Wednesday, March 3

Tag: Economy

Ex-Kebbi Senator, Umaru Tafidan Argungu arraigned for N419m alleged fraud in Sokoto
Crime

Ex-Kebbi Senator, Umaru Tafidan Argungu arraigned for N419m alleged fraud in Sokoto

Umaru Tafidan Argungu, a former Nigerian senator has been arraigned for N419m alleged fraud in Sokoto. The 61-year-old was arraigned on Monday, March 1, before Justice Mohammed Mohammed of the Sokoto State High Court on one count charge of criminal misappropriation of public funds to the tune of N419, 744, 612. 30 (Four Hundred and Nineteen Million, Seven Hundred and Forty-Four Thousand, Six Hundred and Twelve Naira, Thirty Kobo). The former Senator who represented Kebbi North in the 6th Senate under the People's Democratic Party (PDP), is alleged to have diverted the said sum which was paid by the Sokoto State government as 40percent equity stake in Hijrah Investment Nigeria Limited, owners of Hijrah Textile Ltd. According to the Economic and Financial Crimes Commission, EFCC, th...
The Level of Nigeria’s Borrowing is Not Unreasonable And is not High – Finance Minister, Zainab Ahmed
News

The Level of Nigeria’s Borrowing is Not Unreasonable And is not High – Finance Minister, Zainab Ahmed

The Minister of Finance, Zainab Ahmed, has said that Nigeria cannot make progress if it doesn't borrow to fund the building of its infrastructure. Ahmed at a media briefing at the statehouse Abuja on Thursday February 25, said this while reacting to criticism regarding high levels of borrowing by this administration. In her words ''The level of borrowing is not unreasonable. It is not high. If we say we will not borrow and therefore we will not build rails and major infrastructure until our revenue rises enough, we will regress as a country. We will be left behind. We wouldn't be able to improve our business environment and our economy will not grow. We just need to make sure that when we borrow, we apply the borrowing to specific major infrastructure that would enhance the b...
After Recession, Economy On Stable Growth – Zainab Ahmed
Politics

After Recession, Economy On Stable Growth – Zainab Ahmed

The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, has said Nigeria’s exit from recession is a key indicator that the country is poised for stable and consistent growth. The minister said this on Wednesday while briefing State House reporters after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari. She said the exit from recession was an indication that the diversification efforts were yielding results and that there has been a vigorous implementation of the Economic Sustainability Plan (ESP) approved by FEC last June with Vice President Yemi Osinbajo leading the drive. Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as growth in agriculture and telecommunications offset a sharp drop i...
North Korea Accused of Trying to Hack Pfizer for Covid-19 Vaccine Info
News

North Korea Accused of Trying to Hack Pfizer for Covid-19 Vaccine Info

North Korean hackers tried to break into the computer systems of pharmaceutical giant Pfizer in a search for information on a coronavirus vaccine and treatment technology, South Korea’s spy agency said Tuesday, Feb 16 North Korea has been under self-imposed isolation since closing its borders in January last year to try to protect itself from the virus. Leader Kim Jong Un has repeatedly insisted that the country has had no coronavirus cases, although outside experts doubt those assertions. And the closure has added to the pressure on its tottering economy from international sanctions imposed over its banned weapons systems, increasing the urgency for Pyongyang to find a way to deal with the disease. Seoul’s National Intelligence Service “briefed us that North Korea tried to...
Zimbabwe receives first batch of COVID-19 vaccines
News

Zimbabwe receives first batch of COVID-19 vaccines

President Emmerson Mnangagwa on Monday February 15, announced that Zimbabwe has received its first batch of COVID-19 vaccines. President Mnangagwa in his tweet also announced the country will start COVID-19 vaccination this week. He tweeted;   “The first batch of vaccines for Zimbabwe has been successfully delivered. We start vaccinating Zimbabweans this week! “The faster our country is protected against this virus, the faster Zimbabwe’s economy can flourish." Zimbabwe Health Ministry had earlier on Friday said it will begin its Covid-19 vaccination campaign this week. The ministry said it expects to take delivery of the first shipment of 800,000 vaccine doses, 200,000 of which were donated by the Chinese government.
Presidency Should be Zoned to the South in 2023 – Governor Ganduje
Politics

Presidency Should be Zoned to the South in 2023 – Governor Ganduje

Governor Abdullahi Ganduje of Kano state has said that the presidency in 2023 should be zoned to the South. Speaking in an interview with Channels Television’s Politics Today which aired on Friday February 12, Ganduje said that though zoning is not enshrined in the constitution, it is however a strategy for winning elections. He said; “The Southern part of the country but there should be a consensus of the members. “Zoning system even though it is not in the constitution of the Federal Republic of Nigeria, it is a strategy for winning elections.” When asked if the ruling All Progressives Congress (APC) has done well for Nigerians since coming into power in 2015, the Kano state Governor said the ruling party under President Muhammadu Buhari’s leadership improved on Nigeria’s ...
Wear Your Face Masks to Avoid Another Lockdown – Presidency Warns Nigerians
News

