The continuous drop of oil price in the global market alongside the rapid rise of COVID-19 Virus would definitely take a heavy toll on the country’s economy. This has been a major source of concern to many Nigerians especially with the absence of reassuring words from the federal government. The outbreak of the virus has resulted in the closure of factories in China, one of Nigeria’s largest trading partners, and a reduction in imports, global...

(Reuters/NAN) Crude oil fell sharply on Monday with U.S. crude briefly dropping below 20 dollars and Brent hitting its lowest level in 18 years on heightened fears that the global coronavirus shutdown could last months and demand for fuel could evaporate further. U.S. West Texas Intermediate (WTI) crude fell 1.14 dollars or 5.3 per cent to 20.37 per cent. “The price of oil is now so low that it is becoming unprofitable to many oil...

The Presidency has dismissed reports that President Muhammadu Buhari has approved N30,000 relief package to be given to every Nigerian with a verified Bank Verification Number (BVN) to cushion hardships occasioned by Coronavirus. News Agency of Nigeria (NAN) reports that the President’s Special Adviser on Media and Publicity, Mr Femi Adesina, was quoted by an online media outfit to have announced the presidential approval of the N30,000 package in a statement. ”The President announced the...

The leadership of the National Assembly on Wednesday met with some ministers and heads of agencies of Federal Government to brainstorm on the impact of COVID-19 pandemic on the Nigerian economy. Ezrel Tabiowo, Special Assistant, Press to President of Senate, Ahmad Lawan in a statement, indicated that the meeting focused on a planned review of the 2020 budget. It also focused on Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) passed in 2019....