Bitcoin Exchange Traded Funds (ETF) have received a whooping inflow of $306 million in the last 24 hours as positive news about the possible approval of spot Ethereum ETF continues to filter in.

The deadline for the review of the spot Ethereum ETF application by the United States Securities and Exchange Commission is Thursday, and the stance of the regulatory body appears favorable thus far.

According to Decrypt, the already existing Bitcoin ETFs saw over $306 million worth of funds deposited, marking the largest single-day influx in this fund category since earlier this month.

The inflows among the different Bitcoin ETFs were unevenly distributed, with some receiving more than others.

BlackRock’s iShares Bitcoin Trust (IBIT) took in $290 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) saw $26 million worth of inflows. That was offset by the Bitcoin ETF (BITB) and VanEck Bitcoin Trust (HODL) seeing $4 million and $6 million worth of withdrawals, respectively.

Meanwhile one of the existing Bitcoin ETFs known as Grayscale Bitcoin Trust (GBTC), which has previously witnessed $72.5 million worth of net inflows between May 15 and May 20, was flat on Tuesday,

However, the Bitcoin ETFs are shrinking from the original level it used to be. GBTC and IBIT has now shrunk to $736 million. That’s approximately half what it was less than a month ago.

To tackle this Grayscale appointed a new CEO, Peter Mintzberg and it remains to be seen whether his input will turn around the fortunes of the firm’s flagship bitcoin fund.

Analysts from Standard Chartered are predicting that a spot Ethereum ETF approval will do wonders for the prices of both Bitcoin and Ethereum and the massive inflow of funds in Bitcoin ETFs recently proves that they may be right.

The massive inflow of funds for Bitcoin ETFs is driven by positive sentiments surrounding Ethereum a rival crypto asset. This proves that the success of both coins is intertwined.

The global market cap of cryptos got close to matching an all-time high in mid-March, when the Bitcoin price was on a tear and set its current all-time high of $73,737.94.

As for Ethereum, marching an all-time high price means chasing $4,878 price tag which it last witnessed on November 10, 2021. That’s around the time that prices were booming and the global crypto market capitalization inched past $3 trillion for the first time ever.

Plenty of traders are investing in crypto assets anticipating a bullish trend that will lead to Bitcoin and Ethereum hitting an all-time high following the proposed approval of spot Ethereum ETF.

What To Know 

• The Bullish trend which is currently driving up the prices of Bitcoin and Ether and causing massive inflow of funds into Bitcoin ETFs is a result of hopes of an ether (ETH) spot ETF getting approved for trading in the U.S., and a positive outlook for cryptocurrencies from Donald Trump ongoing presidential campaign.
• The Price of Bitcoin is currently $70,000 while that of Ethereum has surged to $3,700.

[Nairametrics]

The federal government’s wage bill will almost double at the very least if the organised labour doubles down on the push for a 20-fold increase in the minimum wage.

With the proposed minimum wage of N615,000, the government’s personnel costs for 1.5 million workers will rise from about N7 trillion which it currently stands to N11 trillion.

Ben Akabueze, the director general of the budget office of the federation, had said the government’s personnel cost was over N5 trillion, with 1.5 million workers under the federal government’s payroll.

The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) are demanding that the country’s minimum wage be increased by 1,950 percent from N30,000 to N615,000.

The Union says it arrived at the minimum wage recommendation after painstakingly computing the monthly cost of living of Nigerian workers, with food, transportation taking a chunk of the expenses.

According to a “cost of living estimate” released by the NLC, it will cost a Nigerian worker N9,000 to feed for 30 days, amounting to N270,000.

Each worker is also projected to spend at least N110,000 on transportation in a month.

Meanwhile, the federal government has proposed N48,000, leading to a battle royale between the organised labour and the government.

It is not however clear if the government is prepared to shift grounds, as the labour unions have continued to insist on N615,000 minimum wage, giving states who are yet to implement the N30,000 wage two weeks ultimatum.

Many analysts as well as other stakeholders have noted that while the pay increment is necessary given the high cost of food, accommodation, energy and other basic needs, the proposed wage by NLC/TUC may not be feasible.