Wear Your Face Masks to Avoid Another Lockdown – Presidency Warns Nigerians

The Presidency has warned Nigerians to obey all the COVID19 protocols which include wearing a face mask so as to avoid the government from imposing another lockdown. The warning came via a statement signed and released by Garba Shehu, senior special assistant to the president on media and publicity. The presidency said it is worried by reports of non-compliance with the executive order signed by President Buhari on January 27 that mandates the use of face masks and social distancing. The law stipulates that any defaulter of the COVID19 protocols will be asked to pay a fine or sentenced to 6 months in jail or both. According to the statement, President Muhammadu Buhari signed the executive order with the best of intentions and not with the motive of punishing citizens. “The Presi...
We Borrow To Finance Budget Because Of Dwindling Revenues – Buhari
Politics

We Borrow To Finance Budget Because Of Dwindling Revenues – Buhari

President Muhammadu Buhari has explained that his administration has been borrowing money to finance the economy and development as a result of dwindling revenues. Speaking, virtually, on Thursday at the First National Tax Dialogue held at the Conference Hall of the State House in Abuja, President Buhari, however, tasked the Federal Inland Revenue Services (FIRS) and other relevant government agencies to explore all standard practices to boost revenue. According to him, the FIRS must ensure to plug all revenue leakages by ensuring strict compliance of tax payments by foreign companies operating in Nigeria, urging the deployment of more digital platforms and seamless connections. He noted that the tax dialogue became imperative for the administration at the moment because of th...
Biden administration halts student loan repayment and keeps interest rate at 0%
News

Biden administration halts student loan repayment and keeps interest rate at 0%

Following a request from President Biden, the Education Department said Wednesday, Jan 20, it would extend the suspension of federal student loan payments through Sept. 30. This is in fulfilment of Biden’s pledge to give borrowers some breathing room as the economy struggles to find its footing. "Too many Americans are struggling to pay for basic necessities and to provide for their families," the Education Department said in a statement Wednesday. "They should not be forced to choose between paying their student loans and putting food on the table." In the statement, the acting secretary of education added that the agency would extend the pause on federal student loan payments and collections and keep the interest rate at 0 percent. Biden’s request for the extension was part o...
Small Businesses Are Engines Of Growth Of Any Economy – Osinbajo
Politics

Small Businesses Are Engines Of Growth Of Any Economy – Osinbajo

Vice President Yemi Osinbajo has said that small businesses are the engines of growth of any economy, especially in the areas of wealth creation and employment opportunities. Prof. Osinbajo also said that in partnership with the private sector, the Federal Government would continue to support innovation and interventions to boost the growth of small businesses across the country. This he said would improve the economy and create more employment opportunities for Nigerians. Speaking on Monday in Abuja at the first meeting of MSMEs stakeholders for the year 2021, Osinbajo urged stakeholders in the public and private sectors at the virtual meeting to be innovative in the interventions planned for small businesses across the country, to consolidate on the gains recorded in the MSM...
Governor Fayemi Says State Governors will take COVID19 Vaccine on Live Television
News

Governor Fayemi Says State Governors will take COVID19 Vaccine on Live Television

Ekiti state governor and the Chairman of the Nigerian Governors Forum, Kayode Fayemi, has said that state governors will be taking the COVID19 vaccines on live television to demonstrate to their residents that the vaccine works. Governor Fayemi disclosed this to state house correspondents after a closed-door meeting with President Buhari where security, the economy, and vaccine management were discussed. When asked if governors will also take the vaccine on live television, Governor Fayemi said “Absolutely. We too will like to demonstrate to our citizens that we believe that vaccines would work. Don’t forget, we have a lot of experience on this. Governors Forum managed the polio vaccines administration in the country and we have garnered a lot of experience'' He also noted ...
Former French President Valéry Giscard d’Estaing dies at 94 after contracting Covid-19
News

Former French President Valéry Giscard d’Estaing dies at 94 after contracting Covid-19

Former French president, Valéry Giscard d’Estaing, who became a champion of European integration in the early 1970s, has died at the age of 94 after contracting Covid-19.   Giscard, who served as France’s leader from 1974 to 1981, had recently been hospitalised in Tours with respiratory problems and was released only to return back to the hospital in mid-November.   He died at his family home nearby after suffering from complications linked to the virus, according to a statement issued by the foundation he had set up and chaired.   “His state of health had worsened and he died as a consequence of Covid-19,” his family said in a statement to AFP.   The Foundation Valéry Giscard d’Estaing tweeted: “In accordance with his wishes, his funeral will ta...
Restructuring is not as critical as hunger and poverty – Amaechi
News

