Wednesday, May 06, 2020
Budget: FG slashes oil benchmark further to $20
The Federal Government on Tuesday revealed plans to cut the oil price benchmark for the current budget to $20 per barrel. The development would make it the second time the Federal Government is slashing the oil benchmark for the 2020 budget. Read more
FG will offer small oil fields for licensing –NNPC
The Federal Government will offer marginal oil fields for auction this year despite the crash in crude oil prices, the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said. Read more
NUPENG, PENGASSAN caution oil companies against sacking workers
The national leaderships of both the Nigeria Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association of Nigeria have cautioned companies in the oil and gas industry against sacking workers. Read more
Privatise refineries, CSOs tell FG
A consortium of 15 civil society organisations on Tuesday asked the Federal Government to privatise Nigeria’s refineries and commit to the sustainability of the no-subsidy regime by articulating it into a law. According to the CSOs, this would help the government as it struggles to manage the economy following the negative impact of the COVID-19 pandemic on crude oil price globally. Read more
Businesses want 50% cut in interest rates –LCCI
The Lagos Chamber of Commerce and Industry has said 54 per cent of business owners in the country want commercial banks to reduce their interest rates by at least 50 per cent. Read more
Buhari stops import duty on medical equipment
As part of efforts to combat the COVID-19 pandemic, the President, Major General Muhammadu Buhari (retd.), has ordered the immediate evacuation of all imported medical equipment from Nigerian ports. Read more
Inadequate distribution facility hampers 17,945.3MW electricity generation
The lack of distribution infrastructure stalled the generation of 17,943.5 megawatts of electricity between April 24 and May 3, 2020, industry data obtained in Abuja on Tuesday have shown. Read more
‘Nigeria, others may witness sharp decline in productivity, jobs, revenues’
With urban consumption and expenditure projected to drop as a result of the pandemic impact, the United Nations Economic Commission for Africa (UNECA) has urged African governments to consolidate efforts and define stimulus measures to mitigate national and regional economic impacts. Read more
83 per cent businesses to reduce salaries, downsize over revenue losses
Although the lockdown may have been relaxed, the impact on businesses may lead to further high unemployment, reduction in consumers’ purchasing power as the latest survey by the Lagos Chamber of Commerce and Industry (LCCI), shows that 83 per cent of business owners plan to cut down on salaries and reduce the number of people in their employment. Read more
Experts seek review, sustainability measures as airports reopen Friday
Aviation stakeholders have urged the Federal Government to constitute a committee to review the aviation sector and its sustainability in the coronavirus era. Read more
‘Bank’s technical, operational support will curtail virus spread’
Shareholders of Access Bank have said the lender’s aggressive drive towards pulling resources across industries to provide technical and operational support in the fight against of Coronavirus through the CACOVID would ultimately help to combat the spread of the virus in Nigeria. Read more
Union Bank CEO Assures Shareholders of Higher Returns on Investment
The Chief Executive Officer of Union Bank of Nigeria, Mr. Emeka Emuwa has said the bank remains committed to delivering improved performance and higher returns in 2020 and beyond. Read more
Investors to Get 7% Return on Afrinvest Dollar Fund
Afrinvest Asset Management Limited yesterday said investors in its new dollar mutual fund are to get as much as seven per cent return on their investment annually. Read more
As part of measures to help corporate organisations and businesses mitigate the impact of the coronavirus pandemic, Rosabon Financial Services, Nigeria’s leading Non-Bank Financial Services Provider, has announced a N10 billion fund targeted at essential service providers to help finance their fleet asset acquisition and maintenance support. Read more
AIICO Insurance Plc said it paid a total of N1.7 billion claims within the first 21 days of the COVID-19 lockdown in two states and the FCT that was announced by President Muhammadu Buhari last month. Read more