As it stands, the federal government may need to raise a supplementary budget to accommodate any wage review, a recent report by the International Monetary Fund shows.

The IMF noted in its latest country staff report for Nigeria that the negotiated amount may surpass the budgeted amount in the original 2024 budget.

Olu Fasan, an author and social commentator in a column published by BusinessDay, argued that in many countries, the focus has shifted from the minimum wage to the living wage.

He maintained that minimum wage impoverishes workers and entrench a phenomenon known as in-work poverty, where people are in paid jobs but still can’t make ends meet. He advocated for a living wage as it is the only “antidote” to poverty.

On the proposal of the organised labour, Fasan noted that the demand is not feasible but proposed N100-120,000 as a decent minimum wage.

“Of course, the N615,000 per month that the labour unions demand is unreasonable. However, given that the government provides no basic amenities for the people and considering the limited coverage of any living wage, it’s hard to disagree with something within the range of N100,000–N120,000 per month,” he said.

Nigeria’s minimum wage lowest among selected countries

Nigerian workers are paid a pittance relative to what their peers in Mexico, Indonesia and Turkey get as their minimum wage.

At the end of every 26 working days, a low income earner in Turkey earns $578, 25 times more than what a Nigerian receives. Workers in Mexico and Indonesia earn $369.5 and $316 respectively.

Turkey is able to pay such an amount because its government revenue to GDP ratio outstrips that of Nigeria, which means the Turkish government is richer than Nigeria.

According to data from the International Monetary Fund (IMF), Turkey’s revenue as a percentage of GDP stood at 26.41 percent in 2022, Mexico’s was 24.2 percent but Nigeria’s pales at 8.79 percent, which explains the low wages in Africa’s most populous nation.

In Africa, Nigeria’s minimum wage still cannot match what a South African worker earns nor what a low income earner gets in Egypt.

The lowest a worker can earn in South Africa is $242, over 10 times higher that what is earned in Nigeria. The country’s government gets 27.75 percent as a share of its GDP compared to the low revenue generated in Nigeria.

Adeola Adenikinju, the president of Nigerian Economic Society, said getting a wage review requires that both the government and labour unions map out certain objective criteria.

The professor of Economics said that in arriving at a minimum wage, one of the criteria to look out for is the cost of living and the level of inflation in the country.

Additionally, he said the level of productivity of the nation is another factor that must be considered in a wage review.

He maintained that another factor in arriving at a new minimum wage is affordability. Adenikinju argued that even with the rise to N30,000 in 2018, some state governments still cannot afford to pay.

“There should be some metrics used in arriving at a new minimum wage. You need some objective criteria that must be summed up to 100%. By how much has inflation, productivity and government budget risen to make up a new minimum wage,” NES president said.

[BusinessDay]

The minister of information and national orientation, Alhaji Mohammed Idris, has said that President Bola Tinubu’s first year anniversary in office would be low-key in line with his policy of prudent management of resources.

Idris stated this on Wednesday in Abuja during a ministerial press briefing heralding the one year anniversary of President Tinubu administration slated for May 29, 2024.

He noted that the move was in line with Tinubu’s desire to serve the country and efficiently use resources for the good of all Nigerians.

He said, “The first anniversary will be low-key, there will be no celebration, it will be a sectoral presentation by ministries.

“This is in line with Tinubu’s administration to ensure efficient and judicious use of resources to deliver dividends of democracy to citizens.

“The president has directed that useful information should be provided in an honest, timely, and consistent manner.

“Members of the media are expected to report honestly, responsibly, and with a deep sense of patriotism. The essence of the media is to inform the people and hold government accountable.

“Thus, over time, the ministry of Information and National Orientation finds it worthy to always brief the media and people on what the federal government is doing.”

The minister also charged media practitioners to do their job with deep sense of responsibility and patriotism.

He reiterated that, as part of the ministerial briefing, ministers of various ministries would begin present their ministerial scorecards on Thursday, May 23, as part of the first anniversary of the administration.

