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FG to Borrow $40m for Health Services

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  • FG to Borrow $40m for Health Services

The Federal Government is finalising arrangement to access $40million from the Global Financing Facility for every woman and child (GFF). Half of the sum is to address reproductive, maternal, newborn, child and adolescent health (RMNCAH) issues in the North East.

Senior Health Specialist at the World Bank, Dr Olowole Odutolu who disclosed this in Abuja, explained that the $20 million was already programmed as a grant within the additional financing for the Nigeria State Health Investment Project (IDA of $125million) for the North East.

He noted that government had defined a platform to actively engage all partners, including the civil society and private sector. According to him, the GFF provides a roadmap for countries to develop and monitor the implementation of an RMNCAH platform for ending preventable deaths and improving the health of women, children and adolescents.

Also speaking, Vice President Yemi Osinbajo who expressed government’s commitment to encouraging more private sector participation in the health sector, observed that over 60 per cent of the healthcare needs of the country were provided by the sector.

Meabnwhile, the nation, will today, begin a two-week mass vaccination campaign to protect more than four million children against measles outbreak in the conflict-ridden region.

The programme, championed by the Federal Ministry of Health (FMoH) through the National Primary Health Care Development Agency (NPHCDA) with support from the World Health Organisation (WHO), United States Centre for Disease Control (CDC) and the United Nation Children Fund (UNICEF), targets all children aged six months to 10 years in accessible areas in Borno, Yobe and Adamawa states.

Also yesterday, the Chairman of Dangote Foundation, Aliko Dangote, called on the Kano government to audit funds released to state for polio immunisation last year to ensure accountability.

He gave the charge during a video conference involving co-chair of Bill and Melinda Gates Foundation, Bill Gates, Governor Abdullahi Umar Ganduje and his Kaduna counterpart, Nasir El-Rufai, officials of the National Primary Health Care Development Agency and development partners in Kano.

In a related development, United Nations Under-Secretary and Executive Director of United Nations Population Funds (UNFPA), Dr. Babatunde Osotimehin, stressed that it was vital to protect sexual reproductive health rights of women and girls in crisis situations like Boko Haram insurgency that claimed several and property in the region.

Osotimehin spoke in Maiduguri during a courtesy visit to Governor Kashim Shettima at the Government House to assess the state of Internally displaced persons (IDPs) in the state.

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 long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

Economy

Citigroup Sees $60 Per Barrel Crude Oil in the Next 12 Months

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Citigroup Says Crude Oil Will Reach $60 Per Barrel in a year

Despite the current economic downturn and the projected second phase of COVID-19, Citigroup, a New-York based financial service company, has said oil price could hit $60 per barrel in the next 12 months.

Citigroup disclosed this on Thursday during a virtual EMEA Media Summit titled – ‘Navigating the Future: What’s Next in a Post-COVID-19 World’.

“After a substantial underperformance in the last six months relative to several other commodities, crude will eventually bounce back to around $60 per barrel over the next 12 months,” Max Layton, European Head of Commodities Strategy, Citigroup said while giving a presentation on the outlook for commodities in the second half of 2020, and into 2021.

This means Brent crude oil would rise by at least 50 percent from the current level of $42 per barrel in the next 12 months.

“It’s going to be a function of the demand and supply but recently we have been seeing a spike in the demand for some of the commodities,” said Atiq Rehman, Head of EMEA Emerging Markets, Citigroup.

“A lot of these economies are heavily commodity-dependent, and perhaps, in the past have been guilty of not diversifying when they come under pressure. I think perhaps, this recent moves will push them to diversify away from simply commodities,” Grant Carson, Head of TRUK And Non-Presence Countries, Citigroup, stated citing Russian as one of the countries that have recorded success in diversifying away from crude oil.

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Oil Sustains $42 Price Level as OPEC Output Drops to Over Two-Decade Low

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OPEC Oil Output Drops to Over Two-Decade Low in June

Crude oil sustained $42 per barrel price level following a recent survey conducted by Reuters that showed the Organisation for the Petroleum Exporting Countries (OPEC) managed to cut oil production to over two-decade low in the month of June.

According to the survey, OPEC’s 13 members pumped 22.62 million barrels per day in June, 1.92 million barrels per day below May’s revised figure. The lowest since May 1991.

OPEC and allies, together referred to as OPEC plus, had agreed to cut oil production by 9.7 million barrels per day in the month of April to rebalance the global oil market and prop up prices amid COVID-19 pandemic.

OPEC’s share of the 9.7 million barrels per day production cut was 6.084 million bpd but OPEC delivered 6.523 million bpd cut in the month of June despite the inconsistencies from Nigeria, Angola and Iraq.

In June, Saudi Arabia reduced production by 1.13 million barrels per day to 7.53 million bpd. While Kuwait and the United Arab Emirates met their quota but struggle to fulfill the extra cuts.

Nigeria, Iraq and Angola continue to struggle in the month of June. However, their performance improved compared to May as Nigeria attained 77 percent compliance level, up from 19 percent in May.

While Iraq and Angola achieved 70 percent and 80 percent compliance level, respectively. Nigeria and Iraq have pledged to cut more in July despite their economic challenges. Angola, however, said it would not be able to cut extra oil production until October.

Brent crude oil, against which Nigerian oil is measured, rose to $42.48 per barrel on Friday as at 2:58 pm Nigerian time.

UKOilDaily

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Economy

Nigeria Labour Congress Says No Fuel Increase Amid COVID-19 Pandemic

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No Fuel Increase During COVID-19 Pandemic, Says Nigeria Labour Congress

The Nigeria Labour Congress (NLC) on Thursday rejected the new fuel price announced by the Petroleum Products Price Regulatory Agency (PPPRA) on Wednesday.

In a statement issued by Ayuba Wabba, the President, NLC, the labour demanded instant reversal to the old price, saying the move will kill businesses and worsen the nation’s poverty level at a time when nations are looking to ease economic burden of their citizens and mitigate negative impacts of COVID-19.

The PPPRA had raised the value band of Premium Motor Spirit, commonly referred to as Petrol, to between N140.80 and N143.80 per litre on Wednesday because of the recent increase in crude oil prices.

Nigeria Labour Congress argued that “PPPRA contradicted itself when it said that the latest price increase described as an “advisory” was meant to regulate a product that government claims had been de-regulated.

“That this new hike in the pump price of petrol was announced without the approval of the board of the PPPRA and the oversight ministry speaks volume of the arbitrariness and public contempt in the operations of PPPRA. We find this deeply disturbing.

“It is also very embarrassing that the PPPRA boss, while trying to defend the indefensible, appeared to be out of sorts and ready to clutch at any available straws to sell his ice block merchandise to Eskimos.

“Apart from contradicting himself that PPPRA is still trying to regulate a deregulated product through ‘advisories’, the PPPRA went on to exert more nails on the coffin of his polemics when he argued that PPPRA was just like the Central Bank of Nigeria, CBN, and the National Insurance Commission, NAICOM, that would always act to protect the public interest.

“That was how far the niceties went. The rest of the statement by the PPPRA boss was about how PPPRA plans to protect investors and increase their profit.”

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