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BREAKING: Edun Submits Minimum Wage Cost to Tinubu

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Following a 48-hour ultimatum issued to him by President Bola Tinubu, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday, submitted the projected cost implications of implementing a new national minimum wage.

The submission comes two days after Tinubu issued the directive to present a proposed new minimum wage figure and analysis of the associated costs.

The finance minister’s report is said to outline several potential new minimum wage levels along with the anticipated fiscal impacts on the federal budget of each option.

Recall that the Organised Labour had embarked on a nationwide strike on Monday and Tuesday to demand increased minimum wage for the government workers.

Another of the labour demand was the reversal of the recently increased electricity tarrifs.

The industrial action was suspended for five days by the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) after signing a commitment with the federal government to resume negotiations, and come up with a new minimum wage within a week.

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End Insecurity, Economic Hardship, CAN Tells Tinubu

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The Christian Association of Nigeria (CAN) has called on President Bola Tinubu-led federal government to prioritise the common good of Nigerians by ending insecurity, economic hardship, and social injustice.

CAN asked the president to ensure that Nigeria’s democracy serves the people, not just the interest of a few citizens.

CAN president Archbishop Daniel Okoh, who made this call yesterday in a statement, emphasised the importance of integrity, transparency, and accountability in governance, adding that political leaders must recognise that power is a sacred trust and that they will be held accountable for their actions.

Okoh also stressed the need for unity and inclusivity, recognising the value of Nigeria’s diverse ethnic, religious, and cultural backgrounds, urging Nigerians to work together to build a stronger, more just Nigeria where everyone has a voice and equal opportunities.

“As we celebrate 25 years of uninterrupted democracy in Nigeria and the 31st anniversary of the widely acclaimed ‘freest and fairest’ presidential election of June 12, 1993, the national leadership of the Christian Association of Nigeria (CAN) congratulates the government and people of our great nation.

“Our democracy has been tested by the fires of adversity, from the struggles of its early years to the present-day trials of insecurity, economic hardship, and social injustice. Nevertheless, we remain steadfast in our belief that democracy is our nation’s best form of government.

“However, we must acknowledge that our democracy still faces significant challenges. Insecurity, economic hardship, and social injustice continue to afflict our citizens. We emphasise the importance of integrity, transparency, and accountability in governance.

“Our leaders must recognise that power is a sacred trust, and they will be held accountable for their actions. We also stress the need for unity and inclusivity, recognising the value of our diverse ethnic, religious, and cultural backgrounds.

“Let us work together to build a stronger, more just Nigeria, where everyone has a voice and equal opportunities. Let us work together to build a brighter future for ourselves, our children, and generations yet unborn,” he said.

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Nigeria’s Economy’ll Hit $1.85tn By 2029, IMF Predicts

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The International Monetary Fund has predicted that Nigeria’s economy will reach $1.85tn by 2029, in Purchasing Power Parity terms.

This forecast suggests a significant growth trajectory for the country’s economy over the next five years.

According to the IMF data obtained by PUNCH Online, Nigeria’s Gross Domestic Product in PPP terms has been steadily increasing, from $1.36tn in 2023 to $1.852tn in 2029.

GDP is the most commonly used single measure of a country’s overall economic activity. PPP is a theory that relates changes in exchange rates to changes in price levels between countries, allowing for more accurate international comparisons of economic data.

The data shows a consistent growth trend, with a notable increase of 5.5 per cent expected in 2029.

The Fund also predicted Nigeria’s share of global GDP based on PPP to reach 0.78 per cent by 2029.

This represents a slight increase from 0.77 per cent in 2023, indicating a steady growth trajectory for the country’s economy.

The data suggests that Nigeria’s economy is gradually expanding, albeit slowly, and is expected to continue this trend over the next five years.

The country’s share of global GDP has remained relatively stable, fluctuating between 0.775 per cent and 0.778 per cent from 2024 to 2028.

Economists believe that this positive outlook is a testament to the country’s efforts to diversify its economy, invest in infrastructure, and promote foreign investment.

Nigeria, Africa’s largest economy, has faced significant challenges in recent years, including a recession in 2020 caused by the COVID-19 pandemic and a decline in oil prices.

Economist Shadrach Israel in an interview with our correspondent stated, “The IMF reports indicated that the government’s reforms and initiatives have contributed to the country’s economic growth.”

The trend of Nigeria’s GDP in PPP terms over the past few years indicates a steady recovery and growth. In 2024, the country’s GDP in PPP terms stood at $1.44tn, increasing to $1.51tn in 2025, and $1.587tn in 2026. The growth continued in 2027, with a GDP (PPP) of $1.67tn, and $1.759tn in 2028.

“The IMF’s prediction of Nigeria’s economic growth is a positive sign for the country’s future, indicating a potential for increased economic prosperity and development,” Israel noted.

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200 Jobs At Risk As Microsoft Shuts Down Centre In Nigeria

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In a significant setback to Nigeria’s burgeoning tech industry, reports suggest that Microsoft is considering the closure of its African Development Centre based in Lagos.

This move, if confirmed, would have profound implications for the country’s technological landscape, potentially impacting job opportunities and innovation in the sector.

According to industry insiders who spoke to The Guardian newspaper on Tuesday, Microsoft informed staff on Monday of the closure plans.

According to reports from the newspaper, affected employees are slated to receive salary payments up until June and will continue to be covered by health insurance

While the precise motives behind the decision remain ambiguous, sources suggest Nigeria’s challenging economic conditions likely played a role

The closure appears to affect only the ADC’s West Africa operations in Nigeria, not its East Africa facility in Nairobi, Kenya.

Microsoft launched its $100 million African Development Centers initiative in 2019, establishing facilities in both Lagos and Nairobi.

The Nigeria centre employed over 120 engineers upon launch in 2022, growing to more than 200 total staff members.

At the time, Gafar Lawal, Managing Director of Microsoft ADC West Africa, said as quoted by The Guardian, “We intended to recruit 500 full-time engineers by the end of the year or by 2023. However, currently, we have exceeded 500. This is to tell you about the abundance of talents we have in Africa.”

The Lagos Centre was inaugurated to develop innovative technology solutions to address challenges across Africa and globally.

A Microsoft statement stated, “This also creates opportunities for engineers to do meaningful work from their home countries and be plugged into a global engineering and development organisation

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