Banking and Finance

NLC Mobilises for Stike, Rejects ₦22,500 by Govs.

The Nigeria Labour Congress (NLC) has rejected the N22,500 proposed by the state governors as the New National Minimum Wage for workers in the country.

Mr Ayuba Wabba, NLC president, said this while briefing newsmen on Wednesday in Abuja.

The News Agency of Nigeria (NAN) reports that the Nigeria Governors Forum (NGF) had issued a communique after its meeting claiming that state governors can only pay N22, 500, as the new national minimum wage.

Naira closes at ₦363.32 to dollar at Investors’ Window

The naira on Tuesday closed at N363.32 to the dollar at the investors’ window while market turnover at the window stood at 51.14 million dollars, the News Agency of Nigeria reports.

At the official CBN window, the naira exchanged at N306.60.

It was sold at N360.50 at the parallel market in Lagos, while the Pound Sterling and the Euro closed at N480 and N417, respectively.

Trading at the Bureau De Change (BDC) window saw the naira close at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N417, respectively.

Minimum Wage: Governors Propose ₦22,500

The Nigeria Governors’ Forum (NGF) on Tuesday agreed to pay a national minimum wage of N22,500 from the existing N18,000.

The Chairman of the Forum and Governor of Zamfara State, Abdul’aziz Yari disclosed this while briefing newsmen at the end of its 2nd emergency meeting held in Abuja.

Yari said that the decision was arrived at after a briefing from the forum representatives at the Tripartite Committee.

Buhari Inherits $63b Debt, Borrows $10b

President Muhammadu Buhari’s government inherited $63 billion debt and has borrowed $10 billion since 2015.

Vice President Yemi Osinbajo said that the nation’s debt now stood at $73 billion.

He made the disclosure in Ibadan on Saturday during the 9th Public Lecture of Sigma Club at the International Conference Centre, University of Ibadan.

The News Agency of Nigeria (NAN) reports that Osinbajo delivered a lecture entitled ‘Developing the Nation Through Youth Empowerment.’

'Minimum Wage will Boost Nigeria’s Economy'

The President, Nigeria Labour Congress (NLC), Mr Ayuba Wabba, has said that the proposed workers minimum wage will boost the country’s economy rather than trigger inflation.

The NLC boss said this while addressing newsmen in Asaba, Delta, on Thursday.

The News Agency of Nigeria (NAN) reports that Wabba was in the state as a Special Guest at the 6th Quadrennial National Delegates Conference of the National Union of Hotels and Personal Services Workers.

He said that the assertion that an increase in workers’ salary would lead to inflation was not true.

2018 Budget: DMO Raises ₦88.08b at Oct. Bond Auction

The Debt Management Office (DMO), says the Federal Government raised N88.08 billion at its bond auction on Wednesday, as part of moves to finance the 2018 budget.

The DMO said on its website that the bonds were auctioned in three tenors of five, seven and 10 years.

This, it said, was to give its diverse investor base an opportunity to choose their preferred tenors.

The DMO initially offered N115 billion worth of shares to be bought but only N88.08 billion was allotted, though subscribers made bids worth N143.48 billion.

FAAC: FG, States, LGAs share ₦698.71b for September

The Federal Government, 36 States and FCT as well as 774 Local Governments on Thursday shared N698.7billion for the month of September.

The Minister of Finance, Mrs Zainab Ahmed, said this in Abuja, while briefing newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting.

Giving a breakdown of the revenue accrued in September to be distributed in October, Ahmed said N569.28 billion which was received as gross statutory revenue, was lower than the N587.1 billion shared in August by N17.8 billion.

Diamond Bank directors quit, paving way for recapitalisation

Four Diamond Bank directors quit with immediate effect, the bank said on Wednesday, paving the way for new investors to recapitalise the Nigerian mid-tier lender.

Local lenders have been trying to raise fresh capital after huge loan losses worsened by an economy that has just recovered from a recession. The crisis turned a once lucrative oil sector loan book sour with banks looking for new avenues to make money, Reuters reports.

Central Bank to Adopt Policies for Nigeria’s Economy

Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, said that Nigeria should take a cue from the ongoing global trade war by adopting policies to protect the local economy.

Emefiele made this call while delivering the keynote address at the annual CBN seminar for finance correspondents and business editors in Lokoja, Kogi State.

Citing the example of the foreign exchange restriction placed on 41 items by the CBN, Emefiele stressed that selective protection is necessary to address the challenges confronting the nation’s economy.

FEC Approves ₦8.73tr 2019 Budget Proposal

The Federal Executive Council (FEC) on Wednesday approved a budgetary proposal of N8.73 trillion for 2019 fiscal year, N400 billion lower than the 2018 budget.

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, made this known when he briefed State House correspondents at the end of the Council’s meeting.

The meeting was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

Udoma revealed that the council also approved the 2019/2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).