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Daily Business News Highlights
(Source: SAMTL, Date: 08-Jun-2023)

 
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Daily News Highlights

Thursday 8th June, 2023

Good Morning,

Your top Business News Highlights for the day.

Subsidy: Tinubu asks Shettima, Govs to Work on Salaries, Palliatives - The Punch

     

As Nigerians grapple with the aftershocks of the fuel subsidy removal, President Bola Tinubu has directed the National Economic Council to come up with inputs on palliatives and  the minimum wage review as part of measures to cushion the pain of subsidy removal.

This was as the Trade Union Congress said it was expecting the Federal Government to provide feedback on its demand for N200,000 minimum wage by June 19.

But speaking during a meeting with members of the Nigeria Governors' Forum, led by its Chairman, Governor AbdulRahman AbdulRazaq of Kwara State in Abuja on Wednesday, Tinubu directed NEC led by Vice President Kashim Shettima to mobilise various interventions to cushion the hardship faced by the most vulnerable Nigerians...Subsidy: Tinubu asks Shettima, govs to work on salaries, palliatives (punchng.com)

FG Plans  National Pay Policy for Workers - The Sun

     

As part of measures to check arbitrariness in the workplace and to  ensure  appropriate remuneration for Nigerian workers, the Federal Government has designed a National Pay Policy (NPP). 

The Chairman and Chief Executive Officer of National Salaries Incomes and Wages Commission (NSIWC), Mr Ekpo Nta, told Daily Sun, in Abuja  that the policy will calculate  the number of hours a worker spends in the office and the quality of work done. That, he said,   will  determine his remuneration...FG plans  National Pay Policy for workers "" The Sun Nigeria (sunnewsonline.com)

Analysts Foresee Oil Prices Hitting $100 A Barrel Before End Of 2023 - Leadership

     

Oil industry analysts have predicted that Brent prices could hit $100 by the end of this year as the new 1 million barrels a day bpd production cut Saudi Arabia announced on Sunday would further tighten the oil market.

The Organisation of Petroleum Exporting Countries(OPEC)+ producers decided to keep the current cuts until the end of 2024, while OPEC's top producer and the world's largest crude oil exporter, Saudi Arabia, said it would voluntarily reduce its production by 1 million bpd in July, to around 9 million bpd..Analysts Foresee Oil Prices Hitting $100 A Barrel Before End Of 2023 (leadership.ng)

Uproar over NNPC's Sleazy $25.9b Oil Swap, N13.9tr Subsidy Payment - The Guardian

     

Although exact figures and terms of reference remain a secret as transparency and accountability concerns cloud the Direct Sale Direct Purchase (DSDP) arrangement of the Nigerian National Petroleum Company Limited (NNPCL), there are indications that Nigeria may have swapped over 364.5 million barrels of crude oil worth $25.9 billion in the last three years and four months.

Experts, yesterday in a series of interviews, called for an audit into the swap deal and the over N13.9 trillion directly spent on fuel subsidies by the administration of former president, Muhammadu Buhari, through the NNPC
...Uproar over NNPC's sleazy $25.9b oil swap, N13.9tr subsidy payment | The Guardian Nigeria News - Nigeria and World News "” Nigeria "” The Guardian Nigeria News "" Nigeria and World News

Nigerian Banks' Dollar Earnings Under Pressure as Investments Shrink - BusinessDay

     

The juicy foreign exchange earnings of Nigerian banks have come under intense pressure due to low dollar economic activities, BusinessDay's analysis and expert opinions have said.

Available data gleaned from the Nigerian Exchange Group (NGX) showed five banks- Stanbic IBTC Holdings, FBN Holdings, Wema Bank, Guaranty Trust Holding Company, and Union Bank, recorded a decline in foreign exchange earnings while two others "" Fidelity Bank and Zenith Bank, recorded foreign exchange loss in the first quarter of 2023.     ...Nigerian banks' dollar earnings under pressure as investments shrink - (businessday.ng)

 
 
 
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