Good Morning. Here’s a recap of top trending news stories this morning.
1. The House of Representatives has resolved to investigate alleged fraudulent land title allocations to real estate developers in the Federal Capital Territory before Nyesom Wike became Minister. The investigation follows a motion by Jonathan Gbefwi, who noted suspicious allocations made before Wike’s appointment in August 2023.
2. President of the Real Estate Developers Association of Nigeria (REDAN), Akintoye Adeoye has inaugurated the REDAN-FMBN Liaison Committee to enhance collaboration between the association and the Federal Mortgage Bank of Nigeria (FMBN). The ceremony took place at REDAN’s head office in Abuja, with the committee tasked with fostering synergy and expanding partnership opportunities between the two organizations.
3. The Minister of Finance, Wale Edun, submitted the estimated cost implications of a new national minimum wage to President Bola Ahmed Tinubu on Thursday, just 48 hours after Tinubu’s directive. Edun, alongside the Minister of Budget and National Planning, Atiku Bagudu, presented the details at the presidential villa in Abuja.
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4. Nigerian Governors are not considering a minimum wage higher than N70,000, it was revealed last night. During a meeting on Thursday in Abuja, they reviewed the economic situation and concluded that any amount above N70,000 would be unaffordable and unsustainable.
5. Lagos State Governor Babajide Sanwo-Olu Thursday, inaugurated 270 two-bedroom flats at the Egan-Igando Mixed Housing Estate in the Igando-Ikotun Local Council Development Area. This project, part of a larger plan for 846 home units across 101 blocks, aims to provide decent housing for suburban residents.
6. The Senate passed the 2024 Federal Capital Territory Supplementary Budget of N98.5 billion for a second reading. This followed a presentation by Deputy Senate Leader Lola Ashiru on Thursday. The budget consideration had been previously postponed on June 5 due to insufficient details in the document.
7. The Central Bank of Nigeria (CBN) and the International Finance Corporation (IFC) held a crucial meeting to discuss strategies for supporting Nigeria’s infrastructure, industry, and inclusive business growth. They focused on enhancing private sector growth by expanding credit access, facilitating SME trade receivables, and promoting local currency liquidity solutions.
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8. Several buildings were destroyed by a windstorm in Zamfara State on Monday, affecting the Local Government Areas of Tsafe, Maradun, and Mafara. The National Emergency Management Agency (NEMA) reported that the storm caused significant damage in multiple communities, leading to the collapse of buildings.
9. Minister of Water Resources and Sanitation, Professor Joseph Utserv, announced on Thursday that the Federal Government will soon construct dams nationwide to combat flooding. This was revealed during the inauguration of the Idye River Basin erosion control and hydraulic drainage project in Makurdi, Benue State, executed by the National Hydroelectric Power Producing Areas Development Commission (N-HYPPADEC).
10. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) brought charges against an official of the Rural Electrification Agency (REA) for allegedly embezzling N298 million using the agency’s payment platform in the previous year. The defendant, Usman Ahmed Kwakwa, faced four charges before the Federal High Court in Abuja.