[Leadership]

Nine of the about 20 people abducted from Dawaki community in the Bwari Area Council of the Federal Capital Territory FCT are still missing, families of the victims told the Daily Trust Tuesday.

But the FCT Police Command said the claims were not true, insisting that only eight people were abducted and all of them have been rescued.

Relatives and neighbours of the victims told Daily Trust during a follow up visit, that nine of the abducted victims were still missing.

This newspaper had on Tuesday reported that 20 people were abducted from around the Fulani junction in Dawaki community during a siege on Sunday.

Dawaki, located opposite the Gwarinpa District, along the Abuja-Kubwa Express Way, is home to thousands of middle- class workers, among other residents.  

A resident, who craved anonymity, said when they were fleeing with their victims, they stopped at a nearby herders’ helmet on the outskirts and abducted two people.

Another resident, Hosea Christopher, said five people were able to escape while being taken out of the community, with additional five others escaping around the Usuma Dam area along the Bwari way, when the gunmen had a fierce confrontation with the operatives of the DSS.

He added that the remaining victims obeyed the gunmen by following them to their hideouts deep into the bush.

‘Some of our loved ones still in the bush’

A resident, Usman Uthman, told one of our reporters that two people abducted from their home were among the rescued persons.

“They were brought back to the community on Monday afternoon by the soldiers,” he said.

He, however, said one other person abducted from the house, a female, was still missing.

Murna Lawan, another resident, said one-person from her home, too, named Peter, was yet to return.

She said that a lady named Blessing and one Francis, who were also abducted, were yet to return.

A resident, Nura Muhammad, who escaped when being led to the bush, said there was confusion about the whereabouts of one of the abducted women.

He said, ‘’It was learnt that she was rescued, however her family have visited various security agencies with no information about her whereabouts.’’

It’s not true – CP

When contacted last night, the FCT Commissioner of Police, Benneth Igweh, said it was not true that some of the abducted people were still at the kidnappers’ den.

When our reporter told him that it was families of the victims that confirmed that some of their loved ones have not yet returned, he simply said, “hold on…” and ended the call.

Our correspondents waited up till 10.15 pm waiting for an update on the development before sending this part of the story.

Earlier in the day, the police commissioner had reassured that the nation’s capital was safe and secured against kidnapping and banditry.

The CP said this during a visit to Media Trust Group Headquarters in Abuja, where he said he had taken the fight to the bandits’ camp in the bushes and mountains from where they operate.

The CP was reacting to the newspaper’s story that bandits abducted 20 in the Dawaki community in the FCT.

He said, “Abuja is now very safe, and it will continue to be safe. We have done everything possible to ensure the safety of Abuja because we know the terrains very well. We know the terrains of the bandits, and we know their modus operandi. That is why we have succeeded in making Abuja safe. We don’t care how the arm robbers and the bandits feel, but we are telling them that we are dominating everywhere including the bushes where they move. I have taken over the mountains. So that is why anywhere they enter, we must conquer them.”

Also speaking about the porous nature of the FCT neighbourhood, the CP said, “You know we have neighbors that are crime prone, from Kaduna to Niger to Nasarawa to Kogi. We are aware of our boundaries, but we are doing all it takes is to ensure the safety of everybody in Abuja, and I want to assure and inform every resident that we are on top of every situation. You can see the safety now, everything is working. I want to appreciate the effort of the IGP and the Minister of FCT. We are getting it right in Abuja, and we will continue to get it right.”

While appreciating the citizens for cooperating with them, he said, “We have been telling people, when you see something, say something. It is when you say something that we will do something. I want to thank the residence and indigenes of FCT. They have been giving us useful information and it has been useful for our successes. They’ve have started trusting the security agencies, especially the police.”

He added that, “People were complaining of one chance, they don’t ask about that any more. People were complaining about kidnappers, they don’t ask about kidnappers any more. People were complaining about bandits, but how many bandits have invaded Abuja since we took over? This is due the pro-active measures we brought in place that are bringing the safety we are seeing.”

The CP also applauded the IGP for working to bring more man power to the system, and as well as trying to bring some sophisticated gadgets for the police, which he said will help them in maintaining the tempo.

 [DailyTrust]