Friday, May 14

Tag: Economy

Insecurity: We are working very hard, I hope Nigerians will understand- President Buhari
News

Insecurity: We are working very hard, I hope Nigerians will understand- President Buhari

President Buhari says he hopes Nigerians showing more understanding to his government as they work very hard to tackle insecurity in the nation. The President said this when he spoke to state house correspondents shortly after observing the Eid prayer, marking the end of the month-long Ramadan fast. The President said the menace of bandits and kidnappers will be addressed to ensure that the nation’s food security is not threatened. “With the resources and manpower available to us, we are working very hard. We are hoping Nigerians will understand the problem. Nigerians know at what stage we came in 2015, what state we are today both on security and the economy and we are doing our best. The law enforcement agencies are working hard to regain confidence against the bandits, so tha...
News We’re fighting insecurity, be more understanding – Buhari to Nigerians
News

News We’re fighting insecurity, be more understanding – Buhari to Nigerians

President Muhammadu Buhari on Thursday pledged that his administration will deal with bandits to ensure that they do not create havoc against access to farms and food production. He spoke to reporters at the State House after observing the Eid prayer, marking the end of the month-long Ramadan fast. Buhari assured that law enforcement agencies are working hard to regain confidence among Nigerians. On ongoing efforts to tackle insecurity, Buhari drew attention to the series of meetings held in recent weeks. The President said part of the resolutions had been made public by the National Security Adviser and the others kept secret. “We are working very hard. We are hoping Nigerians will understand the problem. Nigerians know at what stage we came in in 2015, what state...
Lagos Begins Installation of 2,000 CCTV Cameras
News

Lagos Begins Installation of 2,000 CCTV Cameras

Lagos State Government says it has commenced the installation of 2,000 Closed-circuit television (CCTV) cameras across the state. The state Commissioner for Science and Technology, Hakeem Popoola Fahm, disclosed this at a ministerial press briefing on Tuesday, May 4, to commemorate the second year in office of Governor Babajide Sanwo-Olu led administration. Fahm said the number of CCTV cameras installed is increasing day by day, but, already, 100 CCTV cameras had been installed in Ikeja metropolis.  The Commissioner added that upon completion, the project would advance Lagos state economy by becoming a 24-hour driven commercial centre, which would allow companies to operate in a safe, secure and smart environment that would create more jobs and increase Gross Domestic Product of ...
US Secretary Of State, Antony Blinken To Meet With Buhari Over Security, Economy
Politics

US Secretary Of State, Antony Blinken To Meet With Buhari Over Security, Economy

The US Secretary of State Antony Blinken is billed to conduct his first virtual trip to Africa from tomorrow; he will meet Presidents Kenyatta and Buhari of Kenya and Nigeria respectively, amongst other groups. He is also expected to meet with Nigeria's Foreign Affairs Minister, Geoffrey Onyeama where issues of lasting security, economic diversification and shared relationshipa will be discussed. Secretary Blinken’s Virtual Travel to Africa PRESS STATEMENT NED PRICE, DEPARTMENT SPOKESPERSON APRIL 26, 2021 Secretary of State Antony J. Blinken will embark tomorrow, April 27, on his first virtual trip to Africa, where he will visit Kenya and Nigeria and engage with young people from across the continent. Secretary Blinken will begin his virtual travel to Africa meeting wi...
Man throws ram party in Katsina to celebrate Buhari’s return from UK medical trip; says the President is the best thing to happen to Nigeria
News

Man throws ram party in Katsina to celebrate Buhari’s return from UK medical trip; says the President is the best thing to happen to Nigeria

A staunch supporter of President Muhammadu Buhari threw a ram party in Katsina to celebrate his return after two weeks in the United Kingdom. Abubakar Rabiu, popularly called Abu Albarka, hosted the party at a popular restaurant opposite the takeoff site of the Federal University Dustin-Ma on Friday, April 16. Daily Trust reports that Rabiu, known for his staunch support for Buhari, has made it a culture to slaughter rams and throw party every time the president return home from abroad, especially on a medical trip. The latest one is said to be his 8th party. The party was graced by other Buhari supporters, who broke fast together and prayed for the unity and progress of Nigeria as well as Buhari’s health. "This time about 40 people attended the feast to break their fas...
Qatar To Invest $5 Billion In Nigeria’s Economy
Politics

Qatar To Invest $5 Billion In Nigeria’s Economy

The FG has disclosed that the Middle-East nation of Qatar is set to invest in the Nigerian economy the sum of $5 billion. The Federal Government has said that the oil-rich state of Qatar plans to invest $5 billion in the Nigerian economy. According to a statement by the Deputy Director of Information, State House, Mr Abiodun Oladunjoye, this disclosure was made by the Federal Minister of Foreign Affairs, Geoffrey Onyema, while speaking at a farewell dinner in honour of Nigeria’s Ambassador-designate to the state of Qatar, Ambassador Yakubu Ahmed, who is also the outgoing Director of Protocol at State House. Onyeama said that there had been discussions with Qatar on partnership with Nigeria’s Sovereign Wealth Fund, for significant investments in the region of $5 billion in the ...
Enjoy the Jerusalema dance challenge by the staff of SWIFT Networks Ltd
Lifestyle

Enjoy the Jerusalema dance challenge by the staff of SWIFT Networks Ltd

The staff of SWIFT Networks Ltd, a leading residential and business broadband service provider, took up the trending Jerusaema dance challenge as part of the company's long standing tradition of community service to create awareness on Covid-19 and accelerate its eradication. SWIFT strongly believes that practicing the recommended compliant measures and getting vaccinated as soon as possible, we all can together put an end to the COVID-19 pandemic to restore growth to our economy and lifestyle. Here is the Instagram, Facebook and Twitter links of the video. https://www.instagram.com/p/CND7SDfg_9q/ Twitter: https://twitter.com/i/status/1377044519942815748 Facebook: https://fb.watch/4KJAIiAjCy/  
The economy remains weak with too much unemployment and resources left idle – Tinubu
News

The economy remains weak with too much unemployment and resources left idle – Tinubu

Former Governor of Lagos state and chieftain of the All Progressives Congress, Bola Tinubu has stated that the Nigerian economy has remained weak with too much unemployment and resources left idle even after the exit from recession. Tinubu who delivered a speech as the chairman of the 2021 Sardauna Memorial Lecture held in honour of one of Nigeria’s founding fathers, the late Sir Ahmadu Bello, stressed the need to cut down on wasteful spending among government officials to ensure Nigerians benefit from the economy. He said;  “In the midst of our local challenges came the COVID-19 pandemic, with its debilitating impact on the global and domestic economies. Nigeria, like many other countries, has not been spared the impact of the pandemic. “Commendably, however, President Muham...
Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC
Politics

Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC

The increasing debt service of Nigeria is an economic threat to the country, the Securities and Exchange Commission declared on Thursday. But this might not stop the Federal Government from borrowing to fund the 2021 budget, as the Minister of Finance, Budget and National Planning, Zainab Ahmed, insisted that government had to borrow. In January, The PUNCH reported that Nigeria spent almost N2tn on debt servicing payments from January to September 2020, based on data obtained from the Debt Management Office. At the 5th Annual Budget Seminar of the Securities and Exchange Commission with the theme, “Financing Nigeria’s budget and infrastructure deficits through the capital market,” the SEC also stated that shocks to commodities were affecting revenue generation. It disclosed...
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
News

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
News

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...

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/gqbzggmy/public_html/wp-includes/functions.php on line 4757