Economy
World Bank: Pandemic to push over 115 million people into extreme poverty
A report by the World Bank has noted that over the past 12 months, the Covid-19 pandemic has harmed the poor and vulnerable the most, and it is threatening to push millions more into poverty. This year, the World Bank said, after decades of steady progress in reducing the number of people living on less than $1.90/day, COVID-19 will usher in the first reversal in the fight against extreme poverty in a generation. The report said the latest analysis warns that COVID-19 has pushed an additional 88 million people into extreme poverty this year – and that figure is just a baseline. “In a worst-case scenario, the figure could be as high as 115 million. The World Bank Group forecasts that the largest share of the ‘new poor will be in South Asia, with Sub-Saharan Africa close behind. ddAccording ...
National Assembly raises 2021 budget by N580 billion, approves N13.588 trillion
The two chambers of the National Assembly yesterday passed the 2021 Appropriation Bill, increasing the budget size from N13.08 trillion presented to them by President Muhamnadu Buhari 11 weeks ago to N13.588 trillion. The passage of the 2021 budget followed consideration and adoption of harmonised reports separately submitted to them by their Committees on Appropriation. The two chambers increased the 2021 budget by about N580 billion and pegged daily crude oil production at 1.86 million barrels per day, while oil benchmark price was fixed at $40 per barrel. They approved N379 to dollar as the official exchange rate while GDP growth rate was pegged at 3 per cent. Highlights of the report approved by the Senate showed aggregate expenditure to be N13,588,027,886,175, statutory transfer of N4...
Ijaw youths block East-West road over NDDC
Pool Photo The ripples over the appointment of a sole administrator for the Niger Delta Development Commission (NDDC) reached a boiling point on Monday as hundreds of Ijaw youths blocked the popular East-West road, causing many travellers to be stranded. The youths under the aegis of the Ijaw Youth Council (IYC) said the protest was for the immediate removal of the Sole Administrator, Mr Effiong Okon Awa, and the inauguration of the substantive board. The protest held travellers stranded for hours and attempts by some armed soldiers backed by an Armoured Personnel Carrier and led by a Major to persuade the protesters to leave the East-West road proved abortive. A plea by a former Secretary to Bayelsa State Government and ex-Nigerian Ambassador to the Scandinavian countries, Dr Godknows Iga...
Thousands protest in Sudan in call for faster reform
Thousands of Sudanese protesters took to the streets of the capital Khartoum and its twin city Omdurman on Saturday, demanding an acceleration of reforms on the second anniversary of the start of an uprising that ousted Omar al-Bashir. The veteran leader was deposed by the military in April 2019 after months of mass protests against poor economic conditions and Bashir’s autocratic, three-decade rule. Many Sudanese are unhappy with what they see as the slow or even negligible pace of change under the transitional government that has struggled to fix an economy in crisis. The government was formed under a three-year power sharing agreement between the military and civilian groups which is meant to lead to fair presidential and parliamentary elections. Sudan’s state TV aired footage of thousa...
NAICOM: Don’t shun insurance despite inflation, harsh business environment
File Photo As businesses and individuals adopt cost reduction measures in response to rising inflation and the harsh business environment, the National Insurance Commission, NAICOM, has charged Nigerians to avoid the tendency to shun insurance of their assets. Commissioner for Insurance, Mr. Sunday Thomas, who gave the charge noted that despite the biting inflation in the country, even as people reduce the cost of expenses, this is not the best of time to reduce insurance consumption. Thomas stated this at a webinar organised by Coronation Insurance Plc in partnership with Access Bank Plc, with the theme: “Managing Business Risks at a Time of Uncertainty.” Thomas, who was represented by Mr. Taiwo Adeoye, Technical Adviser to the Commissioner for Insurance, noted that sometimes the gain in ...
Mozambique jihadists push masses to Pemba
The population has soared in Pemba, a northern Mozambique port known for its wide bay, but rather than tourists coming for a swim, the newcomers have fled Islamic extremists. In the past few months, boatloads of people with little but the clothes they wear have landed under the palm trees after their homes fell prey to Al-Shabaab gunmen swearing allegiance to the Islamic State group (IS). In October, the violent rebellion entered its fourth year and has reportedly killed more than 2,400 people and displaced half a million, according to the government. Their villages were torched, many men killed and many young women kidnapped. After seizing coastal zones that host natural gas installations, Islamist fighters have begun to push to the inland districts of Cabo Delgado province. The last offi...
