Transmission Company of Nigeria (TCN) has dismissed the claim that the Federal Government was providing free electricity to Nigerians as the government does not own all sections in the power sector. The Managing Director of TCN, Mr. Usman Mohammed, made this known in an interview in Abuja on Thursday. “There is also the information that power is going to be free, that is going to affect us because some customers who get this information may...
Businesses in Nigeria have expressed worry about the safety of their staff and liquidity as they confront the realities of the pandemic, a survey by PwC reveals. The survey which sampled the opinion of about 3000 respondents — many of them CEOs, managers, and business owners – found that 22.5% were worried about liquidity – the availability of immediate cash to pay bills especially the following disruption to business activities. As COVID-19 ravages several countries,...
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...
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...
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....
“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,...
As the 14-days lockdown in Adamawa state ends this Tuesday, mixed reactions continued to trail with many prevailing on the need for the state governor Ahmadu Umaru Fintiri to relax the restrictions and code of conduct while others do support for an extension of the lockdown. In an opinion poll conducted, respondents averred that with the prevailing economic hardship and security consequences the state government should borrow a leave from other neighboring states that had relaxed...
The Federal Government has directed heads of ten ministries to come up with policies to guide the the functioning of the economy during the COVID-19 pandemic. President Buhari made this known during a national address on Sunday evening announcing a 14-day extension of the lockdown in Lagos, Ogun, and Abuja and added that the ministers should work with the Presidential Economic Advisory Council and Economic Sustainability Committee. “To ensure our economy adapts to this new...
The Enugu State Government has directed commercial tricycle operators in the state, popularly known as `Keke riders’, to limit their operating time between 6 a.m. and 7 p.m. daily. The Secretary to the Enugu State Government, Prof. Simon Ortuanya, made this known in a statement made available to the News Agency of Nigeria (NAN) in Enugu on Monday. He said that the directive takes effect from Monday evening, April 13. “The decision was in furtherance...
The Central Bank of Nigeria (CBN) says the bank does not charge any fee on the COVID-19 loan application as claimed in false reports circulated on social media. The CBN’s Director, Corporate Communications Department, Mr. Isaac Okorafor said this in a statement in Abuja on Monday. Okorafor explained that procedures for accessing the N50 billion Targeted Credit Facility (TCF) stimulus package for households and Micro, Small and Medium Enterprises affected by the pandemic were clearly...
