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FG Lifts Interstate Travel Restriction Despite Rising COVID-19 Cases

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Muhammadu Buhari

FG Lifts Interstate Travel Ban to Facilitate Commerce

The Federal Government on Monday lifted the restriction on interstate movement to better facilitate trades despite the rising number of COVID-19 new cases.

Mr. Boss Mustapha, the Chairman of the Presidential Taskforce (PTF) and Secretary to the Federal Government (SGF), disclosed this on Monday during the force briefing in Abuja.

He also disclosed the extension of Phase Two of the eased lockdown by four weeks.

Announcing the new measures, Mustapha said; “I am pleased to inform you that Mr. President has carefully considered the 5th Interim Report of the PTF and has accordingly approved that, with the exception of some modifications to be expatiated upon later, the Phase Two of the eased lockdown be extended by another four weeks with effect from Tuesday, June 30, 2020, through Midnight of Monday, 27 July 2020.

“Specifically, however, the following measures shall either remain in place or come into effect: Maintaining the current phase of the national response for another four weeks in line with modifications to be expatriated by the National Coordinator; Permission of movement across State borders only outside curfew hours with effect from 1st July 2020; Enforcement of laws around non-pharmaceutical interventions by States, in particular, the use of face masks in public places; Safe re-opening of schools to allow students in graduating classes resume in-person in preparation for examinations and; Safe reopening of domestic aviation services as soon as practicable”.

The boss explained that because there is a general increase in prices of goods and services in recent months, airlines would have to increase their fares to stay afloat.

He said; “I think there is a general increase in everything, not only air tickets. If you go to the market now, the prices prior to Covid-19 are different from what you get in the market now. That is the difficult thing that is going to confront us as a people. Because of the protocols that are going to be introduced in the whole business of aviation, you would definitely expect an increase in the fares. The Federal Airport Authority of Nigeria FAAN has already increased its customer service fare by 100 percent. It used to be ₦1000 but now it is ₦2000 even before the operations start. So, it is not just the airlines, even the government institutions who have the responsibility of managing the aviation industry will review their charges because that is the nature of what Covid-19 has thrust on the people of the country and all over the world.

“Also, there is going to be some bit of social distancing in the aircraft. If an aircraft has the capacity of 150 people, they might now be restricted to about 100 or 75. Flying comes with components of cost. Aviation fuel is one of them. Salaries for the pilot and cabin crew are part of it. Services that are paid for to the aviation industry institutions are there. The costs have to be shared by the passengers and the business owners because nobody runs a business at a loss. Profit is the motivation for going into business. Flying is not a social service”, he declared.

Meanwhile, the number of COVID-19 infected people rose by 566 on Monday to 25,133 despite measures to curtail the spread of the deadly virus.

According to the Nigeria Centre for Disease Control (NCDC),  “on the 29th of June 2020, 566 new confirmed cases and 8 deaths were recorded in Nigeria.

“Till date, 25133 cases have been confirmed, 9402 cases have been discharged and 573 deaths have been recorded in 35 states and the Federal Capital Territory.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

COVID-19 Vaccine: Crude Oil Extends Gain to $48 Per Barrel on Wednesday

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Oil prices rose further on Wednesday as hope for an effective COVID-19 vaccine and the news that the United States of America’s President-elect, Joe Biden has begun transition to the White House bolstered crude oil demand.

Brent crude oil, a Nigerian type of oil, gained 1.63 percent or 78 cents to $48.64 per barrel at 11:50 am Nigerian time on Wednesday.

The United States West Texas Intermediate (WTI) crude oil rose by 1.36 percent or 61 cents to $45.52 per barrel.

OPEC Basket surged the most in terms of gain, adding 3.16 percent or $1.37 to $44.75 per barrel.

This was after AstraZeneca, Moderna and Pfizer-BioNTech announced the positive results of their trials.

Moderna and Pfizer had claimed over 90 percent effective rate in trials while AstraZeneca said its COVID-19 vaccine was 70 percent effective in trials but could hit 90 percent going forward.

The possibility of having a vaccine next year increases the odds that we’re going to see demand return in the new year,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

Also, the decision of President-elect Joe Biden to bring Janet Yellen, the former Chair of Federal Reserve, back as a Treasury Secretary of the United States is fueling demand and strong confidence across global financial markets.

President-elect Biden’s cabinet choices, particularly Janet Yellen’s Treasury Secretary position, are adding to upside momentum across a broad space of asset classes,” said Jim Ritterbusch of Ritterbusch and Associates.

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Seyi Makinde Proposes N266.6 Billion Budget for Oyo State in 2021

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The Executive Governor of Oyo State, Seyi Makinde, has presented the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly on Monday.

The proposed budget titled “Budget of Continued Consolidation” was said to be prepared with input from stakeholders in all seven geopolitical zones of Oyo state.

Governor Makinde disclosed this via his official Twitter handle @seyiamakinde.

According to the governor, the proposed recurrent expenditure stood at N136,262,990,009.41 while the proposed capital expenditure was N130,381,283,295.63. Bringing the total proposed budget to N266,6444,273,305.04.

The administration aimed to implement at least 70 percent of the proposed budget if approved.

He said “The total budgeted sum is ₦266,644,273,305.04. The Recurrent Expenditure is ₦136,262,990,009.41 while the Capital Expenditure is ₦130,381,283,295.63. We are again, aiming for at least 70% implementation of the budget.”

He added that “It was my honour to present the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly, today. This Budget of Continued Consolidation was prepared with input from stakeholders in all seven geopolitical zones of our state.”

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World Bank Expects Nigeria’s Per Capita Income to Dip to 40 Years Low in 2020

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The World Bank has raised concern about Nigeria’s rising debt service cost, saying it could incapacitate the nation from necessary infrastructure development and growth.

The multilateral financial institution said the nation’s per capita income could plunge to 40 years low in 2020.

According to Mr. Shubham Chaudhuri, Country Director for World Bank in Nigeria, the decline in global oil prices had impacted government finances, remittances from the diaspora and the balance of payments.

Chaudhuri, who spoke during the 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Government, said while the nation’s debt is between 20 to 30 percent, rising debt service remains the bane of its numerous financial issues and growth.

Nigeria’s problem is that the debt service takes a big part of the government revenue,” he said.

He said, “Crisis like this is often what it takes to bring a nation together to have that consensus within the political, business, government, military, civil society to say, ‘We have to do something that departs from business as usual.’

“And for Nigeria, this is a critical juncture. With the contraction in GDP that could happen this year, Nigeria’s per capita income could be around what it was in 1980 – four decades ago.”

Nigeria’s per capita income stood at $847.40 in 1980, according to data from the World Bank. It rose to $3,222.69 in 2014 before falling to $2,229.9 in 2019.

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