Tag: Economy

BREAKING: Buhari to Present 2021 Budget Next Week
Economy, Finance, News, Nigeria

BREAKING: Buhari to Present 2021 Budget Next Week

  President Muhammadu Buhari will present the 2021 Appropriations Bill to a joint session of the National Assembly next week. Senate President, Ahmad Lawan, made the disclosure in his opening remarks to welcome Senators back from their eight- week annual vacation in Abuja.   Details shortly...
Nigeria: NLC Insists on Strike Commencing 28th Sept. 2020
Breaking News, Cost of Living, Economy, Employment, Labour, News, Nigeria

Nigeria: NLC Insists on Strike Commencing 28th Sept. 2020

The Nigerian Labour Congress has doubled down on its position that there will be a Nation-wide strike from the 28th of September 2020 unless their demands are met. In a post shared on their Facebook Page, the union said "STRIKE BEGINS TOMMOROW MONDAY 28TH SEPTEMBER, UNLESS OUR DEMANDS ARE MET." STRIKE BEGINS TOMMOROW MONDAY 28TH SEPTEMBER, UNLESS OUR DEMANDS ARE MET. Posted by Nigeria Labour Congress HQ on Sunday, September 27, 2020 It will be recalled that a court ordered the strike to be put on hold, an order which the union does not appear to be willing to obey. The Federal Government has invited the union's leaders for a meeting so it is yet to be seen if the strike will be called off before tomorrow the 28th of September. We will keep you posted.
Subsidy not Sustainable with 60% Revenue Reduction, says Osinbajo
Economy, Finance, News, Nigeria, Petroleum

Subsidy not Sustainable with 60% Revenue Reduction, says Osinbajo

Vice President Yemi Osinbajo has said federal government can no longer afford to sustain fuel subsidy with 60 percent reduction in revenue generation. Osinbajo made the remark at a virtual interactive forum in Abuja. According to a statement by the Vice President’s Media aide, Laolu Akande, Osinbajo said the federal government would focus on developing Compressed Natural Gas, popularly known as auto gas, which costs cheaper as an alternative to petrol. Responding to a question on the removal of petrol subsidy, Osinbajo said, “We have experienced a severe downturn in our finances over the years, so at 60 per cent less revenue, we are in a position where sustaining fuel subsidies is practically impossible simply, because we do not have the resources.” The Vice President while spe...
FG Gets New Order to Stop Planned NLC, TUC Strike
Economy, Human Rights, Judiciary, News, Nigeria

FG Gets New Order to Stop Planned NLC, TUC Strike

  The Federal Government has obtained a new order against the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) from going on with their plan to commence a nationwide strike on Monday. Justice Ibrahim Galadima of the National Industrial Court issued the order in Abuja in an ex parte application made by the Office of the Attorney-General of the Federation. The NLC and TUC had earlier declared a nationwide strike starting from Monday, 28th September to protest the recent hike in petrol pump price and electricity tariff.
FG, Labour to Meet Thursday Over Strike Action to Protest Electricity Tariff, Fuel Price Hike
Economy, News, Nigeria, Petroleum

FG, Labour to Meet Thursday Over Strike Action to Protest Electricity Tariff, Fuel Price Hike

The Federal Government is set to meet with the Nigeria Labour Congress (NLC), and Trade Union Congress (TUC), on Thursday in an attempt to avert the planned indefinite strike by the organised labour to protest the spike in electricity tariff and fuel pump price. This was disclosed on Wednesday by Charles Akpan, Deputy Director, Press and Public Relations, Federal Ministry of Labour and Employment in an email. He said the meeting will serve as an avenue for FG to roll out its palliative plans. The mail read, “The Honourable Minister of Labour and Employment, Dr Chris Ngige will be hosting a meeting with the Organised Labour. The meeting is scheduled for Thursday, September 24, 2020 and the venue is the Banquet hall, Presidential Villa, by 3pm.” Previous talks ended in deadlock d...
CBN Disburses N3.5tr COVID-19 Intervention Cash
Cost of Living, Covid-19, Economy, Finance, Nigeria

