Anambra House of Assembly Passes Revised 2020 Budget

EconomyNewsPoliticsAnambra House of Assembly Passes Revised 2020 Budget

Ebuka Onyekwelu (Staff Writer)May 29, 2020

AWKA – The Anambra State House of Assembly on Friday May 29, 2020 passed the Anambra State revised 2020 budget. The revised budget tagged “Anambra State Revised 2020 COVID-19 Appropriation Bill”, is a revision of the Anambra state 2020 budget that was passed in October 2019, but no longer feasible as a result of the COVID-19 pandemic which has altered all economic projections upon which the former budget was based. In 2019, Anambra Assembly was...

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Buhari to address Small Businesses at 2020 MSMEs Awards, Entries Open

CoronavirusEconomyNewsBuhari to address Small Businesses at 2020 MSMEs Awards, Entries Open

PilotnewsMay 29, 2020

In a bid to encourage small businesses in Nigeria amid the COVID-19 pandemic, President Muhammadu Buhari will address Micro Small and Medium Enterprises (MSMEs). Mr Tola Johnson, Special Assistant to the President on MSMEs, Office of the Vice President said the address which would form part of the 2020 MSMEs award would hold July 16. Johnson who addressed a virtual news conference in Abuja on Friday, said that in spite of the ravaging pandemic and its effects on MEMSe,...

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We’re Still focused on Delivering Mandate for Change – Buhari

EconomyNewsNigeriaWe’re Still focused on Delivering Mandate for Change – Buhari

PilotnewsMay 29, 2020

Malam Garba Shehu, Senior Special Assistant to the President on Media and Publicity, says President Muhammadu Buhari’s mandate for change remains relevant and will be steadily followed to improve livelihoods. Shehu gave the assurance in a statement in Abuja on Friday as the Buhari administration marks the first year anniversary of his second term in office. He said: “The campaign had been hard fought; yet the mandate the people of this country gave him was...

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NEWS ANALYSIS: Will Nigeria’s Battle with COVID-19 Become Too Expensive to Sustain?

CoronavirusEconomyNigeriaNEWS ANALYSIS: Will Nigeria’s Battle with COVID-19 Become Too Expensive to Sustain?

Adeola Oladipupo (Correspondent)May 28, 2020

For every COVID-19 test carried out on suspected persons, Lagos, Nigeria’s epicenter of the viral infection with a population of over 20 million, spends between N40,000 and N50,000 ($102.56 – $128.21), Professor Akin Abayomi, Lagos State Commissioner for Health disclosed. The revelation by Prof. Abayomi highlights the magnitude of the burden of the disease and raises questions about the sustainability of the fight against COVID-19. With an estimated population of 200 million and a virus...

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COVID-19: Intervention-Loan Repayment Suspended for One Year – CBN

CoronavirusEconomyNewsNigeriaCOVID-19: Intervention-Loan Repayment Suspended for One Year – CBN

Bada Yusuf Amoo (Correspondent)May 28, 2020

The Central Bank of Nigeria has announced that it is giving a one-year moratorium on all principal repayments for COVID-19 intervention loans. This is done through its participating Other Financial Institutions (OFIs) taking effect from March 1, 2020. This was made known on Wednesday, in a circular signed by the Director, Finance Police, and Regulation Department, Kelvin Amugo. The circular also stated that as part of the continued efforts of the apex bank to mitigate...

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South Africa’s Rand Climbs to 8 Week High Against Dollar

AfricaEconomyRegionsSouth Africa’s Rand Climbs to 8 Week High Against Dollar

PilotnewsMay 26, 2020

South Africa’s rand raced to its highest in more than eight weeks against the U.S. dollar on Tuesday, as optimism about a global recovery from the COVID-19 pandemic boosted riskier assets, with investors looking past Sino-U.S. trade tensions. At 0605 GMT, the rand traded at 17.4700 per dollar, 0.91 per cent firmer than its previous close. The currency was at its strongest since March 27. “The optimistic recovery narrative is holding within markets, keeping the...

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Buhari Tasks Farmers on Massive Food Production, Says“No Money for Food Importation”

EconomyFoodNewsNigeriaBuhari Tasks Farmers on Massive Food Production, Says“No Money for Food Importation”

PilotnewsMay 24, 2020

President Muhammadu Buhari has challenged Nigerian farmers on the need to embark on massive productive agricultural activities this farming season as Nigeria has no money for food importation. The president gave the challenge shortly after observing this year’s Eid prayer alongside members of his family and few presidential aides at the presidential villa, Abuja, on Sunday. The News Agency of Nigeria (NAN) reports that Eid-El-Fitr prayer was observed in line with the protocol against mass...

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Will Nigeria’s Battle with COVID-19 Become Too Expensive to Sustain?

CoronavirusEconomyNigeriaWill Nigeria’s Battle with COVID-19 Become Too Expensive to Sustain?

Adeola Oladipupo (Correspondent)May 23, 2020

For every COVID-19 test carried out on suspected persons, Lagos, Nigeria’s epicenter of the viral infection with a population of over 20 million, spends between N40,000 and N50,000 ($102.56 – $128.21), Professor Akin Abayomi, Lagos State Commissioner for Health disclosed. The revelation by Prof. Abayomi highlights the magnitude of the burden of the disease and raises question about the sustainability of the fight against COVID-19. With estimated population of 200 million and a virus that...

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Economy Will Not Be Re-opened Hastily – Gov Sanwo-Olu

CoronavirusEconomyNewsNigeriaEconomy Will Not Be Re-opened Hastily – Gov Sanwo-Olu

Adeola Oladipupo (Correspondent)May 23, 2020

The Governor of Lagos State, Babajide Sanwo-Olu has said although the State was committed to tackling COVID-19 by breaking the cycle of transmission, it would not hastily reopen the economy. Mr Sanwo-Olu said this at a webinar organized by First Securities Discount House Group, which also had in attendance governors of Kaduna and Edo States, Mallam Nasir el-Rufa’I and Godwin Obaseki respectively as co-panelists. The Governor of Lagos said the state battles the reality of...

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Lagos Cuts 2020 Budget by 21 Per Cent

CoronavirusEconomyNewsNigeriaLagos Cuts 2020 Budget by 21 Per Cent

Adeola Oladipupo (Correspondent)May 21, 2020

The realities of the impact of COVID-19 on the economy have forced Lagos State to slash its 2020 budget which was initially approved by the State House of Assembly to N920.5 billion from N1,168.6 trillion, this was disclosed by the Commissioner for Economic Planning and Budget, Sam Egube. The Commissioner said the budget was revised to help mitigate the economic and social headwind precipitated by the novel Coronavirus pandemic in the state, according to Premium...

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