Economy
Delta to cut political appointees, workers’ salaries effective from July
Following the dwindling global economy occasioned by the ravaging coronavirus pandemic, the Delta State Government, weekend, said there would be a review of the salary of political appointees and workers on salary grade level 7 and above for six months with effect from July 2020. Secretary to the State Government, Mr Chiedu Ebie, who disclosed this, yesterday, while briefing newsmen in Asaba, said the decision was part of measures to overcome the debilitating effect of COVID-19 on the national economy. Saying that the state government had adopted interim fiscal measures to sustain public spending, Ebie noted that the decision to review workers’ salary was reached at a consultative meeting with the organised labour in the state. He said the review was painful, difficult but inevitable, addi...
Oyo APC, Governor Makinde in war of words over N100 billion bond
The All Progressives Congress (APC) in Oyo State, yesterday, said it has uncovered fresh plots by Governor Seyi Makinde to add to the debt profile of the state through what it called needless borrowing of N100 billion styled bond by the governor to finance some projects. But the state government, in a swift reaction, said the APC was frustrated and has exhibited its mercantile approach to governance. The war of words came on the heels of Governor Mankinde’s approval for the issuance of N100bn Private bond for circular road, Iseyin-Ogbomoso road, Ibadan Airport expansion. However, APC, in a statement by its Publicity Secretary in the state, Dr. Abdul-Azeez Olatunde, noted that the governor on his assumption of office, was shouting on the roof top of meeting debt from his predecessor, in the...
South Africa’s GDP Falls by 2% During First Quarter of 2020
Sourced from Finance Monthly. According to Statistics South Africa, the country’s economy decreased by 2.0% in the first quarter of 2020. Extending the technical recession the country found itself in in the last quarter of 2019. Stats SA’s latest quarterly GDP figures come only a week after SA’s finance minister Tito Mboweni tabled a supplementary budget in part of the country’s response against the COVID-19 pandemic. South Africa is the worst affected country in the continent. Treasury now expects the country’s GDP to contract by a record 7.2% by the end of the year, while tax revenues are expected to fall over R300 billion shorter then what was estimated in February’s budget. Fin24 reports that the global economy is likewise looking dour. The UK is reporting a 2.2% contraction between Ja...
FIRS generates N66 billion from stamp duties
The Federal Inland Revenue Service (FIRS) has generated the sum of N66 billion from stamp duties between January and May. The FIRS Director, Communications and Liaison Department, Abdullahi Ahmad, made this known in a statement in Abuja on Tuesday. Ahmad said the Executive Chairman of FIRS, Muhammad Nami, disclosed this at the inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties and the unveiling of the FIRS Adhesive Stamp in Abuja. Mr Nami said the money realised in the first five months of the year from stamp duties represented about 1,000 per cent increase. He stated that the increment was unprecedented when compared to six billion naira collected from January to May 2019. The FIRS boss attributed this increase to the dynamism triggered by Fin...
World Bank: Nigeria faces worst recession in 40 years
The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to “plunge the Nigerian economy into a severe recession, the worst since the 1980s”, the World Bank said on Thursday. The World Bank, in a new report, titled ‘Nigeria in times of COVID-19: Laying foundations for a strong recovery,’ estimated that Nigeria’s economy would likely contract by 3.2 per cent this year. “This projection assumes that the spread of COVID-19 in Nigeria is contained by the third quarter of 2020,” it said. The bank said if the spread of the virus became more severe, the economy could contract further. It said, “Before COVID-19, the Nigerian economy was expected to grow by 2.1 per cent in 2020, which means that the pandemic has led to a reduction in growth by more than five percentage poin...
