President Bola Tinubu has approved the National Construction and Household Support Programme during the National Economic Council meeting on Thursday in Abuja.

According to a statement issued by the presidential spokesman, Ajuri Ngelale, the programme is aimed at boosting agricultural productivity, strengthening the economy, and providing immediate economic relief for Nigerian households.

Ngelale added that the programme, which was supported by the NEC, includes financial allocations and infrastructure projects across all geo-political zones in the country.

He added that a key component of the programme is the approval of the N50,000 uplift grant to be distributed to 100,000 families per state for three months.

Ngelale revealed that another N155 billion was earmarked for the purchase and distribution of assorted foodstuff across the nation to address concerns about food security and affordability.

He disclosed that the programme will also cater to infrastructure projects, including the Sokoto-Badagry Highway, which will traverse seven states and is considered key for agricultural sustainability. He added  that the states along this axis form the food belt of the nation.

Other infrastructure initiatives include the ongoing Lagos-Calabar Coastal Highway and the Trans-Saharan Highway. Tinubu also approved full counterpart financing for the Port Harcourt-Maiduguri Railway and the Ibadan-Abuja segment of the Lagos-Kano Standard-Gauge Railway.

In addition to the projects, Ngelale said the NEC approved the allocation of N10 billion to each state and the Federal Capital Territory for the procurement of buses and implementation of the Compressed natural gas uplift programme.

According to the presidential spokesman, provisions were also made for labour unions and civil society organizations.

During the NEC meeting, Tinubu urged state governors to collaborate in meeting the needs of citizens and boosting food production in the country.

He said, “Our states must work together to deliver on the critical reforms required of us to meet the needs of our people. Time is humanity’s most precious asset. You can never have enough of it. It is getting late.

“We are ready and able to support you in the form of the mechanization of your agricultural processes and the provision of high-quality seedlings.

“We are prepared to provide solar-powered irrigation facilities to support our farmers across seasons, but we must now produce. We must produce the food our people eat, and it will require coordination and intentionality between members of the National Economic Council (NEC).

Nigeria Governors’ Forum or NGF, after its meeting that ended on Thursday morning failed to agree on minimum wage, unlike the proposition from the federal government.

Instead, the NGF pleaded with Labour for more time for expanded consultation to arrive at what would be payable to all.

The federal government had said it was willing to pay N62,000 as minimum wage for workers but deferred a final resolution on the wage it would pay at the last federal executive meeting.

Although the organised labour said it would only take N250,000 as the minimum, it was agreed at the last FEC meeting chaired by President Bola Tinubu that more consultation was needed.

It was expected that NGF would make its position known with the least likely being an endorsement of the Federal government proposition of N62,000.

However, rising from its meeting on Thursday morning, the forum via a communique signed by NGF acting Director, Media, Ahmed Salihu, equally said more time was needed for consultation to arrive at a payable wage.

The communique read, “The Forum received a presentation from the Minister of Women Affairs on the World Bank-Nigeria for Women Project Scale-Up, along with other activities of the ministry.

“Members noted the importance of the project and emphasised the need to implement it at the state level as initially conceived, as the states are the primary obligors of the project.

“The governors acknowledge the work and contributions of the Ministry of Women Affairs in promoting gender equality, empowering women, and advancing social development across Nigeria.”

On the issue of the wage, it said, “The Forum discussed the new National Minimum Wage. The governors agreed to continue engaging with key stakeholders to reach a mutually agreeable solution.

“We remain dedicated to the process and assure that better wages will result from the ongoing negotiations.”

The 36 state governors highlighted the significance of the World Bank-Nigeria for Women Project Scale-Up and stressed the necessity of implementing it at the state level as originally intended, given that the states are the primary entities responsible for the project.

“We, members of the Nigeria Governors’ Forum (NGF), at our meeting held today, deliberated on issues affecting the country,” it added.

It stated further that, “Members received the Acting Country Director of the World Bank, Mr Taimur Samad, and his team to discuss the bank’s various programmes currently being implemented in the states, including HOPE Series of Projects: Nigeria Human Capital Opportunities for Prosperity and Equality, Food and Nutrition Security, NFWP-SU: Nigeria For Women Project Scale Up, NG-CARES: Nigeria Community Action (for) Resilience and Economic Stimulus Programme SABER: State Action on Business Enabling Reforms Program, SPIN: Sustainable Power and Irrigation for Nigeria Project.

