The Central Bank of Nigeria, CBN, has expressed worries over the declining economic activities in Nigeria.

The CBN deputy governor of Corporate Services, Bala Moh’d Bello, disclosed this in his personal statement at the end of the last Monetary Policy Committee meeting released on the Banks’ website on Tuesday.

He noted that the country’s Composite Purchasing Managers’ Index, PMI, declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.

He stressed that economic activity has contracted for eight months due to exchange rate pressures, inflation and security challenges.

“It is concerning to note that the Composite Purchasing Managers’ Index (PMI) declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.

“Economic activity has been contracting for eight consecutive months, mainly due to exchange rate pressures, rising input prices, security challenges, and other idiosyncratic headwinds. This calls for well-nuanced policy decisions targeted at price stability to forestall stifling economic activities and derailing output performance.

“Of more concern is the rising inflationary trend despite sustained hikes in the monetary policy rate with forecasts of further price increases in the near term.

“Both food and core inflation rose in February 2024, underpinning acceleration in headline inflation to 31.70 per cent in February 2024 from 29.90 per cent in the previous month.

“This continued rise in inflation was mainly due to high production costs, lingering security challenges and exchange rate pressures,” he said.

He added that the country’s inflation soared to 33.22 per cent in March, which is unacceptably high and requires coordinated efforts to curb.

“Inflation is currently unacceptably high and requires decisive and coordinated efforts to curb it, given its adverse impact on citizens’ purchasing power, investment decisions and broad output performance.

“The Federal Government’s initiatives addressing food insecurity, such as releasing grains from the strategic reserves, distributing seeds and fertilizers, and supporting dry season farming, are important and commendable,” he added.

Recall that the MPC raised the country’s interest rate to 24.75 per cent in March.

No fewer than 7800 unverified civil servants might lose their April salaries in Jigawa State.

Naija News understands that this is due to the verification and enrollment of state and local government workers into the integrated personnel Payroll Management System (IPPMS) in the State.

However, reports have indicated that the exercise is characterized by challenges where workers are subjected to injuries during the rushed and ill-organized data capture exercise.

The verification process is also marred by alleged extortion of various sums of money from workers.

The development was disclosed in a communique released after the Joint Emergency State Executive Council (SEC) of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) convened to address the pressing issues by the NLC chairperson Sanusi Alhassan, by the council.

The NLC urged the state government to consider the problems and pay the unverified workers their salaries using the old system until they are successfully captured and verified in the system.

However, the state Deputy Governor, Aminu Usman said the unverified workers are 7783 and out of them 4496 who are J-teach workers have already been screened by SUBEB.

He said the remaining permanent and pensionable workers will also be screened soon.

According to him, ”As I am speaking to you now all these workers have already received their salaries because we have to use the old system to pay them their salaries.”

Human rights lawyer, Deji Adeyanju, has lashed out at President Bola Tinubu for appointing the worst set of ministers since 1999.

Adeyanju said Tinubu’s government lacked one credible person that can speak and Nigerians will believe.

His comment is coming when the presidency released a statement announcing that A.P Moller-Maersk shipping company had pledged to inject $600 million into the Nigerian seaport industry.

This was after President Tinubu’s discussion with Robert Maersk Uggla on April 28.

“Danish shipping company, A.P Moller-Maersk plans $600m investment in Nigeria. Danish shipping and logistics company A.P Moller-Maersk has disclosed a planned investment of $600 million in Nigeria to accommodate more container shipping services in Nigerian ports,” Onanuga wrote on X.

Onanuga, who had posted it on his X handle, later deleted the post from his micro-blogging site.

Also, Maersk officials have confirmed that no such agreement is in place and no deals have been signed with the Nigerian government.

Amid the controversy generated, Onanuga explained that no agreement or deal was signed between the Nigerian government and the shipping giant, Maersk.

However, posting on X, Adeyanju wrote: “The Tinubu government does not have one credible person that can speak for it and Nigerians will listen or believe them.

“The government is filled with folks that lack credibility and the worst set of ministers since 1999.”

…Monthly Housing N30,000, Electricity N20,000, School Fees N50,000

The president of the Nigeria Labour Congress (NLC), Joe Ajaero, has rejected the 35 per cent pay rise of the federal government civil servants, insisting on a N615,000 living wage.

Ajaero stated this while speaking during an interview on Channels Television on Wednesday.

The federal government approved a pay rise of between 25 and 35 percent for civil servants across various consolidated salary structures on Tuesday.

Ajaero who stated that the last minimum wage of N30,000 expired on April 18, added that discussions were supposed to be concluded on the new minimum wage.

“We should be in the regime of new minimum wage as of today. Discussions were supposed to have been concluded.

“The federal government through the National Assembly legislated on it. But we saw that the discussion entered voice mail because the federal government refused to reconvene the meeting that was adjourned.

