Business
Experts Criticize New N70,000 Minimum Wage as Insufficient Amid Economic Strain
Economists and political analysts have expressed significant concern over the recently approved minimum wage of N70,000 for Nigerian workers.
In interviews conducted with the News Agency of Nigeria (NAN) on Friday in Abakaliki, these experts criticized the amount as insufficient given the country’s current economic challenges.
On Thursday, President Bola Tinubu approved the N70,000 minimum wage for civil servants, with a commitment to review this amount every three years.
Despite this commitment, Mr. Collins Anike, an economist, argued that the newly approved wage falls short of addressing workers’ needs and does not fully reflect the economic realities faced by the public.
He acknowledged the President’s intention to revisit the wage periodically but emphasized that the initial amount should have been set higher to better align with the demands of the populace.
Political analyst Mr. Titus Ezeh echoed similar sentiments, urging the government to undertake a comprehensive review of key economic sectors.
He highlighted the need for adjustments in areas such as inflation control, energy tariffs, and food security. Ezeh stressed that addressing these issues is crucial to alleviating the financial strain on the general population.
Meanwhile, Mrs. Regina Agbo, a petty trader, voiced her concerns about the adverse effects of increased electricity tariffs on small businesses and the broader economy.
She pointed out that the rising costs of production and the escalating prices of goods have created significant difficulties for businesses and the economic system at large.
The discrepancy between the government’s approved minimum wage and the demands of the organized labor is notable.
While organized labor had proposed a minimum wage of N250,000, the government and the private sector had recommended a lower figure of N62,000.
This gap highlights the ongoing debate over fair compensation and the need for economic policies that better support workers amidst prevailing economic conditions.
Skype, once a go-to platform for video and voice calls, is officially shutting down today, May 5, marking the end of its 22-year journey connecting people around the globe. The app was one of the first to revolutionize online communication, offering free calls over the internet long before it became common.
During its prime in the mid-2010s, Skype boasted over 300 million active users each month. Microsoft bought Skype in 2011 for a massive $8.5 billion, planning to make it a key part of its communication tools. However, as newer apps like WhatsApp, Zoom, and even Microsoft’s own Teams grew in popularity, Skype slowly lost its place.
In February, Microsoft announced it would officially shut down Skype on May 5 to focus more on Teams, which now handles most of its communication services. This move affects both free and paid users, although Skype for Business will stick around for a little longer.
Business
United Bank Of Africa, UBA, Delivers 23% Total Dividend for 2024, CEO Promises More to Come
United Bank of Africa, UBA, pays 171 Billion in total to its shareholders for the 79 percent increase for 2024.
This information was revealed during the 63rd Annual General held on the 25th of April, 2025. The UBA shareholders approved of the 3 naira dividend share, which will com bine with 2 naira interim dividend and will represent a 23 percent total dividend for 2024 in total.
It can be noted that UBA now has the highest Nigerian stocks and the CEO, Oliver Alawuba has assured the shareholders of the dividends that will be paid.”What we can assure our shareholders today is that UBA will continue to pay more dividends.”
It has been reported that Economic and Financial Crimes Commission (EFCC), prepares to look into the recent crash of the popular investment platform, CBEX.
It can be recalled that investment platform, CBEX, recently crashed and caused worry for many users. The public to social media to lament about the crash of the platform and cries out due to their losses.
Popular Nigerian blogger, Innocent Tino shares that he will partner with EFCC for a joint investigation of the downfall of CBEX. It was also shared that a total of #1.3 trillion funds have been lost due to the crash.
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