Tag: Nigeria

In a move that many will consider as both insensitive and outrightly wasteful, the House of Representatives Committee on National Security and Intelligence has recommended the procurement of new aircraft for President Bola Tinubu and Vice-President Kashim Shettima. This recommendation comes at a time when Nigeria is grappling with severe economic challenges, including significant national debt, widespread hunger, and a rapidly declining purchasing power among its citizens. The committee's report, which followed an investigation into the current status of the aircraft in the presidential air fleet, highlights concerns about the technical and operational adequacy of the existing fleet. "The committee is of the strong and informed opinion that, considering the fragile structure of the Nig...

Abuja, Nigeria — The Organised Labour has refuted President Bola Tinubu’s assertion that a new national minimum wage agreement had been reached, as stated in his nationwide Democracy Day address. According to the Nigeria Labour Congress (NLC), as of the conclusion of negotiations on June 7, no consensus had been achieved by the Tripartite Committee on the National Minimum Wage. The committee had presented two differing figures: N250,000 proposed by labour and N62,000 suggested by the government and the Organised Private Sector (OPS), which were to be submitted to the President. The Federal Government has called on labour to adopt a more realistic stance in their wage demands, emphasizing that the expected relief for Nigerians would not solely come from increased wages but also from ...

The Anambra State Governor Charles Soludo, on Wednesday, advocated for governors and other elected officials to earn minimum wage. He said this to emphasize the need for a lifestyle that reflects Nigeria’s financial challenges. Speaking at a special edition of The Platform, an event organized by The Covenant Nation to promote national development, Governor Soludo highlighted the stark contrast between the opulent lifestyles of government officials and the harsh economic realities faced by the country. “Let’s come clean and straight with Nigerians. Nigeria is very poor and broke but the lifestyle of government and government officials does not show it, especially with the obscene flamboyance in public display,” Soludo stated. Soludo criticized the extravagant lifestyles of governm...

UK-Based Diageo to Sell 58% Guinness Nigeria Stake to Tolaram Group for $70 Million Diageo Plc, the British multinational beverage alcohol company, is selling its 58% stake in Guinness Nigeria Plc to Singapore-based Tolaram Group. This move aligns with other multinational corporations' recent decisions to reduce their exposure or exit Nigeria, the most populous nation in Africa, currently grappling with a severe cost-of-living crisis. Tolaram Group, which operates in consumer goods and is an investor in Nigeria's new Lekki Deep Sea Port, will purchase the holding for 81.6 naira ($0.05) per share, totaling approximately $70 million. This strategic exit by Diageo is in response to the increasingly challenging business environment in Nigeria, marked by a scarcity of dollars necessary f...