Top 5 Stories Of The Day | Minister Reveals Minimum Wage Will Be Reviewed After Three Years

• Minister reveals Minimum Wage will be reviewed after three years
• Court freezes General Hydrocarbons’ accounts over $225m debt to First Bank
• Nigeria and China sign deal on military training and arms manufacturing
• Activist arrested for cursing Seyi Tinubu and IGP Egbetokun has been freed after a month
• Report predicts Nigeria’s inflation will drop to 27% in December 2025

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Minister reveals Minimum Wage will be reviewed after three years

The Minister of State for Labour and Employment, Nkeiruka Onyejeocha, has revealed that, following the President’s concern for the welfare of Nigerian workers, the minimum wage will now be reviewed after a three-year period.

The Minister affirmed that the ₦70,000 approved minimum wage by President Bola Tinubu in 2024 now has less than two years before it can be reviewed which is different from the regular five-year review term.

Court freezes General Hydrocarbons’ accounts over $225m debt to First Bank

The Federal High Court in Lagos has ruled in favor of First Bank by freezing the accounts of General Hydrocarbons Limited due to its $225 million debt to First Bank.

It prohibited the banks from releasing funds to the company owned by Mr Nduka Obaigbena, the Chairman of Arise and publisher of ThisDay Newspapers.

Justice Dipeolu granted an order of Mareva injunction restraining all the commercial banks and fintech companies from releasing funds to the defendants listed in the case filed by the plaintiff, First Bank, and FBNQuest Trustees Limited.

Nigeria and China sign deal on military training and arms manufacturing

Nigeria and China have further deepened their partnership by collaborating on a new deal to train Nigeria’s military and assist in local arms production.

This partnership is a part of both country’s strategies for insecurity and terrorism within and beyond Nigeria. To this partnership, China has pledged a grant to train 7,000 military officers.

This announcement was made by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar as President Bola Tinubu received China’s Foreign Minister, Wang Yi, at the Aso Rock Villa, Abuja, on January 9, 2025.

Activist arrested for cursing Seyi Tinubu and IGP Egbetokun has been freed after a month

An #EndSARS activist, Olamide Thomas, who was arrested for allegedly speaking against Seyi Tinubu and the Inspector General of Police Kayode Egbetokun, has been released after a month.

The activist finally met her bail conditions, which proved to aid her as she had been detained throughout Christmas and New Year.

Olamide’s lawyer, Seprebofa M. Oyeghe, confirmed her release on social media, stating that Ms Thomas was now a free woman and would exit the Suleja Custodial Centre after meeting the bail conditions.

Report predicts Nigeria’s inflation will drop to 27% in December 2025

Nigeria’s inflation rate is expected to decrease to 27.1% by December 2025, according to the latest NESG-Stanbic IBTC Business Confidence Monitor report.

The report indicates that headline inflation will remain high during the first nine months of 2025 but is projected to decline significantly in the fourth quarter.

“This expectation, along with our analysis of the USD/NGN exchange rate, fiscal deficits, and food supply trends, leads us to forecast that the average headline inflation rate may reach 30.5% year-over-year in 2025 and settle at 27.1% by December 2025.”

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