FEC Approves N2.3trn to Address Disruption of Economy by COVID-19 Pandemic

CoronavirusEconomyNewsNigeriaFEC Approves N2.3trn to Address Disruption of Economy by COVID-19 Pandemic

PilotnewsJune 24, 2020

The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved N2.3 trillion stimulus package to support the Nigerian economy in the face of the disruptions and challenges of the COVID-19 pandemic. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who disclosed this to State House correspondents at the end of the Council meeting in Abuja, said the package was part of the Nigeria Economic Sustainability Plan (NESP) as...

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IMF Forecasts Deeper Recession for Sub-Saharan Africa

AfricaBusinessNewsIMF Forecasts Deeper Recession for Sub-Saharan Africa

PilotnewsJune 24, 2020

JOHANNESBURG – Sub-Saharan Africa’s gross domestic product is expected to shrink by 3.2% this year due to the impact of the COVID-19 pandemic, the International Monetary Fund said on Wednesday, more than a previous estimated contraction of 1.6%. In its World Economic Outlook update, the IMF projected that GDP in South Africa, the continent’s most advanced economy, would shrink by 8% in 2020, a bigger contraction than the 5.8% forecast in April. South Africa’s strict...

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Enugu State Internal Revenue Services Grants Tax Relief and Incentives to Tax Payers

EconomyNewsNigeriaEnugu State Internal Revenue Services Grants Tax Relief and Incentives to Tax Payers

Ije Ulasi (Regional Correspondent)June 24, 2020

To cushion the impact of COVID-19 pandemic and lockdown on taxpayers in Enugu State, the Enugu State Internal Revenue Services, ESIRS, with approval of Governor Ifeanyi Ugwuanyi grants tax relief and incentives to taxpayers. This was contained in a press statement by the Chairman of the Enugu State Internal Revenue Services, Emeka Odo on Tuesday. The new tax packages are in addition to the already existing tax waivers for traders in the state; the personal...

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2,000 Persons Benefit From CBN COVID-19 Loan in S’East, S’South, Says Facilitator

CoronavirusEconomyNews2,000 Persons Benefit From CBN COVID-19 Loan in S’East, S’South, Says Facilitator

PilotnewsJune 23, 2020

Mr Isaac Nkole, the National Chairman, Isun Multipurpose Cooperative Society, Umuahia, which facilitates the disbursement of CBN COVID-19 loan in the South-East and South-South, said at least 2,000 persons had so far benefited from the facility. Nkole stated this in a statement made available to the News Agency of Nigeria (NAN) in Umuahia on Tuesday. He further stated that the facility had provided succour to benefiting small and medium enterprises (SMEs) and households in the...

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535 Maize Farmers Receive N89m CBN-ABP Inputs in Anambra

BusinessFoodNews535 Maize Farmers Receive N89m CBN-ABP Inputs in Anambra

PilotnewsJune 23, 2020

A total of 535 maize farmers in Anambra would receive farming inputs worth over N89 million under the Central Bank Anchor Borrowers Programme, for the 2020 wet farming season. Mr Simeon Nwafor, the  state chairman of Maize Association of Nigeria (MAAN), made the  disclosure at the inauguration of the inputs distribution, on Tuesday in Onitsha. Nwafor said that the number of beneficiaries in the state had risen from 122 in 2019 to 535 this cropping...

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Fayemi Signs N91.1 Billion Supplementary Budget to Law

CoronavirusEconomyNigeriaFayemi Signs N91.1 Billion Supplementary Budget to Law

Adeola Oladipupo (Correspondent)June 22, 2020

… Governor says political office holders, others sacrificed 50 per cent of salary The Governor of Ekiti State, Kayode Fayemi, signed the 2020 Supplementary Budget into law on Monday. The State Government reviewed the 2020 Budget earlier passed by preparing a Supplementary Budget due to the COVID-19 pandemic which affected its revenue prospect. “The 2020 Supplementary Budget was designed, bearing in mind the dwindling revenue from the Federation Account, to focus on critical priority legacy...

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Amid COVID-19, Nigeria Collecting Bids for New Marginal Oil Fields

BusinessNigeriaOil & GasAmid COVID-19, Nigeria Collecting Bids for New Marginal Oil Fields

PilotnewsJune 22, 2020

The global coronavirus pandemic drastically slowed down and in most cases halted completely business activities. But as signs of re-opening slowing gains traction, Nigeria’s economic mainstay, oil, is in the news. Today marks the deadline for oil companies and investors to submit bids to the Nigerian Department of Petroleum Resources for the first marginal oil field award round in two decades. The submission deadline, originally slated for June 14, was extended last week. Nigerian oil...

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Morocco to Resume Domestic Flights Starting June 25

BusinessTravelMorocco to Resume Domestic Flights Starting June 25

PilotnewsJune 22, 2020

Morocco will resume domestic flights starting June 25, the state news agency said on Sunday, citing the ministry of tourism, air transport, handicrafts and social economy. Earlier today, the government said it would further loosen lockdown measures for the services sector and domestic transport starting June 24, adding domestic travel would resume including flights and railways. (REUTERS)

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Lagos Records No Boat Accident in Six Months

BusinessLifestyleNigeriaLagos Records No Boat Accident in Six Months

Adeola Oladipupo (Correspondent)June 21, 2020

Lagos water transportation sector has not had boat accident since the beginning of 2020, the General Manager of Lagos State Water Authority (LASWA), Oluwadamilola Emmanuel, said. Mr Emmanuel attributed the achievement to the continuous improvement in safety guidelines, regulations and enforcement in water transportation sector. “Aside from the periodic check-ups, regular inspection of ferries plying the waterways and the removal of water hyacinth causing obstruction to smooth navigation, LASWA has also donated thousands of lift...

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Court Orders Zenith Bank to Refund $8,541 Illegal Deductions to Customer

BusinessNewsNigeriaCourt Orders Zenith Bank to Refund $8,541 Illegal Deductions to Customer

PilotnewsJune 19, 2020

A Chief Magistrates’ Court in Gwagwalada, FCT, on Friday ordered Zenith Bank PLC to reverse 8,541 dollars illegally deducted from the account of one of its customers, Mr Ida Gabriel. Delivering judgment, Magistrate Aliyu Shafa, held the defendant (Zenith Bank Plc) was not able to prove to the court that the said money does not belong to the plaintiff. “Zenith bank should refund to the plaintiff’s account the said money, minus the bank charges if...

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