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Governor Godwin Obaseki of Edo State on Tuesday presented a budget of N153.4 billion for 2021 to the state House of Assembly for approval. Presenting the budget christened ‘MEGA Budget ‘, Obaseki said that it was made up of N94.8 billion recurrent expenditure and N58.6 billion capital expenditure. “Mr Speaker, you will note that the recurrent component is larger than the capital. It is to help us deal with the social and economic consequences of COVID-19. “The total receipts of N153 billion expected for 2021 comprise of N71 billion from the federation account and N36 billion Internally Generated Revenue (IGR). “We also expect N9.8 billion from aids and grants; most of them have already been finalised. We expect to raise N15.3 billion as loan and 13.8 billion as capital development fund rec...
Norwegian Air’s cash crisis could force the debt-laden budget airline to halt operations early next year, the company warned as it issued another plea for rescue funding after reporting quarterly results on Tuesday. The rapid expansion of the pioneer in low-fare transatlantic flights has left it with heavy debts and problems that have been compounded by the COVID-19 pandemic. It is now serving domestic routes only, with just six of its 140 aircraft flying. “Norwegian is dependent on additional working capital in order to continue operating through the first quarter of 2021 and beyond,” the carrier said. The company held cash and cash equivalents of 3.4 billion kroner ($380m) at the end of September, down from 4.98 billion kroner ($550m) three months earlier. Its latest plea comes after Nor...
The Nigerian Railway Corporation (NRC) on Friday said its Internally Generated Revenue (IGR) as at Sept. 30 stood at N1.4billion as against N4.4billion projection for 2020. Mr Fidets Okhiria, Managing Director of NRC, in a statement said the sum of N245million was remitted to the TSA as at Oct.31. Okhiria said this at the 2021 Budget Defence to the Joint Committee of Land and Marine transport at the National Assembly in Abuja. He said that the Coronavirus (Covid-19) pandemic affected its operations as train services were stopped during its peak, thus affecting the IGR projection for the year. “The Joint Committee should also note that for the year 2020, the Corporation presented a separate Internally Generated Revenue & Expenditure Budget. “The sum of N1.4billion has been generated as ...
The Austrian government declared three days of mourning following a terrorist attack that left four victims and a suspect dead. “Our thoughts and our compassion are with the victims, the injured and their families in these very difficult hours for the republic of Austria,” Chancellor Sebastian Kurz said before a cabinet meeting. The mourning will last until Thursday, the government decided. People have been killed and 15 seriously injured in multiple shootings in the Austrian capital on Monday evening, according to local police. The attack had an Islamist motive, the Vienna Police wrote on Twitter on Tuesday morning. There is at least one perpetrator, who was shot by police, it said, noting that an explosive device worn by the perpetrator turned out to be a dummy. The police have searched ...
Nigeria on Tuesday recorded 133 new COVID-19 cases, taking the total number of infections in the country to 62, 224. Three more deaths were also recorded, taking the total fatalities from the disease to 1,135. This is according to an update by the Nigeria Centre for Disease Control (NCDC) on Tuesday night. The 113 new cases were reported from 12 states. These are Lagos (51), FCT (15), Plateau (11), Kaduna (8), Oyo (8), Rivers (8), Ogun (4), Edo (2), Imo (2), Kwara (2), Delta (1), Kano (1). Lagos, which again had the majority of infections on Tuesday with 51 new cases, remains Nigeria’s COVID-19 hotspot with over 20,000 infections and 208 deaths. Abuja, Nigeria’s capital, Is the second most impacted with about 6,000 cases and 80 deaths. Nigeria has been reporting cases below 300 for about t...
The 36 states governors, through their respective Attorneys General and Commissioners for Justice, have dragged the Minister of Justice and Attorney General of the Federation, AGF, Mr Abubakar Malami, SAN, before the Supreme Court over the failure of the Federal Government to fund the courts in the country with recurrent expenditure since May 5, 2009. It will be recalled that President Muhammadu Buhari, had in May 2020, signed Executive Order 10, which gave financial autonomy to the legislature and judiciary at the state level. The state governors argued that the Federal Government should also fund state courts if the president must make such order. The plaintiffs in the suit against the AGF, through their counsel, Mr Augustine Alegeh, SAN, are contending that the respondent refused to fun...