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Good morning! Here Are Some Major News Headlines In The Newspapers Today: Forex crisis: Labour blames govt officials, meets FG today

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1. The Nigeria Labour Congress on Sunday lamented the devastating impact of the forex crisis on the economy and demanded urgent stabilisation of the naira. The NLC President, Joe Ajaero, who said this in a statement, blamed government officials’ love for foreign luxury products for the free fall of the national currency.

2. An explosion rocked the Rivers State House of Assembly complex on Sunday night. The incident came amid alleged moves by some lawmakers to impeach Governor Siminalayi Fubara. It was gathered that some suspected arsonists threw an explosive into the complex around 9:25pm, causing a fire outbreak in the building.

3. The Benue State Police Command on Saturday night rescued a pastor and a member of his church who were accused by some youths of harvesting somebody’s organ at Kanshio New Layout, Makurdi.

Some youths in the area had on Saturday night beaten up a pastor of the Deeper Christian Life Ministry aka Deeper Life Bible Church, simply identified as Pastor Terna and a member of the church, identified as Jude Tyokula, on the allegation of organ theft.

READ  Labour gives FG May 31 deadline for new minimum wage

4. The Ogun State Police Command has said it arrested two minors for allegedly setting their school in Isheri-Olofin area of Ifo Local Government Area of the state on fire. The spokesperson for the command, Omolola Odutola, disclosed this in a statement on Sunday. Odutola noted that the minors gained access into the school, gathered books left behind by the teachers and set them on fire, an act which led to damage of the school books.

5. The Chief of Staff to the President, Femi Gbajabiamila, said on Sunday that no amount of propaganda would distract the focus of the Bola Tinubu-led administration. He noted that the administration has enormous tasks ahead of it, stressing that it would not be interrupted by baseless accusations from unverifiable quarters.

6. President Bola Ahmed Tinubu has expressed the determination of his administration to change the narrative of Nigeria as a crawling nation by bringing transformative governance. He spoke on Sunday during bilateral political talks with the Chancellor of the Federal Republic of Germany, Olaf Scholz, and his entourage at State House, Abuja.

READ  NLC wants N794,000 as minimum wage for south-west workers

7. A boat carrying over 100 passengers capsized midway through the Benue River on Saturday. It was learnt on Sunday that traders, women and children, heading for Binnari town in Karim-Lamido local government area of the state were on the ill-fated boat.

8. If Nigeria had lost its arbitration dispute with Process & Industrial Development (P&ID), it would have cost the country about $15 billion, former President Muhammadu Buhari, has said. He noted that his former Chief of Staff (CoS), the late Abba Kyari and the Minister of Justice & Attorney-General of the Federation (AGF), Abubakar Malami, were mandated to find a way out on the issue.

9. Pressure on the naira eased at the weekend after disclosures on the sources of the expected $10 billion forex inflows announced by the Federal Government.

The expected dollar inflow has not only raised market confidence but also pushed the Naira to record significant gains across forex segments. The Naira closed the week at N1,145/$1 at the parallel market, and N789.94/$ at the Investors and Exporters (I&E) window where over $400 million transactions were consummated on Friday.

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10. The Catholic Diocese of Wukari has confirmed the abduction of one of its priests, identified as Rev. Father Thaddeus Tarhembe. The clergyman was taken captive during the early hours of Sunday.

 

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Minimum Wage: No figure is sacrosanct, there’s always room for adjustments – Labour

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Following the seeminglt unending discussions on a new minimum wage for Nigerian workers, organised labour has said that it is not fixated on any figure.

 

The tripartite committee on minimum wage ended its deliberations last week, submitting two figures to President Bola Tinubu for consideration as the new minimum wage.

 

While the government and the organised private sector are proposing ₦62,000, organised labour is demanding ₦250,000 as the new minimum wage.

 

However, the President of the Trade Union Congress (TUC), Festus Osifo, who was a guest on Channels Television’s breakfast programme, The Morning Brief on Friday, said no figure is sacrosanct as there is always room for adjustments.