“I think the announcement now appears mischievous because there is no wage increase that government is announcing. For them to announce it now, it is an issue that we are worried about at the NLC and even at the TUC,” he said.

He noted that the organised labour has agreed on N615,000 as the living wage for civil servants.

The NLC leader said, “Living wage is such that will, at least keep you alive. It is not a wage that will make you poor and poorer. It is not a wage that will make you borrow to go to work. It is not a wage that will lead you to be in the hospital everyday because of malnutrition. For that living wage, we have tried to look at N615,000.”

Breaking down on how the Union arrived, N615,000 the Labour leader stated, “We have housing and accommodation of N40,000. We asked for electricity of N20,000 — of course that was before the current tariff increase. Nobody can spend this amount currently. We have utility that is about N10,000. We looked at kerosene and gas that is about N25,000 to N35,000.

“We looked at food for a family of six, that is about N9,000 in a day. For 30 days, that is about N270,000. Look at medical, N50,000 provided there will be no surgery or whatever.

“For clothing, we looked at N20,000. For education, N50,000. I don’t know for those who tried to put their children in private school, they will not be able to cope with this amount. We also have sanitation of N10,000.

“I think where we have another bulk of the money is transportation. This is because the workers stay in the fringes and because of the cost of PMS, that amounted to N110,000.

“That brought the whole living wage to N615,000 and I want anyone to subject this to further investigation and find out whether there will be any savings when you pay somebody on this rate.”

Wunmi, the wife of late Nigerian singer, Ilerioluwa Oladimeji Aloba, better known as Mohbad, has allegedly undergone two DNA Tests for their baby, Liam.

Naija News reports that there has been controversy over the paternity of Liam, the only child of the late Mohbad, before his sudden demise.

Joseph Aloba, the late singer’s father, has also been at loggerheads with his son’s wife, Wunmi, over the demand for a DNA test to determine whether Liam is indeed his grandson.

Joseph’s stance has generated reactions on social media, with many Nigerians supporting him and others against him.

However, Nigerian celebrity journalist Stella Dimoko Korkus has alleged that amidst the social media brouhaha on the request for DNA, a popular Yoruba Nollywood actress and Wunmi secretly had two DNA tests, with neither result released to the public nor to those around her.

She said, “According to inside sources, all the while that Mohbads father was crying for DNA test to be done, Wunmi aided by a popular Yoruba Nollywood actress secretly did a DNA test and the result of that first test prompted them to do a second secret DNA test recently and the result of that test is with the actress and insiders allege that the result might shock everyone.

“Sources wonder why the result of the two DNA tests have not been made public by the actress and allowing everyone to continue dragging Wunmi to do the test to save face.

“This is hoping that the DNA tests result will be made public to end all the drama that has shifted the focus of who or what killed Mohbad to if little Liam is his child or not.”

Consulting firm harps on investing in cybersecurity to save Nigeria from economic doldrums

Nigeria can be one of the highest producers of Cybersecurity professionals in the world and earn large foreign exchange, as a way to save the country from its present economic doldrums.

The Head Operations of Wellspring Consulting, Omowunmi Oyetinbo, made this assertion while calling on government, private organisations and individuals to partner Wellspring Consulting and invest more in the training of the Nation's youth as cyber security professionals.

According to Oyetinbo, "the consulting firm is well grounded in training cybersecurity professionals which would open doors to endless career possibilities in the ever evolving tech-industry, both locally and globally.

"Wellspring consulting is set to partner various organisations to sponsor young Nigerians, especially young women in building a career in Cybersecurity.

"The firm offers training and free global certification with a globally ranked IT security organization, she said.

Oyetinbo who describes cybersecurity as the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks, said Nigeria faces a critical shortage of cybersecurity professionals while there is high demand for the profession globally.

She assured that any investment or training in cybersecurity would yield bountifully for Nigeria.

Commuters in the Federal Capital Territory, FCT, Abuja, and other cities across the country have bemoaned the hike in transportation fares owing to the current fuel scarcity.

DAILY POST reports that queues have worsened in many filling stations across the country, with Abuja as one of the worst hit areas.

While some motorists were lucky to get fuel at some retail outlets for between N700 and N,1200 per litre after hours of squabbles, others were not so lucky as many retail outlets were shut, with their excuses being supply challenges.

Findings by DAILY POST revealed that the snake-like queues at a few filling stations in Abuja have worsened the traffic situation in the nation’s capital and its outskirts as the long queues spilt on major roads, hindering movements, just as thousands of people were stranded at bus stops with transport fares as high as double the former amounts.

Although many outlets owned by independent oil marketers remained shut, DAILY POST gathered that NNPC retail outlets sell petrol at N617 per litre.

Some motorists told DAILY POST that they had to painstakingly endure the unending queues and jostling for sometimes six hours.

