No fewer than seven states and the Federal Capital Territory have failed to approve the minimum wage expected to commence in October this year.

This is as 25 states have commenced payment or made a pronouncement on the amount to pay as the minimum wage.

The states that have yet to approve a particular minimum wage amount are Zamfara, Sokoto, Osun, Cross River, Imo, Plateau, Taraba, and the FCT.

Saturday PUNCH gathered that paying the N70,000 minimum wage may take a long time in Zamfara, as the state just began paying the old N30,000 minimum wage.

Recall that the N30,000 minimum wage took effect in April 2019, but Governor Dauda Lawal of Zamfara State commenced the payment to the civil servants in June this year.

The state has yet to make any statement on the N70,000 minimum wage as of the time of filing this report.

Also, Sokoto State has yet to commence payment of the minimum wage despite Governor Ahmed Aliyu’s promise that his administration would be among the first states to do so.

Osun State Governor Ademola Adeleke, had declared that his administration would pay the minimum wage, but the state has yet to approve any amount or commence payment of the minimum wage.

Speaking with Saturday PUNCH on Thursday, the Chairman of the Trade Union Congress in the state, Bimbo Fasasi, said the state was about to finalise the implementation process.

Fasasi, a member of the Labour/Osun State Government negotiation committee on the new minimum wage, said, “We are getting there, we are at the stage of comparing tables and exchanging tables between us. I’m confident we will soon have a meeting point and we will be able to make formal announcements and implementation will most definitely follow immediately.”

Cross River State has also not approved the N70,000 minimum wage.

On May 1, 2024, Governor Bassey Otu of the state announced N40,000 as a new minimum wage for civil servants before the national minimum wage.

TUC Chairman in the state, Monday Ogbodum, said labour unions were still negotiating the new minimum wage with the state government.

The minimum wage is also yet to take effect in Imo State, though Governor Hope Uzodimma assured workers that his government was committed to its implementation.

Saturday PUNCH gathered that the state government and labour were already discussing the minimum wage.

The Vice Chairman of TUC in the state, Charles Amaru, disclosed that there was no agreement on payment by the state government yet.

He said, “The organised labour is still discussing with the state government on the template for payment. The discussion is prone to having fruitful outcomes and the government has said that everyone will be comfortable with the amount that will be paid.”

There has been grave silence on the minimum wage in Plateau State, just as the Taraba State Government has yet to commence the payment of the N70,000.

On September 5, 2024, Governor Agbu Kefas of the state said he was prepared to pay the new national minimum wage, adding that the Head of Service and the labour were already discussing the implementation.

The FCT has yet to speak on the minimum wage implementation as of the time of filing this report.

However, workers across the country have continued to lament the lingering economic hardship, noting that N70,000 is no longer enough for them.

The workers who spoke randomly with Saturday PUNCH said the fuel and electricity tariff hikes, inflation, and high cost of living have seriously reduced the value of the N70,000.

A staff member of the Federal Ministry of Industry, Trade and Investment, Abuja, who pleaded anonymity stated that the labour leaders made a mistake by accepting the N70,000 minimum wage without considering the economic reality.

“We were not expecting our leaders to accept the N70,000 as minimum wage because the price of foodstuffs, fuel, electricity tariffs, and fuels continue to go up.

“The amount is not enough for us at all. The living standard in Abuja is high and it is a reality that we cannot survive on N70,000 every month.”

Also, a civil servant at Ayedire Local Government, Osun State, said the N70,000 was not proportionate to the economic hardship, adding that the minimum wage couldn’t feed a family for two weeks.

He queried, “What is the quality and quantity of the foodstuffs to buy with N70,000? How long will it take to exhaust the minimum wage in the face of fuel hikes and inflation? Life is not easy for us.”

Recall that the organised labour said they accepted the N70,000 minimum wage because of President Bola Tinubu’s promise not to increase fuel prices.

But the fuel price was increased in September and has continued to increase since then, a development that made the Nigeria Labour Congress declare that the president betrayed the labour unions.

The President of the NLC, Joe Ajaero, on September 20, said Tinubu betrayed the organised labour, using fuel as bait.

Ajaero noted that the cost of petrol has undermined the benefits of the N70,000 national minimum wage, urging the government to urgently address the pressing issues of hunger, poverty, and frustration affecting Nigerians.

Ajaero recounted discussions with Tinubu before the acceptance of the N70,000 minimum wage, stating that during negotiations, the president offered the option of accepting the N70,000 wage without further increase in fuel prices.

The Dangote Refinery and Petrochemical is set to begin fuel exports to South Africa, Angola, and Namibia, Saturday PUNCH can confirm.

A highly credible source, who confirmed this exclusively to one of our correspondents on Friday, said the management of the 650,000-barrel per-day capacity refinery was at advanced stages of talks with the countries to start lifting fuel.