CBN Disburses N3.5tr COVID-19 Intervention Cash

  The Central Bank of Nigeria (CBN) says it has disbursed N3.5 trillion to various sectors of the economy to assist in cushioning the effects of the Coronavirus pandemic. The Apex bank says it will also contribute N1.8 trillion into the N2.30 trillion Federal Government’s one-year Economic Sustainability Plan (ESP) through its Participating Financial Institutions (PFIs). CBN Governor Godwin Emefiele who stated this on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja also gave a breakdown of how the funds were disbursed. The breakdown is as follows: Real Sector (N216.87 billion); COVID-19 Targeted Credit Facility (N73.69 billion); Agri-Business/Small and Medium Enterprise Investment Scheme (N54.66 billion); Pharmaceutical and Health Care Support (N44.47 bi...
774,000 FG Jobs: States Get Extension
Economy, Employment, Nigeria, Youths

774,000 FG Jobs: States Get Extension

  Some states that have been unable to complete the recruitment process of artisans for the 774,000 Special Public Works (SPW) programme of the Federal Government have been granted one week extension. Minister of State for Labour and Employment Festus Keyamo said the October 1 commencement of the programme is still on course. Keyamo said on Monday that “There was a board meeting of the National Directorate of Employment (NDE) chaired by me.   We looked at the situation and said in deserving cases we may extend for a few days, for some states that have not submitted their final lists. “We are still looking at October 1 to begin nationwide. There are one or two internal issues in terms of logistics we are dealing with, but we will overcome that. “We are lining those who w...
Osinbajo Assures Justice for Nigerian Traders in Ghana
Economy, Ghana, News, Nigeria

Osinbajo Assures Justice for Nigerian Traders in Ghana

Vice-President Yemi Osinbajo has stated that Nigerian traders in Ghana affected by the stringent business regulations by the Ghana government will get justice. Osinbajo who stated this yesterday Tuesday 16, September while meeting with representatives of the Nigerian community in Ghana added that bureaucracy is part of the reasons there has been a delay in resolving the issue. He however added that the discussions between the two countries was reaching a fruitful point and soon, all parties will be informed of the resolutions. A statement issued by the Senior Special Assistant to the President on Media and Publicity in the Office of the Vice-President, Mr. Laolu Akande, said the meeting was held at the official residence of the Nigerian High Commissioner in Ghana. The statement...
NESG Vs CBN Faceoff: Prospects for SMEs
Economy, Employment, Finance, News, Nigeria

NESG Vs CBN Faceoff: Prospects for SMEs

Most Nigerians were startled and bemused by the recent revelations by the Nigerian Economic Summit Group (NESG), against Nigeria’s apex Bank, Central Bank of Nigeria. The NESG is a non-profit private sector organisation setup in 1966 with a mandate “to promote and champion the reform of the Nigerian economy into an open, private sector-led globally competitive economy”. It issued a 15-point statement jointly signed by its Chairman, Mr Asue Igbodalo and the Chief Executive Officer, Mr Laoye Jaiyeola where it made some damning accusations on the integrity of the CBN to stimulate the ailing Nigerian economy to thrive under the COVID-19 pandemic. It concerns bothered on issues such as transparency and efficiency of agricultural intervention under the anchor borrowers programme; foreign e...
Economy Will be Revatalised Soon, Buhari Promises Nigerians
Covid-19, Economy, Finance, News, Nigeria

Economy Will be Revatalised Soon, Buhari Promises Nigerians

President Muhammadu Buhari has expressed optimism that the Nigerian economy would bounce back strongly, given the well-planned policy responses to the economic challenges which are fall out of the COVID-19 pandemic. He said his administration had implemented appropriate policies geared towards steadily addressing the challenges created by the pandemic. President Buhari disclosed this while speaking at the 13th annual banking and finance conference in Abuja themed: “Facilitating Sustainable Future: The Role of Banking and Finance.” He said, “So far, government has implemented a wide range of fiscal, prudential and monetary measures that squarely address four key necessities to ensure sufficient liquidity to support government programmes for saving lives and livelihoods, maintain st...