The federal government is proposing that the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA) shift to collecting charges, fees, fines, and other payments in Naira instead of foreign currencies. This announcement was made by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, during a briefing … Read more
The Federal Government has issued a stern warning to private sector employers, urging them to strictly adhere to the N70,000 minimum wage. Any deviation from this mandate will not be tolerated, the government has emphasized. According to the FG, the new minimum wage is crucial in addressing the current economic challenges, and it is imperative … Read more
There are strong indications that President Bola Tinubu may abolish the Ministry of Humanitarian Affairs and Poverty Alleviation as part of a major cabinet reshuffle. According to sources within the presidency, this shake-up could involve merging or splitting various portfolios, along with the possible dismissal of some ministers. Facing increasing pressure from both internal and … Read more
Aliko Dangote, Chairman of the Dangote Foundation, and Bill Gates are currently participating in the ongoing National Economic Council (NEC) meeting. The session is chaired by Vice President Kashim Shettima at the Council Chamber, Presidential Villa, Abuja EKO HOT BLOG reports. Present at the meeting are several governors, including Babagana Zulum of Borno State, Bala … Read more
Wale Edun, the Minister of Finance and Coordinating Minister of the Nigerian Economy, has announced that the federal government will start selling crude oil to Dangote and other local refineries in Naira beginning October 1, 2024. Edun revealed this at the second meeting of the implementation committee on the transition to Naira-based crude oil sales, … Read more
EKO HOT BLOG reports that the Nigerian government aims to save $7.32 billion annually following President Bola Tinubu’s directive that the Nigerian National Petroleum Company Limited (NNPC) sell crude oil to local refineries in Naira. This announcement, made by Zacch Adedeji, Special Adviser on Revenue, came after the Federal Executive Council (FEC) meeting chaired by … Read more
The Nigeria Labour Congress (NLC) has accepted the ₦70,000 new minimum wage proposed by the federal government to avoid a potential hike in petrol prices. EKO HOT BLOG reports that the Nigeria Labour Congress (NLC) has fully accepted the ₦70,000 new minimum wage proposed by the federal government during a meeting with President Bola Tinubu on … Read more
The Federal Government raised N284.26 billion in its latest Treasury Bills auction amidst escalating debt levels, reflecting strong investor demand for safe-haven investments amid economic uncertainties. EKO HOT BLOG reports that The Federal Government, through the Central Bank of Nigeria (CBN), has successfully raised N284.26 billion in its latest Nigerian Treasury Bills auction, highlighting robust investor … Read more
Presidency Denounces New York Times’ Report, Says Tinubu Inherited Dead Economy. The government defends recent policy measures, such as ending the fuel subsidy and unifying exchange rates, as necessary steps to stabilize the economy and restore confidence. The Presidency highlights positive developments like trade surplus, foreign investment, and efforts to control inflation, particularly food prices, … Read more
Eko Hot Blog reports that Nigerian equities outpaced major global equities at the weekend in a sustained rally that had seen investors gaining about N3.3 trillion in the past three weeks. The sustained rally, triggered by the inauguration of President Bola Tinubu on May 29, has seen Nigeria’s average year-to-date return climbing to 15.12 per … Read more
The Central Bank of Nigeria (CBN) has endorsed the Association of Corporate Treasurers of Nigeria (ACTN). Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN), Okwu Joseph Nnanna, made this known to the members of the Governing Council of ACTN during their courtesy visit to him in Abuja. READ ALSO: Inflation To Moderate In Three … Read more