The World Bank Group and International Monetary Fund have asked for debt relief by the G20 for the poorest countries: The World Bank and the IMF, in a joint statement, said the coronavirus outbreak is likely to have severe economic and social consequences for IDA countries, home to a quarter of the world’s population and…

This is a global crisis affecting the whole world. Africa, however, will be hit harder with a heavy and durable economic toll, which will threaten progress and prospects, widen inequalities between and within countries, and worsen current fragilities. African countries need support in preparing for the health crisis, and for the economic fallout. The measures…

The Monetary Policy Committee, MPC, of the Central Bank Nigeria,CBN, has retained the MPR at 13.5 per cent. In the MPC meeting, held on Monday and Tuesday, March 23 and 24, 2020, the Committee retained other rates, including the asymmetric corridor of +200/-500 basis points around the MPR; the CRR at 27.5 per cent; and…

The Federation Accounts Allocation Committee (FAAC) has shared a total of N581.566 billion February 2020 Federation Account Revenue to the Federal, States and Local Governments in the country. This was announced after a rescheduled meeting of the Federation Account Allocation Committee (FAAC) held in Abuja. The N581.566 billion comprised Statutory Revenue, Value Added Tax (VAT),…

The World Bank and IFC’s Boards of Directors approved today an increased $14 billion package of fast-track financing to assist companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19. The package will strengthen national systems for public health preparedness, including for disease containment, diagnosis, and treatment, and…

The Federal Government has reduced the pump price of petrol from N145 per litre to N125 per litre. This is in line with the global drop in oil prices because of the ongoing depression in the economy because of the ravaging impact of coronavirus in the world. The Minister of State, Petroleum, Timpre Sylva, who said the reduction in fuel pump price was approved by President Muhammadu Buhari, stated that the present government wants to drop the fuel pump price in line with the drop in global oil price. Sylva maintained that fuel pump price could drop further when global prices drop more, adding that the step is to mitigate the impact of hard economy on Nigerians.

…Meets with Bank Chiefs on March 21 …Health sector to get additional N100b loan Boost Two days after it unveiled a six-point palliative to ameliorate the continued impact of the corona virus on the Nigerian economy and supply chains round the globe, the Central Bank of Nigeria (CBN) has announced its decision to increase its…

The Senate, on Tuesday, has said that a cut to the N10.594 trillion budget for 2020 passed by the National Assembly on December 5, 2019, is “inevitable” in view of the crash in crude oil price internationally. The resolution was reached sequel to the adoption of the recommendations of the report of the Joint Committee…

It has been a horrific week for oil prices, and crude is down about 50 percent since the start of the year. Oil rebounded a bit on Friday following movement in the U.S. Congress to pass a coronavirus economic relief bill. Nevertheless, the near-term looks dire for oil markets, with supply rising quickly as demand…