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Good morning! Here Are Some Major News Headlines In The Newspapers Today: Naira rebound: Rice falls to N67,000 in Lagos, Abuja, cheaper at borders

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1. Following the recent rebound of the naira against the dollar, the price of a 50 kilogramme bag of rice has dropped to an average of N67,000 in Lagos, Abuja, Ogun, and others, from about N90,000 in February 2024. In communities close to the borders, our correspondents gathered that the staple was selling at a much lower rate compared to what was obtained in the cities.

 

2. President Bola Tinubu on Monday said foreigners pump a lot of money to fund illegal mining and terrorism across Africa. The president stressed the need for African countries to strengthen regional cooperation and institution-building to address the evolving threat of terrorism on the continent.

 

3. The Federal Government on Monday vowed to sell off the five electricity Distribution Companies (DisCos) as blackout persists. Minister of Power, Adebayo Adelabu said banks and the Asset Management Company (AMCON), which have been managing these DisCos, having taken over because of the failure of the management to repay loans, lack the technical capacity.

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4. President Bola Tinubu will today embark on an official visit to the Kingdom of the Netherlands for high-level discussions with Prime Minister Mark Rutte. A statement last night in Abuja by his Special Adviser on Media and Publicity, Ajuri Ngelale, said the President is visiting on the invitation of Prime Minister Rutte.

 

5. The Rivers State House of Assembly has passed the Local Government Amendment Bill into law without the assent of Governor Siminalayi Fubara. The Assembly passed the Bill yesterday, despite the State High Court’s order directing the status quo on the issue of elongating the tenure of elected local government officials, which formed part of the amendment.

 

6. The Binance Regional Manager for Africa, Nadeem Anjarwalla, who escaped from a Nigerian detention facility on March 22, has been arrested in Kenya. The fugitive was reportedly arrested by Kenayan Police Service while he was hiding in the East African country.

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7. The naira depreciated in its value against the United States dollar to N1,234 at the official foreign exchange market on Monday, according to data obtained from the FMDQ securities exchange. The exchange rate means the naira fell by N65 or 5.26 per cent from N1,169.99/$1 recorded on Friday.

 

8. In what appears to be a retaliatory cult clash, one Azeez Olaitan was reportedly killed by suspected members of the Aiye Confraternity in the Alogi area of Odeda Local Government Area of Ogun State on Sunday. This is just as the Ogun State Police Command said that the window of amnesty extended to members of various cult groups in the state to surrender their arms and be reintegrated into society was still open.

 

9. Tragedy struck at Yar’Gwanda village in Tsanyawa local Government area of Kano State at the weekend when a 60-year-old man, Malam Danjuma, his son, Ibrahim, 35, and Aminu Gaye, also 35, died in a pit latrine while trying to recover a cellphone. One of the rescuers, Abba Alasan, 28, was, however, rescued from the latrine.

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10. Controversial cross-dresser, Idris Olanrewaju Okuneye, alias Bobrisky, has appealed against the six months imprisonment imposed on him by the Federal High Court in Lagos which convicted him of charges of abuse of naira. In the appeal lodged on his behalf by his lawyer, Bimbo Kusanu, Bobrisky wants the Court of Appeal to convert the six-month imprisonment to N50,000 fine on each of the four counts he was convicted of.

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May 29: Tinubu orders low-key celebration of first anniversary

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The Nigerian government is going to hold a “low-key” official ceremony to mark the one year in office of President Bola Tinubu, according to the Minister of Information and National Orientation, Mohammed Idris.

 

Mr Idris stated this on Wednesday at the ministerial press briefing series held at the Radio House in Abuja.

 

It is not clear if the government intends to hold the ceremony on 12 June, the day officially recognised as Democracy Day.

 

Nigeria’s Democracy Day celebration was being held on May 29 before President Buhari changed it to 12 June in commemoration of the 12 June 1993, presidential election annulled by the military government.

 

Election data showed Moshood Abiola won the polls but he was never formally declared winner and was not sworn into office by the military government of Ibrahim Babangida.

 

Mr Tinubu, a major supporter of Mr Abiola, is believed to have played a major role in the change of the Democracy Day to 12 June.

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Speaking on the plan for the one year in office, Mr Idris said the celebration is going to focus on sectorial debates instead of the usual celebrations.

 

“The anniversary is going to be low key, there would be no major ceremony but sectorial briefing by the ministers.

 

“The essence is to ensure that government funds are kept for the people,” the minister said.

 

He said the debate would be focused on eight key sectors of the government, and that ministers would be delegated to speak on different sectors.

 

He added that the ministerial briefing series will be taking place daily with different ministers briefing on the activities in their sector.

 

The Secretary to the Government of the Federation (SGF), George Akume, had also indicated that the celebration would be low-key.

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Minimum wage: Labour refuses to shift ground, insists on N497,000, negotiation continues Tuesday

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The tripartite committee on new minimum wage has adjourned till next Tuesday, May 28 to continue deliberation after Wednesday’s meeting in Abuja ended in a deadlock again.

 

The Federal Government, the organised private sector and the organised labour failed to reach a consensus on the new minimum wage at the Wednesday meeting.

 

Sources at the meeting said that the government initially stood its ground on the N54,000 it proposed on Tuesday, citing paucity of funds.

 

However, the government was forced to propose the sum of N57,000 after the committee took a 30-minute break to make further deliberations.

