• NBS report reveals public officials received ₦721 billion in bribes in 2023
• Supreme Court grants LGs financial autonomy from State Governments
• Tinubu affirms he is focused on approving a realistic minimum wage
• CBN announces new exchange rate as Naira gains against British Pounds
• International oil companies and local crude oil producers agree to provide crude to Dangote

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

NBS report reveals public officials received ₦721 billion in bribes in 2023

The National Bureau of Statistics (NBS) released a report on “Corruption in Nigeria: Patterns and Trends”, detailing how much public officials received as bribes in 2023.

According to the report, about ₦721 billion was received as bribes, making about 0.35% of the country’s Gross Domestic Product (GDP).

“Overall, it is estimated that a total of roughly NGN 721 billion (US$1.26 billion) was paid in cash bribes to public officials in Nigeria in 2023, corresponding to 0.35 per cent of the entire Gross Domestic Product of Nigeria,” the report states.

Supreme Court grants LGs financial autonomy from State Governments

The Supreme Court has granted all Local Governments financial autonomy, stating that there will be no need for State governments to receive and disburse funds from the federal to local government.

There have been accusations of State governments receiving funds allocated to local governments and sharing it amongst themselves before giving the rest to the local government.

However, in the judgement delivered by Justice Emmanuel Agim, all 774 local government councils will no longer need the state government to act as the middleman between them and the federal government in terms of funds allocation.

Tinubu affirms he is focused on approving a realistic minimum wage

The President of Nigeria, Bola Ahmed Tinubu, has hinted that he might not be leaning towards the proposed minimum wage offered by the Organised Union (₦250,000) but more towards the proposal suggested by the Tripartite Committee (₦62,000) as he stated that he was committed to approving a realistic and just minimum wage.

The President, in a meeting with the TUC and NLC, clarified that he believed that Nigerians deserved a fair and affordable minimum wage to help combat the cost of living in the country.

Although several arguments were raised by the Trade Union Congress (TUC) and Nigerian Labour Congress (NLC), the President assured that there were measures in progress that would combat those issues. The meeting will continue next week as no conclusion was reached between all parties.

CBN announces new exchange rate as Naira gains against British Pounds

The Central Bank of Nigeria (CBN) has announced the new exchange rate as the value of the Naira has risen against the British Pound in the official foreign exchange market.

According to the report on CBN’s website, the Pounds now trades at ₦1,951/£1 compared to the previous exchange of ₦1,984/£1, marking a 1.66% decrease.

However, the Naira-to-Dollar rate in the official foreign exchange market declined as the US dollar now trades at ₦1,561/$, marking its lowest rate yet.

International oil companies and local crude oil producers agree to provide crude to Dangote

A few weeks after Dangote Group revealed that there were oil mafias who were against Dangote Refinery receiving crude oil, the federal government stepped in favour of Dangote Refinery and ordered International Oil Companies (IOCs) and local crude oil producers to provide crude oil to the refinery.

The federal government, through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and other oil producers have agreed to allow the purchase of crude oil to local refineries at market prices.