Restructuring is not as critical as hunger and poverty – Amaechi

The former Governor of Rivers state who spoke in an interview on Channels Television stated that while the calls for restructuring of the country may not be bad, however tackling hunger and poverty is more critical to the federal government.   Amaechi said;   “If to you what is important is restructuring, I don’t see anything wrong with restructuring but I am saying it is not the most critical problem we have.  “The most critical problem we have is that hunger and poverty are breeding insecurity. “If you are able to create employment, you create security. If you like hire as many men as you want to hire that are policemen, you would do nothing until you put food in the hands of people. “When you do not create a legitimate economy, the people will create for the...
Lifestyle

THC is on the Rise, What To Expect

As time goes on, we begin to wonder what the future will look like. The next generation will be more informed about politics, social issues, and the economy but what about medicine. There are lots of alternative health medicines out there and maybe it's time you try them instead of sticking with usual over the counter prescriptions.  One of those medicines is THC or cannabis. There are many ways to use cannabis but an easy way is by eating THC gummies which are actually quite tasty. There are more methods like smoking and oils that will be discussed later on and it is important to figure out which method is best for you. But before anything, what is THC? THC, or tetrahydrocannabinol, is the main compound inside the cannabis plant that produces a psychoactive effect on the body. This ...
Governor Sanwo-Olu suspends director for imposing 5% levy on all audio and visual content
News

Governor Sanwo-Olu suspends director for imposing 5% levy on all audio and visual content

The Executive Secretary of the Lagos State Film and Video Censors Board, Bamidele Balogun has been suspended by Governor Jide Sanwo-Olu over the imposition of a 5% levy on all audio and visual content streamed on all phyical and digital platforms around Lagos.   LIB reported earlier that in one letters addressed to the Managing Director of Iroko TV, the Lagos State Film and Video Censors Board requested for the "immediate payment of 5% levy on all audio and visual content produced, sold, distributed, marketed, exhibited, streamed, downloaded and shared across all physical and digital platform situate, lying and being within the state."   Lagos state Commissioner for Information and Strategy, Gbenga Omotosho later disclosed that the Executive Secretary was not authoris...
2023: I’ll build a 20th century economy if Nigerians make me President- Orji Uzor Kalu
News

2023: I’ll build a 20th century economy if Nigerians make me President- Orji Uzor Kalu

Former Abia state governor and current Senate chief whip, Orji Uzor Kalu, says he will build a 20th-century economy in Nigeria if Nigerians make him president come 2023. Kalu said this on a programme at a radio station in Umuahia, Abia state capital while speaking on his presidential ambition in 2023. According to him, he is more than capable to do the job of a president.  “Yes, if you give me the presidency, why not, I will take. I am capable of doing the job. The problem is who is capable of doing the job. For now, I am focusing on my constituency; there is a lot of job to be done. If you give me opportunity, I will like to go back to the Senate for a second term, but if the people of Nigeria want me to be president, they will show the hand. I can do the job. I can build a 20th...
Fashion, Tourism Contribute N3.2trn To Economy ― Lai mohammed
Politics

Fashion, Tourism Contribute N3.2trn To Economy ― Lai mohammed

The fashion industry, hospitality and tourism contributed over N3.2 trillion to the national economy, a report by the Federal Government’s Post COVID-19 Initiative Committee on the Creative Industry has revealed. The minister of Information and Culture, Alhaji Lai Mohammed on Thursday, gave an insight into the report recently submitted to the government by the committee led by ace comedian, Ali Baba. Mohammed, who was a guest on NAN Forum in Abuja, said that the recommendations by the committee, set up to advise the government on how to mitigate the effects of COVID-19 on the creative industry, were revealing. He disclosed that an implementation committee will be set up on Tuesday, to determine which of the recommendations will be sent to the Federal Executive Council for pol...
Bill Gates is Leading an Agenda to Destabilize the World- Rev. Chris Okotie
News

Bill Gates is Leading an Agenda to Destabilize the World- Rev. Chris Okotie

Rev. Chris Okotie, the Senior Pastor of the Household of God Church International Ministries has accused Bill Gates, Microsoft founder of leading a global conspiracy to destabilize the world economy and execute a “satanic agenda” against the church. The Church leader who made the allegation in an 80-minute video shared on YouTube, alleged that Gates is conniving with some powerful people to achieve the sinister objectives. Okotie who quoted diverse scriptures to back his claim, used biblical numerology to explain the names of three generations of the Gates family vis-à-vis their scriptural equivalents and their roles in the dispensational dealings of God with man.   He also explained how the roles of various key Bible characters like the Lord Jesus Christ, Adam, Eve, S...
Maids Dumped Outside Beirut Embassy
News

Maids Dumped Outside Beirut Embassy

Some Ethiopian maids have been dumped outside the country's embassy in Beirut by their employers who can no longer afford to pay their salaries, following the collapse of the Lebanese economy. The maids were left to sleep on the pavement of the country's embassy following the ongoing economic crisis in Lebanon heightened by the Coronavirus pandemic, which also led to Lebanese's currency losing 70% of its value in the past six months. DPA news agency reported that there are about 250,000 migrant workers in Lebanon, many of whom are employed by many middle-class households as domestic staff. Telegraph reported that a large proportion of the domestic staff employed by the middle-class households are from Ethiopia, the rest are from other African and Asian countries. The first gro...
60% of Coronavirus Cases in Nigeria Were Recorded in 20 Local Governments – PTF
News