“Members expressed willingness to continue to provide the much-needed support to ensure programme effectiveness across the country.

“Members received a briefing from Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. He highlighted the progress made regarding the ongoing Fiscal Policy and Tax Reforms. He sought the input and support of their excellencies on a number of proposals which would directly impact the subnational level of government.

“Members pledged their support for the Committee to ensure the successful implementation of these reforms and to collaborate closely to address any challenges that may arise.”

Kenya President William Ruto has been given a 48-hour ultimatum by the public to step down, as citizens demand a new government committed to “transparency, accountability, and good governance.”

The call for resignation has gained significant traction on social media, with a viral Twitter statement asserting, “We no longer recognise William Ruto as the President of Kenya. We recall his presidency and urge him to immediately resign and surrender his office to the Kenyan people.”

This statement has garnered thousands of engagements, reflecting widespread discontent.

Despite President Ruto retracting a controversial finance bill that proposed tax increases, public outrage continues to simmer.

The bill, which was intended to address Kenya’s debt of approximately 10 trillion shillings ($78 billion), or roughly 70% of GDP, faced fierce opposition.

Ruto highlighted that without the tax increases, there would be a significant funding shortfall for critical development programmes, including those supporting farmers and teachers.

However, the economic challenges under Ruto’s administration have been profound. Kenyans have struggled with economic instability, rampant corruption, and governance issues, leading to escalating living costs and high unemployment rates.

The public’s frustration has culminated in protests and a fervent demand for change.

Dozens of protesters took to the streets, expressing their dissatisfaction with the administration, which they describe as plagued by “incompetence, mismanagement, and a persistent failure to address the nation’s pressing needs.”

The demonstrations in Nairobi were met with a heavy police response.

According to AFP journalists, Kenyan police fired rubber bullets and tear gas at demonstrators, while soldiers were deployed and roads leading to Ruto’s office at State House and parliament were blocked by police in anti-riot gear.

Dangote Group has released an official statement over the fire incident at its refinery on Wednesday.

A statement from Dangote Refinery described the fire as minor, adding that it has been contained.

“Dangote Refinery contains minor fire at its effluent treatment plant

“We have swiftly contained a minor fire incident at our effluent treatment plant (ETP), today Wednesday, 26th June.

“There is no cause for alarm as the refinery is operating and there is no recorded injury or bodily harm to all our staff on duty,” the statement said.

DAILY POST reported earlier that explosions were heard on Wednesday after a major fire outbreak at the refinery located at the Ibeju-Lekki area of Lagos State.

The All Progressives Congress (APC), on Tuesday, reacted to the recent visits of ex-Vice President, Atiku Abubakar; former Kaduna State Governor, Nasir El-Rufai, and prominent northern politicians to the immediate-past President, Muhammadu Buhari.

The visit which has been termed as Sallah homage, has been received with mixed reactions.

There are claims that visits to Buhari’s residence in Daura, Katsina State is a plan to unseat President Bola Tinubu in 2027.

The Deputy National Organising Secretary of the APC, Nze Chidi Duru, in an interview with Punch, however, said the ruling party is not intimidated by the visit.

According to Duru, every Nigerian, including politicians, has a right to freedom of association as guaranteed by Nigeria’s Constitution.

He said, “Even though some people say there is always a political undertone in such engagement, we cannot continue to leave politics in the hands of other people. Even if it is, I believe that it is within the purview of every Nigerian to continue to exercise his prerogative. Nothing stops any Nigerian from visiting anybody.

“He can interface with the person in any manner so long as it includes the possibility of national development, and so long as it does not undermine national security. Nigerians are welcome to engage with anybody and share their views and sentiments, as much as they would like to. That is my view on the matter. It is very guaranteed in the Nigerian Constitution.”

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.

Cardoso, who spoke in an interview with Bloomberg TV on Tuesday, said he believes the excessive volatility may be a thing of the past.

He also said the financial regulator will continue to work hard, adding that it is a work in progress.

“I do believe that we have more or less seen the worst in terms of volatility,” Cardoso said.

“We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools.”

Cardoso further said reviving confidence in the naira is crucial for Nigeria to lure investors.

“We’re relatively pleased with where we are,” Cardoso added.

He also said the central bank needs to do more, adding that “it’s continuous work in progress”.

“And we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that,” he said.

Since the beginning of June, the naira has been trading in a narrow range between N1,473 and N1,490 per dollar at the official market.

However, the naira fell to N1,500/$ on Tuesday – from N1,488 traded on June 24.

