The Lagos Revenue Plan Threatened by COVID-19

CoronavirusEconomyNigeriaThe Lagos Revenue Plan Threatened by COVID-19

Adeola Oladipupo (Correspondent)April 21, 2020

In January, the Commissioner for Economic Planning and Budget in Lagos, Mr. Sam Egube, during the 2020 budget analysis, announced a grand ambition to increase the state’s monthly internally generated revenue (IGR) from about 35 billion to 73.8 billion Naira. The internal revenue goal which comes to about N866 billion for the year is expected to partly finance the N1.168 trillion budget the legislature had passed in 2019, which allocated more funds to education and...

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SERAP Gives FG 14 Days Ultimatum to Reverse Budget Cut to Health and Education

EducationHealthNigeriaSERAP Gives FG 14 Days Ultimatum to Reverse Budget Cut to Health and Education

Adeola Oladipupo (Correspondent)April 19, 2020

President Buhari and the leaders of the national assembly have been given 14 days ultimatum by the Socio-Economic Rights and Accountability Project (SERAP) to cut the National Assembly and the Presidency budget instead of the proposed slash in health and education budget or face legal action. In a statement, SERAP said it wrote both the executive and the legislative arms of government to reverse the proposed cut of N26.51 billion and N50.76 billion in health...

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Why Abba Kyari Never Had the Chance of Surviving

CoronavirusNewsNigeriaWhy Abba Kyari Never Had the Chance of Surviving

Adeola Oladipupo (Correspondent)April 18, 2020

Many Nigerians woke to the shock news on Saturday that Abba Kyari, President Buhari’s Chief of Staff and confidant had died, 26 days after it was reported that he had contracted COVID-19, during his trip to Germany and Egypt in the wake of the Pandemic. The last statement by Mr. Kyari released the second week he tested positive for the viral infection, revealed that he was asymptomatic, expected to recover fast and that he was...

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‘Spend What You Need to Combat Covid-19, But Keep the Receipt’ – IMF to World Leaders

CoronavirusNewsWorld News‘Spend What You Need to Combat Covid-19, But Keep the Receipt’ – IMF to World Leaders

Adeola Oladipupo (Correspondent)April 17, 2020

World leaders have been urged to balance spending to curb the spread of the viral infection which has caused health crises, with transparency. Vitor Gaspar, head of Fiscal Policy at the International Monetary Fund (IMF), said governments must recognise that the health crisis is a global situation that requires a global approach and that doing whatever is needed should not displace accountability, good governance, and transparency. “Sometimes, it is said that in an emergency like...

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Covid-19: Nigerian Businesses Concerned About Safety of Staff and Liquidity – PwC

BusinessCoronavirusNigeriaCovid-19: Nigerian Businesses Concerned About Safety of Staff and Liquidity – PwC

Adeola Oladipupo (Correspondent)April 16, 2020

Businesses in Nigeria have expressed worry about the safety of their staff and liquidity as they confront the realities of the pandemic, a survey by PwC reveals. The survey which sampled the opinion of about 3000 respondents — many of them CEOs, managers, and business owners – found that 22.5% were worried about liquidity – the availability of immediate cash to pay bills especially the following disruption to business activities. As COVID-19 ravages several countries,...

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‘We Cannot Continue to Rely on the World for Our Food, Education and Healthcare’ – Emefiele

CoronavirusNigeriaWorld‘We Cannot Continue to Rely on the World for Our Food, Education and Healthcare’ – Emefiele

Adeola Oladipupo (Correspondent)April 16, 2020

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has outlined plans to help the Federal Government achieve a self-sufficient economy in response to the uncertainty that the pandemic portends for the country’s economy. Mr. Emefiele said it was time for Nigeria to transform into “a modern, sophisticated and inclusive economy that is self-sufficient, rewards the hardworking, but protects the poor and vulnerable, and can compete internationally across a range of strategic sectors.”...

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Glimmer of Hope for Nigeria as G20 Agrees to Debt Payment Suspension for Poor Countries

CoronavirusEconomyWorld NewsGlimmer of Hope for Nigeria as G20 Agrees to Debt Payment Suspension for Poor Countries

Adeola Oladipupo (Correspondent)April 15, 2020

Countries under the G20 group of major economies have agreed to put on hold debt payments by poor countries, following a meeting by G20 finance ministers and central bank governors. The pandemic has led to a marked increase in government spending on health and effort to curb the spread of the viral infection. COVID-19 control guidelines have made governments to impose shutdowns on cities, placing several economies at risk of being crippled and making debt...

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N20,000 Stipend: FG Terminates Service Provider’s Contract, Abia, Bayelsa, Others Affected

EconomyNewsNigeriaN20,000 Stipend: FG Terminates Service Provider’s Contract, Abia, Bayelsa, Others Affected

Adeola Oladipupo (Correspondent)April 15, 2020

The Federal Government has terminated the contract of two payment service providers under the Conditional Cash Transfer Programme for delaying the payment of N20,000 stipends to the poor and vulnerable in four states. This was made known in a statement signed by Salisu Na’inna Dambatta for the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq and released on April 14. The statement reads that the contract of the two payment service...

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Discomfort Due to COVID-19 Could Trigger Social Unrest – IMF

CoronavirusNational SecurityWorld NewsDiscomfort Due to COVID-19 Could Trigger Social Unrest – IMF

Adeola Oladipupo (Correspondent)April 15, 2020

People in some countries could revolt if they perceive the actions the government is taking to mitigate the hardships of the pandemic as insufficient or favoring the wealthy, the International Monetary Fund (IMF) warned on Wednesday. The viral infection has resulted in governments imposing lockdowns to curb the spread, an action that has strained global commerce. Nearly $8 trillion have been spent by governments to combat the pandemic and mitigate the economic fallout, but more...

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Buhari Instructs 10 Ministers, Others to Create Policy to Guide Economy During COVID-19

CoronavirusEconomyNigeriaBuhari Instructs 10 Ministers, Others to Create Policy to Guide Economy During COVID-19

Adeola Oladipupo (Correspondent)April 14, 2020

The Federal Government has directed heads of ten ministries to come up with policies to guide the the functioning of the economy during the COVID-19 pandemic. President Buhari made this known during a national address on Sunday evening announcing a 14-day extension of the lockdown in Lagos, Ogun, and Abuja and added that the ministers should work with the Presidential Economic Advisory Council and Economic Sustainability Committee. “To ensure our economy adapts to this new...

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