60% of Coronavirus Cases in Nigeria Were Recorded in 20 Local Governments – PTF

The Presidential Task Force on COVID-19 (PTF) has revealed that 60 percent of the Coronavirus cases in the country were recorded in 20 local government areas. The Chairman of PTF and Secretary to the Government of the Federation, Boss Mustapha revealed this while receiving a donation of Personal Protective Equipment (PPE) worth N10 million from Rotary District 9125. Mustapha who was represented by the Permanent Secretary (General Services Office), Olusegun Adekunle, listed the local government areas as follows; Mainland, Abuja Municipal, Mushin, Eti-Osa, Tarauni, Katsina, Alimosho, Maiduguri, Kosofe, Dutse, Ikeja, Nassarawa, Oshodi/Isolo, Apapa, Amuwo Odofin, Oredo, Bauchi, Lagos Island, Surulere and Ado Odo/Ota. He blamed the increased cases of Coronavirus recorded in the cou...
Lagos Government Launches Register-to-open Initiative of the economy amid Coronavirus pandemic
News

Lagos Government Launches Register-to-open Initiative of the economy amid Coronavirus pandemic

The Lagos state government has launched a Register-to-Open Initiative for religious and social centres, social clubs, event centres, restaurants, bars, night clubs, spas, cinemas and gyms ahead of the gradual re-opening of the state economy. Governor Babajide Sanwo-Olu had on May 17 debunked claims of absolute reopening of the state's economy. The Governor said;   “In the coming days, we will be starting what we call Register-to-Open, which means all players in the restaurant business, event centres, entertainment, malls and cinemas will go through a form of re-registration and space management. “There is a regulation that will be introduced to supervise this move. We will be coming to their facilities to assess their level of readiness for a future opening. “I d...
Singapore Warns Of Worst Economic Contractions Since Independence
News

Singapore Warns Of Worst Economic Contractions Since Independence

Singapore’s embattled economy could shrink by as much as seven percent this year, which would be the worst reading since independence, with the government saying Tuesday the coronavirus pandemic had throttled the key export sector, AFP reports. The city-state is seen as a bellwether of the global economy and the historic contraction highlights the extreme pain being wrought on countries by the killer disease. The warning also came hours before Singapore’s deputy prime minister is expected to unveil another stimulus package for the troubled city, which has been crippled by months of lockdowns around the world. The trade ministry’s forecast – which was a downgrade from the 4% contraction predicted in March – came as official data showed the economy shrank 0.7% on-year in the fir...
Lagos State Reduces 2020 Budget by 21%
News

Lagos State Reduces 2020 Budget by 21%

  The Lagos State government has started a downward review of the 2020 budget due to the adverse effects the COVID-19 pandemic has had on the economy. The Commissioner for Economic Planning and Budget in Lagos, Sam Egube, disclosed this on Thursday, May 21. He said that the review, approved by the State Executive Council, is aimed at reducing the N1.168 trillion budget approved by the Lagos State House of Assembly to N920.5 billion. Egube said the initial budget figure contained a capital expenditure of N711 billion and N457 billion recurrent budget, showing a strong preference of 60 per cent ratio for capital projects. He revealed that the first quarter of 2020 recorded a budget performance of 56 per cent (N163.28 billion), which was higher than the 68 per cent (N1...
News

Nigeria is Heading Towards Recession – Minister of Finance, Zainab Ahmed

Zainab Ahmed, Nigeria's Minister of Finance, has said that the coronavirus pandemic and falling oil prices are set to force Nigeria's economy into recession. The Minister made this known today May 21, while speaking to state house correspondents shortly after attending the National Economic Summit meeting in Abuja. “On the economy, COVID-19 has resulted in the collapse in oil prices. This will impact negatively, and the impact has already started showing on the federation’s revenues and on the foreign exchange earnings. Net oil and gas revenue and influx to the federation account in the first quarter of 2020 amounted to N940.91billion.  This represented a shortfall of N125. 52billion or 31% of the prorated amount that is supposed to have been realized by the end of that first ...
New Election Model Predicts Donald Trump Will Lose 2020 Election In A Landslide Because Of The Economy
News

New Election Model Predicts Donald Trump Will Lose 2020 Election In A Landslide Because Of The Economy

The Coronavirus caused economic recession in the US and it might cause Donald Trump to suffer a “historic defeat” in November, a new national election model has predicted. The economy has been Trump’s biggest talking point since he assumed office and many election analysts saw it as the major tool for Trump in his re-election attempt, but with the ravaging effect of Coronavirus on the US economy, an unprecedented unemployment rate, vanishing consumer spending and a collapsing GDP, the election model released by Oxford Economics favors Joe Biden as the winner of the forthcoming US Presidential elections. The model, which uses unemployment, disposable income and inflation to forecast election results, predicts that Trump will lose in a landslide, capturing just 35% of the popular v...
Gradual Lockdown Easing Extended by 2 Weeks in Lagos, Ogun and FCT
News

