Index to Nigerian Newspapers

The Federal Government is expected to make up to $17bn if it sells down its stake in most joint-ventures oil and assets, JP Morgan has stated. The United States bank’s projection came against the backdrop of the government’s plan to boost foreign exchange earnings and external reserves in order to ease forex pressure. The US bank stated this in a report titled, ‘Nigeria: Reform pause rather than fatigue (CBN’s financial accounts open a can of worms).’ According to JP Morgan, the low net forex reserves mean a continued forex market pressure, adding however that the CBN can still source forex at commercial and semi-commercial rates. The highly profitable nature of the currency swap arrangements between the CBN and domestic commercial banks is expected to continue for some time, it said. Commenting on the government assets which can provide succor in the medium term, it stated, “For example, the President’s policy advisory council has recommended the government sell down its stake in the most joint-venture oil and gas assets, a proposal that is estimated to bring in up to $17bn.” The US bank further said the recently announced $3bn loan to the NNPC could help partly improve FX liquidity conditions in the market, with the oil company selling the dollars to the CBN and remitting the naira proceeds to the government as upfront payments for oil revenues and taxes. However, the large external financing needs of the private sector will sustain forex pressures, the bank warned.

The Minister of Steel Development, Shuaibu Audu, has pledged to resuscitate the Ajaokuta Steel Company and set a roadmap for its development. The Federal Government has allocated over N3bn annually to cover personnel costs, but the company has not started operations in over 42 years. Audu emphasized the creation of a new ministry to pursue President Bola Tinubu's overall development. Minister of Solid Minerals, Dele Alake, urged staff to be result-oriented and revealed a roadmap for the sector.

The Federal Government may incur additional N315bn in wage bill in the next six months for the newly introduced allowance for federal workers. This came as Organised Labour agreed to suspend its proposed nationwide strike for 30 days, following the signing of a Memorandum of Understanding with the Federal Government after a marathon meeting that ended around 11pm on Tuesday. Announcing the outcome of the meeting to State House correspondents, the Minister of Labour and Employment, Simon Lalong, said “The NLC and TUC accept to suspend for 30 days the planned Indefinite Nationwide strike scheduled to begin, Tuesday, the 3rd of October, 2023.” Lalong said the memorandum shall be filed with the relevant court of competent jurisdiction within one week as consent judgment by the Federal Government. According to the agreement, the Federal Government grants a wage award of N35,000 only to all Federal Government workers “beginning from the month of September pending when a new national minimum wage is expected to have been signed into law.” The agreement further read in part, “A minimum wage committee shall be inaugurated within one month from the date of this agreement.

Economists and civil society organisations have backed the appointment of a special investigator to probe the Central Bank of Nigeria, Nigerian National Petroleum Corporation Limited and other Government Business Entities by President Bola Tinubu.

The experts and groups in separate interviews with The PUNCH on Sunday said the investigation was necessary to ascertain if there were any infractions or alleged abuse of office by the suspended CBN Governor, Godwin Emefiele, and other top government officials.

Their comments came on the heels of Tinubu’s appointment of the former Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as Special Investigator to probe the CBN, NNPCL, and other Government Business Entities.

In a letter sighted by The PUNCH on Sunday, Tinubu directed the special investigator to work with security and anti-corruption agencies  to provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments, whether private or public.