Odesanya recommended that Sanwo-Olu focus on infrastructure projects that enhance the quality of life for the residents.

LP urges Sanwo-Olu to provide Lagos residents with genuine empowerment, not just food packs.

“We keep wondering why the APC government is fond of giving people fish rather than teaching the people how to fish. How many Lagos residents will benefit from these food packs?

“A cursory indicator of the population of the entire Lagos State shows that the smallest local government area in the State has well over one million poor and vulnerable households.

“Why can’t the APC government provide infrastructure that will enable families to purchase their food on their own or will it be palliatives forever?

“Labour Party wants to know how these food packs will be distributed and those that will benefit,” the LP spokesperson said.

Odesanya advised Sanwo-Olu to embark on infrastructural development that would add value to the lives of the people.

“Lagos Labour Party disagrees that food pack distribution is the only social intervention programme that is available for the citizens,” she said.

In this article, we will discuss the renowned American YouTuber and entrepreneur, Mr beast, as he captivates audiences with his upcoming giveaway.

Mr Beast birthday: 26 Teslas Giveaway

On May 7, 2024, MrBeast, also known as Jimmy Donaldson, celebrates his 26th birthday by surprising everyone with an announcement. He reveals that he will be giving away 26 Teslas to 26 lucky winners. Each Tesla costs between N60M – N170M.

MrBeast shared this exciting news on his verified Instagram page, mentioning that he will elaborate on how to win these Teslas within a maximum of 7 days.

Jimmy Donaldson, the American YouTuber, entrepreneur, and philanthropist, has an estimated net worth of around $324.98 million according to Net Worth Spot.

MrBeast became well-known for his extravagant stunts and challenges that provide generous cash rewards to winners. His content creation journey began in 2012, but he gained significant fame in 2017 with his “counting to 100,000” video, which quickly garnered tens of thousands of views. Since then, his popularity has soared, with each of his videos accumulating tens of millions of views.

• MrBeast is the co-creator of Team Trees, a fundraiser for the Arbor Day Foundation, raising over $72 million.
• Besides his main YouTube channel, he has several other channels with a total of over 84 million subscribers.
• As of April 2024, MrBeast has an impressive 250 million subscribers on his YouTube channel.
• Predictions indicate his net worth will surpass $320 million in 2024, a significant amount from his YouTube channels.
• According to Celebrity Net Worth, he earns $3-5 million monthly from YouTube ads.
• In 2020, he earned  $24 million from his YouTube channel, clothing sales, and sponsorships.

• In 2021 alone, he made a remarkable $54 million, adding to his total earnings of  $44 million from 2020 and 2021.

• MrBeast is a successful YouTuber with a net worth of $325 million.

• He earns between $5 and $8 million each month from YouTube advertising alone.
• His main channel has over 250 million subscribers and earns an average of $55,000 per day from ad revenue.

Breakdown of earnings:
– Main channel:
– Monthly: $455.5K to $7.3M
– Yearly: $5.5M to $87.5M
– Reacts channel:
– Monthly: $27K to $432.3K
– Yearly: $324.2K to $5.2M
– Gaming channel:
– Monthly: $28.7K to $458.8K
– Yearly: $344.1K to $5.5M

President Bola Tinubu’s administration contacted Organised Labour, represented by the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC), on Wednesday to resume discussions on the minimum wage.

Federal Government Calls for Resumption of Minimum Wage Talks with Labour on Friday

A source in Abuja revealed this information to Punch, stating that Labour intends to accept the invitation.

The source said;

“A letter has been addressed to Labour by the committee chairman and signed by the NSIWC chairman. The meeting is scheduled for Friday.

“Of course, Labour will attend. If they present a better offer on Friday we will accept it.”

The minimum wage committee adjourned indefinitely after talks between the Federal Government and Organised Labour broke down on Tuesday.

Labour rejected the Federal Government’s ₦60,000 proposal, which was an increase from the earlier ₦57,000 offer.

During the meeting, labour reduced its demand by removing ₦3,000 from the ₦497,000 proposed last week, setting the new proposal at ₦494,000.

The NLC and TUC gave the committee until the end of the month to conclude talks on a new national minimum wage to expedite the negotiation process.
The ultimatum is set to expire on Friday night.

TUC President Festus Osifo stated that the ultimatum issued by labour stands after the breakdown of talks on Tuesday.

Osifo said, “We have an ultimatum on May Day that if by May end, we don’t have a new minimum wage that will take a worker home, we will not be able to guarantee industrial peace.

“We are sticking to that ultimatum.”

