Nigerians Spent More on Food and Transportation in 2019 – NBS

EconomyFoodNewsNigeriaNigerians Spent More on Food and Transportation in 2019 – NBS

Adeola Oladipupo (Correspondent)May 11, 2020

A total of N40.2 trillion was spent by Nigerians on food and non-food items in 2019, a report just released by the National Bureau of Statistics (NBS) revealed. The report which details findings on the consumption expenditure pattern in Nigeria is based on the Nigeria Living Standard Survey (NLSS) which was last conducted in 2009. It classifies household consumption expenditure types by food and non-food items at the national, zonal level, state level, and the...

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CACOVID, NCDC to Support Oyo With N350 Million

ConservationEconomyNewsNigeriaCACOVID, NCDC to Support Oyo With N350 Million

PilotnewsMay 10, 2020

The Coalition Against COVID-19 (CACOVID) and the Nigeria Centre for Disease Control (NCDC) are donating N350 million to support Oyo State to contain the spread of   COVID-19. This is contained in a statement issued on Sunday in Ibadan by Mr Taiwo Adisa, Chief Press Secretary to Gov. Seyi Makinde. Adisa said that Oyo State Commissioner for Finance, Mr Akinola Ojo, and a member of the COVID-19 Task Force, Prof. Temitope Alonge, disclosed this during...

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Nigeria is Wasting Revenue Through Subsidy – PwC

EconomyNigeriaOil & GasNigeria is Wasting Revenue Through Subsidy – PwC

Adeola Oladipupo (Correspondent)May 8, 2020

The federal government needs to look at areas where we seem to be wasting revenue, the subsidy is the biggest one and about N4 trillion could be gained if removed, PwC Nigeria said. Crude oil, Nigeria’s major source of revenue has been hit by the Covid-19 pandemic which forced oil prices down for several weeks – until a few days ago when Brent began rising — making the country consider reviewing the 2020 budget oil...

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COVID-19: Africa Will Lose $65bn to Full Lockdown – UNECA

AfricaEconomyHealthCOVID-19: Africa Will Lose $65bn to Full Lockdown – UNECA

PilotnewsMay 7, 2020

Mr. Stephen Karingi, Director, Regional Trade and Integration, United Nations Economic Commission for Africa (UNECA), says African economy will lose 65 billion dollars if there is a full lockdown of the continent due to COVID-19. Karingi said this during the World Health Organisation (WHO) and the World Economic Forum (WEF) virtual joint press briefing on Thursday. The director said that the African economy would contrast as much as three percent in 2020. According to him,...

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IMF Boss Gives Conditions for the $3.4 Billion Loan to Nigeria

EconomyNigeriaIMF Boss Gives Conditions for the $3.4 Billion Loan to Nigeria

Adeola Oladipupo (Correspondent)May 7, 2020

The $3.4 billion loan to Nigeria which was approved about a week ago has been disbursed to the Central Bank of Nigeria at 1 percent interest rate, Kristalina Georgieva, Managing Director of International Monetary Fund said. The fund is a Rapid Financing Instrument (RFI) aimed at helping Nigeria alleviate the ravaging impact of COVID-19 and resolve the balance of payment issues. “In emergency assistance, once the board approves, we disburse within days to the country...

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Again Atiku’s American University of Nigeria,AUN Sacks Over 100 Staff

CoronavirusEconomyEducationNigeriaAgain Atiku’s American University of Nigeria,AUN Sacks Over 100 Staff

Ibrahim Abdul' Aziz (Correspondent)May 5, 2020

Amid economic crunch and novel Coronavirus pandemic being experienced across the globe the American University of Nigeria based in Yola, Adamawa state reportedly sacked over   100 staff. Multiple sources say that the affected staff includes security, auxiliary, administration  and staff of other departments. This is the second time an institution owned by Nigeria’s former vice president Atiku Abubakar is sacking staff within a week and this comes three days after Gotel Communications sack 54 staff...

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NCDC DG Faults Banks, Tells Nigerians to Prepare for Another Lockdown

CoronavirusEconomyNewsNigeriaNCDC DG Faults Banks, Tells Nigerians to Prepare for Another Lockdown

Bada Yusuf Amoo (Correspondent)May 5, 2020

The nationwide non-compliance with the Presidential Taskforce for COVID-19 guidelines on Monday had been faulted by the Federal Government. The Nigeria Centre for Disease Control’s Director-General, Dr. Chikwe Ihekweazu stated this during the task force press briefing in Abuja. He warned that the President, Muhammadu Buhari could restore the lockdown if the guidelines were not being adhered to and there was a surge in coronavirus cases. According to him, banks were among the businesses that...

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BREAKING: Access Bank Denies Plan to Sack 75% Workforce, Close Branches

EconomyLabourNigeriaBREAKING: Access Bank Denies Plan to Sack 75% Workforce, Close Branches

PilotnewsMay 4, 2020

Access Bank Plc on Monday denied news making rounds that it would sack 75 percent of its workforce and as well close over 300 branches. The bank denied this in a statement signed by Mr. Sunday Ekwochi, its Company Secretary, posted on the Nigerian Stock Exchange (NSE) website. It said the closure of a bank branch was an action that required the approval of the Central Bank of Nigeria (CBN). According to the bank, it...

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COVID-19: Tinubu Urges Reduction of Interest Rates

CoronavirusEconomyNigeriaCOVID-19: Tinubu Urges Reduction of Interest Rates

PilotnewsMay 4, 2020

The All Progressive Congress (APC) National Leader, Chief Bola Tinubu, on Sunday urged the Central Bank of Nigeria to reduce interest rates to avoid stifling domestic investment and income during the COVID-19 crisis. Tinubu made the call in a statement in Lagos. The APC leader said that the reduction would make the COVID-19 crisis to have a positive economic aspect. He advised the Federal Government to avail tax reliefs that would aid financial institutions to...

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COVID-19: CBN, Bankers’ Committee Suspends Retrenchment of Banks’ Staff

CoronavirusEconomyNigeriaCOVID-19: CBN, Bankers’ Committee Suspends Retrenchment of Banks’ Staff

PilotnewsMay 3, 2020

The Central Bank of Nigeria (CBN) and Bankers’ Committee on Sunday suspended retrenchment or laying-off of any staff of banks, whether full or part time. The CBN Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja. Okorafor explained that the decision was taken to minimise and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods. He said to give effect to this measure, the express approval...

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