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Friday, 06 October 2023 04:28

Naira is Africa’s worst performing currency - World Bank

Nigerian naira has weakened by 40 percent since the mid June 2023 devaluation, making it one of the worst-performing currencies in Sub-Saharan Africa, the World Bank, has said. The World Bank said this in its report titled, “Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume 28).” “So far this year, the Nigerian naira and the Angolan kwanza are among the worst performing currencies in the region: these currencies have posted a year-to-date depreciation of nearly 40 per cent.” “The weakening of the naira was triggered by the central bank’s decision to remove trading restrictions…

Friday, 06 October 2023 04:26

Putin discusses cause of Prigozhin plane crash

Russian President Vladimir Putin said pieces of grenade were found in the bodies of Wagner founder Yevgeny Prigozhin and other mercenary leaders who died in a plane crash, as he hinted that the man who led an armed revolt against the Kremlin’s military leadership had been a drug user. “In the bodies of those who died in the air crash fragments of hand grenades were found,” Putin said Thursday at the annual meeting of the Valdai Club in the Black Sea city of Sochi, citing what he said were investigators’ findings. There was no evidence of an external impact on…

Thursday, 05 October 2023 04:50

Widening gap between official and parallel market FX rates indicates FG lacks capacity to stabilise Naira - Fitch Ratings

A widening gap between the official and parallel market exchange rates of the Naira indicates the government’s lack of capacity to stabilize the currency and the likelihood it may depreciate further, according to Fitch Ratings Inc. The naira was quoted at 1002 per dollar at the parallel market on Wednesday, according to Umar Salisu, a foreign-exchange operator who compiles the data in Lagos, the nation’s commercial hub. But it was 26% stronger at 745.19 naira/dollar in the official window, according to FMDQ, a Lagos-based platform where the currency is traded. The naira has weakened sharply in street trading in the…

Wednesday, 04 October 2023 05:05

Price of cooking gas to rise further as Niger Republic bans exports to Nigeria, others

Niger has banned all exports of liquefied petroleum gas (otherwise known as cooking gas) until further notice, the government said in a statement on Tuesday. National production should be used to supply the domestic market, and in case of surplus a special authorization can be requested to export it, the statement said. Niger normally exports its surplus petroleum gas to neighbouring Nigeria where prices of cooking gas have been rising in the past couple of months. Reuters/NewsScroll

Tuesday, 03 October 2023 04:36

NLC, TUC suspend planned strike

The leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) has suspended the planned indefinite nationwide strike. The labour bodies announced the suspension of the planned strike which was scheduled to take off on October 3 (today), after a meeting with representatives of the federal government at the State House, on Monday. The labour leaders reached the agreement to shelve the planned action in a memorandum of understanding (MoU) issued and signed by Joe Ajaero, NLC president, Festus Osifo, NUC president and representatives of the federal government, Simon Lalong, minister of labour and employment, at the end…

Tuesday, 03 October 2023 04:35

Price of cooking gas increased 74 percent in 3 months, sells for N12,500 per 12.5kg cylinder

Price of 12.5kg of Liquefied Natural Gas or cooking gas has increased to N12,500. Market survey by our correspondent revealed that gas retailers had increased prices of 12.5kg from N10,000 reported towards the end of last month, to around N12,500 in Lagos. The PUNCH had reported how the President, Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, warned that the price of 12.5kg cooking gas could hit as high as N18,000 by December if the Federal Government did not checkmate the activities of the terminal owners. However, despite the warning, Olatunbosun told The PUNCH on Monday, that the government…

Monday, 02 October 2023 04:22

FG, Labour had emergency meeting last night to avert strike. Here’s outcome of the crucial parley

President Bola Tinubu has approved N35,000 as the provisional wage increment for all treasury-paid workers for a period of six months. “Going from the meeting with Labour today, Tinubu has agreed to increase the provisional wage award for all treasury-paid Federal Government workers to N35,000 for 6 months,” a statement from the presidency on Sunday night reads. The approval followed the outcome of the meeting between representatives of the federal government and leaders of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to avert the planned indefinite nationwide strike by the unions. The unions have directed their members…