Our correspondents gathered that four other African countries – Niger Republic, Chad, Burkina Faso and Central Africa Republic – had also started negotiation with the refinery.

Saturday PUNCH was reliably informed that more countries were being expected to signify interest in lifting fuel from the refinery in the coming months.

Ghana was recently reported to have expressed interest in buying petrol from the $20bn Lekki-based refinery.

The Chairman of the National Petroleum Authority, Ghana, Mustapha Abdul-Hamid, said the arrangement with Dangote refinery would end his country’s monthly $400m fuel imports from Europe.

“I can confirm to you that talk is actually at advance stage with Ghana, Angola, Namibia and South Africa, while initial discussion is coming up with Niger, Chad, Burkina Faso and Central African Republic,” the source said.

When asked why marketers are insisting on not buying from Dangote despite the refinery’s capacity, the source said the dealers had hidden agenda.

“However, between now and January 2025, their plan would be exposed. Dangote refinery remains the hope of this country for a sustainable supply of petrol and the refinery has the capacity to serve the entire country,” the source added.

Meanwhile, local marketers have resolved to import fuel from outside the country.

The Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria last week insisted on fuel importation after accusing the Dangote refinery of selling fuel to Nigerians at an exorbitant price.

The marketers are awaiting the approvals of the Central Bank of Nigeria and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to import cheaper petrol.

The marketers argued that importing more affordable petrol would offer relief for consumers still adjusting to the price surges following the removal of fuel subsidy.

However, to proceed, the marketers requested access to foreign exchange from the CBN, and permits from NMDPRA to ensure compliance with fuel quality and regulatory standards.

The NMDPRA has, however, refuted claims that IPMAN and PETROAN were allowed to obtain petrol import licence as associations.

An official of the NMDPRA, who spoke to our correspondent on condition of anonymity due to the sensitivity of the issue, said the agency could not approve the request of oil marketers to obtain import licence as an association, but based on individual requests.

The source added that individual application was the stipulated law and could not be shelved.

“The truth of the matter is that they can’t apply for petrol import licence as a body or association. Individual marketers have to apply by themselves before they can be granted that licence. They have to apply by themselves. We are not going to give the permit jointly so they can’t apply as an association.

“So, this also means that if individual marketers don’t apply for it, we can’t approve it.”

Responding, the National Public Relations Officer of PETROAN, Dr Joseph Obele, said the association applied for the import licence about one month ago through its newly incorporated trading wing.

He described Dangote as an “aggressive competitor” who would go to any length to monopolise the market.

“You should know that Dangote is just out to close all the doors and windows so that no person enters the market. He is determined to ensure that nobody enters the market as a competitor. We assure Nigerians that as soon as the regulatory agency approves our authority to import, this price of PMS that is causing pain to Nigerians right now will crash to the barest minimum.

“The product we are planning to import is one of the best products so far, far better than his (Dangote) own, but he is just telling Nigerians that any product that is coming into the country is not better than his own.

“We call on Nigerians to support the call for dismantling monopolies so that we can liberate the market; otherwise, we will remain in the trap we are. We are trapped at the moment; we are trapped with exploitation and the only way out of the trap is to dismantle every dimension of monopoly and we are calling on Nigerians to support us,” Obele said.

Baltasar Engonga, the former Director-General of Equatorial Guinea’s National Financial Investigation Agency, has been remanded in custody at Malabo’s Black Beach Prison.

Engonga’s arrest came shortly after reports surfaced accusing him of recording over 400 explicit videos involving the spouses of influential figures in the country.

This revelation emerged amid an ongoing fraud investigation into the 54-year-old economist, prompting officials from ANIF to conduct an unannounced search of his residence and office.

During the search, authorities reportedly uncovered numerous CDs containing footage of these encounters, The PUNCH reports.

The leaked videos have ignited widespread public outrage and intense media scrutiny.

In response, President Obiang Nguema Mbasogo dismissed Engonga from his position.

According to Decree No. 118/2024, issued on November 4, the dismissal cited “irregularities committed in the exercise of his functions, as well as inappropriate family and social conduct incompatible with public service duties.”

On Friday, a video circulated widely on social media showing Engonga appearing in court, restrained with handcuffs on both his hands and feet.

French blog Afrikmatin confirmed that Engonga, officially relieved of his duties on November 6, 2024, was subsequently chained and transferred to Malabo Central Prison. He is facing charges related to corruption and embezzlement.

Furthermore, UGStandard, an online news outlet, reported that the sex tapes began to spread on social networks while Engonga was already detained at Black Beach Prison on accusations of misappropriating public funds, as corroborated by state broadcaster TVGE.

