NIMC enrolment suspension, minimum wage… business stories to track this week

Here are the seven top business stories you need to track this week — June 10  to June 14.

NIMC TEMPORARILY SUSPENDS BYPASS ENROLMENT PROCESS

The National Identity Management Commission (NIMC) has temporarily suspended the bypass enrolment process to prevent abuse and rectify any irregularities.

NIMC made this known in a statement signed by Kayode Adegoke, head of corporate communications, on June 8.

The commission said the suspension is due to several reports of fraudulent activities, adding that it will communicate to the public the resumption of the bypass process later.

EDUN SUBMITS NEW MINIMUM WAGE OPTIONS, ASSOCIATED COSTS TO TINUBU 

After meeting with the organised labour union due to the strike which grounded economic activities on June 3, the federal government on June 5 indicated that it would offer a minimum wage higher than the N60,000 it had offered.

President Bola Tinubu had directed Wale Edun, minister of finance, to submit a report on the cost implication of a new minimum wage not later than two days after the strike was called off.

On June 6, Edun presented a report to the president. The report possibly includes figures for the proposed wages and its budgetary implications. 

FG TO DISBURSE N20BN TO DISCOS TO METER UNMETERED BAND A CUSTOMERS

Adebayo Adelabu, minister of power, says the federal government would disburse N20 billion to electricity distribution companies (DisCos) for the procurement of meters for unmetered Band A customers.

Adebayo spoke at the BusinessDay Energy Conference on June 7.

“Before I left the office yesterday, the chairman of NERC was in my office, Alhaji Garba Sanusi, and we have agreed that we have an accrued N20 billion for metering,” the minister said.

“And I said let’s release the N20 billion for the DisCos to procure metres for the unmetered band A customers. Before the end of September, that is going to happen.”

TRIBUNAL FINES MULTICHOICE N150M

A competition and consumer protection tribunal (CCPT) has fined Multichoice Nigeria N150 million for challenging the court’s jurisdiction.

In a ruling on Friday, the tribunal ordered the company to provide a one-month free subscription on DStv and GOtv, for Nigerians.

MultiChoice Nigeria had on April 24,  announced an increase in the cost of subscriptions for its DStv and GOtv packages.

Responding to the ruling, the company disagreed with the tribunal’s position, adding that it would appeal the judgement of the CCPT.

‘IOCs STRUGGLING TO SUPPLY US CRUDE OIL… THEY PREFER EXHORTING’

Aliko Dangote, Africa’s richest person, says some international oil companies (IOCs) are struggling to supply crude to the Dangote Petroleum Refinery.

Dangote spoke on CNN’s ‘Connecting Africa’ programme, which aired on June 3.

Asked if domestic oil companies have been supplying crude to the refinery, he said “there are challenges”.

However, Dangote said the Nigerian National Petroleum Company (NNPC) Limited has been very helpful in providing crude to the 650,000 barrels-a-day refinery.

NIGERIA RECORDED N6.5trn TRADE SURPLUS in Q1 2024

The National Bureau of Statistics (NBS) says Nigeria recorded a N6.5 trillion trade surplus between January and March of 2024.

The NBS made this known in its foreign trade report for the first quarter (Q1) of the year on June 9.

In Q1, the NBS said Nigeria’s exports totalled N19.1 trillion and total imports stood at N12.6 trillion — indicating a trade surplus of N6.5 trillion.

Also, Timi Bomodi, comptroller of Seme command, Nigeria Customs Service (NCS), said naira devaluation has positively impacted exports.

Bomodi said imports and exports are usually influenced by market forces, specifically demand and supply.

FG APPROVES WITHHOLDING TAX EXEMPTION FOR BUSINESSES EARNING N25M ANNUALLY

Taiwo Oyedele, the chairman of the presidential committee on fiscal policy and tax reforms, says the federal government has approved the exemption of small businesses from withholding tax.

Oyedele disclosed this on June 3 during a consultation forum on the mandate of the tax reform committee.

He said the exemption applies to businesses earning N25 million annually and below.

“So actually, the threshold now for the exemption is currently 25 million based on the law we have as of today,” he had said.

The tax policy expert said the committee is proposing an increase in the exemption threshold from N25 million to 50 million