Sunday, 01 October 2023 10:25

Full text of Tinubu’s speech to the nation on Independence Day 2023

Here is the full speech of President Bola Tinubu on Nigeria’s 63rd independence day anniversary. Dear Compatriots, It is my unique honour to address you on this day, the 63rd anniversary of our nation’s independence, both as the President of our dear country and, simply, as a fellow Nigerian. On this solemn yet hopeful day, let us commend our founding fathers and mothers. Without them, there would be no modern Nigeria. From the fading embers of colonialism, their activism, dedication and leadership gave life to the belief in Nigeria as a sovereign and independent nation. Let us, at this very…

Sunday, 01 October 2023 04:38

There’ll be no electricity, fuel nationwide from Tuesday, unions say in conformity to Labour strike

National Union of Electricity Employees (NUEE), say its members will join the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) in the planned indefinite nationwide strike. Labour had threatened to go on an indefinite nationwide strike from October 3 over the removal of petrol subsidy by the federal government and its attendant impacts on Nigerians. Specifically, Labour is asking the government for tax exceptions, allowances to public sector workers, reduction of cost of governance, and wage awards following the removal of the petrol subsidy. Last month, the NLC had embarked on a two-day warning strike after which the…

Saturday, 30 September 2023 04:59

Labour boycotts meeting with FG, intensifies mobilization for nationwide strike

The organised labour comprising the Nigeria Labour Congress and the Trade Union Congress, Nigeria, on Friday, boycotted an emergency meeting with the Federal Government scheduled for 3pm at the Presidential Villa, Abuja. The Federal Government had called an emergency meeting with leaders of the organised labour at the Conference Room of the Office of the President’s Chief of Staff. Among other goals, Friday’s meeting was meant to talk the labour movement out of its planned nationwide strike from Tuesday, October 3, 2023. On September 26, NLC and TUC disclosed plans to commence an indefinite strike on October 3 to protest…

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Saturday, 30 September 2023 04:50

FAAC: FG, states, LGs share N1.1trn for August, 2023

The federation account allocation committee (FAAC) says it shared N1.1 trillion among the three tiers of government in August 2023. The figure represents an increase of N192.46 billion compared to N907.54 billion in July 2023. The committee disclosed this in a communiqué issued on Friday at the end of its September meeting in Abuja. According to the communique, the N1.1 trillion (N1,100.101 billion) comprises of total distributable statutory revenue of N357.39 billion, distributable value-added tax (VAT) revenue of N 321.94 billion, electronic money transfer levy (EMTL) revenue of N14.10 billion, exchange difference revenue of N 229.56 billion, and augmentation of…

Friday, 29 September 2023 05:10

Analysis: Tinubu’s reform drive falters, threatening Africa's biggest economy - Reuters

Nigerian President Bola Tinubu's lightning-fast reform push after taking office in May sparked hope that his administration would be a business-friendly antidote to mounting economic troubles facing Africa's biggest economy. Fast forward to more than 100 days in office, and the key planks of his economic overhaul - unshackling the naira from its rigid regime, and allowing fuel prices to rise - are coming loose. The naira hit a record low of 1,000 to the dollar on the black market this week, widening the gap with the official rate, which stood at 785 on Thursday. Petrol pump prices, meanwhile, have…

Friday, 29 September 2023 05:07

Labour vows to continue with planned nationwide strike, says no agreement with FG otherwise

The leadership of Nigerian Labour Congress (NLC) says it does not have any date for a meeting with the federal government that may lead to the suspension of the proposed strike scheduled to commence next Tuesday. This is just as the organised labour vowed to mobilise all its affiliates and members across the country to ensure full compliance to the declaration of the proposed with a view to pressing home its demands until they are met. The Congress, through the Head of Information and Public Affairs of NLC, Benson Upah, on Thursday said the issues on ground were beyond what…

Friday, 29 September 2023 05:04

Fuel scarcity looms as oil workers resolve to join nationwide strike

One of Nigeria's main oil and gas unions will join a nationwide strike starting on Oct. 3 to protest against government policies that are causing economic hardship for Nigerians, union leaders said on Thursday. Nigeria is Africa's largest oil producer and relies on the commodity for around 90% of foreign exchange earnings and about half its budget. Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) directed its members to ensure "unwavering compliance" with the indefinite strikecalled by Nigeria's two biggest workers union federations. NUPENG represents a myriad of workers across the entire value chain in the oil and gas…

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