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Nigeria To Approve $180m More For Capital Spending –Adeosun

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Nigeria’s Minister of Finance, Kemi Adeosun on Friday said the government will allocate 60 billion naira ($180 million) more spending on capital projects.

The funds will form part of the 2016 budget and addition to earlier releases.

Nigeria has been struggling to boost its economy by diversifying away from crude oil revenue.

Africa’s largest economy is in the middle of its worst financial crisis for decades as a slump in oil revenues hammers public finances and the naira.

The central bank governor has said recession is likely.

Buhari on Thursday said the country needed to balance monetary and fiscal policies in order to return to growth.

Government capital spending so far has exceeded 400 billion naira this year, Adeosun said, despite the record budget being held up for months by wrangling between President Muhammadu Buhari and parliament.

Last month, Adeosun said the country will commence international borrowing in the third quarter of the year.

The government has said it plans to borrow up to $10 billion, with about half of that coming from foreign sources, to help make up a budget shortfall exacerbated by a slump in oil prices.

Nigeria had initially planned to hold Eurobonds road shows in March but postponed sales as investors complained about the overvalued naira, according to bankers.

Nigeria’s government has said it wants to change the balance of its debt portfolio so that 40 percent of its borrowing comes from abroad, compared with 16 percent now. It also wants to extend the average maturity of its debt profile.

Adeosun met international investors in June on a non-deal roadshow in London as Africa’s biggest economy explores fund-raising options to finance a record budget deficit.

The Finance minister said apart from infrastructure investments, the government was reviewing its tax policies to improve collection and widen the net, make its import tariffs more competitive and cut costs to boost the economy.

Nigeria generated 200 billion naira from independent sources this year, which includes revenues from government departments that would have otherwise not been captured in the budget.

The West African nation will tap partnerships with the private sector to boost investment. Adeosun said the government was in discussion with General Electric to develop and operate rail services to improve transport for goods across the country.

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.

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COVID-19: EU Restricts Nigerians From Entering Europe After Infecting them

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European Union Excludes Nigerian from 54 Nations that Can Enter the Region

The European Union (EU) has excluded Nigeria from the list of 54 nations that will be allowed to enter the region when it eventually opens its external borders in July.

In a statement published on schengenvisainfo.com, the union listed the 54 countries as Albania, Algeria, Andorra, Angola, Australia, Bahamas, Bhutan, Bosnia and Herzegovina, Canada, China, Costa Rica, Cuba, Democratic People’s Republic of Korea, Dominica, Egypt, Ethiopia, Georgia, Guyana and India.

Others are Indonesia, Jamaica, Japan, Kazakhstan, Kosovo, Lebanon, Mauritius, Monaco, Mongolia, Montenegro, Morocco Mozambique, Myanmar, Namibia, New Zealand, Nicaragua, Palau, Paraguay, Rwanda, Saint Lucia, Serbia, South Korea, Tajikistan, Thailand, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, Uruguay, Uzbekistan, Vatican City, Venezuela, Vietnam and Zambia.

While China, the outbreak nation, South Korea and Japan, two of the most affected nations in the world, will be allowed to enter the Euro-area when external borders reopen in July, Nigeria with fewer cases of COVID-19 has been excluded from the list despite an Italian businessman been the index case.

The Italian businessman had traveled to Nigeria in February 2020 and tested positive to COVID-19 on February 27 after interacting with Nigerians that came in contact with him.

The Nigerian government had allowed citizens of Euro-area to travel into the country despite the rising number of new cases in the region, especially in Italy, France and Germany. However, the revise is the case now, even with Nigeria addressing the situation started by the European Union.

Eric Mamer, the spokesman for the commission, said “The European Union has an internal process to determine from which countries it would be safe to accept travellers.”

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FG Test-Runs Nnamdi Azikiwe, Lagos Airport Ahead of Flight Operations

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FG Test-Runs Nnamdi Azikiwe, Lagos Airport Ahead of Flight Operations

The Federal Government on Saturday conducted a test-run of the Nnamdi Azikiwe International Airport and the Murtala Muhammed International Airport ahead of commercial flight operations following months of lockdown due to COVID-19.

In line with safety protocols, passengers will be duly screened to protect them and the cabin crew.

According to the News Agency of Nigeria (NAN), provisions were made for hand wash and alcohol-based sanitisers, there were temperature checks, as well as strict compliance to social distancing of about one metre.

Also, the Federal Government has acquired robots to process passengers at the departure hall, according to NTA news.

robot 2

These robots were reportedly tested in Lagos earlier this morning.

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It would be recalled that Air Peace had flown 25 empty planes from Lagos to Abuja, Port Harcourt and back to Lagos to ascertain their working condition ahead of flight resumption.

The airline spokesperson, Stanley Olisa, stated on Thursday.

He said, “All the aircraft took to the skies flying to Abuja, Port Harcourt and back to Lagos without passengers.”

Speaking on the airline readiness, Olisa said “We have been operating ‘special flights’ to local and international destinations, and we have more of such flights in the works.

“This accentuates our preparedness for operation restart as our pilots, cabin crew and engineers have been hands-on and are current. So, we are 100 per cent ready to resume.”

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Oxford University Commences First Human Trials of COVID-19 Vaccine in South Africa

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Oxford University Commences First Human Trials of COVID-19 Vaccine in South Africa

Oxford University in Partner with the University of Witwatersrand has rolled out the first human trials of COVID-19 vaccine in Africa in South Africa.

The trials that started on Wednesday will consist of 2,000 volunteers between the age of 18 to 65 years, this will include HIV positive patients. Together they will be administered the vaccine and monitored for 12 months to evaluate how well the vaccine protects them against COVID-19.

Shabir Madhi, a professor of vaccinology at Wits University and leader of the trial said, “Once 60% of the population, especially the adult population, becomes immune, we expect that effective reproductive rate to go under 1, which basically means the virus will still be around, it will still circulate, but its chain of transmission has been interrupted.”

South Africa is now the second country after Brazil to take part in the trial outside the United Kingdom where 4,000 people had previously volunteered.

The ChAdOx1 nCoV-19 vaccine, also known as AZD1222, was developed by Oxford University scientists, that are now working with AstraZeneca on development and production.

The trial has created a mixed feeling among Africans following decades of using Africans as guinea pigs for new medical trials.

Junior Mhlongo, a volunteer who received the vaccine at a hospital in Johannesburg, said: “I feel a little bit scared, but I want to know what is going on with this vaccine so that I can tell my friends and others.”

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