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Newspaper Headlines: Multiple exchange rates may worsen Nigeria’s debt burden, says W’Bank

Ayodeji.oluwafemi@thecable.ng'byAyodele Oluwafemi
June 1, 2023 7:30 am

Reports on the hike in the price of petrol and the meeting between the federal government and organised labour, dominate the cover pages of Nigerian newspapers today.

The Punch reports that talks between the federal government and organised labour over the removal of fuel subsidy, ended in a deadlock on Wednesday. The newspaper reports the World Bank as saying that Nigeria’s parallel exchange rate is harmful to the country’s economy and worsens future debt service payments.
The Nation says the Nigerian National Petroleum Company Limited (NNPCL) has unveiled a new pricing template for petrol as price ranges from N488 to N557 per litre. The newspaper reports that Tajudeen Abbas, a federal lawmaker, said 200 of his colleagues have endorsed him to lead the green chamber in the 10th national assembly.
Daily Trust reports that the Central Bank of Nigeria (CBN) has devalued the naira to N631 to the dollar from N461.6.
The Guardian reports that Alex Otti, governor of Abia, has suspended all levies imposed on transport operators in the state. The newspaper says Nigerians will have to brace up for higher inflation as the price for petrol is over N500 per litre.
Daily Sun reports that a court has ruled that the Peoples Democratic Party (PDP) has the right to suspend or expel Nyesom Wike, former governor of Rivers, from the party. The newspaper says Hope Uzodinma, governor of Imo, has taken over the baton of leadership from Atiku Bagudu, former governor of Kebbi, as the new chairman of the Progressive Governors’ Forum.

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