CBN: We’ll steer Nigeria away from recession
The Central Bank of Nigeria on Wednesday said it would not be deterred in its effort to steer the Nigerian economy away from the looming recession due to the impact of COVID-19. It said this was in spite of the push by some vested interests to impugn the integrity of the bank. The Bank’s Director, Corporate Communications Department, Isaac Okorafor, said the bank had uncovered sinister plans by some persons in Nigeria’s economic and socio-political space to distract the CBN. He said such persons want to discredit the institution through deliberate misinformation, complete fabrications and outright lies. He, however, noted that the CBN Governor, Godwin Emefiele, and his team at the bank would not be deterred by the actions of such persons. Okoroafor said the bank, in pursuit of its mandate ...
President Buhari authorises N19.67 billion for completion of East-West road
President Muhammadu Buhari has approved the immediate release of N19.67 billion to ramp up efforts in completing sections I-IV of the East-West Road project by 2021. The presidential directive was part of efforts to address infrastructure deficit in the Niger Delta region and boost its economy. Mr Buhari had, in his Democracy Day address, said the funding of the sections of the road project would be duly released to better the lot of his people and would be followed by a forensic audit. “I am determined to ensure that development meant for the people of the Niger Delta get to them so I have authorised a Forensic Audit of the Niger Delta Development Commission,” the president said. The road project, which was first conceived in 2006 by the Obasanjo administration, was meant to be completed ...
Group backs Senate’s call for suspension of electricity tariffs increment
A group, the Energy Consumer Rights and Responsibilities Initiative (ECRRI) on Monday backed Senate’s call for the suspension of increment in tariffs by electricity Distribution Companies (DisCos). The post Group backs Senate’s call for suspension of electricity tariffs increment appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
NIMASA dispatches team to investigate Ondo offshore fire
Nigerian Maritime Administration and Safety Agency (NIMASA) has sent an investigative team to unravel the circumstances surrounding a recent fire incident at a wellhead offshore in Ondo State. The NIMASA Director-General, Dr Bashir Jamoh, disclosed this in a statement signed by Mr Philip Kyanet, NIMASA Head of Corporate Communications on Thursday in Lagos. Jamoh pointed out that the incident involved a barge belonging to Michharry and Company Nigeria Limited, an offshore and onshore facilities provider for the oil and gas industry. He noted that the officers from the Maritime Safety and Seafarers Standard Department (MSSSD) and Marine Environment Management (MEM) Department of the Agency would conduct both on-the-spot assessment and detailed analysis of the incident. “As the national agenc...
NBS: Inflation rises to 12.34 percent in April
The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measures inflation, increased by 12.34 per cent year-on-year in April 2020. The NBS made this known in its latest CPI and Inflation Report for the month of April released on Thursday. It stated that this figure showed 0.08 per cent points higher than the rate recorded in March 2020 which was 12.26 percent. It explained that month-on-month basis, the headline index increased by 1.02 per cent in April 2020 and this was 0.18 per cent rate higher than the rate recorded in March 2020 which was 0.84 per cent. According to the bureau, the composite food index rose by 15.03 per cent in April 2020 compared to 14.98 per cent in March. “This rise in the food index was caused by increases in prices of potatoes, yam and ...
NBS: Nigerian annual inflation at 12.34 percent in April
Annual inflation in Nigeria stood at 12.34% in April, compared with 12.26% in March, the National Bureau of Statistics said on Thursday. A separate food price index showed inflation at 15.03% in April, compared with 14.98% in March. Get more stories like this on Twitter You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Governor Wike: Oil workers constitute 60 percent of coronavirus cases in Rivers
Rivers State Governor Nyesom Wike has stated that 60 per cent of coronavirus cases recorded in the state are oil workers returning from rigs. Wike disclosed this Wednesday when the management team of Mobil Producing Nigeria Unlimited paid him a courtesy visit at Government House, Port Harcourt. He stated that it was for that reason the state government insisted that oil workers coming into the state must be tested to confirm their coronavirus status, noting that oil remains the mainstay of the economy and that government actions are not targeted at anybody or organisation. He recalled that recently the Nigeria Airforce Base, Port Harcourt, also quarantined 14 oil workers out which three tested positive. “It is not in anybody’s interest to deny people to carry out their official duties. Oil...