Gradual Lockdown Easing Extended by 2 Weeks in Lagos, Ogun and FCT

The Presidential Task Force on COVID-19 had said just extended for 2 weeks the gradual easing of the lockdown in Lagos, Ogun, and Abuja to curb spread of Coronavirus. Chairman of the PTF on COVID-19, Boss Mustapha, who is also the Secretary to the Government of the Federation, while making the announcement said, “​Advisedly, the current phase of eased restriction will be maintained for another two weeks during which stricter enforcement and persuasion measures will be pursued. “The two weeks extension of Phase One of the eased restriction is also to enable other segments of the economy to prepare adequately for compliance with the guidelines, preparatory to reopening in the coming weeks.” https://twitter.com/LailaIjeoma/status/1262443762355232770  
Lagos Considers Full Re-opening Of Economy, Embarks On Assessment Of Readiness
News

Lagos Considers Full Re-opening Of Economy, Embarks On Assessment Of Readiness

Lagos State is considering full re-opening of the critical sectors of its economy, Governor Babajide Sanwo-Olu, revealed on Sunday. But, the move will not be pushed in a hurry. In the coming days, Sanwo-Olu said the State Government would be rolling out Register-to-Open initiative as part of the plans that would enable it to assess the level of readiness of the players in the identified sectors for supervised operations. The Governor spoke at a briefing after the State’s Security Council meeting held at the State House in Marina. Sanwo-Olu said officials from the Lagos State Safety Commission (LSSC) and Lagos State Environmental Protection Agency (LASEPA) will be visiting restaurants, companies, religious houses to assess their level of readiness. With the size of the State...
Presidency reveals plans for economy, healthcare, others after COVID-19
News

Presidency reveals plans for economy, healthcare, others after COVID-19

Abuja has revealed measures by the President Muhammadu Buhari-led administration to assuage apprehension, particularly in respect of the economy, healthcare, job security and general wellbeing of Nigerians among others after the coronavirus disease (COVID-19) wave in the country. The measures, the presidency said, are coming against the backdrop of the global anxiety on what the future holds for humanity post-COVID-19. “Naturally, Nigerians are not immune from the disquietude, as they belong to the global community,” stated Special Adviser to the President on Media and Publicity, Femi Adesina. The statement highlighted measures Buhari had taken, and would further take, to make life easy for Nigerians. It explained that an economic team headed by the Minister of Finance, Budget ...
Europe’s wealthiest man, Bernard Arnault has Lost $30BILLION During Coronavirus Crisis
Lifestyle

Europe’s wealthiest man, Bernard Arnault has Lost $30BILLION During Coronavirus Crisis

Bernard Arnault, the richest man in Europe and third-richest billionaire worldwide, has lost an astonishing $30billion during the Coronavirus pandemic more than any other person in the world. The Frenchman, 71,  is the chairman and CEO of the prestigious luxury empire LVMH Moët Hennessy and oversees a portfolio of 70 luxury brands, including Louis Vuitton and Sephora. While the economy is struggling globally due to the Coronavirus pandemic, LVMH shares has plummeted by 19% in a year, Bloomberg reported. It means Arnault's net worth has plunged by a staggering $30billion, as calculated by the Bloomberg Billionaires Index. It was also reported that he has lost more than any other individual in the world. As of May 6, the businessman had lost as much money as Jeff Bezos, ch...
COVID-19: Africa will lose $65bn to full lockdown – UNECA
News

COVID-19: Africa will lose $65bn to full lockdown – UNECA

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 World Economic Forum (WEF) virtual joint press briefing on Thursday. The director said that the African economy would contrast as much as three per cent in 2020. According to him, an analysis done by UNECA showed that every month the African economy would lose 2.5 per cent of its GDP if a total lockdown was declared. “This is about 6.5 billion dollars every month based on the intensity and strictness of the lockdown. If we have a full lockdown of the whole continent, we would lose $65 bill...
How Do We Survive After Coronavirus Has Crippled Businesses And Broken Down The Economy – Toyin Abraham
Celebs

How Do We Survive After Coronavirus Has Crippled Businesses And Broken Down The Economy – Toyin Abraham

Hmmm! if we all are to publicly confess problems Coronavirus has imposed on us, I’m sure we won’t end it – we are indeed in crises! COVID-19 pandemic has brought the world to an abrupt halt; businesses are not thriving, people are stuck home and lives are in danger. Nonetheless, we are still who we are. Amid the breakdown of the economy, we are expected feed, live and survive. Nollywood actress, Toyin Abraham shares ideas of how we can survive COVID-19. ‘Dear #ToyinTitans, Let’s discuss something real quick. I know that it is an open secret that this pandemic has crippled businesses and even affected the economy of many nations including ours, as citizens, family, business owners, civil servants, job seekers, etc. how do we survive now and most importantly after? *By Pla...
Reorganise yourselves or risk another lockdown – NCDC warns Nigerians
News