In a fact-check published on Wednesday, Dubawa verified Engonga’s detention on corruption charges, affirming that he is currently being held in Black Beach Prison.

The proposed tax reforms by President Bola Ahmed Tinubu have continued to spark significant controversy, with northern state governors and National Assembly members taking new steps to block the president’s initiatives.

According to sources, the latest pushback within the National Assembly is being led by governors from the seven states in the North-West and six from the North-East, with two additional governors from the North-Central region joining their ranks.

However, not all northern governors are opposed to the reforms. Reports indicate that four governors from the region are in support of Tinubu’s proposals. Of these, three belong to the ruling All Progressives Congress (APC) and one is affiliated with the opposition Peoples Democratic Party (PDP).

Pressure is mounting on two presiding officers from the North-West in the National Assembly to align with the dissenting northern governors. Sources have revealed to Saturday Sun that influential traditional rulers and religious leaders have been engaged to persuade the officers to obstruct the bills’ progress. It remains uncertain whether these officers will yield to such pressures.

Meanwhile, a group of northern lawmakers, led by former Senate Leader Mohammed Ali Ndume, has been actively rallying against the tax bills in both legislative chambers.

Ndume, in multiple public statements, has dismissed the bills as “dead on arrival” and criticized them as detrimental to the northern region.

“The proposed tax increases would further burden Nigerians,” Ndume argued. “The middle class is already on the brink of disappearing. If people cannot sustain their livelihoods, additional taxes are not feasible. First, we need to improve living conditions so that citizens have disposable income before considering increased taxation. It’s common sense—you cannot ask for a blood donation from someone who’s already anemic.”

While many senators have refrained from publicly voicing their opposition, insiders suggest that efforts to subvert the bills are ongoing behind the scenes.

Despite the growing resistance, President Tinubu has made it clear that he does not intend to withdraw the proposed tax reforms.

However, he has expressed willingness to incorporate legislative feedback and amend the bills where necessary.

The reform package, which has drawn widespread scrutiny, includes key legislative pieces aimed at overhauling tax administration.

These include the Nigeria Tax Bill to reduce redundant taxes, the Nigeria Tax Administration Bill to standardize processes nationwide, the Nigeria Revenue Service (Establishment) Bill proposing a rebranding of the Federal Inland Revenue Service (FIRS), and the Joint Revenue Board Establishment Bill designed to create a unified tax management body.

Ghanaian Gospel singer and preacher, Cecilia Marfo has spoken about Christianity, and how she approaches certain topics when giving sermons.

In an interview with Fiifi Prat, Marfo, who has recently devoted herself more fully to preaching, reflected on her spiritual journey and the significant number of souls she believes she has helped bring closer to God.

Celebrating her impact, Marfo described herself as a skilled preacher, expressing confidence in her style and effectiveness. However, she clarified that she intentionally steers clear of certain subjects, particularly criticizing others’ clothing choices or preaching against behaviors like pr0stitution and womanizing.

According to her, focusing on these topics lacks purpose, calling it “pure stupidity” to center sermons around judging people's attire or personal choices.

An economist and the Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane, has projected that petrol prices in Nigeria could reach N1,200 per litre in the near future.

In his November 2024 economic outlook, Rewane also predicted that Brent crude could trade at $70 per barrel by December and that inflation might rise to 34%. He forecasted a potential appreciation of the Naira to N1,550/$ by January 2025.

According to ThisDay, Rewane shared these insights during the November edition of the Lagos Business School’s Breakfast Session titled ‘Democracy on Trial! Trump – Going Back to the Future.’

He highlighted that there is no economic rationale for the Naira to trade at less than 30% of its fair value within the next 12 months.

“According to the Economist Intelligence Unit, crude oil prices next year will average $74 per barrel, which could push petrol prices to N1,200 per litre,” he stated.

He added that global oil prices and logistics distribution costs will play a significant role in determining petrol prices, noting that higher petrol prices could help curb smuggling while official fuel exports to neighboring countries might boost foreign exchange revenue.

Rewane cautioned that while the Dangote Refinery has been viewed as a game-changer for Nigeria’s oil sector, it is not the ‘silver bullet’ many had hoped for.

“The refinery’s pricing strategy is dictated by global crude prices and operational costs,” he explained.

While it would ensure supply and availability, it would not necessarily stabilize prices, as the refinery operates on a cost-plus margin model.

“Smuggling will continue as long as Nigeria’s petrol prices remain lower than those of neighboring countries,” he noted.

Rewane also pointed out that the recent increase in petrol prices from N600 to N1,030 per litre has led to a 25% reduction in vehicular movement. This observation was based on a vehicular count report conducted on Adeola Odeku, a major thoroughfare in Victoria Island, Lagos.