 

“What we said is that for us when we give figures, there is always a room to meander, there is always a room for us to do some adjustment here and there,” Osifo said.

 

“So, there is no figure that is sacrosanct, there is no figure that is cast in stone that both parties will be fixated on it. One of the reasons that we went on industrial action the last time was because when it got to N60,000, they told us that a kobo cannot even join the N60,000, that they cannot even add one naira to it.

READ  Court grants EFCC order to freeze 1,146 accounts over ‘unauthorised foreign exchange’ transactions

 

“So that was one of the reasons that led to that industrial action beyond the fact that there were also delays.”

 

President Tinubu is expected to send an executive bill to the National Assembly for legislative action.

 

The TUC President said that they are not going to pre-empt the President, but they are making all efforts to justify why Tinubu should tilt towards the figure presented by the labour instead of the one by the organised private sector and the government.

 

He said that if the President send a figure that is not favourable to the labour to the National Assembly, they will still approach the lawmakers and push them to do much more.

 

Osifo vowed that the work of the labour leaders will not end until the Minimum Wage Act 2024 becomes law. He said it is premature to predict what labour will do if what is passed is not acceptable to them at the end of the day.

 

I will approve what Nigeria can afford

Meanwhile, President Tinubu has said that he will only approve a new minimum wage that the government can afford.

READ  Nigerians deserve tangible results not empty promises, NLC tells Tinubu

 

He stated this on Wednesday at a dinner to mark Nigeria’s 25 years of unbroken democracy in Abuja.

 

“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 Executive Bill from him on the new minimum wage.

 

“The minimum wage is going to be what Nigerians can afford, what you can afford and what I can afford. Cut your coat according to your size, if you have size at all,” he said.

 

I pity Tinubu if he approves unsustainable wage

Anambra State Governor, Chukwuma Soludo, says he pities President Tinubu if he approves an “unsustainable” minimum wage for workers in the country.

 

The former Governor of the Central Bank of Nigeria (CBN) warned that not all state governments and the organised private sector can pay the ₦62,000 proposed by the Federal Government and the ₦250,000 demand of organised labour.

 

Soludo spoke on Wednesday at The Platform Nigeria, a programme by Lagos-based church, Covenant Nation, to mark 2024 Democracy Day.

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“But on the other hand, you have to come back to reality, talking about these MSMEs, the schools, churches, so on and so forth. You will have to pay your own driver. We are all in it. Whatever they agree, we will muddle through but may be after one year, we will need to meet to discuss the consequences.”

 

“I pity the President because it will all be on his head if the consequences come down, whatever it is, if whatever is negotiated is unsustainable or payable or whatever. Months to come, who will bear the responsibility? Not me.”

 

The discussions for a new minimum wage has lingered for months, with the tripartite committee ending with the two figures last week.

 

While labour dropped its earlier demand from ₦494,000 to ₦250,000, the government added ₦2,000 to its initial ₦60,000 and offered workers ₦62,000.

 

Both sides submitted their reports to the President, who is expected to make a decision and send an executive bill to the National Assembly to pass a new minimum wage bill to be signed into law by the President.

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: Rainstorm Destroys Over 100 Houses In Jigawa

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1. A devastating windstorm and heavy rain have wreaked havoc in Kaugama Local Government Area of Jigawa State, causing over 100 houses to collapse and resulting in significant property loss. Musa Kaugama, a victim of the disaster, said his two-room house collapsed, and he lost all his belongings.

 

2. The Court of Appeal in Abuja has quashed the contempt case initiated by the immediate past Governor of Kogi State, Yahaya Bello, against the Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede. In a judgment on Thursday, June 13, a three-member panel of the Court of Appeal held, among other things, that the contempt case was premised on expired interim orders issued by the Kogi State High Court, sitting in Lokoja.