Reorganise yourselves or risk another lockdown – NCDC warns Nigerians

The Director-general of the Nigeria Centre for Disease Control (NCDC), Chikwe Ihekweazu, has said the government may issue another lockdown if Nigerians do not compose themselves. Speaking at the presidential task force briefing on COVID-19 in Abuja on Monday, Chikwe stated that if there is an explosion of COVID-19 cases in the country, the lockdown will be re-issued He said “It is not the guidelines per se, it is the thinking behind it. How do we want to manage the risk of explosion and transmission? Today, we might forgive a little bite because it is the first day,” he said. “We will have infection because of what happened today, no doubt about that. But how can we learn from the mistakes of today into tomorrow, next tomorrow so by Friday hopefully we have normalised some...
APC replies Atiku; Says he’s Part of Obasanjo’s Short-sighted Government
Politics

APC replies Atiku; Says he’s Part of Obasanjo’s Short-sighted Government

The All Progressives Congress (APC) has replied former Vice President Atiku Abubakar, after he suggested diversification of the economy to cushion the effect of the Coronavirus pandemic in the country. In an opinion piece titled “How to Pull Nigeria from the Brink”, the former Presidential candidate of the People's Democratic Party groaned over the country's current economic quagmire and growing foreign debts. Atiku asked the Buhari-led administration to embrace agriculture rather than depending solely on oil. Reacting to the former Vice President's suggestion, the APC in a statement signed by the its National Publicity Secretary, Mallam Lanre Issa-Onilu stated that Atiku was part of former President Olusegun Obasanjo's short-sighted government and never practiced what he is now ...
Simon Dolan Launches Legal Challenge Against UK Government Demanding Coronavirus Lockdown Ends
Lifestyle

Simon Dolan Launches Legal Challenge Against UK Government Demanding Coronavirus Lockdown Ends

Simon Dolan, one of the UK's richest businessmen, worth a staggering £141million on the Sunday Times Rich List, has launched a legal challenge against the United Kingdom, demanding the government ends it's Coronavirus lockdown as it is affecting businesses and the economy. According to Dolan's lawyers, three major points will be used in challenging the UK Government: the legality of lockdown under UK law, whether it breaches human rights law, and if an exit strategy has been properly considered. His legal challenge comes after the UK Government this week announced that it will not ease lockdown until it is sure there is a “sustained and consistent” fall in daily deaths, the rate of infection has decreased, the NHS can cope, there is enough PPE and there is no risk of a second w...
Trump Administration Reportedly Drawing up various plans to punish China over Coronavirus Pandemic that has Killed Over 60,000 Americans
News

Trump Administration Reportedly Drawing up various plans to punish China over Coronavirus Pandemic that has Killed Over 60,000 Americans

The Donald Trump administration is reportedly drawing up several plans to punish China over what they see as the Asian country's role in the spread of Coronavirus that has killed over 60,000 Americans and infected millions worldwide. According to a report by CNN, the White House is drawing up long and short term plans to target China, a move that if successful will create more rancor into an already tense relationship between the two world powers. According to CNN, various tools, including sanctions, canceling US debt obligations and new trade policies are going to be used against China to let the world know that ''responsibility for the death of hundreds of thousands worldwide lies with the Chinese government.'' "We have to get the economy going again, we have to be caref...
X-raying Ministry of Humanitarian Affairs under Covid-19
News

X-raying Ministry of Humanitarian Affairs under Covid-19

But times have changed and today, with the world on lockdown from Minna to Minneapolis and Lagos to Lisbon, the word de jour is Covid-19, a disease caused by the novel Coronavirus. Total global infections now stand at over 2.8m with a total fatality rate of almost 200,000 which is well over 5%. Of the global number of infections, 808,024 people have recovered. Figures are based on statistics available on April 25, 2020. Nigeria with 1,095 confirmed cases and 32 deaths is fast closing the gap against Ghana which has 1,279 confirmed cases and 10 fatalities as well as South Africa which has reported 4,220 cases with 79 fatalities. Prognostications from the Nigeria Center of Disease Control (NCDC) are dire with the figures expected to rise further in the coming days as more tests are ...
Coronavirus: Buhari Urges ECOWAS To Use Agriculture, Technology To Boost Economy
Politics

Coronavirus: Buhari Urges ECOWAS To Use Agriculture, Technology To Boost Economy

President Muhammadu Buhari has urged leaders under the auspices of the Economic Community of West African States (ECOWAS) to explore agriculture and technology to reclaim the region’s dwindling economy as a result of the deadly coronavirus pandemic. Mr Buhari made the appeal during an Extraordinary ECOWAS Summit on COVID-19 held through teleconferencing on Thursday. Of the over 2.5 million coronavirus cases worldwide, about 25,000 cases and 1,240 deaths have been recorded in 52 African countries as of Thursday afternoon. Only Lesotho and Comoros are free from the pandemic. With the drastic fall in oil price and lockdown directives issued by ECOWAS leaders to curtail the spread of the disease, the sub-region’s economy is under siege. Charge Mr Buhari at the meeting, ho...
Property owners, tenants in peril as coronavirus hits rents, income
News

