- FG Set to Increase NYSC Members’ Allowance – DG
The Federal Government has begun an upward review of the N19, 800 monthly allowance paid to members of the National Youth Service Corps, according to the Director-General of the scheme, Brig Gen Suleiman Kazaure.
The DG stated this on Thursday, noting that the NYSC, through the Ministry of Youth and Sports Development, received a letter from the Presidency, which confirmed that the process to review the allowance of corps members had started.
Kazaure, who disclosed this while inspecting the NYSC Orientation Camp in Abuja, said the Presidency had also sent a copy of the letter to the Ministry of Finance for further consideration.
The DG said, “The Federal Government is working to increase your monthly allowance. Therefore, wherever you find yourselves, conduct yourself well and be good ambassadors for the country. We received a letter from the Presidency through the Ministry of Youth and Sports and copied to the Ministry of Finance, which shows that the corps members’ allowance will be reviewed upward. This is in the pipeline.”
The DG, earlier in Edo State, warned corps members participating in the 2019 general elections as ad hoc workers to shun electoral malpractices.
He stated this while addressing the 1,989 corps members deployed to the state for the 2018 Batch “B” service year, warning that any corps member who violated the electoral laws would be dealt with accordingly.
The NYSC’s Spokesperson, Adenike Adeyemi, in a statement, quoted the DG as saying, “We warn corps members to avoid electoral malpractices as they will be participating in the forthcoming general elections as ad hoc workers. The NYSC management has put the necessary machinery in place to ensure the safety of all corps members throughout the service year.
“Any corps member that violates the electoral laws will be dealt with accordingly, as the scheme is committed to ensuring free, fair and credible elections.”
President Buhari to Sign 2020 Revised Budget Today
Buhari to Sign 2020 Revised Budget Into Law on Friday
President Muhammadu Buhari will sign the 2020 revised budget on Friday, according to the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed.
Ahmed disclosed this on Thursday after a meeting with the leaders of the National Assembly on the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper.
Ahmed said, “In keeping strictly with the January–December budget cycle, the President will tomorrow (Friday) sign into law, the revised N10.8tn budget for the year 2020, which was passed by the National Assembly in June.
“This for us is a journey towards ensuring that the progress that we have made as a collective to return the fiscal year to January – December is maintained for the 2021 budget as well.
“The President has directed that we must deliver the budget to the National Assembly by the end of September.”
Ahmed further stated that between the months of January and May 2020, the Federal Government generated N1.48 trillion in revenue, 56 percent of its initial target.
She added that out of all the total amount generated as revenue during the period, oil revenues were N701.6 billion while the non-oil tax revenues accounted for N439.32 billion.
Companies Income Tax and Value Added Tax contributed N213.24 billion and N68.09 billion, respectively. The Customs realised N158 billion during the period under review.
She said, “Other revenues amounted to N339.51bn, of which independent revenues was N80.22bn.
“Recoveries and stamp duty collected during the period are yet to be booked in the fiscal accounts.”
Africa’s Economy to Contract by $236bn in Value in 2020 Says AfDB
African GDP to Contract by $236bn in Value Says AfDB
The African Development Bank (AfDB) has said the ravaging COVID-19 pandemic could cost the entire African continent about $236.7 billion in cumulative Gross Domestic Product.
The bank disclosed this in its latest report on African Economic Outlook (Supplement) released on Tuesday.
The bank predicted that the damage could be far greater if the impacts of the pandemic persist on the continent beyond the second quarter of the year. It said this could lead to a bigger contraction in Africa’s GDP in 2020.
According to the bank, the continent’s Real GDP could contract by as much as 1.7 percent this year if the virus has a shorter duration. This represents about a 5.6 percent decline from the January 2020 prediction.
However, under a long term scenario into the second half of the year, this could result in a deeper contraction in GDP.
This, the bank said could lead to 3.4 contraction, up from the 1.7 percent projected under the shorter duration and represents a decline of 7.3 percent from the previous projection before the outbreak.
It, therefore, said the combined loss due to the COVID-19 pandemic in Africa could range between $173.1 billion and $234.7 billion in 2020-2021.
Brent Crude Oil Maintains $43 Per Barrel Despite Surge in US Inventories
Brent Crude Oil Sustains Upsurge Despite Rising US Inventories
Brent crude oil, against which Nigerian oil is priced, sustained its upsurge at $43 per barrel on Wednesday during the London trading session despite a report showing a build-up in the U.S. crude inventories in the week ended July 3, 2020.
According to the U.S Energy Information Administration (EIA) report released on Tuesday, crude oil production in the U.S is expected to decline by just 70,000 barrels per day from the 670,000 bpd previously predicted to 600,000 bpd.
While this was below the projected decline, it also points to a build-up in U.S stockpiles and suggested that oil production from the world’s largest economy may not decline as previously projected in 2020.
“The EIA’s forecast of a lower decline in U.S. output was partially offset by its outlook for firm demand recovery, which limited losses in oil markets,” Hiroyuki Kikukawa, general manager of research at Nissan Securities said.
“Still, expectations that the Organization of the Petroleum Exporting Countries (OPEC) and allies would taper oil output cuts from August and softer U.S. equities added to pressure,” he said.
The EIA projected that global oil demand will recover through the end of 2021 as demand was predicted to hit 101.1 million barrels per day in the fourth quarter of the year.
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