U.N. Agency Calls for $1 trn Developing World Debt Write-Off

CoronavirusEconomyWorld NewsU.N. Agency Calls for $1 trn Developing World Debt Write-Off

PilotnewsApril 23, 2020

The UN Conference on Trade and Development (UNCTAD) said on Thursday that around one trillion dollars of debt owed by developing countries would be cancelled under a proposed global deal. The UN agency said that the plan was to help them overcome the impact of the coronavirus pandemic. The world’s developing economies, which were already struggling with a rapidly growing debt burden, must now confront a record global downturn, plummeting prices for their oil and...

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S. Africa to Spend Billions on Coronavirus Rescue Package

AfricaCoronavirusEconomyS. Africa to Spend Billions on Coronavirus Rescue Package

PilotnewsApril 22, 2020

South African President Cyril Ramaphosa announced a historic rescue package worth billions of dollars to help stabilise the economy during the COVID-19 pandemic. In a speech to the nation late Tuesday, Ramaphosa said the government plans to spend 500 billion rand (27 billion U.S. dollars) to support the economy and the country’s 58 million people. That is about 10 per cent of the country’s gross domestic product. In South Africa, 58 people have died from...

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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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Covid – 19: Offer 2 Months Free Rent to Tenants, Activist Urges Landlords

CoronavirusEconomyNigeriaCovid – 19: Offer 2 Months Free Rent to Tenants, Activist Urges Landlords

PilotnewsApril 20, 2020

An activist, Hajiya Ramatu Tijjani, has urged landlords to offer two months free rent to their tenants in view of the crash of businesses due to the lockdown over COVID-19 pandemic. Tijjani made the call in an interview with the News Agency of Nigeria (NAN) on Monday in Kaduna. She said majority of Nigerians are finding it difficult to feed as their businesses have virtually collapsed due to the lockdown. “It is the right time...

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BREAKING: Nigerian Oil Union Suspends Industrial Action After Exxon Mobil Workers Freed

EconomyLabourNigeriaBREAKING: Nigerian Oil Union Suspends Industrial Action After Exxon Mobil Workers Freed

PilotnewsApril 19, 2020

YENAGOA, Nigeria  – A major Nigerian oil union has suspended planned industrial action after 21 Exxon Mobil Corp. employees quarantined last week after their arrest for violating coronavirus-related movement restrictions were freed, it said on Sunday. He said 22 workers, whose coronavirus status was unknown, were quarantined in line with relevant health protocols and would be charged in court. But Wike’s spokesman, Simeon Nwakaudu, on Sunday issued a statement that said the workers were all...

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Black Clergy Memorialize the Dead, Ask Government to Address Disparities

CoronavirusEconomyUnited StatesBlack Clergy Memorialize the Dead, Ask Government to Address Disparities

PilotnewsApril 18, 2020

The Rev. Frank Williams has been so busy leading two black churches in the New York borough of the Bronx that he hadn’t really considered the full extent of COVID-19’s impact on his congregation, his family and his community. But when asked, the Southern Baptist pastor of two churches, each with more than 200 members, realized after four weeks the list was long: The Saturday before Easter, a beloved deacon — a decades-long friend who...

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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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France pushes for Global Moratorium on African Debt in Virus Crisis

AfricaEconomyFrance pushes for Global Moratorium on African Debt in Virus Crisis

Chris UlasiApril 15, 2020

French President Emmanuel Macron on Wednesday called for a global moratorium on debt payments by African countries to help them cope with the COVID-19 pandemic. Macron told Radio France Internationale (RFI) that he hoped a virtual meeting later on Wednesday of finance ministers from the G20 group of countries could agree to the moratorium. It should involve all major Western powers – China, Russia, and the Gulf states, as well as multilateral lenders, Macron said....

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Fifteen Days of Lockdown: What Nigerians Are Saying.

CoronavirusEconomyNigeriaFifteen Days of Lockdown: What Nigerians Are Saying.

PilotnewsApril 14, 2020

“When I close now, I will trek from here to Palmgrove. I will trek come, and I will trek go na so so trek trek everyday,” A cold room owner (name withheld) in Lagos narrated her ordeal commuting daily from her residence in Palmgrove to her business in Bariga, Lagos. The Coronavirus lockdown, which went into effect on March 30th in three states, meant a stop to all businesses and offices with exemptions to healthcare,...

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