• Tinubu offered to pay ₦250k minimum wage if the Unions agreed to increase of petrol price
• SSANU and NASU threaten to shut down tertiary institutions as they protest for withheld salaries
• Representatives decide to donate 50% of salaries to combat hunger for six months
• Bill seeking Nigeria insurance industry reform passes second reading in Senate
• CBN crashes US dollar as it sells to BDCs

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

Tinubu offered to pay ₦250k minimum wage if the Unions agreed to increase the petrol price

The Organised Labour, consisting of the NLC and the TUC, revealed that they refused to accept the ₦250,000 minimum wage when President Tinubu offered it to them as accepting the offer also came with the condition of accepting the increase in the sale of petrol price.

According to the Organised Labour, accepting the ₦70,000 minimum wage offer was preferable as it was the only option to save Nigerians from prolonged sufferings.

The President of Nigeria Labour Congress (NLC), Joe Ajaero, revealed that the President had suggested at the last meeting if they would prefer to accept the ₦250,000 minimum wage, which they have been demanding along with the consequences of enduring a pump price on petrol.

SSANU and NASU threaten to shut down tertiary institutions as they protest for withheld salaries

The Senior Staff Association of Nigerian Universities and Non-Academic Staff Union of Educational and Associated Institutions have announced that they would shut down tertiary institutions within the country as they protested over their four-month outstanding salaries yet to be paid by the government.

The Unions staged a protest on July 18, chanting for the payment of their withheld salaries from the federal government after pleading for months. The protest disrupted ongoing administrative activities within universities and inter-university centres.

The President of SSANU, Ibrahim Mohammed, claimed that the union members were not wrong for demanding the payment of their salaries as the federal government had ignored their pleas and chosen to deny them their rights.

Representatives decide to donate 50% of salaries to combat hunger for six months

The House of Representatives has taken decisive action in the fight against hunger in Nigeria as they announced that they would donate 50% of their salaries for six months to combat hunger.

The decision was made during a plenary meeting, which was presided over by Speaker Tajudeen Abbas. Deputy Speaker Benjamin Kalu amended the motion, requesting that his colleagues donate half their monthly wages for half a year.

“This government is doing its best, but one year is not enough to address the challenges of this country. I plead with our colleagues to sacrifice 50% for six months.”

Bill seeking Nigeria insurance industry reform passes second reading in Senate

The Senate passed a Bill seeking to reform the Nigerian insurance industry for a second reading on July 18, sponsored by the Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru (APC – Lagos East), and 41 other Senators.

Senator Abiru argued that the Bill needed to provide a legal framework for regulating and supervising all matters related to insurance businesses in Nigeria.

“To truly thrive in the next decade, the industry must reform to take advantage of the opportunities and contribute to economic growth in the country,” he said.

CBN crashes US dollar as it sells to BDCs

The Central Bank of Nigeria has resumed its sale of US dollars to licenced Bureau De Change operators as it sets a new exchange rate.

The apex bank cited its reasons for resuming the sale of dollars to BDCs as its need to ensure liquidity in the retail market demand for qualified invisible transactions.

The new circular published by the Central Bank stated that the apex bank was prepared to sell $20,000 to BDC operators at the rate of ₦1,450 per dollar, which is ₦131.65 cheaper than the official exchange rate capped at ₦1,581/$.