• Nigerians borrow ₦3.9 trillion loan from banks as economic crisis worsens
• Organised Labour informs the President not to transmit the minimum wage bill without consulting
• Australian government enforces law barring Nigerians and others from switching visa type
• Dangote reveals IOCs are behind the increment in crude oil prices
• Nigerian Employers request the reversal of electricity tariff as the economy bites hard

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

Nigerians borrow ₦3.9 trillion loan from banks as economic crisis worsens

The Central Bank of Nigeria (CBN) has revealed that Nigerians heavily affected by the country’s current economic state have resolved to borrow loans from banks, which have amounted to ₦3.9 trillion.

According to the report by the CBN, the total consumer credit increased by 11.9% to ₦3.9 trillion in January 2024, which could only have happened through personal loans.

“Total consumer credit outstanding increased by 11.9% to ₦3.82tn in January 2024, driven, mainly, by the rise in personal loans on the back of heightened inflation. A disaggregation of consumer credit revealed that personal loans increased by 14.3% to ₦3.028tn from ₦2.648tn in December 2023, while retail loans rose by 3.6% to ₦794.79bn. Personal loans accounted for 79.2% of consumer credit, while retail loans accounted for 20.8%. Consumer credit, as a share of total credit from ODCs, however, declined to 6.6%, from 7.7% in the preceding month,” the report read.

Organised Labour informs the President not to transmit the minimum wage bill without consulting

The Organised Labour informed the President of Nigeria, Bola Tinubu, not to transmit the minimum wage proposal to the National Assembly for approval without first demanding the insight, consultation and negotiation of the NLC.

The Organised Labour voiced their opinions as the anticipated National Executive Council meeting, which will see the attendance of 300 Labour leaders, is currently being delayed by the President’s hesitation to forward the bill.

In the President’s Democracy Day speech, he announced that a consensus had been reached regarding the minimum wage, and this statement has since been debunked by the NLC and the TUC as the President is yet to involve them in the conversation concerning the newly proposed minimum wage.

Australian government enforces law barring Nigerians and others from switching visa type

The Australian government has enforced a law that would prohibit Nigerians and other international students from changing their visa type.

Effective July 1, 2024, the Australian government has announced that it would introduce new stringent rules that would stop the switching of visas by Nigerians and other international students who often switch from a temporary visa to extend their stay in the country. 

The government stated that it recorded an influx of 30% of international students in its country in recent years, and this was its way of controlling those who would misuse the visas given to them and then apply for another.

Dangote reveals IOCs are behind the increment in crude oil prices

The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, pointed his accusing fingers at International Oil Companies (IOCs) in Nigeria who have made it their life’s mission to frustrate the growth and survival of Dangote’s Oil Refinery and Petrochemicals.

According to Edwin, the IOCs were actively trying to sabotage Dangote’s desire to purchase local crude by hiking the cost of the market price, thereby leaving the company no choice but to import crude from other countries.

Edwin claimed that the federal government issued 25 licences for the construction of refineries in the country; however, only Dangote Oil Refinery was able to meet its expectations, creating room for competition and anonymity in the oil market.

Nigerian Employers request the reversal of electricity tariff as the economy bites hard

The Nigeria Employers Consultative Association (NECA) has pleaded with the Nigerian Electricity Regulatory Commission (NERC), requesting that it reverse the electricity tariff as it has left a negative impact on business, citing the economic hardship in the country.

According to NECA’s Director General, Adewale Smatt-Oyerinde, the hike in electricity tariff has affected the price of goods and services provided in the country.

However, the electricity distribution companies (DisCos) stated that its tariff hike was long overdue as the last time there was a preview of the electricity tariff was in 2015.