Business

Coronavirus: Niger govt slashes 2020 budget by 36%

Niger State Executive Council has downsized the state’s 2020 approved budget by 36 per cent.

The state Commissioner for Budget and Planning Commission, Alhaji Mamman Musa, disclosed this during post-exco media briefing at the Government House, Minna.

Musa said that the assented 2020 budget which stood at N155 billion would have a new size of N98 billion when approved.

He said that they were being mindful of the recurrent expenditure which, in the 2020 budget, stood at N70 billion while the capital expenditure is N85 billion.

Nigeria naira remains under strain after devaluation

Nigeria will probably need to weaken the naira further following its devaluation last week, while the pressure the currency’s under will restrict how much the central bank can cut interest rates on Tuesday, according to analysts.

The Monetary Policy Committee of Africa’s oil producer is meeting following Governor Godwin Emefiele’s decision to depreciate the exchange rate used by foreign bond and stock investors, which had been largely pegged since 2017, about 4% to 380 per dollar.

Despite coronavirus fears, pangolin trade booms in Nigeria

Since scientists learned the coronavirus (Covid-19) might have origins with bats and potentially spread to humans through pangolins in a wildlife market in Wuhan, China, Chinese authorities have closed down or put under quarantine about 20,000 wildlife farms to curb wildlife trade. Vietnam is considering a similar ban.

Shell cuts 2020 spending by $5 billion, suspends share buyback

Royal Dutch Shell will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collapse in oil prices, it said on Monday.

The Anlgo-Dutch oil major said it would reduce capital expenditure to $20 billion or below from a planned level of about $25 billion while seeking to reduce operating costs by an additional $3 billion to $4 billion over the next 12 months.

The cuts are expected to boost Shell's cash generation by between $8 billion and $9 billion on a pre-tax basis.

Exxon notifies contractors, vendors of spending cuts over coronavirus

Exxon Mobil Corp is notifying contractors and vendors of planned near-term cuts in capital and operating expenses over a coronavirus pandemic, and will announce the plans once they are final, company spokesman Jeremy Eikenberry said on Sunday.

"Based on this unprecedented environment, we are evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term," Eikenberry said.

"We are notifying contractors and vendors of our intended reductions, and they may be adjusting their staffing and budgets accordingly."

COVID-19: CBN meets with bank chiefs March 21, pumps N100bn into Health Sector

TWO days after it unveiled a six-point palliative to ameliorate the continued impact of the coronavirus on the Nigerian economy and supply chains around the globe, the Central Bank of Nigeria, CBN, has announced its decision to increase its intervention in boosting local manufacturing and import substitution by another N1trillion across all critical sectors of the economy.

EcoBank Transnational changes board membership

THE Ecobank Transnational Incorporated, ETI, the Lomé-based parent company of the Ecobank Group, announces two new appointments and changes on its Board of Directors.

How Ministry of Industry, Trade and Investment is supervising collapse of business in Nigeria

By Valentine Amanze

Global airlines face bankruptcy by May if governments don’t intervene, warns aviation consultant

The escalating coronavirus crisis could bankrupt most of the world’s airlines by the end of May unless they get help from governments and the industry, an aviation consultant has warned.

“Demand is drying up in ways that are completely unprecedented,” Sydney-based consulting firm CAPA Centre for Aviation said in a report on Monday.

“Coordinated government and industry action is needed — now — if catastrophe is to be avoided, CAPA warned. “Otherwise, “emerging from the crisis will be like entering a brutal battlefield, littered with casualties.”

Buhari retains Bello Koko, reappoints Bala Usman as NPA boss

President Muhammadu Buhari of Nigeria has approved the reconstitution of the Governing Board of the Nigerian Ports Authority (NPA) with Akin Ricketts as Chairman.
The Permanent Secretary of Federal Ministry of Transportation, Sabiu Zakari, disclosed this on Tuesday.
Other members of the governing board include; Mohammed Bello Koko, Executive Director, Finance & Admin; Prof. Idris Abubakar, Executive Director, Engineering & Technical Services; and Onari Brown, Executive Director, Marine & Operations.

Pages