• NLC rejects FG’s of ₦48k as new minimum wage
• FG approves plan to remove ₦20 trillion from pension funds for development
• Nigeria’s inflation rate rises to 33.69% in April 2024
• Oil marketers reduce petrol prices from ₦850 to ₦650
• Obasanjo blames western democracy for Africa’s downfall, embraces ‘Afro-democracy’

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

NLC rejects FG’s of ₦48k as new minimum wage

The Organised Labour, which comprises the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), walked out of a meeting with the federal government after the latter proposed that they increase the new minimum wage to ₦48,000.

The President of NLC, Joe Ajaero and Deputy President of TUC, Tommy Okon, believed that the federal government had not researched before negotiating a new minimum wage with them.

The government proposed ₦48,000 as the new minimum wage. In contrast, the Organised Private Sector proposed ₦54,000 as its minimum wage.

“As representatives of Nigerian workers, we cannot in good conscience accept a wage proposal that would result in a reduction in income for federal-level workers,” the Organised Labour said.

FG approves plan to remove ₦20 trillion from pension funds for development

The federal government has approved the scheme, permitting it to deduct ₦20 trillion from Nigerians’ pension funds to develop infrastructure in the country.

The Minister of Finance, Wale Edun, revealed this as he affirmed that it was approved at the Federal Executive Council (FEC) meeting. He stated that the deducted pension funds would be used to develop infrastructure like housing, providing a long-term mortgage.

“Nigeria is resilient, and Nigerians are resilient, and the fact is that even before we start looking for foreign investors and foreign funding, there are long-term funds available in Nigeria to fund infrastructure projects, and it is within the pension, life insurance, and investment fund industry generally.”

Nigeria’s inflation rate rises to 33.69% in April 2024

The country’s inflation rate continues to rise, albeit slowly; however, the past few months have been a testament to how Nigeria’s economy is deteriorating as the inflation rate increases to 33.69% in April 2024.

With a 0.49% increase from March’s inflation, the National Bureau of Statistics (NBS) report states that the prices of food and commodities have skyrocketed in the country compared to April 2023’s inflation rate, which was recorded at 22.22%.

Nigerians are forced to endure the high cost of living in the country as the prices of food and services constantly change due to inflation and the malignant economy.

Oil marketers reduce petrol prices from ₦850 to ₦650

Oil marketers nationwide have decided to crash the fuel price despite the reports of the costs at depots (₦770/litre).

According to reports, oil marketers have chosen to reduce petrol prices, acknowledging that the supply from Nigerian National Petroleum Company Limited (NNPCL) is responsible for the decision.

Marketers have chosen to crash the petrol price from ₦850 to ₦650/litre.

Obasanjo blames western democracy for Africa’s downfall, embraces ‘Afro-democracy’

Nigerian ex-president and political icon Olusegun Obasanjo rebuked the ideology surrounding Western democracy as he blames it for why Africa has declined for decades.

He advised those seeking to transform Nigeria’s system of government into a parliamentary system to be patient, as their ideology may not come to life sooner than expected.

Instead, he suggested that they do away with all Western democracy and embrace Afro Democracy, which recognises the cultures, traditions and lifestyles of Nigerians and Africans.