ALL THE RELEVANT NEWS: MONDAY

05 Jun ALL THE RELEVANT NEWS: MONDAY

🌎FG to constitute a tripartite committee to include states and organised labour and the private sector to study the dynamics of the minimum wage augmentation to reach an amicable conclusion, it said after a meeting between the Federal Government and the TUC which lasted for about three hours. The NLC did not attend the meeting; the TUC presented a list of demands, which government said it was considering.
* Electricity workers, under the aegis of the National Union of Electricity Employees (NUEE), say they will join the Nigeria Labour Congress (NLC) in its planned strike over the removal of petrol subsidy.

🌎Oil Monitor: Nigeria alongside other OPEC and Non-OPEC members, at their 35th Joint Ministerial Monitoring Committee (JMMC) meeting in Vienna, Austria, agreed to a cut production volumes in order to ensure global oil market stability.
* Oil prices rose by more than $1 a barrel on Monday after top crude exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day (bpd) from July to counter macroeconomic headwinds that have depressed markets. Brent crude futures were up $1.37, or 1.8%, at $77.50 a barrel by 1100 GMT.
* The Nigerian National Petroleum Company (NNPC) Limited says it has commenced the termination of crude oil swap contracts and will pay cash for petrol imports.
* Petrol prices have almost doubled across fuel stations in Benin Republic after it was announced that subsidy would be removed in Nigeria, according to the BBC.

🌎EVC of Nigeria Communications Commissions, Prof. Umar Garba Danbatta has said that the commission is providing industry leadership to facilitate the achievement of 90% Broadband penetration by year 2025, and well above 50% at the end of 2023.

🌎The trapped funds of foreign airlines in Nigeria has risen to $818.2 million.
The total amount of foreign airlines’ blocked funds globally is $2.27 billion, with Nigeria, Bangladesh, Algeria, Pakistan, and Lebanon having the highest amounts. (5) The Securities and Exchange Commission has expressed its readiness to confront and find solutions to the challenges that make companies delist from the capital market.

🌎Following the recent review of its Differential Premium Assessment System (DPAS) Framework, the Nigeria Deposit Insurance Corporation (NDIC) has sought input from critical stakeholders towards making the document more robust and all embracing.

🌎Security Stories: Operatives of the Zamfara State Police Command have rescued nine children abducted by bandits on Saturday in Goran-Namaye Community, in Maradun local government area of the state.
* Suspected bandits reportedly attacked three communities, Raka, Raka Dutse and Filin Gawa, in Tangaza Local Government Area of Sokoto State, killing 37 residents and injuring several others.
* The Catholic Diocese of Nnewi, Anambra State, said the kidnapped priest, Rev Father Stanislaus Mbamara, has regained freedom.

🌎Russia-Ukraine War: President Volodymyr Zelensky personally thanked more than a dozen troops and asked Ukrainians to do the same in a speech Saturday night, amid speculation that the start of Ukraine’s counteroffensive is imminent.
* The governor of the Russian border region of Belgorod reported more shelling on Russian territory overnight. Dissidents are ramping up pressure as the conflict increasingly spreads beyond Ukraine’s borders.
* A Russian attack killed a toddler and wounded 22 people — including five children — outside Dnipro, a Ukrainian regional leader said. The attack is the latest in a flurry of Russian airstrikes and ground assaults launched this week.
* Russia said its forces had thwarted a major Ukrainian offensive at five points along the front in the Ukrainian region of Donetsk and killed hundreds of troops while Ukraine accused Moscow of spreading lies.