Tinubu Introduces Expatriate Employment Levy to Boost Economy

President Bola Tinubu has on Tuesday revealed at the Council Chamber, Presidential Villa, Abuja the introduction of the Expatriate Employment Levy (EEL) a compulsory fee imposed on organizations employing the services of expatriate workers in Nigeria, aimed at boosting local employment, narrowing the wage disparity and promote technology domestication in the country. He described the initiative as a game changer, urging the foreign companies operating in the country to employ more Nigerians, balance employment opportunities, and close the wage gap between the expatriates and the Nigerian labour force.

CBN To Ban BDCs From Street Trading

The Central Bank of Nigeria (CBN) has initiated a policy to prohibit Bureau De Change (BDC) operators from engaging in street trading. Additionally, the CBN has capped cash payments for selling foreign exchange at a maximum of $500. The apex bank has also proposed a revised regulatory guidelines for BDC operators, which include an increase in the share capital of Bureau De Change (BDC) operators from N35 million (general license) to N2 billion (Tier 1 license) and N500 million (Tier 2 license).

CBN Resumes Sale of Dollars To BDCs

The Central Bank of Nigeria (CBN) has reportedly resumed the sale of dollars to Bureau De Change (BDC) operators. This development was announced in a statement issued on Tuesday, February 27, 2024 and signed by Dr Hassan Mahmud, CBN’s Director of Trade & Exchange, which stated that $20,000 will be made available to each BDC operator.

AMCON CEO: President Tinubu Sacks Kuru, Appoints Alade

President Bola Ahmed Tinubu has sacked Ahmed Kuru as the Chief Executive Officer (CEO) and Managing Director of Asset Management Corporation of Nigeria (AMCON) while appointing Gbenga Alade as his replacement. This development was made known on Thursday in a statement by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity.

Nationwide Protest: N/Assembly Served Letter Of Demands By NLC

The president of the Nigeria Labour Congress (NLC) has handed over the union's letter of demands to the National Assembly. Joe Ajaero gave the letter to the Chairman of the Senate Committee on Labour, Employment, and Productivity, Senator Diket Plang on Tuesday when the union together with other related unions commenced nationwide protests on Tuesday over the high cost of living, inflation, insecurity, and hardship in the country.

FG Moves to Commence Direct Cash Transfer, Aims 12m Nigerians

The Federal Government through the Minister of Finance, and Coordinating Minister for the Economy, Wale Edun, has made public its intention to commence direct cash transfers to 12 million vulnerable Nigerians amid the hardship presently being faced in the country. This development was revealed by Mr Edun, on 21st February 2024, during a retreat for management staff and head of parastatals of the ministry held in Uyo the state capital of Akwa Ibom.
The Minister stated that the project was initially for 3 million Nigerians, but the current economy has propelled the Ministry to review the number of recipients to 12 million.

FG To Launch Youth Unemployment Benefit, Consumer Credit Program

The Federal Government (FG) revealed on Monday its plan to launch youth unemployment benefit, where unemployed Nigerians youths would be paid stipends. This was made known to State House correspondents on Monday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, after the Federal Executive Council (FEC) meeting.

Davido Pledges N300 Million to Nigeria Orphanages

Nigerian Singer David Adeleke popularly known as Davido has made public his intention to disburse the sum of N300 million across orphanages in Nigeria. The 'Timeless' crooner revealed that the donation would be done through his David Adeleke Foundation, stating that the donation was his yearly contribution to the nation, adding that details of the disbursement of the fund to beneficiaries will be available on Wednesday. He said on X "I and my foundation pledge the sum of 300 million Naira to orphanages around Nigeria... as my yearly contribution to the Nation... details of disbursement tomorrow.

Economic Crisis: President Tinubu Sets Up Economic Advisory Committee

In a move to ameliorate the hardship currently experienced by Nigerians, President Bola Tinubu on Sunday established an economic advisory committee. The committee comprises the federal government, sub-nationals, and the private sector. The president who said all options would be explored to resolve the nation's socio-economic challenges met with Governors Charles Soludo of Anambra and Dapo Abiodun of Ogun, Aliko Dangote, Abdulsamad Rabiu, Tony Elumelu, and Mr Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria. At the meeting, Tinubu said that the government is ready to rub hands with all stakeholders to find lasting solutions to the current situation in the country.

FG To Audit N23trn Ways and Means Loan

The Federal Government (FG) has disclosed its intention to audit the N23 trillion Ways and Means loan which was approved by the administration of former President, Muhammadu Buhari. This was made known on Tuesday by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy during the Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MOFI) to address strategies to manage the assets and resources of the country for the overall wellbeing of the citizens.