News

Tinubu may Announce New Minimum Wage On Workers’ Day

Published

2 years ago

March 23, 2024

Editor

Indications have emerged that President Bola Tinubu may announce the new minimum wage on May 1 in commemoration of the International Labour Day and backdate its implementation to April.

It was gathered that the National Minimum Wage Committee was working to ensure that all negotiations regarding the new rate were finalised before then with the expectation that the President would announce the new minimum wage in his Workers’ Day address.

A member of the committee, who spoke to The PUNCH on condition of anonymity because of the sensitive nature of the issue, said, “By next week, the minimum wage committee will meet again. It’s a continuous meeting. That is a meeting where all the reports from the zonal public hearings will be collated and reported, and then, you know, that will also give the committee the direction to work with.

“Our target is to ensure that Mr President announces the minimum wage by the 1st of May, which is the Workers’ Day, for it to take effect from April. So, we are working to meet the timeline.”

When reminded that the current minimum wage of N30,000 would cease to be valid on March 31, the committee member said it was unlikely that the new rate would be ready before then, adding that there was still a long way to go in arriving at an acceptable minimum wage for the country.

The source stated, “We have not got to the negotiation point yet. When you finish with the zones, it is the aggregate of what you collect from the zones that will determine the direction of the main committee. Now that we have finished with the zones, when the committee meets, it will collate all the positions of the zones and committee members.

“The positions of the NLC, TUC, NECA (the Nigeria Employers Consultative Association) and the government will be looked at. Then, we will look at the aggregate, find a percentage, and arrive at what will be agreeable.

“We are going to make some adjustments. I am sure the committee will also have a private meeting with Mr President; they will look at the ability to pay, and then with the state governors. NECA will also be involved and we will see how we marry those angles. It is not a one-stop affair.”

When contacted, the Minister of Information and National Orientation, Idris Mohammed, did not take his calls and he had yet to respond to text and WhatsApp messages sent to his mobile line as of the time of filing this report.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, said he was not so conversant with the internal deliberations of the committee, but affirmed that talks were ongoing among the committee members who, he noted, were cognizant of the urgency of their assignment.

However, a presidential aide, who spoke on condition of anonymity because he was not the official spokesperson for the President, said Tinubu might not wait for May 1 to announce the new minimum wage if the committee was able to complete its assignment as scheduled, noting that ordinarily, the new wage should come into effect on April 1.

The aide said, “I don’t think the government will be able to wait until May 1 before announcing the minimum wage. The law says it should be concluded by early April.

“If the parties agree, why do they have to wait to make the announcement? Because they are negotiating and the law says negotiations should be completed by April.”
PUNCH

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

45 minutes ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

1 hour ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

3 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.