Nigerian Newspapers: 10 things you need to know this Friday morning


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Good morning! Here is today’s summary from Nigerian Newspapers:

1. President Muhammadu Buhari of Nigeria and his South African counterpart, Cyril Ramaphosa, met yesterday to explore solutions to the recent xenophobic attacks. They agreed to set up early warning mechanisms to detect hostility between South Africans and Nigerians to avoid recurrence of violence. No fewer than 32 agreements and Memoranda of Understanding (MoUs) were signed during the visit.

2. Vice President Yemi Osinbajo has assured labour leaders that the Buhari administration will honestly and transparently resolve the request by the union in the implementation of the new national minimum wage. Osinbajo said they should consider the President as someone committed to the welfare of workers.

3. The 12 banks sanctioned by the Central Bank of Nigeria (CBN) for failing to meet the 60 per cent Loan to Deposit Ratio (LDR) by September 30, will lose at least N67.4 billion annual interest on the sterilised N499.17 billion cash.

4. The National Chairman of the All Progressives Congress, Adams Oshiomhole, has accused the Peoples Democratic Party, PDP of pasting his and other stalwarts of the party posters for 2023 presidential campaign in order to cause disaffection in the ruling party.

5. The Process and Industrial Development Limited has said Nigeria’s fresh appeal moves will not stop it from commencing the seizure of the country’s assets. It said the Federal Government must meet the deadlines for the payment of $200m security deposit and £250,000 cost awarded by a London court on September 26.

6. The House of Representatives has approved $57 per barrel as crude oil benchmark price for the fiscal year 2020, while also increasing the revenue target of the Nigeria Customs Service (NCS) from N942.6 billion to N1.5 trillion.

7. The Senate has approved the 2020 to 2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper(FSP) submitted by President Muhammadu Buhari last week.

8. The Senate has received a written request from President Muhammadu Buhari to present the 2020 Appropriation bill before a joint session of the National Assembly on Tuesday

9. The Minister of Labour, Dr. Chris Ngige, has said that complying with the demand of labour unions on minimum wage will lead to the sack of many workers. The minister said a wage bill of N580 billion is needed to meet labour’s demand on the new wage.

10. Deputy Senate President, Senator Ovie Omo-Agege has disclosed that there would be amendment of Electoral Act to ensure that card reader is given legal backing in the new Act. He said it was important that the card reader be made part of the legal regime for elections.

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