• Monday, May 27, 2024
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Five things to know to start your Wednesday


TUC issues one-week ultimatum to FG over demands

The Trade Union Congress of Nigeria (TUC) has issued a one-week ultimatum to the Federal Government, warning of a potential industrial action if their demands are not met.

The Nigeria Labour Congress (NLC) has also issued a similar threat. TUC President Festus Osifo expressed frustration with ongoing meetings and called for clear responses from President Bola Tinubu.

However, he clarified that there were no divisions between the NLC and TUC. The Labour Minister assured that the Federal Government was actively working to address their concerns and that the President had been briefed and provided directives on how to proceed with the issues.

Lagos achieves N400bn IGR in H1 2023

The Lagos State government has reported an Internally Generated Revenue (IGR) of approximately N400 billion in the first half of the year.

Ope George, the Commissioner for Economic Planning and Budget, revealed this during the 2024 Budget Consultative Forum, expressing the intention to meet the year-end target.

The state previously projected N924.805 billion to finance its N1.768 trillion 2023 budget.

George stressed the need to increase the 2024 target to provide more services. He highlighted the state’s strong credit rating and robust IGR, indicating the potential to attract investments and funding, including through public-private partnerships (PPPs).

Aviation College Rector reveals N5bn expenditure on idle helicopter maintenance

The Nigeria College of Aviation Technology (NCAT) in Zaria disclosed that it spent N5 billion over ten years to maintain two unused helicopters.

Rector Captain Akali Modibo clarified that it cost the institution N500 million annually to service these helicopters, which were eventually auctioned by the Federal Government.

Modibo emphasised that aeroplanes don’t go missing but land and provided context on the helicopters’ acquisition during the Goodluck Jonathan administration.

He highlighted that the helicopters were unsuitable for pilot training, and NCAT had never used them for such purposes.

The sale of the helicopters aimed to replace them with more appropriate models for training.

Global debt hit $307tn in H1 – IIF

Global debt reached a staggering $307 trillion in the second quarter of 2023, according to the Institute of International Finance (IIF).

This record-breaking debt level persists despite rising interest rates worldwide, driven primarily by countries like the United States, Japan, the UK, and France. In Nigeria, public debt surged to N87.38 trillion ($113.42 billion) in Q2 2023, marking a 75.27 percent increase on a quarter-on-quarter basis.

IIF’s global debt monitor report reveals that global debt rose by $10 trillion in the first half of 2023 and $100 trillion in the past decade, pushing the global debt-to-GDP ratio to 336 percent. Concerns loom over mounting interest expenses as growth slows.

Nio, Chinese electric vehicle manufacturer, secures $1bn in convertible bond offering

Chinese electric vehicle manufacturer Nio Inc. has successfully raised $1 billion through a two-part convertible bond offering. The funds will primarily be used to reduce debt and bolster its financial position.

The company issued $500 million each in six-year and seven-year senior unsecured convertible bonds with interest rates of 3.875 percent and 4.625 percent, respectively.

Despite the successful fundraising, Nio’s Hong Kong shares saw a 12% decline after final pricing. Nio’s recent efforts also include plans to launch its own mobile phone for enhanced vehicle software and connectivity. The company reported a Q2 net loss of 6.12 billion yuan ($839.51 million).