The Minister of State for Labour and Employment, Nkeiruka Onyejeocha, urged Organised Labour to show consideration and patriotism in their requests during the current negotiations for a new national minimum wage.

labour and, indeed, other relevant stakeholders to be considerate and patriotic in their demands, recognising that our economy is still recovering from the devastating effects of the pandemic and other global economic shocks.

“We are committed to putting the people first and ensuring that our economic policies benefit all Nigerians, not just a select few.

“The government remains dedicated to prioritising the well-being of our citizens and it wants to urge all relevant parties to demonstrate patriotism and understanding.

“This is particularly during this critical period when President Bola Tinubu, is working diligently to revitalise the economy.

“As a government, we recognise the importance of ensuring that our citizens receive a decent standard of living wage, and we are committed to making this a reality.

“After hours of intense negotiations, labour leaders took a recess to consult with other key stakeholders and have pledged to return to the negotiating table for further discussion.

“We welcome this development and are optimistic that our continued engagement will yield a positive outcome.

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“In the light of the current economic conditions, we have made a concessionary move from ₦57,000 to ₦60,000.”

A senior NLC official informed the platform that organized labor maintains its stance that negotiations on the minimum wage should conclude by Friday.

Black Market Exchange Rate for Dollar to Naira on 9th June:

The exchange rate at the Lagos Parallel Market (Black Market) was buying a Dollar for N1490 and selling at N1495 on Sunday, 9th June 2024, according to Bureau de change (BDC) sources.

Today’s Exchange Rate: Black Market USD to Naira on 10th June 2024

Current Black Market Exchange Rate

(Aboki Dollar Rate):

Buying Rate: N1490
Selling Rate: N1495

CBN Exchange Rate Today:
Buying Rate: N1484
Selling Rate: N1485

The Central bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to use their respective banks for forex transactions.

IMF’s Inflation Rate Prediction for Nigeria:

IMF predicts Nigeria’s inflation rate will stabilize at 14% in 2029, a decrease from the current rate of 33.69% as of April 2024, as reported by the National Bureau of Statistics.

The IMF projects a gradual decline in inflation from 23% in 2025 to 16% in 2026, 15.4% in 2027, leading to stabilization at 14% in both 2028 and 2029.

This forecasted stabilization brings relief amidst concerns about Nigeria’s escalating inflation, providing a positive outlook for the economy facing challenges with rising inflation and interest rates.

The National Gold Purchase program has been overhauled by the Federal Government to enhance the country’s reserves and strengthen the value of the Naira.

Nigerian Government revitalizes National Gold Purchase Program

The Minister of Solid Minerals Development, Henry Dele Alake, brought attention to this policy as he presented the most recent gold bar obtained from artisanal and small gold miners, which had been refined by an agency under the Ministry, to President Bola Ahmed Tinubu in Abuja. Alake praised the President for backing reforms in the solid minerals sector and expressed confidence that the sector would soon enhance the nation’s reserves.

The Solid Minerals Development Fund complies with the London Bullion Market Association Good Delivery Standard, as stated by him.
Alake mentioned that the refined gold will be sold to the Central Bank of Nigeria to enhance foreign reserves.
Alake highlighted the importance of the occasion, noting that it signifies the initial commercial transaction within the National Gold Purchase Program (NGPP), a centralized off-take scheme backed by a decentralized network of artisanal and small-scale miners and cooperatives for aggregation and production.

He said, “The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Program’s effectiveness. It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in United States Dollars, such as gold, is a viable strategy.

“This transaction has also underscored the potential of the National Gold Purchase Program to enhance fiscal and monetary stability.”

Alake reported that the initial commercial transaction resulted in a $5 million boost to Nigeria’s foreign reserve assets, over 70 kilograms of gold refined to the London Bullion Market Good Delivery Standard, and the successful pooling of locally mined gold, injecting approximately NGN6 billion into the rural economy.

Tinubu praised the Ministry for reaching a significant milestone in the government’s efforts to diversify the economy, as symbolized by the bar displayed.

“This is another concrete step towards the diversification process under the Renewed Hope Agenda” the President said.

In her statement, Fatimah Shinkafi, the Executive Secretary of the Solid Minerals Development Fund, mentioned that the London Bullion Market Gold Delivery Standard is a widely acknowledged, strict, and reliable standard that facilitates worldwide trading in gold and silver bars.

“Only gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract – where the bullion traded is physically held in London,” she said.

Shinkafi stated that Nigeria has become part of a special group of nations that are increasing their gold reserves by buying gold using local currency. This initiative aims to boost economic confidence, stabilize the currency, and attract more foreign investments.