Property owners, tenants in peril as coronavirus hits rents, income

As the economic impact of the COVID-19 pandemic ripples across Nigeria, another wave of uncertainty may creep in for property owners as the novel coronavirus keeps people at home and closes businesses, leaving tens of thousands out of work. Even before coronavirus struck, property owners and many of the businesses that leased their space were under strain due to high vacancy rate and rents default. Their woes seem to multiply now as jobs and the economic effects of the pandemic have hit incomes of thousands of people. Experts predict that property owners could face cash crunches as renters default and many renters will move in with family and friends or relocate to less expensive locations. Housing advocates say the coronavirus economy could upend housing in major cities like Abuja,...
Coronavirus: Former Manchester City star Yaya Toure hails health workers
Sport

Coronavirus: Former Manchester City star Yaya Toure hails health workers

The Ivorian legend has applauded health professionals for their efforts to defeat the pandemic Former Manchester City midfielder Yaya Toure has praised health workers for helping in the fight against the coronavirus. The pandemic has forced major activities around the world to a hiatus and has adversely affected the economy, with many businesses shutting down. More than 152,000 lives have been lost to the virus while about two million cases have been confirmed across the globe.
Coronavirus: France moves into recession – national bank
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Coronavirus: France moves into recession – national bank

France has entered into a recession as a result of measures to stem the spread of coronavirus, the country’s national bank said on Wednesday. The French economy shrank by six  per cent in the first quarter of 2020, according to initial Banque de France estimates published on Wednesday. GDP already shrank by 0.1 per cent in the last quarter of 2019 in the eurozone’s second largest economy, according to the nation’s statistics office. Economists talk of a country entering into a recession when the economy shrinks for two quarters in a row. Ahead of the outbreak of the current crisis, France’s economy had been forecast slight growth of 0.1 per cent for the first quarter of 2020. However, in light of the pandemic, the French Government is now bracing itself for the nation’s wors...
Coronavirus: Former Vice President, Atiku warns of impending catastrophe in Nigeria, Africa
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Coronavirus: Former Vice President, Atiku warns of impending catastrophe in Nigeria, Africa

Atiku Abubakar, former Vice President, has warned Nigeria and the rest of Africa that the continent is yet to see the worst of the effects of Coronavirus (COVID-19). He also urged all countries in Africa to come together and seek debt forgiveness, as a direct consequence of the impact of the COVID-19 outbreak on the continent’s economies. Atiku said this in a report he titled: ‘What Africa Must Do To Mitigate the Damaging Effects of CoronaVirus,’ and posted on his official Twitter page on Tuesday evening. He said: “COVID-19 has wreaked such damage to the world’s economy, and this is now very evident in the West.” “The reason countries in the Western Hemisphere are reporting more significant numbers than developing nations is primarily due to the availability of testin...
Coronavirus: We will defeat this together – Bursaspor and Super Eagles star Abdullahi
Sport

Coronavirus: We will defeat this together – Bursaspor and Super Eagles star Abdullahi

Efforts have been put in place to ensure the pandemic is subdued and the Nigeria international has called for unity during this period Bursaspor full-back Shehu Abdullahi has urged people to unite in order to defeat the coronavirus. The pandemic which is currently causing problems across the world has claimed thousands of lives, paralysed major activities and affected the economy. The World Health Organisation (WHO) has recommended a number of measures to reduce the spread of the virus, including regular hand washing, and keeping a social distance, among others.
COVID-19: Tinubu Asks FG To Suspend VAT, Seeks United Nigeria
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COVID-19: Tinubu Asks FG To Suspend VAT, Seeks United Nigeria

The National Leader of the All Progressives Congress (APC), Mr Bola Tinubu, has called for the immediate suspension of Value Added Tax (VAT), and the reduction of tax in the country. He made the call as part of measures the Federal Government can apply to mitigate the economic impact of the coronavirus (COVID-19) outbreak on citizens. In a message on his 68th birthday, Tinubu said the government may have to take tougher measures to curb the spread of the disease such as imposing lockdowns in Nigeria, as done by most countries battling the scourge. He believes the immediate suspension of VAT will help lower import costs and protect against shortages. The former governor of Lagos State also advised the government to consider providing stipends for vulnerable Nigerians who would b...
Global Economy In Recession Worse Than 2009 – IMF
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Global Economy In Recession Worse Than 2009 – IMF

