Holiday Season
Nigerian government borrows over N2 trillion from bond investors in 2020
Leveraging on excess liquidity that persisted in the banking system and the near zero yields on treasury bills (TBs), the Federal Government, through the Debt Management Office (DMO), raised N2.1 trillion from investors in its monthly bond issuance programme in 2020. This represents 33 percent, year-on-year, (y/y) increase when compared with the N1.58 trillion raised by the DMO in 2019. The N2.1 trillion raised in 2020 also represents 31 percent more than the N1.6 trillion funding target for the DMO under the Revised 2020 Budget. Meanwhile, the monthly bond auctions conducted by the DMO in 2020 recorded 275 percent oversubscription, reflecting scramble for the high yielding FGN bonds by investors. Newsmen report on monthly bond auction results show that the DMO offered N1.825 trillion wort...
Millions of Americans risk losing jobless benefits as Donald Trump refuses to sign aid bill
Millions of Americans are about to see their jobless benefits expire on Saturday as U.S. President Donald Trump has so far refused to sign into law a $2.3 trillion pandemic aid and spending package, insisting that it did not do enough to help everyday people. Trump stunned Republicans and Democrats alike when he said this week he was unhappy with the massive bill, which provides $892 billion in badly needed coronavirus relief, including extending special unemployment benefits expiring on Dec. 26, and $1.4 trillion for normal government spending. Without Trump’s signature, about 14 million people could lose those extra benefits, according to Labor Department data. A partial government shutdown will begin on Tuesday unless Congress can agree a stop-gap government funding bill before then. Af...
Coronavirus: Schools to remain close till January 18 – PTF
The Federal Government has said schools in the country would remain shut till January 18, 2021. The Chairman of the Presidential Task Force on COVID-19, Boss Mustapha, disclosed this at a press briefing in Abuja on Monday. Mustapha, who is also the Secretary to the Government of the Federation, also announced the closure of bars, night clubs, pubs, event centres, and recreational venues for the next five weeks. He further urged religious centres to maintain 50 per cent capacity at all times and as well as ensure strict compliance to Covid-19 protocols at all gatherings. According to him, the measures were important to curb the spread of the coronavirus disease as the country battled the second wave of the pandemic. He said, “All government staff on Grade Level 12 and below are to stay at h...
Nigerian government orders civil servants to ‘stay at home for five weeks’
The Federal Government on Monday ordered all federal civil servants on Grade Level 12 and below to stay at home for the next five weeks from Monday. The chairman of the Presidential Task Force on COVID-19, Boss Mustapha, made this known in a statement on Monday. He also announced that all schools would remain closed till January 18. Mustapha also said restrictions have been placed on social and religious gatherings for five weeks. He said, “Encourage virtual meetings in government offices. The leadership of such offices are to ensure that all offices are well-ventilated offices, and encourage staff to work from home where possible; “All government staff on GL.12 and below are to stay at home for the next 5 weeks; Permanent Secretaries and Chief Executives are to be held accountable for enf...
Holiday shopping moves online amid surging coronavirus, retailers face shaky prospects
File Photo Long lines and crowds at shopping centers have been as much a Thanksgiving tradition as the turkey dinner, but this year, things could look different. As COVID-19 numbers continue to surge, rushing to brick-and-mortar retail stores might seem not so appealing to many, and the holiday shopping season is moving online. “More and more shopping was already moving online, but COVID-19 concerns are definitely accelerating the shift to online buying,” David Reibstein, a marketing professor from Wharton School at the University of Pennsylvania, told Xinhua. The trend is evident as shown by recent data. Walmart, the nation’s largest retailer, reported that its third-quarter e-commerce sales surged 79 percent from a year ago. Amazon, the largest e-commerce retailer, reported a 37 percent ...