He emphasized that the Naira is currently undervalued by 35.18%, with its fair value pegged at N1,090.24 to the Dollar, compared to the current NAFEM rate of N1,682 and the parallel market rate of N1,742 per Dollar.

“We anticipate that the Naira will strengthen by January 2025, contingent on reforms in the exchange rate determination mechanism,” Rewane said.

He stressed that “there is no justification for the Naira to trade at less than 30% of its fair value for an extended period. We expect the currency to regain some of its value by early next year.”

Rewane underscored that the exchange rate is a significant driver of inflation in Nigeria. A partial recovery of the Naira would help reduce inflation and curb excessive money supply in the economy.

He projected that the Monetary Policy Committee (MPC) might maintain its current stance to allow existing policies to take effect, but upcoming inflation data for October, set for release on November 15, could influence this decision.

Rewane further noted that fluctuations in crude oil production could impact Nigeria’s trade balance and exchange rate.

Historically, stable exchange rates align with periods of positive trade balances and high crude oil production, while trade deficits and currency depreciation are linked to low production or declining oil prices.

He concluded that Nigeria’s best-case scenario would involve the Central Bank of Nigeria (CBN) keeping interest rates high until 2025, a surge in capital flows, regular rDAS auctions, and an increase in oil production to 1.55 million barrels per day.

Rewane also highlighted that corporate entities are facing significant foreign exchange losses, which have collectively reached N2 trillion for 10 prominent companies, impacting their earnings.

He pointed out that fixed assets acquired at historic rates have now fully depreciated, increasing operational inefficiencies and driving up maintenance and replacement costs.

“Companies with foreign currency-denominated debt are also experiencing increased servicing costs,” he concluded.

The Governor of Bayelsa State, Douye Diri, has lamented that his state has been without power for the last three months, a situation attributed to the destruction of the power infrastructure of the Transmission Company of Nigeria (TCN) by vandals.

Diri made this announcement during the 2024 All Nigerian Editors Conference, which took place at the DSP Alamieyeseigha Memorial Banquet Hall in Yenagoa, the capital of the State, on Friday.

He pointed out that since the vandalism occurred, the state has been plunged into darkness for the duration of the three months.

He revealed that his government has been in close collaboration with TCN to bring back electricity to the state, and mentioned that as part of his ASSURED Agenda, there are plans to establish the state’s own power generation through gas turbines.

“I just want to let you know maybe you are in hotels where you have power. Bayelsa has been without power for the past three months. The hotels have light, so you may not know that the people of this state have been living without power for the past three months.

“The reason was that electrical installations of the Transmission Company of Nigeria were vandalized by criminals. After that vandalization, the state has remained in darkness till today. The other one that happened in the North was also a similar thing to this one, but we heard power has been restored in the North.

“But in our state here, for three months and still counting, there is no electricity and we are working hand in gloves with the Transmission Company of Nigeria. As you are all aware, energy was is under the exclusive list, particularly transmission. It is only with the coming of Mr. President that he liberalized it and signed into the law that now allows state governments to generate and distribute energy.

“For us as a state, we are very rich in gas, even more than oil. Now we are working with the TCN to restore the National Grid but we will not stop it there. We have now moved beyond that to see how we can have our own independent power supply through the gas turbines,” the governor told the editors.

The Academic Staff Union of Universities (ASUU), the Senior Staff Association of Nigerian Universities (SSANU), among other academic unions, will meet the federal government’s reconstituted committee next week on the renegotiation of the 2009 agreement with university-based unions.

Naija News reports that ASUU’s National President, Emmanuel Osodeke, made this known in an interview with Punch in Abuja.

However, Osodeke did not specify the meeting date but stated that the committee would meet in the coming week to deliberate on issues.

In early October, the Federal Government announced the reconstitution of a committee to renegotiate the 2009 agreements between the government and various university-based unions.

The committee received a time frame of three months.

Recall that the Minister of State for Labour and Employment, Hon. Nkeiruka Onyejeocha, has affirmed that the Federal Government is taking proactive measures to prevent another strike by the Academic Staff Union of Universities (ASUU).

She noted that President Bola Ahmed Tinubu‘s administration is working diligently to address the underlying issues and implement reforms that will strengthen Nigeria’s economy in the long term, despite the immediate challenges these reforms may present.

Speaking during her 17th annual free medical outreach in Isuochi, Abia State, Onyejeocha reassured the public that the concerns raised by ASUU would soon be resolved.

ASUU recently issued a 14-day ultimatum to the government, demanding the settlement of four months’ salary arrears from the 2020 strike, the migration of its members from the Integrated Personnel and Payroll System (IPPS) to the University Transparency and Accountability System (UTAS), and the payment of outstanding earned allowances, among other issues.

Onyejeocha expressed optimism that ongoing discussions with ASUU would lead to a positive resolution soon