‘DATA TO DETERMINE CBN’S MPC STANCE ON INFLATION’

The publication said as the annual inflation rate starts to rise at a slower pace, Cardoso refused to be drawn on whether this could signal the end of the tightening cycle that began in May 2022 — as CBN’s monetary policy committee (MPC) prepares to meet in July.

CBN has been increasing interest rates since May 2022, with the monetary policy rate (MPR) — which is the benchmark for banks’ lending rate — reaching 26.25 percent in May this year.

In May, the inflation rate rose to 33.95 percent compared to 33.69 percent in April.

Cardoso said data will determine the stance of the MPC on inflation movement.

“Data will direct whether they see further hikes or not,” he said.

“The MPC has been very clear in stating that they see inflation as a major impediment for the future of Nigeria, and they will do everything possible to ensure that they keep inflation in check and fact bring it down as reasonably as they can and I don’t see that changing.”

He also said the apex bank’s steps and fiscal reforms undertaken by President Bola Tinubu’s administration have assisted the nation in securing much-needed liquidity.

The World Bank earlier this month approved $2.25 billion in funding to support Nigeria’s economic reforms helping boost its foreign exchange reserves.

The governor said CBN would support further measures to build the country’s reserves including a eurobond issue.

“We should have a diversity of sources,” he said.

Cardoso said it should not just be the eurobond market or just be foreign portfolio investors, but it should be a variety of different things.

...as FEC steps down memo

The federal executive council (FEC) has stepped down the memo on the new minimum wage for President Bola Tinubu to engage in consultations with state governors and the private sector.

Mohammed Idris, minister of information, announced the decision on Tuesday while speaking with State House correspondents at the end of the FEC meeting.

Idris said the final decision on the new national minimum wage will not only affect the federal government but also states, LGAs, and the private sector.

The information minister said Tinubu will make an informed decision after a wider consultation, adding that the new minimum wage requires input from all stakeholders.

“I want to inform Nigerians here that the federal executive council deliberated on the report of the tripartite committee on the new national minimum wage,” the minister said.

“The decision is that because the new national minimum wage is not just that of the federal government, it is an issue that involves the federal government, the state governments, local governments, and the organised private sector and of course, including the organised labour.

“That memo was stepped down to enable Mr. President to consult further, especially with the state governors and the organised private sector, before an executive bill is presented to the national assembly.

“So I want to state that on the new national minimum wage, Mr. President is going to consult further so that he can have an informed position because the new national minimum wage, like I said, is not just an issue of the federal government.

“It affects the state governments, local governments, the organised private sector. That is why it is called the national minimum wage. It’s not just an affair of the federal government.

“So, Mr. President has studied the report and he is going to consult wider before a final submission is made to the national assembly.”

BACKGROUND

Over the past few months, the federal and state governments, organised labour, and the private sector have been negotiating on a new minimum wage.

At the last meeting of the tripartite committee on minimum wage, organised labour rejected the N62,000 proposal by the government and insisted on N250,000 as the living wage.

The federal government had asked the labour unions to demand a more realistic and sustainable minimum wage.

On June 7, governors under the aegis of the Nigerian Governors Forum (NGF) said the N60,000 minimum wage for workers is not sustainable.

On June 10, the tripartite committee submitted its report to George Akume, secretary to the government of the federation (SGF).

Wale Edun, minister of finance, says the federal government is not relying on Ways and Means to fund external debt service or other liabilities.

Edun spoke on Tuesday while briefing state house correspondents on his presentation at the federal executive council (FEC) meeting presided over by President Bola Tinubu.

“I can say quite categorically that under President Bola Tinubu, the federal government does not rely on ways and means in order to fund itself,” Edun said.

“At no time have we gone to Mr. President and requested permission to seek funding from Central Bank to pay anybody, be it external debt service, be it share capital cash calls, or any other of the liabilities that the government has.

“As we have all agencies, we are focused on ensuring that the revenue that is due to the federal government is collected robustly, using technology to avoid the blockages, which manual processing can cause and it has led to a very robust revenue effort and likewise, we are implementing expenditure controls, also very ably empowered by technology.

“So within that context, what we have is that we had legacy, Mr. President inherited a legacy of N22.7 trillion in outstanding ways and means, which have been securitised on the eve of the entry of President Tinubu’s administration.”

The minister acknowledged the inherited legacy of N22.7 trillion in outstanding Ways and Means which were securitised just before Tinubu’s administration began.