The International Monetary Fund (IMF), has said it is now clear the world economy is in a recession and recovery may only be in 2021. The IMF Managing Director Ms Kristalina Georgieva gave the indication yesterday at a call conference press briefing of the International Monetary and Financial Committee (IMFC). “We have reassessed the prospect for growth for 2020 and 2021. It is now clear that we have entered a recession – as bad as or worse than in 2009,” she said. “We do project recovery in 2021-in fact there may be a sizeable rebound, but only if we succeed with containing the virus – everywhere – and prevent liquidity problems from becoming a solvency issue” she explained further. The IMF is also worried about the long-lasting impact of the sudden stop of the world economy bec...
FG Proposes Review Of Oil Benchmark To $30pb
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FG Proposes Review Of Oil Benchmark To $30pb

In a meeting with the leadership of the National Assembly on Wednesday, Minister of Finance, Zainab Ahmed, explained that prior to the COVID-19 and oil price decline, the Nigerian economy was already fragile and vulnerable. She added that the impact of the pandemic put increasing pressure on the Naira and foreign reserves as the crude oil sales receipts declined and the country’s micro-economic outlook worsened. Ahmed disclosed that the Federal Government has undertaken cuts to revenue-related expenditures for the Nigerian National Petroleum Corporation (NNPC) for several projects included in the 2020 Appropriation Act passed by the National Assembly in December, 2019. “Prior to COVID-19 and Oil price decline, the Nigerian economy was already fragile and vulnerable.” She also t...
Protecting Nigerians From COVID-19 is the Priority of my Government Now- President Buhari
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Protecting Nigerians From COVID-19 is the Priority of my Government Now- President Buhari

President Buhari has reiterated the commitment of his administration to the welfare of Nigerians especially with the current happenings around the world. Speaking while receiving the management of the National Hajj Commission of Nigeria (NAHCON) in State House, President Buhari said: “I am pleased that you are working with the Ministry of Health on protecting our citizens from Covid-19 virus. You must work to guarantee the safety and security of our pilgrims. As a government, this is now a key priority for us. I therefore enjoin you to ensure that adequate medical provisions and other welfare requirements are afforded our pilgrims,” he said. The President expressed his delight with the operations of the Commission so far especially, the reduction to up to 15 per cent in Hajj f...
“We Won’t Campaign During 2023 Elections” – PDP
Politics

“We Won’t Campaign During 2023 Elections” – PDP

The People’s Democratic Party, PDP, on Sunday in Katsina said that it will not campaign in the 2023 elections, due to the failure of the present APC administration at the center, which has made it easy for its takeover of political power at the end of the present tenure. The National Secretary of the party, Senator Umaru Ibrahim Tsauri told newsmen during a briefing in preparation to the ward congress election which held on Saturday that the Buhari administration has failed Nigerians in the past 5 years as demonstrated in the present sufferings they are going through He said ’’every Nigerian whether resident in Aso villa or anywhere else in Nigeria will certainly admit that the present administration has failed, as they couldn’t even deliver their three point agenda: economy, sec...
Act Now to Protect the Nigerian People From Coronavirus – Atiku Tells FG
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Act Now to Protect the Nigerian People From Coronavirus – Atiku Tells FG

Atiku Abubakar, former Vice President, has asked the Nigerian government to act now and take patriotic steps to protect Nigerians against the Coronavirus pandemic. In a statement released, Atiku said steps such as restricting flights from countries with Coronavirus outbreak, should be taken immediately. Read the statement below Two weeks ago, when Nigeria recorded its index case of the coronavirus, I had cause to urge the Federal Government to restrict flights from nations with a high prevalence of the Coronavirus plague. This is in line with global best practices. This is a patriotic call on the Federal Government of Nigeria to take every reasonable step to protect the citizens of Nigeria, by temporarily suspending flights to and from such countries, until we build up our ...
South Africa President Appoints Okonjo Iweala As Head Of Economic Advisory Council.
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South Africa President Appoints Okonjo Iweala As Head Of Economic Advisory Council.

The South African President, Cyril Ramaphosa has appointed Nigeria’s Ngozi Okonjo-Iweala as the Head of the country’s Economic Advisory Council. Also, Okonjo Iweala reacting to the new wrote: “With President Ramaphosa, members of cabinet, and members of the Presidential Economic Advisory Council in Pretoria discussing sources of growth for the South African economy and win-win economic interactions with the continent.
Nigeria Emerges as the Biggest Economy in Africa as South Africa Enters Recession
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Nigeria Emerges as the Biggest Economy in Africa as South Africa Enters Recession

Nigeria has overtaken South Africa as the biggest economy in Africa after the latter went into recession. This is the second time in two consecutive years that South Africa's economy slumped into a recession. South Africa’s Gross Domestic Product (GDP) shrank by 1.4 per cent in the last quarter of 2019, data from Statistics South Africa showed. Also, gross fixed capital formation decreased by an annualised 10% in the quarter. Meanwhile, Nigeria’s economy is expanding as South Africa's contracts. According to Bloomberg, Nigeria’s economic growth beat forecasts in the fourth quarter of 2019 as oil output increased and the Central Bank took steps to boost credit growth. Nigeria's GDP grew by 2.55 per cent in the fourth quarter of 2019, its highest quarterly growth since the re...