 

 

3. The Independent National Electoral Commission (INEC) has released the final list of candidates for the Ondo State governorship election. Governor Lucky Aiyedatiwa of the All Progressives Congress (APC), Ajayi Agboola of the Peoples Democratic Party (PDP), Olorunfemi Ayodele of the Labour Party, and Akingboye Benson of the Social Democratic Party (SDP) are among the 17 candidates contesting in the November 16 poll.

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4. Some residents of Abaji area council of the Federal Capital Territory (FCT) set the corpse of a suspected armed robber ablaze on Thursday. A police officer told reporters that the robbers first attacked the police station along Toto Road, where an inspector simply identified as Abila was shot dead.

 

5. President Bola Tinubu has appointed Mr. Tanimu Yakubu as the new Director-General of the Budget Office of the Federation, succeeding Mr Ben Akabueze, whose tenure has expired. This was contained in a statement on Thursday by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale.

 

6. Ahead of the forthcoming Sallah, the Kano State Police Command has banned Durbar activities in the state. This was announced in a statement issued by Abdullahi Kiyawa, the Police Public Relations Officer of the command.

 

7. Africa’s richest person, Aliko Dangote, says local and foreign mafia tried several times to sabotage his $19 billion refinery from coming to fruition. He also mentioned that he has repaid about $2.4 billion of the $5.5 billion borrowed to build the refinery.

READ  Rising cost of living: TUC backs out of NLC’s proposed strike, gives reason

 

8. President Bola Tinubu will, on Friday, receive a draft bill seeking a return to a regional system of government for Nigeria.

 

9. An Ekiti State High Court in Ado Ekiti on Thursday sentenced the cleric of a church in Omuo Ekiti in the Ekiti East Local Government Area of Ekiti State, Pastor Enoch, to life imprisonment for raping a minor. The victim, said to be the daughter of one of the church members, was raped by the pastor during one of her visits to the cleric’s residence.

 

10. An Ekiti State High Court in Ado Ekiti Division on Thursday sentenced four persons to death by hanging for armed robbery, murder, and conspiracy. The court also convicted and sentenced the defendants to life imprisonment for the offense of attempted murder.

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World Bank approves $2.25bn loan for Nigeria

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The minister of finance and coordinating minister of the economy, Wale Edun, has announced the approval of two major “financial support packages” by the World Bank — valued at $2.25 billion.

 

According to a statement on Thursday, this is 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 statement was signed by Mohammed Manga, the ministry’s director of information and public relations.

 

“The approved operations include $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR),” the statement reads.

 

“The combined total of $2.25 billion will provide essential financial and technical support as the government continues to address economic distortions.”

 

Additionally, Manga said the support package will assist Nigeria in its long-term goal of increasing non-oil revenues and securing oil revenues to ensure fiscal sustainability and the delivery of quality public services.

READ  NLC wants N794,000 as minimum wage for south-west workers

 

He said ‘RESET’ aims to strengthen Nigeria’s economic policy framework, create fiscal space, and protect the poor and vulnerable.

 

The statement also noted that ‘Armor PforR’ supports tax and excise reforms, improves tax revenue and customs administration, and safeguards oil revenues.

 

Commenting on the approval, Edun welcomed the support of the World Bank.

 

“We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth,” he said.

 

“These reforms will create quality jobs and economic opportunities for all Nigerians.

 

“We welcome the support of the RESET and ARMOR programs as we further consolidate and implement our policy reforms, consistent with accelerating investment and using public resources more sustainably to achieve our development goals.”

 

On his part, Ousmane Diagana, the World Bank vice-president for Western and Central Africa, lauded the country’s efforts in reforming the financial sector.

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“Nigeria’s comprehensive macro-fiscal reforms are placing the country on a new path that can stabilize the economy and lift people out of poverty,” Diagana said.

 

“It is essential to maintain the momentum of these reforms and continue to provide support to the poor and vulnerable to mitigate the impact of the cost-of-living crisis.”

 

The vice-president said the financing package will strengthen the World Bank’s strong partnership with Nigeria and support efforts to rejuvenate the economy and expedite poverty reduction, serving as an example for Africa.

 

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