33 compressed natural gas (CNG)-powered vehicles will be purchased for N1.99 billion by the federal executive council (FEC) in order to improve the National Drug Law Enforcement Agency’s (NDLEA) activities.

The sanction was granted by the council on Tuesday at an Abuja meeting chaired by President Bola Tinubu.

After the meeting, Lateef Fagbemi, the minister of justice and attorney general of the federation (AGF), spoke with State House media and said that the council also approved the purchase of weapons and ammunition valued at $1.442 billion to support the NDLEA’s efforts to combat drug trafficking.

Fagbemi said the FEC approved N985 million to purchase body scanners at all the country’s international airports.

“We submitted three items to the council on NDLEA,” he said.

“FEC approved the procurement of 33 Mikano motor vehicles CNG to boost the operation of NDLEA.

“Approval for NDLEA for procurement of firearms, ammunition, and counter-narcotics for the sum of $1.442 billion.

“The procurement of two units of body scanners for use both at Abuja and International Airports at N985 million.”

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.

In a Tuesday interview with Bloomberg TV, Cardoso expressed his belief that the excessive volatility may eventually end.

He added that the financial regulator is still a work in progress but that it will keep up its strong job.

“I do believe that we have more or less seen the worst in terms of volatility,” Cardoso said.

“We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools.”

Cardoso further said reviving confidence in the naira is crucial for Nigeria to lure investors.

“We’re relatively pleased with where we are,” Cardoso added.

He also said the central bank needs to do more, adding that “it’s continuous work in progress”.

“And we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that,” he said.

Since the beginning of June, the naira has been trading in a narrow range between N1,473 and N1,490 per dollar at the official market.

However, the naira fell to N1,500/$ on Tuesday – from N1,488 traded on June 24.

The publication said as the annual inflation rate starts to rise at a slower pace, Cardoso refused to be drawn on whether this could signal the end of the tightening cycle that began in May 2022 — as CBN’s monetary policy committee (MPC) prepares to meet in July.

CBN has been increasing interest rates since May 2022, with the monetary policy rate (MPR) — which is the benchmark for banks’ lending rate — reaching 26.25 percent in May this year.

In May, the inflation rate rose to 33.95 percent compared to 33.69 percent in April.

Cardoso said data will determine the stance of the MPC on inflation movement.

“Data will direct whether they see further hikes or not,” he said.

“The MPC has been very clear in stating that they see inflation as a major impediment for the future of Nigeria, and they will do everything possible to ensure that they keep inflation in check and fact bring it down as reasonably as they can and I don’t see that changing.”

He also said the apex bank’s steps and fiscal reforms undertaken by President Bola Tinubu’s administration have assisted the nation in securing much-needed liquidity.

The World Bank earlier this month approved $2.25 billion in funding to support Nigeria’s economic reforms helping boost its foreign exchange reserves.

The governor said CBN would support further measures to build the country’s reserves including a eurobond issue.

“We should have a diversity of sources,” he said.

Cardoso said it should not just be the eurobond market or just be foreign portfolio investors, but it should be a variety of different things.

President Bola Tinubu has been given permission by the federal executive council (FEC) to consult with state governors and the commercial sector regarding the new minimum wage.

Following the FEC meeting on Tuesday, Minister of Information Mohammed Idris made the announcement in an interview with State House media. States, local government districts, the corporate sector, and the federal government will all be impacted by the ultimate decision on the new national minimum wage, according to Idris.

The minister of information stated that Tinubu will make a well-informed decision following broader consultation and that all relevant parties must provide feedback on the new minimum wage.

“I want to inform Nigerians here that the federal executive council deliberated on the report of the tripartite committee on the new national minimum wage,” the minister said.

“The decision is that because the new national minimum wage is not just that of the federal government, it is an issue that involves the federal government, the state governments, local governments, and the organised private sector and of course, including the organised labour.

“That memo was stepped down to enable Mr. President to consult further, especially with the state governors and the organised private sector, before an executive bill is presented to the national assembly.

“So I want to state that on the new national minimum wage, Mr. President is going to consult further so that he can have an informed position because the new national minimum wage, like I said, is not just an issue of the federal government.

“It affects the state governments, local governments, the organised private sector. That is why it is called the national minimum wage. It’s not just an affair of the federal government.

“So, Mr. President has studied the report and he is going to consult wider before a final submission is made to the national assembly.”

Recall that over the past few months, the federal and state governments, organised labour, and the private sector have been negotiating on a new minimum wage.

At the last meeting of the tripartite committee on minimum wage, organised labour rejected the N62,000 proposal by the government and insisted on N250,000 as the living wage.

The federal government had asked the labour unions to demand a more realistic and sustainable minimum wage.

On June 7, governors under the aegis of the Nigerian Governors Forum (NGF) said the N60,000 minimum wage for workers is not sustainable.

On June 10, the tripartite committee submitted its report to George Akume, secretary to the government of the federation (SGF).