fraudulent account. The funds were then routed through various international banks and cryptocurrency exchanges. US authorities have seized money from seven domestic accounts connected to the scheme. These were stated in a Wednesday press release obtained from the United States Attorney’s Office, District of Massachusets website on Thursday.…

Jun

2024

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By Abia ThinkTank

Abia To Join Global Quality Shoe Making List As Comfort Stevens Prepares To Open Factory

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

ABIA TO JOIN GLOBAL QUALITY SHOE MAKING LIST AS COMFORT STEVENS PREPARES TO OPEN FACTORY Abia State Governor, Dr. Alex Otti, OFR, says his administration is working very hard to clean up the business environment and make it conducive for new investments as well as bring back old ones that had left the state in the past due to unhealthy government policies. Governor Otti said that capital, by way of investment, is devoid of emotion and sentiment and only goes to places where the environment is conducive for it to thrive and flourish. "You may choose to relocate abroad in…

Jun

2024

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By Abia ThinkTank

Presidency Speaks On Receiving N105k Minimum Wage Proposal From Wale Edun

Economy, FGN, Labour, News Flash

Presidency Speaks On Receiving N105k Minimum Wage Proposal From Wale Edun The Presidency has come out to deny reports that the Minister of Finance and coordinating minister of the economy, Wale Edun proposed N105,000 as minimum wage. Reports emerged on Thursday afternoon that Edun presented a new minimum wage template of N105,000 (approximately $220) per month for Nigerian workers. The report also claimed that Tinubu is currently reviewing the proposal, and an official announcement is expected soon. But in a tweet, presidential aide, Bayo Onanuga debunked the news. He said: “The Honorable Minister of Finance and coordinating minister of the…

Jun

2024

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By Abia ThinkTank

Minimum Wage Talks: Labour Considers N100,000 As Tinubu Issues Ultimatum

Economy, Labour, News Flash

Minimum Wage Talks: Labour Considers N100,000 As Tinubu Issues Ultimatum Organised Labour may settle for N100,000 minimum wage as the Tripartite Committee on National Minimum Wage commences daily meetings for five days to reach a consensus. Multiple sources in the labour movement told The PUNCH on Tuesday that the union leaders were willing to review their demand from N494,000 to N100,000, following the criticism and controversy that trailed their proposal which was considered outrageous and unrealistic. In a statement by his media aide, Rabiu Ibrahim on Saturday, the Minister of Information and National Orientation, Mohammed Idris, said the proposed minimum…

Jun

2024

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By Abia ThinkTank

FGN To Suspend Import Duties On Staple Food Items, Drugs, Others For 6 Months To Ease Inflation

Economy, Business, FGN, News Flash

FG To Suspend Import Duties On Staple Food Items, Drugs, Others For Six Months To Ease Inflation The Federal Government is considering a six-month suspension of import duties on staple food items, drugs, and other essential items as a measure to curb inflation, according to a report seen by Nairametrics. This is contained in a document sent to President Bola Tinubu for review and approval The document also includes plans to waive levies on fertilizers, poultry feed, flour, and grains. Bloomberg reported that President Tinubu is yet to sign the document for implementation. The Inflation Reduction and Price Stability Order,…