Television Nigerian

The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark lending rate to 27.65 per cent.

The hike in the Monetary Policy Rate was disclosed by the Governor of the CBN, Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja on Tuesday.

The MPC had maintained a hawkish stance to tame inflation since it resumed meeting this year and thus far, it has hiked rate by more than 500 points.

The rate was raised to 26.25 per cent in May.

However, with inflation moving to 34.19 per cent in June, according to the National Bureau of Statistics, the headline inflation increased by 0.24 per cent relative to the May 2024 headline inflation rate which was 33.95 per cent.

On a year-on-year basis, the headline inflation rate was 11.40 per cent points higher than that of June 2023 (22.79 per cent).

Also, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 per cent, which was 0.17 per cent higher than the rate recorded in May 2024 (2.14 per cent) meaning that the rate of increase in the average price level was higher in June than in May.

Repeatedly, the CBN governor has maintained that the MPC members were committed to price stability and were willing to keep tightening until inflation is tamed.

Multiple reports from investment houses had projected that the MPR would be hiked,

Cowry Asset Management, in its weekly report, projected a 25bps to 50bps hike in interest rates, while the Meristem report anticipates “a 100 basis point increase in the monetary policy rate to 27.25 per cent while likely keeping other parameters unchanged. Overall, we anticipate that the committee will prioritize inflation control and capital inflow sustainability, crucial for maintaining a stable exchange rate system, and accordingly, implement a rate hike to achieve these objectives.”

Veteran actor, Chiwetalu Agu, has publicly expressed his deep gratitude and love for his wife, Nkechi.

Celebrating her birthday on Instagram on Monday, Agu credited his wife for being a support in his life and career, which he believes has been instrumental in his journey to success.

In the video, Agu sang for his wife, then said, “I want to thank you for being an amazing person to me. I want to thank you for letting me be your husband.

“Even God knows that I wouldn’t have made it this far in life without your support. Thank you for being one of the major reasons I refused to give up on life.”

While not able to offer “gold or silver,” Agu assured his wife of his enduring love and affection.

He added, “I may not have gold or silver to give you, but believe me when I say the love I have for you will remain evergreen. Happy Birthday, my love, the mother of my children.”

Watch video here

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The Senate on Tuesday at plenary, passed the 2024 National Minimum Wage Amendment Act Bill.

This was followed presentation and adoption of a report on the bill by the leader of the Senate, .Opeyemi Bamidele (APC-Ekiti).

The News Agency of Nigeria reports that the bill which was transmitted to the Senate by President Bola Tinubu on July 23, was given accelerated consideration, resulting into its first and second reading in line with Senate Rule 80.

Opeyemi, in his lead debate on the general principles of the bill, said the bill sought to amend the National Minimum Wage Act, 2019.

According to him, the bill seeks to increase the national minimum wage and reduce the time for periodic review from five years to three years.

He said in recent times, a plethora of agitations and clamour have been recorded from organised labour and other segment of the society for an increase in national minimum wage, given the prevailing economic situation in Nigeria.

He said in response to agitations and after series of negotiations between the Federal Government and organised labour, the current national minimum wage of N30,000 only has been reviewed upward to N70,000.

According to him, it is part of the Federal Government’s short-term measure to mitigate the situation in the country, as efforts are being made to bring long-term solutions that would align with the yearnings and aspirations of Nigerians and bring succour.

Opeyemi urged lawmakers to support the quick passage of the bill, adding that its passage was sacrosanct to the socio-economic and political well-being of Nigeria.

NAN reports that on June 3, organised labour went on strike over the minimum wage dispute.

The Nigeria Labour Congress and Trade Union Congress had proposed N494,000 as the new national minimum wage, citing inflation and the prevailing economic hardship in the country.

But the unions later reduced the amount to N250,000 after several meetings.

On July 11, labour leaders met with Tinubu at the presidential villa over the new minimum wage.

The labour leaders eventually accepted N70,000 as the new minimum wage for workers.

NAN.

Popular Nigerian comedian and skitmaker Chukwuebuka Amuzie, known as Brain Jotter, has addressed concerns about the potential exploitation of Mike Ejeagha’s 1983 hit “Gwo Gwo Gwo Ngwo,” which he sparked a viral dance challenge with.

The 41-year-old song by the 93-year-old folklore legend has taken social media by storm, leading to questions about revenue distribution and copyright. In response, Brain Jotter clarified that he is not profiting from the viral trend.

“For those who think we ripped him off or we’re making money from this whole thing, I understand your concerns and they are very valid. I appreciate the fact that you want him to get value for his hard work, which is very valid, and I want you to understand that you are doing something good,” Brain Jotter stated as he posted a video on Tuesday of his visit to the music legend.

He explained, saying, “At the end of the day, no dime was made from this song by me, nothing like that.”

Brain Jotter further explained the mechanics of content monetisation on various platforms.

“All those music where I did put out there – Instagram, Facebook, YouTube – everything, the whole revenue is going to Mike Ejeagha’s record label, his production company,” he said.

He detailed how copyright protection works on these platforms.

He said, “You cannot even monetise another person’s song because these platforms have copyright violation tools. If I post that video on YouTube, YouTube strikes it for copyright and they give the revenue to the actual owner, which is Mike Ejeagha.

“If you post it on Facebook, Facebook will tell you outright that this song does not belong to you, it belongs to this person. They take the revenue and give it to the actual owner.”

The comedian highlighted a positive outcome of the viral challenge, stating, “The song increased its streams on streaming platforms massively, and there’s no way I can put the song on streaming platforms. So everything, all revenues, are going straight to Mike Ejeagha.”

Brain Jotter also revealed that he gave Ejeagha two million naira, stating, “The two million I gave him was from my pocket. My hard-earned money is just for humanity and not for profit. This whole thing is not for profit.”

He further expressed gratitude for the joy the challenge has brought.

“We got the reward, which is the joy in his heart now. The joy in his heart now is my profit,” he said.

The Senate President, Godswill Akpabio, has apologised to his colleague, Natasha Akpoti-Uduaghan, over his nightclub comment.

During the plenary on Tuesday, Akpabio stated that he would never deliberately denigrate a woman.

Speaking on the floor of the Red Chamber, Akpabio reiterated that he never intended to insult any woman.

Akpabio mentioned that his phone had been overwhelmed with insults regarding the issue.

The incident occurred last Thursday when Akpabio rebuffed Natasha while she attempted to speak without being invited to during his speech.

He remarked, “Senator Natasha, you cannot speak without being asked or invited to speak in the Senate. This is not a nightclub.”

He added that it was his wife, whom he respects greatly, who brought the matter to his attention.

Akpabio said, “I will not intentionally denigrate any woman and I always pray that God will uplift women. Distinguished Senator Natasha, I want to apologize to you.”

He continued, “The interest shown on social media indicates that we have enemies. I felt I should tender a public apology to you.

“I do not mean any harm. People should focus on things that will move this country forward. Social media handlers should practice with decorum.

“We won’t regulate social media out of anger.”

Akpabio also denied social media claims that he has “numerous girlfriends.”

He stated that according to his religion, he is married to one wife, whom he finds beautiful, and is content with her.

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