DAILY POST gathered that the shortage of the premium product saw the black marketers selling the petrol for as high as N1,200 per litre in some areas of the FCT and its outskirts.

Meanwhile, the National Association of Nigerian Students, NANS, has threatened to embark on mass action if the Federal Government failed to take immediate steps to address the current fuel scarcity in the country.

The association’s Senate President, Babatunde Akinteye, in a statement on Monday, lamented that the fuel scarcity has left many citizens, including students, frustrated and helpless.

He added, “The consequences of this fuel crisis are dire, with electricity supply remaining unreliable, prices soaring, and essential services paralyzed. Nigerian students, along with the rest of the population, are bearing the brunt of this crisis daily.

“We demand immediate actions from the NNPCL to resolve the fuel crisis and restore stability to our nation.”

Speaking during an interview on Channels Television’s ‘The Morning Brief breakfast programme’ on Monday, monitored by DAILY POST, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, blamed the fuel scarcity across the country on a supply challenge from NNPC Limited.

Mr Gillis-Harry, who explained that the supply challenge has not been resolved, however, acknowledged the efforts by NNPC Ltd to solve the problem.

He said NNPC has its own outlets that they also serve.

“So if they have some logistics issues, that will possibly be what is internal to NNPC. But as for us, PETROAN members, we can tell Nigerians for real that if we have petroleum products delivered to us, supplied to us upon payment for those same products, we will supply them to Nigerians.

“I would like to correct Nigerians that we, retail outlet owners or marketers as they generally call all of us, are not the reason for this. We do not have any reason not to serve the public and we are willing to serve the public.

“All that is required is for us to have petroleum products delivered to us from NNPC and we will make sure that our retail outlets are open, some of them are even open for 24 hours. The challenge of logistics is only relevant to the NNPC retail outlets,” he said.

Findings by DAILY POST indicate that as at Monday, transportation fare from Masaka, Ado, Mararaba, all in Nasarawa state, outskirts of Abuja that used to be 500 before is now N800.

Also, from Jikwoyi, Karu and Nyanya now cost N800 as against N500 and N600 respectively.

Similarly, from Lugbe, Airport Road which was N400 is now N500-N600.

Speaking to DAILY POST, some commuters expressed their frustration, calling on the authorities to intervene without delay.

A commuter, Gabriel Olotu, expressed his grievances while waiting under the bridge in Mararaba for close to two hours trying to get a cab or bus to Wuse/Berger.

“I have been standing here for almost two hours trying to get a taxi to work but I have not been able to get any.

“I hate to resume office late so I wake up and prepare myself for work on time. Unfortunately today, I have been here since 7:30 am. It is almost 10 am already,” he lamented.

Another commuter, who simply gave her name as Agnes, said she paid higher than what she used to pay on transport fare.

She said, ”Already, the money I had with me cannot get me lunch at work, on getting to the road, the transportation fare is now doubled.

”This means the limited money I have will be affected again, which boils down to the fact that what we are going through is unbearable.”

On her part, Mrs Aisha Mohammed said she will have to trek from the junction where she will be dropped to her house because the money meant for motorbikes has been spent on plying the main road.

She begged that the situation be put under control soon because it won’t be easy for people to get to where they earn their living.

A driver, Sunday Adah, who had been waiting in one of the queues, described the situation as horrific and blamed the government for being insensitive to the plight of Nigerians.

“This government is wicked and always bent on making us suffer. I do not understand if they enjoy seeing us suffer.

“I have been in this queue for more than four hours and I have not been able to get fuel.

“I know how much I would have made already but for the time that I have spent here. I do not know what the problem is again.

“They said fuel subsidy, now they have removed fuel subsidy and made us buy the fuel at outrageous rates, yet we cannot even buy with ease,” he said.

A United States, US, District court, on Tuesday, sentenced the founder and former Binance CEO, Changpeng Zhao to four months in prison.

The court judge, Richard Jones said Zhao, whose nickname is CZ, has also satisfied the requirement of him to pay $50 million in fines.

The judge also won’t impose five months of probation as was recommended by the probation officer, Mail Online reports.

In November 2023, Zhao pleaded guilty to a money laundering charge.

The 47-year-old admitted to violating the Bank Secrecy Act by willfully failing to set up an effective anti-money laundering system at Binance, the cryptocurrency exchange he founded and ran as CEO from July 2017 to November 2023.

Binance also pleaded guilty to similar charges from the US Department of Justice in November 2023 and was forced to pay $4.3 billion in fines and restitution for failing to register as a money transmitting business, Forbes reported.

U.S. prosecutors had urged the court to sentence Zhao to three years in prison after he pleaded guilty to violating laws against money laundering.

