Mr. Joe Ajaero, President of the Nigeria Labour Congress (NLC), revealed the agreement reached between organized labour and President Bola Tinubu before accepting the N70,000 minimum wage during the national wage discussions held at the Presidential Villa in Abuja. During an interview on Arise Television’s Morning Show, Ajaero explained that while negotiating for a new … Read more
Senator Oluremi Tinubu has stood by her husband, President Bola Tinubu, amid growing economic challenges in Nigeria, insisting that he should not be blamed for the current situation. Her comments come as Nigerians struggle with rising prices, particularly after the removal of the fuel subsidy, which saw petrol prices skyrocket from ₦198 to ₦1,030 per … Read more
To enhance the ease of doing business, the Federal Inland Revenue Service (FIRS) launched an Unstructured Supplementary Service Data (USSD) Code, *829#, on Wednesday. The code aims to improve taxpayer satisfaction. FIRS Chairman Zacch Adedeji introduced the code at the Revenue House in Abuja as part of this year’s Customer Service Week, themed “Above and … Read more
Former Minister of Transportation Rotimi Amaechi has voiced his frustration over Nigerians’ complacency amidst worsening economic challenges. In an interview with Igbere TV, Amaechi criticised the lack of proactive responses, particularly from the youth, in the face of rising living costs. Amaechi, who previously served as the governor of Rivers State, expressed surprise at the … Read more
The Federal Executive Council (FEC) has proposed amendments to the National Identity Management Commission (NIMC) Act of 2007, seeking to include foreigners living and working in Nigeria in the National Identification Number (NIN) registration system. The proposed Economy Stabilization Bill would enable the taxation of expatriates and immigrants with taxable income in Nigeria, mandating the … Read more
The naira experienced a significant decline against the dollar in the foreign exchange market following the Central Bank of Nigeria’s (CBN) fifth interest rate hike, raising the rate to 27.25%. According to FMDQ data, the naira traded at N1,658.48 per dollar on Tuesday, down from N1,562.66 on Monday, marking a depreciation of N95.82. Similarly, in … Read more
President Bola Tinubu has urged Nigerians to remain patient despite the rising cost of living, stressing that the country must address its economic challenges and cannot rely on “a free bowl” without hard work and sacrifice. Speaking during a visit from former Nigerian lawmakers at the State House in Abuja on Friday, Tinubu acknowledged the … Read more
The U.S. Federal Reserve’s recent interest rate cut is expected to influence the upcoming decisions of Nigeria’s Monetary Policy Committee (MPC), which meets next week to discuss potential rate changes. With the Fed reducing borrowing costs, Nigeria’s central bank may feel compelled to consider a similar move, as it balances inflation management with the need … Read more
The Federal Inland Revenue Service (FIRS) has revealed plans to introduce an e-invoicing platform aimed at improving Nigeria’s tax administration system. The digital platform, called FIRS e-Invoice, is designed to streamline invoice processing in compliance with the Tax Administration and Enforcement Act of 2007. FIRS Executive Chairman, Zacchaeus Adedeji, announced this during a stakeholders’ engagement … Read more
The Central Bank of Nigeria (CBN) has announced plans to reintroduce and enforce the payment of the Cybersecurity Levy on electronic transactions across the country. This was outlined in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, released on Tuesday. According to the document, the levy, which was initially … Read more
Vice President Kashim Shettima inaugurated a $115 million upgrade project at the West Africa Container Terminal (WACT) in Onne, Eleme Local Government Area, Rivers State, on Wednesday. The investment stresses APM Terminals’ commitment to Nigeria’s economic growth and strengthens its position as a key trade hub in West Africa. The ceremony saw the presence of … Read more
The Nigeria Labour Congress (NLC) has condemned the federal government for betrayal following the Nigerian National Petroleum Company’s (NNPC) increase in petrol prices. In a statement on Tuesday, NLC President Joe Ajaero criticized the government’s move to raise the pump price to ₦855 per litre, emphasizing that it contradicts their agreement to keep fuel prices … Read more
The Nigerian National Petroleum Company (NNPC) Limited has unveiled plans to collaborate with private sector firms for the management and maintenance of its Kaduna and Warri refineries. This strategic move is designed to bolster the country’s petrol supply and enhance energy security. EKO HOT BLOG reports that the announcement was made via a circular posted … Read more
The Federal Government has inaugurated a new Board of Directors for the Nigeria Sovereign Investment Authority (NSIA), entrusting them with the responsibility of guiding the nation’s economic growth and stability. During the inauguration at his office in Abuja, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, urged the Board to utilize … Read more
Primate Elijah Ayodele, the Leader of INRI Evangelical Spiritual Church, has issued a stern warning to President Tinubu, urging him to take immediate action to prevent a massive protest that could cripple the Nigerian economy for two weeks. In a statement signed by his media aide, Osho Oluwatosin, Primate Ayodele emphasized that confusion will continue … 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
The Arewa Consultative Forum (ACF) commends President Bola Tinubu for directing NNPC to sell crude oil to local refiners in naira, urging affordable petroleum prices in return. EKO HOT BLOG reports that the Arewa Consultative Forum (ACF) has praised President Bola Tinubu for directing the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to … Read more
The Ebonyi State Chapter of the Labour Party believes Peter Obi is the best candidate to revive Nigeria’s economy. EKO HOT BLOG reports that the Ebonyi State Chapter of the Labour Party (LP) has affirmed that its presidential candidate for the 2023 general election, Peter Obi, is the only one capable of reviving Nigeria’s faltering economy. … Read more
Fidelity Bank Plc. dismisses rumors of its license revocation by the CBN, assuring strong financial stability and announcing a N127.1 billion capital raise through a public offer and rights issue. EKO HOT BLOG reports that Fidelity Bank Plc. has dismissed rumours circulating about a potential revocation of its operating licence by the Central Bank of Nigeria … Read more
Oil Marketers Eye N500/Litre Petrol Price As Port Harcourt Refinery Gears Up. Dealers confirm nearing readiness of PHRC, anticipate reduction in petrol price. NNPC’s Mele Kyari reveals plans for refinery operations, aiming to alleviate petroleum supply challenges. EKO HOT BLOG reports that as the Port Harcourt Refining Company (PHRC) gears up for production under the directives … Read more