• FG asks governors for proof of the use of subsidy removal funds 
• Industrial Court suspends NLC and TUC impending strike
• Saudi Arabia pledges to assist CBN with Foreign exchange deposit
• “No longer ₦770/$” – Nigeria Customs reveal new exchange rate for importers
• Bayelsa INEC official abducted along with result sheets before elections begin

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

FG asks governors for proof of the use of subsidy removal funds 

On November 10, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, announced that the government was planning to disburse funds gathered from the removal of fuel subsidy to state governments.

He stated that the scheme achieved through a Memorandum of Understanding (MoU) would highlight the projects and interventions accepted by the governors from the fuel subsidy revenue.

“For the subsidy, we need to improve transparency on the savings made by the government from the sacrifices of Nigerians. Those monies have to go back to the people in a meaningful, productive way that makes lives easier,” he said.

Industrial Court suspends NLC and TUC impending strike

The National Industrial Court has prohibited the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) from going on a nationwide strike set to begin on November 14.

On November 10, the president of the Industrial Court, Benedict Kanyip, ruled against the decision of the Organised Union to go on a strike as a form of retribution for the alleged maltreatment of the president of NLC, Joe Ajaero.

The judge invoked sections 17 and 19 of the National Industrial Court Act upon the Organised Union and its affiliates, hitting them with a restraining order which bars them from going on strike.

Saudi Arabia pledges to assist CBN with Foreign exchange deposit

In a bilateral meeting with the president of Nigeria, Bola Tinubu, the Crown Prince of Saudi, HRH Mohammed bin Salman, made several promises to Nigeria, one of which was to provide foreign exchange to Nigeria in support of the Central Bank of Nigeria’s current forex reforms.

The Crown Prince promised to make available a substantial deposit on foreign exchange to improve Nigeria’s forex liquidity.

This information was passed in a statement by the Minister of Information and National Orientation, Alhaji Mohammed Idris Malagi.

“No longer ₦770/$” – Nigeria Customs reveal new exchange rate for importers

The Nigeria Customs announced its new exchange rate for importers looking to clear goods at the port.

Published on the website, the Nigeria Customs Service stated that the new exchange rate for creating goods would now be 783.174/$ as opposed to the previous 770.88/$ rate.

Henceforth, importers with goods coming through Nigeria’s seaports will now have to pay more before being given access to their goods.

Bayelsa INEC official abducted along with result sheets before elections begin

An unidentified INEC Supervising Presiding Officer (SPO) assigned to registration area 06 in Ossioma, Bayelsa State, has been declared missing along with result sheets while waiting to board a boat.

The INEC official was said to have been kidnapped at Amassoma Community in Southern Ijaw LGA while waiting to board a boat to the voting area.