Here are the top 10 stories from Nigerian daily newspapers for today, 1st June 2023 on Politics, business, entertainment and economy.
1. NLC Rejects NNPC’s New Petrol Pump Price
The Nigeria Labour Congress (NLC) has rejected the new pump price of Premium Motor Spirit (PMS) fixed by the Nigerian National Petroleum Corporation Limited (NNPCL).
NNPC on Wednesday announced increase in the pump price of PMS in its retail outlets across the country. According to the new price template, the retail outlets are to sell fuel between N480 and N570 per litre. Read more
2. Fuel Price Hike: NECA Cautions against Escalation of Inflation
The Nigeria Employers’ Consultative Association (NECA) has said that an increase in the pump price of fuel would further accelerate inflation, which would distort and destabilise economic activities.
This was contained in a statement by the Director General, NECA, Mr Adewale-Smatt Oyerinde.
Oyerinde also observed that the petrol price increase would impact on private sector business capital and lower the real disposal income of the people.
The NECA boss, who admitted that it is important to remove subsidy because of heavy government spending on it, said it should have been strategically done in a way that does not impoverish the citizens.
3. China Pledges To Increase Economic Cooperation with Nigeria
Chinese President XI Jinping has pledged increased economic cooperation with Nigeria, saying the country is important to Africa and the world.
The Chinese president spoke through his Special Envoy, Peng Qinghua, Vice Chairperson, Standing Committee of National People’s Congress, People’s Republic of China who met with President Bola Tinubu at the State House, Abuja on Wednesday. Read more
4. APC Governors Back Tinubu On Fuel Subsidy Removal
The All Progressives Congress (APC) governors have expressed their support for the fuel subsidy removal announced by the new president Bola Ahmed Tinubu during his inauguration on Monday.
The governors made it is one of the campaign promises of the Tinubu-led administration, adding however that measures would be put in place to cushion the effect of the withdrawal.
5. Court to Wike: PDP Has Right to Suspend, Expel You
Justice James Omotosho of the Federal High Court in Abuja on Wednesday, told former Governor of Rivers State, Nyesom Wike, that the Peoples Democratic Party (PDP) has the right to suspend or expel him if the action is done in accordance with the law.
Justice Omotosho stated this while delivering judgment in a suit filed by Wike, prior to the 2023 general election, to seek a court
order to stop PDP from taking action against him without a fair hearing.
Wike had sought an order directing all parties to maintain the status quo and stay all actions in the matter relating to the threat to suspend or expel him by the PDP, the party’s National Working Committee, and its then National Chairman, Iyorchia Ayu.
6. Tinubu’s Inaugural Address Raises Hope of Nigerian Manufacturers – MAN
The Manufacturers Association of Nigeria (MAN) has described the inaugural presidential address of President Bola Ahmed Tinubu on May 29, as a positive development that offered a beacon of hope that better days await the operators of the Nigerian industrial sector.
The Director General of MAN, Mr. Segun Ajayi-Kadir, who reacted to President Tinubu’s address in a statement that was released yesterday, also enjoined the president to issue a marching order that would hasten the realisation of a unified foreign exchange rate by the Central Bank of Nigeria (CBN).
7. House, Senate Agree on Establishment of Real Estate Regulatory Council
The House of Representatives has concurred with the Senate on the need to establish the Real Estate Regulatory Council of Nigeria to regulate the sector and ensure transparency.
The bill for an Act to Establish Real Estate Regulatory Council of Nigeria which emanated from the Senate was presented by Deputy Majority Leader of the House, Peter Akpatason (APC-Edo).
The lawmaker said the council, when established would provide efficient, effective, and transparent administration of the business of real estate development and that the council was also expected to prescribe minimum standards for the conduct of the business of real estate development in Nigeria
8. Access Bank Launches Business Desk, Targets Nigeria’s $4bn Trade with France
Access Bank Plc has launched a Business Desk in Lagos,. The bank said that it was set to tap into the over $4 billion trade Nigeria had with France.
The Business Desk aims at building a strong business relationship between France and Nigeria.
9. Senate Indicts MDAs Of Mismanaging N3.8tn Service-Wide Votes
The Senate has indicted federal ministries, departments and agencies for mismanaging Service Wide Votes (SWV) to the tune of about N3.8 trillion between 2017- 2021.
The Senate, therefore, recommended to the executive arm of government to use a supplementary budget approach to meet emergencies instead of Service Wide Vote.
This was contained in the report of the Senate Public Accounts Committee (SPAC) based on the annual reports submitted to the National Assembly by the Auditor General for the Federation.
10. Subsidy: Petrol price will come Down – NNPC
The Group Chief Executive Officer of Nigeria National Petroleum Company Limited, Mele Kyari, has allayed the fear of Nigerians on the rising prices of Premium Motor Spirit, known better as petrol across the country.
Kyari said competition among major players in the oil sector would force down the price of petrol as against the upward trends that have caused panic in the country.