The Nigeria Labour Congress (NLC) has reacted to the proposal by the Southern Governors Forum that states should determine the minimum wage in their domains. The Southern Governos had met in Abeokuta, Ogun state during the week where deliberations on the new minimum wage was had. In a communique they released after their…
A Senior Customs officer, Essien Etop Andrew, present at the Public Accounts committee of the House of Representatives slumped and died while responding to a question from members of the committee today June 25. The Customs officer had appeared before the committee carrying out an investigation, Sadly while responding to a question, he developed…
MultiChoice has readjusted its subscription rates for DStv and GOtv users in Nigeria, following a court order mandating a halt to its planned price hikes. The move comes after the company faced legal challenges and lost over a million subscribers of its Nigerian customer base. The Competition and Consumer Protection Tribunal in Abuja had…
The National Buereau of Statistics says Nigeria’s inflation rate increased to 33.95 per cent in May 2024. In its latest report released today June 15, the bureau stated that there was an increase of 0.26% points when compared to the April 2024 headline inflation rate. The data revealed that on a year-on-year basis,…
Guinness has announced it will exit the Nigerian market and sell off its controlling shares to Singaporean conglomerate Tolaram Group on Tuesday, June 11. Guinness has joined a long list of multinationals, like GlaxoSmithKline and Microsoft, that have left Nigeria, citing the harsh economic climate in the country. The brewery company recorded a staggering N61.9…
The President of the Senate, Godswill Akpabio has assured Indigenous investors that the National Assembly will make laws to encourage investment and protect local industries. Akpabio gave the assurance after leading the leadership of the Senate on a guided facility tour of the World largest single-train refinery, Dangote Petroleum Refinery and Fertiliser Plant in…
The federal government has finally admitted that Nigeria is projected to spend up to N5.4 trillion on oil subsidies in 2024. This comes after months of repeated denials by government officials who insisted there were no subsidies. The revelation came during a presentation by Wale Edun, the minister of finance and coordinating minister of…
The Central Bank of Nigeria (CBN) has said that it has no plans to revoke the licences of Unity, Polaris, and Keystone banks. The apex bank said this in response to claims of having plans to terminate the licences of the three banks, following the revocation of Heritage Bank’s licence. In a tweet shared…
The Presidential Committee on Fiscal Policy and Tax Reforms has announced that it has asked the federal government to adopt an exchange rate of N800 per dollar for customs import duty. Presenting some recommendations of the committee on Thursday, May 30, Taiwo Oyedele, chairman of the committee, expressed concern over the import duty rate…
In a new report titled “National Gross Domestic Product Q1 2024” released by the Nigerian Bureau of Statistics, it’s been revealed that the country’s economy grew by 2.98% in one year. The growth rate is higher than the 2.31% recorded in the first quarter of 2023 and lower than the fourth quarter of 2023…