 

The highly informed sources noted that at the end of the break, both the government and the OPS proposed the sum of N57,000 as minimum wage.

 

The sum was, however, rejected by labour.

 

“The final proposal from labour was N497,000 and that was after the government and the private sector proposed N57,000.

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“Initially, the government refused to shift grounds on the N54,000 it proposed earlier, noting that it didn’t have enough funds to pay. However, we took a 30-minute break to make further deliberations.

 

“We as Labour reject the proposed N57,000 and the meeting has been adjourned till Tuesday next week.

 

“Governors Obaseki and Uzodinma were present while Governor Soludo joined us via Zoom. The government needs to be serious as regards these negotiations.”

 

Also speaking, a senior official of Nigeria Labour Congress said, “The outcome of the negotiation of the National Minimum Wage Committee with the Federal Government is not encouraging. The Federal Government increased it from N54,000 to N57,000, and the organised labour moved from N615,000 to N500,000, and then to N497,000 and the meeting has been adjourned to next week Tuesday.”

 

He noted that NLC and TUC normally meet before the negotiation meetings commences “to ask ourselves the direction to go.”

READ  Power outage delays Senate’s sitting for 30 minutes

 

President Tinubu through Vice President Kashim Shettima, had on January 30, 2024, inaugurated the 37-member Tripartite Committee on Minimum Wage to come up with a new minimum wage ahead of the expiration of the current N30,000 wage on April 18.

 

With its membership cutting across federal and state governments, the private sector and organised labour, the panel is to recommend a new national minimum wage for the country.

 

During the inauguration of the panel, Shettima urged the members to “speedily” arrive at a resolution and submit their reports early.

 

“This timely submission is crucial to ensure the emergence of a new minimum wage,” Shettima said.

 

In furtherance of its assignment, a zonal public hearing was held simultaneously on March 7 in Lagos, Kano, Enugu, Akwa Ibom, Adamawa, and Abuja.

 

The NLC and the TUC in different states proposed various figures as a living wage, referencing the current economic crunch and the high costs of living.

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In their different proposals on the minimum wage, the NLC members in the South-West states demanded N794,000 as the TUC suggested N447,000.

 

At the North-Central zonal hearing in Abuja, the workers demanded N709,000 as the new national minimum wage, while their counterparts in the South-South clamoured for N850,000.

 

In the North-West, N485,000 was proposed, while the South-East stakeholders demanded N540,000 minimum wage.

But organised labour settled for N615,000 as a living wage.

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: Naira Crisis: EFCC arrests over 200 suspects in crackdown on Bureau De Change operators

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1. The Economic and Financial Crimes Commission has arrested over 200 suspects in connection with foreign exchange scams and manipulation of the financial markets. Sources said on Wednesday that over 200 suspected Bureau De Change operators were in EFCC custody across the country.

 

2. A Federal High Court in Abuja has granted temporary bail to former Commander of the Force Intelligence Response Team, DCP Abba Kyari over his mother’s death. Justice Emeka Nwite on Wednesday ordered Kyari to deposit the sum of N50 million and a surety in like sum.

 

3. A police officer attached to the enforcement team of the Jos Metropolitan Development Board (JMDB) has been reportedly shot dead at Terminus Market, Jos, the capital of Plateau State. It was gathered that security operatives, including policemen and soldiers, have been mobilised recently by the state government to carry out enforcement against street trading in the area.

 

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4. Speaker of Cross River State House of Assembly, Elvert Ayambem, has been impeached following a vote of no confidence passed by two-third majority of the Assembly members. Hon. Effiong Ekarika representing Calabar South 1 moved the motion on the floor of the Assembly, supported by Omang Omang of Bekwara state constituency.

 

5. In commemoration of his first anniversary in office, President Bola Tinubu has directed his ministers to present their performance reports to Nigerians. The Minister of Information and National Orientation, Mohammed Idris, while announcing this at a press briefing in Abuja on Wednesday, said the low-key first-anniversary celebration would be marked with sectoral media briefings by the 47 federal ministers starting on Thursday.

 

6. The tripartite committee on new minimum wage has adjourned till next Tuesday, May 28 to continue deliberation after Wednesday’s meeting in Abuja ended in a deadlock again. The Federal Government, the organised private sector and the organised labour failed to reach a consensus on the new minimum wage at the Wednesday meeting.

READ  New naira crisis: World Bank, IMF warn CBN on Friday deadline

 

7. The House of Representatives, on Wednesday, urged the Federal Government to renovate and convert its abandoned buildings and forfeited land locally and abroad for public use. The resolution of the House was sequel to the adoption of a motion titled, “Call to convert abandoned and seized properties including buildings and lands for public use.”

 

8. The Central Bank of Nigeria (CBN) has directed all existing Bureau De Change Operators to re-apply for licences. The apex bank gave the directive in a circular issued by its Director of Financial Policy and Regulation Department, Haruna Mustafa, on Wednesday.

 

9. The Naira on Wednesday depreciated in the parallel market to N1,495 per dollar from N1,470 per dollar on Tuesday. However, the Naira appreciated to N1,462.59 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

 

10. An Oyo State High Court sitting in Ibadan, the state capital, has granted female Muslim students at the University of Ibadan International School, Ibadan (ISI) the right to wear hijab on top of their school uniforms. The court, presided over by Justice Moshood Ishola, gave the judgment on Wednesday afternoon.

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