‘TOTAL DEBT STOCK IN DOLLAR TERMS FELL BY 15 PERCENT’

Edun said Nigeria’s total debt stock in dollar terms decreased by 15 percent, describing this as a very positive development that would be favourably received by rating agencies, creditors, and investors.

He, however, said that due to exchange rate movements, the total debt stock in naira terms increased by 25 percent, despite an N8 trillion increase in actual debt issuance.

“When we interrogate the figures over the first quarter of this year, starting end of December and end of March, if we want to be positive, all we will say is that the glass is half full, we are halfway there. If not, we can be negative and try and say the glass is half empty,” the minister said.

“Why do I say this? The debt stock, the total debt stock of Nigeria in US dollar terms fell by 15 percent. That is very positive, any rating agency, any creditor, any investor looking at that will see it as a positive move.

“We are a country that has petro-dollars. We have ability to earn in dollars. So it’s highly relevant, that we look at what is our exposure in dollar terms.

“On the other hand, given the exchange rate movements, even though there was like an 8 trillion increase in actual debt issuance, the total debt stock, when you count the total external debt and domestic debt in naira terms, it has increased by 25 percent.

“That is mainly due to the foreign exchange movement, which can change tomorrow, as we know.”

The minister said a forensic audit is being conducted to scrutinise this figure as it represents a liability on which interest must be paid.

Edun said the government collects operating surpluses from revenue-generating agencies in accordance with legal guidelines, and the amount owed to the government surpasses the N3.4 trillion in Ways and Means.

“Naturally, we are auditing, we are doing a forensic audit and interrogating that figure, because it’s a liability which we have to pay interest on, so any deficits that you might see, to the ways and means, to the consolidated revenue account, maybe automatic debits on a figure that is still being interrogated, but as a matter of fact, the current Ways and Means deficit is N3.4 trillion,” he said.

“As I said, we collect the operating surpluses of revenue-generating agencies by law under the Fiscal Responsibility Act and other legal guidelines and when we look at how much is outstanding, and how much is owed, we are actually we are actually positive.”

Edun said the salaries, external debt servicing, and other obligations are not paid through Ways and Means, adding that Nigeria’s finances have been revamped.

The federal executive council (FEC) has approved N1.99 billion for the purchase of 33 vehicles powered by compressed natural gas (CNG) to boost the operations of the National Drug Law Enforcement Agency (NDLEA).

The council gave the approval on Tuesday at its meeting presided over by President Bola Tinubu in Abuja.

Speaking with State House correspondents after the meeting, Lateef Fagbemi, the attorney-general of the federation (AGF) and minister of justice, said the council also approved the procurement of firearms and ammunition worth $1.442 billion to strengthen the NDLEA’s fight against drug trafficking.

Fagbemi said the FEC approved N985 million to purchase body scanners at all the country’s international airports.

“We submitted three items to the council on NDLEA,” he said.

“FEC approved the procurement of 33 Mikano motor vehicles CNG to boost the operation of NDLEA.

“Approval for NDLEA for procurement of firearms, ammunition, and counter-narcotics for the sum of $1.442 billion

“The procurement of two units of body scanners for use both at Abuja and International Airports at N985 million.”

Members of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), on Tuesday, convened an emergency meeting following the decision of the Federal Executive Council to step down the memo on the minimum wage.

A top official at the NLC headquarters who spoke with Daily Trust revealed that the meeting will be held at Labour House at 10:00am on Wednesday.

The official said it is meant for discussion on the decision of FEC to step down the memo on minimum wage.

Naija News had earlier reported that the Minister of Information and National Orientation, Mohammed Idris, said all 39 items on the agenda of the meeting were all taken except the memo on the minimum wage.

Idris had disclosed that there was a report by the Tripartite committee which comprises of local government, States , NLC/TUC and the federal government, adding that the committee submitted its report, and there was a memo to that effect.

The minister, however, said Council could not take a decision on it because it involves Local Government, states, FG, Organized Private Sector and Labour unions.

He, therefore, said the memo on the new minimum wage was stepped down so that the President, Bola Tinubu could consult widely before a final submission is made to the National Assembly.

Meanwhile, NLC official, said the leadership of the organised labour would meet and take a unanimous position before the President takes consultation to them.

He said, “Even though we had a position already, we will meet tomorrow morning, (Wednesday) to fine-tune our position before we’re consulted. It is important for us.”