President Tinubu Speaks On The Nation’s Food Crisis

In a bid to address the food crisis in the country, President Bola Ahmed Tinubu stated that he would not establish a price control board to regulate prices of food commodities or approve the importation of food. He made this known on Thursday during a strategic meeting held at the State House in Abuja, which had in attendance the Vice President, Kashim Shettima; the Secretary to the Government of the Federation (SGF), George Akume; the National Security Adviser (NSA), Nuhu Ribadu; the Director-General of the Department of State Services (DSS), Yusuf Magaji Bichi; the Inspector-General of Police (IGP), Kayode Egbetokun, the 36 state governors, amongst others.

Bakers To Embark On Nationwide Strike

The Association of Master Bakers and Caterers of Nigeria (AMBCON) has announced a nationwide strike, effective 27th February 2024. As stated by the association, the decision is due to the failure of the government to implement the 2020 agreement it entered with the association. On Tuesday, 13th of February 2024, the president, Alhaji Mansur Umar, in a statement disclosed that the association will embark on total withdrawal of all services from 27th February 2024. He also appealed to governments of various levels to suspend all forms of taxation on the bakery industry for now, while also developing the cultivation and processing of wheat and sugar cane in Nigeria.

PTA/BTA: CBN Orders Banks To Use Electronic Payments

The Central Bank of Nigeria (CBN) has ordered banks to stop cash payments but use electronic payments for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). This directive was contained in a circular titled, ‘Allowable Channels For Payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA)’, which was issued on Thursday and signed by CBN’s, Director of Trade and Exchange Department, Hassan Mahmud.

IMF Urges FG to Increase Electricity Tariffs

The International Monetary Fund (IMF) has urged the Federal Government of Nigeria to phase out fuel and electricity subsidies; Noting that this removal will restore the macroeconomic stability of the Nation. According to the institution in its latest press release titled “IMF Executive Board Concludes Post Financing Assessment with Nigeria,” praised the present Tinubu administration for the initiatives taken to better position the country's economy, which include the elimination of fuel subsidies and the unification of the exchange rate.

NARTO Vows To Stop Lifting Petrol From Monday

The Nigerian Association of Road Transport Owners (NARTO) vowed to stop lifting petroleum products from next week Monday as a result of the high cost of operations. Members of the Association have repeatedly complained about the high cost of diesel needed to power their trucks for the transportation of petroleum products nationwide, adding that their operating at a loss. This development was made known on Thursday in a statement issued by NARTO’s National President, Yusuf Othman.

Agbede Appointed Acting CEO Of Access Holdings

Access Holdings Plc has announced the appointment of Bolaji Agbede as the Acting Group Chief Executive Officer (CEO), following the unexpected death of the former CEO, Herbert Wigwe in a helicopter crash on Friday in America, where his wife, son and other passengers were also killed. This development was made known on Monday in a statement issued by Access Holdings Plc.

January Inflation Surged By 0.98% - NBS

The National Bureau of Statistics, NBS, in its latest report, disclosed that Nigeria’s inflation rate for January 2024 has surged, moving from 28.92% recorded in December to 29.90%. The data also indicated that on a month-on-month basis, the headline inflation rate for January 2024 ascended to 2.64%, outpacing the 2.29% observed in the preceding month by 0.35% points.

Nigeria Experiencing Worsening Economic Crisis - IMF

The International Monetary Fund (IMF) has said held-up per-capita growth, poverty, and high food insecurity have worsened the ongoing cost-of-living crisis in Nigeria. The above was contained in a recent publication titled "Review of Nigeria's Post-Financing Assessment by the IMF Executive Board." According to the report, low revenue collection has hampered the provision of services and public investment. It noted that headline inflation reached 27 percent year-on-year in October (food inflation 32 per cent), reflecting the effects of fuel subsidy removal, exchange rate depreciation, and poor agricultural production in the country. The report read in part, "Nigeria faces a difficult external environment and wide-ranging domestic challenges. External financing (market and official) is scarce, and global food prices have surged, reflecting the repercussions of conflict and geo-economic fragmentation.

CAC: Content Creators Must Register

The Corporate Affairs Commission (CAC) has stated that social media content creators across different platforms should register their businesses with the Commission which is in line with the Company and Allied Matters Act 2020. This development was made known on Tuesday by the Registrar General, CAC, Hussaini Magaji, when he was paid courtesy visit by the Managing Director, Opay, Dauda Gotring.

CBN Directs IMTOs To Pay In Naira

According to recent developments, international transfers through International Money Transfers Operators (IMTOs) would be paid out in Naira which is in line with the recent circular issued by the Central Bank of Nigeria (CBN) aimed at solving the Forex (Fx) crisis facing the country. IMTOs are government-approved companies that receive cash to transmit to persons resident in any country. Some of the IMTOs affected include Western Union, MoneyGram, Ria, Sebdwave and other IMTOs approved by the CBN.