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June 17, 2024 Presidency Tackles New York Times on “Worst Economic Crisis of a Generation” Piece
IFMUYONEWS

Presidency Tackles New York Times on “Worst Economic Crisis of a Generation” Piece

The Presidency has tackled the New York Times over its report on the current economic situation in Nigeria, saying that President BOLA TINUBU on May 29, 2023, inherited a dead economy.

 

The Presidency also justified some of the policy decisions taken by the TINUBU’s administration like floating of the naira and fuel subsidy removal, declaring that the policies were taken in the best interest of the country.

 

Special Adviser to the President on Information and Strategy, BAYO ONANUGA, on Sunday reacted to the report credited to RUTH MACLEAN and ISMAIL AUWAL.

 

According to the Presidency, the feature story with the title, ‘Nigeria Confronts Its Worst Economic Crisis in a Generation’, published on June 11, reflected the typical predetermined, reductionist, derogatory and demeaning way foreign media establishments have reported African countries for several decades.

 

BAYO ONANUGA said because of the ‘misleading’ slant of the report, the government needed to clear up some misconceptions conveyed by the reporters.

June 5, 2024 President Tinubu Orders Wage Bill Calculation in 48 Hours
IFMUYONEWS

President Tinubu Orders Wage Bill Calculation in 48 Hours

President BOLA TINUBU giving the Minister of Finance, WALE EDUN, a 48-hour ultimatum to come up with the cost implications on the new minimum wage.

 

This was revealed by the Minister of Information and National Orientation, MOHAMMED IDRIS.

 

IDRIS stated this while briefing State House Correspondents after the negotiation team had a meeting with the President at Aso Rock.

 

Meanwhile, the Organised Labour have vowed to reject any lean addition to the 60,000 naira offer by the tripartite committee on the new minimum wage.

 

The President of the Trade Union Congress (TUC), FESTUS OSIFO stated this after the Organised Labour comprising the TUC and the Nigeria Labour Congress (NLC) suspended its industrial action which started on Monday.

 

Recall that NLC and TUC called off the strike for one week, to enable further negotiations with the Federal Government.

 

The Unions had noted that failure on the part of the government to conclude with labour within one week shall prompt the organised labour to resume the strike without further notice.

June 1, 2024 Naira Ends May Weaker At N1,484.75 Against the Dollar
IFMUYONEWS

Naira Ends May Weaker At N1,484.75 Against the Dollar

The naira, Nigeria‘s currency, ended the month weaker, despite a surge in dollar supply amounting to $4.60 billion in the official foreign exchange (FX) market.

 

The FX market closed for the month on Friday with the naira losing 5.60 percent as the dollar was quoted at 1,485.99 Naira, weaker than 1,402.67 Naira quoted at the beginning of the month, according to data from the FMDQ Securities Exchange Limited.

 

On a day-on-day trading basis, the local currency closed flat at 0.08 percent as the dollar exchanged at 1,485.99 Naira on Friday as against 1,484.75 Naira quoted on Thursday at NAFEM.

 

Dollar supplied by willing buyers and willing sellers was as high as $4.60 billion in the month under review.

May 20, 2024 CBN Makes U-Turn on 0.5% Cyber Security Levy
IFMUYONEWS

CBN Makes U-Turn on 0.5% Cyber Security Levy

The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5% cybersecurity levy on electronic transactions.

 

The decision of the apex bank to withdraw the circular followed the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the levy by the Federal Government last week.

 

Recall that in its initial circular dated May 6, 2024 and addressed to all deposit money banks, mobile money operators and payment service providers, the apex bank directed the deduction of the levy to be remitted to the National Cybersecurity Fund (NCF), administered by the Office of the National Security Adviser (ONSA).

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