Nigerian government says 300,000 mass housing scheme strictly for low income earners
The Federal Government says its Social Housing Programme, one of the components of the National Economic Sustainability Plan (NESP), is targeted at low income earners. Imeh Okon, Senior Special Assistant to the President on Infrastructure, who made this clarification on Tuesday in Abuja, said the scheme was not meant for politicians or highly placed persons. The 300,000 social housing programme is a component of the NESP designed by the Vice President Yemi Osinbajo-led committee constituted by President Muhammadu Buhari to cushion the effects of COVID-19 on Nigerians. She explained that one of the objectives of the administration was to provide houses for citizens across the country. Okon said that the houses would be durable and of high quality not minding the low prices. “It is a social ...
Justice Tsoho: Why court froze #EndSARS promoters’ bank accounts
The Chief Judge of the Federal High Court, Justice John Tsoho, on Tuesday said that contrary to the belief in some quarters that the court intentionally froze the accounts of #Endsars promoters, it only played its part as an interpreter of the law. The CJ noted that the Central Bank of Nigeria had approached the court to ask for an order freezing certain accounts of corporate bodies and names of individuals over suspicion bordering on alleged money laundering. He however stated that the CBN did not attach any names to the applications. Justice Tsoho, spoke at the opening of the 2020/2021 legal year, Abuja on Tuesday. He noted that CBN’s request came about three months before the ENDSARS protest. The CJ was reacting to the speech by the chairman of the Nigerian Bar Association (NBA), Olumid...
Wolves want Oleksandr Zinchenko from Manchester City
Manchester City renewed Oleksander Zinchenko until 2024, but his future may not lie at the Etihad… or with a Barca team that took an interest in him months ago. According to the ‘Daily Star’, Wolves will bid for the Ukrainian player in January. Oleksander Zinchenko has always been under the magnifying glass at Manchester City. He was convincing at times as a winger and in the centre of the field. He aroused some interest from FC Barcelona in the summer. The Catalan media considered him the “favourite” for the left-back position, although the economy did not allow him to move. To this was added the fact that Zinchenko had renewed until 2024 with Manchester City. In the meantime, some are trying to take him away from City and from Barca in January. We are talking about Wolverhampton Wanderer...
Group moves to reintegrate displaced persons
Agence France-Presse The initiator of The Skilled Women Initiative (TWINI), Chizom Nwankwo, has said the group intensified efforts in re-integrating some internally displaced persons in Abuja. Nwankwo said the displaced persons would be re-integrated into the community through the group’s learn, earn and blend model. She said with the plan, beneficiaries are taught vocational and technical skills of their choice, added with entrepreneurial skills to help them earn money. She said the beneficiaries had agreed to leave the internally displaced camp after 18 months. She also said the group created a market for the products to encourage beneficiaries, adding, “This is just like a factory. They are making soaps, shoes, cloths. If we are able to gather them and give them jobs, we create another ...
Minister presents draft national biosecurity policy to stakeholders
The Minister of State for Environment, Sharon Ikeazor, formally presented zero draft National Biosecurity Policy to stakeholders. The Minister, who made the presentation in Abuja today, said the Zero draft National Biosecurity Policy has been developed with the full recognition of Biosecurity as a multi sectoral discipline, with all efforts geared towards a one health approach, collaborative approach and an understanding of the responsibilities of various sectors which include governments, NGOs, CSOs, communities and individuals. The honourable Minister said ” to maintain Biosecurity, significant attention should be paid to strategies for the prevention and early detection of, as well as rapid response to, harmful and potentially harmful organisms. She noted that to afford true protection,...
Minister: Industry, trade, investment key to economic diversification
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, says the sector is crucial in the drive toward diversification of the nation’s economy, away from being oil dominated. Adebayo spoke in Abuja at the Physical/Virtual 12th National Council on Industry, Trade and Investment meeting, with the theme “Revitalisation of the Industry, Trade and Investment Sector in Nigeria in the Post-COVID-19 pandemic era”. He explained the pivotal role of the ministry as a key actor in the economy with the mandate to stimulate domestic investment and attract foreign direct investment into all sectors. The minister said it was committed in facilitating trade in goods and services and maximising benefits of international trade through functional bilateral and multilateral trade relations. Acc...