They argued that sentencing Zhao to twice the maximum 18 months recommended under federal guidelines would reflect the magnitude of his willful violations, and send a message that would deter others.

In March, a U.S. district court had ordered that Zhao must surrender his Canadian passport and notify the court before travelling within the country.

This came after U.S. District Judge, Honorable Richard A. Jones restricted his bond conditions.

President of the Senate, Senator Godswill Obot Akpabio, has assured Nigerian workers that the National Assembly and the Executive arm of government would work collaboratively to give them a living wage and better working conditions.

The Senate President gave the assurance in a statement through his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh to congratulate the workers as they commemorate the 2024 May Day.

Akpabio extolled the sterling qualities that stood out the Nigerian worker saying “A Nigerian worker is noted for his patriotism, hard work, resilience, and dedication to duty.

“I am happy to be associated with the Nigerian worker in the last more than 25 years and I can attest to the fact that everywhere you go, the Nigerian worker’s spirit resonates profoundly”.

Speaking on this year’s theme for Workers Day, “Ensuring safety and health at work in a changing climate,” Akpabio promised that the National Assembly under his leadership was more than committed to ensuring the best working conditions for the Nigerian worker adding that, “No Nigerian worker will again be allowed to work under inhuman conditions. We will do everything to give you the best because you deserve the best”

The Senate President reiterated that the theme for this year’s celebration was apt and in tune with the international best practices assuring that Nigeria will never be left behind.

According to him, the 10th National Assembly was fully committed to providing the required legislative enablement aimed at protecting the interest of the Nigerian worker, creating a befitting workplace environment and a pay that takes them home.

“On behalf of the Senate and the entire National Assembly and indeed, my family, I wish to join the world in wishing the Nigerian worker a happy International Labour Day.

“We are celebrating patriotism, hard work, commitment and dedication. And I want to assure you that your sacrifices can never go in vain. The tough times will never last forever and in fact, they will soon be over,” he said.

As Nigeria joined the rest of the world to mark International Workers’ Day, IWD, the Nigerian Labour Congress, NLC, and the Trade Union Congress, TUC, say life has been miserable for Nigerians and workers under President Bola Ahmed Tinubu’s administration.

In separate statements by the Head of Information and Public Affairs of NLC, Benson Upah and TUC President Festus Osifo they bemoaned the economic hardship workers and other Nigerians are grappling with due to high inflation, foreign exchange crisis, food inflation and energy crisis.

Upah said life has worsened considerably under Tinubu’s government.

He said fuel subsidy removal, the Naira continued crisis at the foreign exchange market, and electricity tariff hike are policies by the Tinubu government fueling the economic hardship on Nigerians and workers.

The spokesperson for the NLC urged President Tinubu to rethink some of his policies for a better life for Nigerian Workers.

“Life has worsened considerably. In fact, the most painful aspect of it is that there is no silver lining in the sky yet. When workers were trying to get used to this ugly situation, the government slammed them with a new energy tariff of 250 per cent, and on the other side, for the workers, nothing has changed.

“So, life has been very terrible for workers in the past year. We wish it could be better.

“To go to specifics: the ill-advised removal of fuel subsidy, the floating of the Naira, and the hike in the tariff of electricity; these three major policies have considerably reduced the value of the Naira.

“Inflation at the moment is 33.2 per cent, and food inflation is a minimum of 40 per cent. The devaluation of the Naira. After these policy announcements. The value of the Naira decreased by about 200 per cent, and after a while, Nigerians started hoping that the Naira would regain its strength and stability. There were other storms.

“Ou we suspect that these policies are dictated from outside this country, and they are not good for the health of this country or for the people of this country, and we advise Mr President to retrace his steps.

“Our message is that workers should not be broken; they should remain strong and be guided by the philosophy of the bedbug that this hot water that they are pouring on us will one day grow cold,” the NLC said.

Meanwhile, the President of the TUC, Osifo, has called on the federal and state governments to prioritise workers’ welfare.

Osifo, who spoke at the Pre-May Day Lecture held in Abuja on Wednesday, said there is a need to put the welfare and interest of the people first in driving any government policy.

Represented at the event by the Deputy President of TUC, Comrade Eitm Okon, Osifo said the theme of the 2024 May Day celebration, which is titled: “Workers First”, is very significant because there is a need to put the people first and to put the workers first in every government policy.

“Today marks another turning point in the history of the trade union movement in this country.

“When we look at the theme of the 2024 Worker’sayWorker’s celebration, which is People First, that is very significant because we need to put the people first, we need to put the workers first, and when you put the people first, you put your family first. This is what is called the first line charge.

“Today, we have experienced various policy mismatches and summersaults where people’s welfare is put at the bottom of the radar.

“A case in point was the increase in electricity tariff without following due process and without consultation with various stakeholders who would have been involved in taking critical decisions that affect the lives of workers,” he lamented.