Author: Mary Osisanya-Bello

The Federal Government through the National Salaries, Incomes and Wages Commission has stated that the payment of the new minimum wage will commence from July 2024.The NSIWC Chairman, Ekpo Nta, said this during a press briefing on Tuesday in Abuja.The commission stated that this was because the date in question was when the President approved the bill after the National Assembly passed it.The development is contrary to an earlier statement by the Minister of State for Labour, Nkiruka Onyejeocha, that the payment would commence on May 1, 2024.It also means that the government would only pay an arrears of two…

The average fare paid by air passengers for specified routes on a single journey rose sharply in August 2024, hitting N123,700.14.This represents a 25.51 per cent increase compared to N98,560.28 in July 2024.In a report by the Nigeria Bureau of Statistics on Tuesday, on a year-on-year basis, the fare jumped by 56.56 per cent from N79,011.38 in August last year, making air travel more expensive for commuters.In other categories, the average fare for bus journeys within cities dropped to N869.35 in August 2024, showing a decrease of 7.77 per cent from N942.61 in July 2024.On a year-on-year comparison, the fare…

Dangote has criticised NNPC’s reduced stake in the refinery, calling the decision a huge mistake during a recent interview.Aliko Dangote, Africa’s richest person and the President of the Dangote Group, owners of the new 650,000 barrels per day crude oil refinery in Lagos, on Monday argued that the decision by the Nigerian National Petroleum Company Limited (NNPC) to reduce its stake in the facility from 20 per cent to 7.2 per cent was a huge mistake.Speaking during a Bloomberg Television interview in New York, monitored by THISDAY, Dangote further disclosed that although he has two oil blocks which are set…

Growing investor confidence and strong market participation have continue to boost optimism about Fidelity Bank’s stock as the bank experienced a remarkable 20% surge on the Nigerian stock market, with its share price surpassing the N13 mark by the third week of September. This upward trend follows the bank’s combined offer, which included a Public Offer and Rights Issue launched on June 20, 2024.The combined offer consisted of 10 billion ordinary shares priced at N9.75 for the public and 3.2 billion shares at N9.25 for existing shareholders, collectively raising N127.1 billion. After a consolidation period from June to August, coinciding…

The Debt Management Office has announced that the Federal Government was offering three bonds worth N150bn for the September auction.In a release, the DMO stated that the bonds, which were re-openings of previously issued instruments, would be sold in units of N1,000, subject to a minimum subscription of N50m, and in multiples of N1,000.It was noted that the first bond being offered was the N70bn April 2029 bond with a 19.30 per cent coupon rate for a five-year tenor.The second bond is the N50bn FGN February 2031 bond with an 18.50 per cent coupon rate for a seven-year tenor and…

The Infrastructure Concession Regulatory Commission has confirmed that the construction of the $3.5bn Bakassi Deep Seaport is going to begin soon, signaling an advancement for Nigeria’s maritime and economic infrastructure.ICRC’s Director-General, Dr Jobson Ewalefoh, announced this at a high-level stakeholders’ meeting, according to a statement issued on Monday by the acting Head of Media and Publicity, Ifeanyi Nwoko.Ewalefoh said the project would be completed in record time, stressing that the assurance was premised on four factors.He said this is because the Cross River State Government has demonstrated the commitment and zeal required for the project; the newly streamlined ICRC public-private…

The Abuja Chamber of Commerce and Industry (ACCI) has commended the Federal Government’s proactive efforts in creating a business-friendly environment, yielding tangible results through increased investments in Nigeria ¹. The Chamber praised the government’s Economic Stabilisation Plan, citing the Coca-Cola system’s $1 billion investment in Nigeria’s beverage and manufacturing sector as evidence of its effectiveness. Professor Adesoji Adesugba, ACCI’s First Deputy President, expressed delight at growing investor confidence, noting that the Coca-Cola investment reflects the positive impact of an enabling business environment. He encouraged other companies to capitalize on Nigeria’s improved business climate and lauded President Bola Ahmed Tinubu’s “Renewed…

The Central Bank’s Monetary Policy Committee (MPC) is poised to reassess its stance on interest rates as its two-day meeting commences today. With inflation rates decreasing for two consecutive months, analysts suggest the MPC may reduce lending rates marginally. The current interest rate stands at 26.75%, a rate many consider unsustainable for businesses. Experts like Mr. Charles Sanni, Managing Director of Cowry Treasurers, and Professor Richard Mayungbe of Copperstone University, Zambia, advocate for lowering interest rates. They argue that the current rate is an “overkill” and hampers industries’ ability to expand and create jobs. Others, like Teslim Shitta-Bey, Chief Economist…

Nigerians may face another electricity tariff hike due to rising subsidy costs, which increased from N102.30 billion in May to N181.63 billion in September . The Nigerian Electricity Regulatory Commission (NERC) attributes this rise to foreign exchange crises and inflation. In April, the government stopped paying subsidies for Band A customers, who receive at least 20 hours of electricity daily, and increased their tariff to N225 per kilowatt-hour. This decision sparked outrage among Nigerians, including labor unions and education and health institutions, whose electricity bills tripled. The NERC’s data shows a fluctuating subsidy trend: N140.7 billion in April, N102.30 billion…

Segun Ajayi-Kadir, Director General of the Manufacturers Association of Nigeria (MAN), praised the Tinubu administration’s Accelerated Stabilization and Advancement Plan (ASAP), calling it a collaborative effort between the government and private sector stakeholders. He commended President Tinubu for establishing the Economic Management Team Task Force and Presidential Economic Coordinating Council to oversee its implementation. Ajayi-Kadir emphasized that effective implementation is crucial, requiring diligent and focused action from relevant government structures, with consequences for non-delivery. He noted that the plan’s timely implementation will restore confidence in governance and the economy, attracting new investors and retaining existing ones. While acknowledging the importance…