CBN: Foreign Reserves Now $35 bn, Apex Bank Warns FG

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April 3, 2020

By Tosin Olatokunbo

The central bank of Nigeria, CBN has challenged the federal government to stop relying on oil as a major source of revenue to checkmate the nation’s sliding foreign reserve.

The country’s foreign reserves have continued its downward slope, particularly in the first quarter of the year due to falling crude oil prices.

According to figures released at the end of the CBN Monetary Policy Committee, MPC for the month of March, the apex bank said the reserve has dipped seriously in the last three months: the FR dipped to $3.02bn from $38.53bn on January 2, 2020 to $35.51bn as of March 27, 2020, the CBN said.

The reserves, the CBN said dipped from $39.8bn in November, 2019 to $39.24bn on December, 2019.

It had earlier dropped by $1.26bn from $41.76bn on October 2 to $40.5bn as of the end of October, the government bank said.

Less of crude oil, the nation’s main stay, has been demanded as economic activities among world’s majors slowed due to the impact of the corona virus, analysts say, adding that the development has affected the revenue accruing to the government, resulting in the draw-down on the foreign reserves.

The MPC also noted the weakening performance of global output growth since January 2020, reflected in losses in global stock values; declining primary commodity prices and disruptions to the global supply chain associated with large-scale global lockdown of mega metropolis and whole countries and social distancing as major concerns.

Also, it added that there had been adverse shocks to global capital flows; vulnerabilities and uncertainties in major financial markets as well as rising corporate debt in the advanced economies and public debt in some emerging market and developing economies, will challenge the efforts of the federal government stabilize the economy.

The CBN governor, Godwin Emefiele, said serious measures must be put in place to roll back the impact of COVID 19 on the economy.

“The continued spread of COVID-19; further decline in crude oil prices and the reduction in accretion to external reserves; reduced government revenue leading to weak aggregate demand; declining non-oil receipts; as well as infrastructural and security challenges,” Emefiele said portend grave economic consequence for the country.

NNPC Scam: N23 Trn Stolen, PDP Demands N90 Petrol Price

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Bayo Bernard

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April 3, 2020

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By Fola James

The refusal of the President Muhammadu Buhari-led administration to crash the pump price of petrol to N90 signals continuous plans to aggravate the sufferings of Nigerians despite the economic hardship caused by the ravaging corona virus pandemic, the opposition PDP has said,

The PDP has also urged the administration to account for over N23 trillion allegedly stolen from the oil sector in the last four years and end corruption in the sector to prove to Nigerians its readiness to fight corruption.

“Our party also challenges the APC to join the PDP and other well-meaning Nigerians in our persistent demand that President Buhari orders the recovery of over N14 trillion oil money stolen by APC leaders in the last four years including the stolen N9trillion detailed in the leaked NNPC memo, and redirect same to the welfare of Nigerians,” the PDP said in a statement on Thursday.

The party made the suggestion after the federal government directed oil marketers in the country to reduce petrol pump price to N123.5.

The federal government had last month reduced the price of the commodity to N125 from N145 to reflect the realities of crude oil price at the international market.

A barrel of crude has flopped to all time low of $19 per barrel and analysts say it’s likely to slide further due to less demand for the product.

Crude oil price has been hit by shut down in major world economics such as USA, UK, France and others.

Major oil marketers in the country have threatened to go on strike if price is reduced further and indicated they will not sell at a further reduced price, but the PDP said the price of petrol in Nigeria should not be more than N90.

“It indeed smacks of heartlessness that the APC, its leaders and cronies in government circle are rather manipulating fuel costs at this critical time when other governments across the world are seeking ways to mitigate the economic hardship being faced by their citizens,” PDP said.

The party stated that “since Nigerians earlier had to bear the brunt of high cost of fuel in the face of high oil prices in the international market, it is only fair that they also enjoy the benefits of the cut in international prices; an advantage the APC had continued to deny them.”
According to the party, the country has experienced more corruption in the nation’s oil sector under the APC-led government.

This should not be allowed to continue, the party said, adding that those involved in the alleged multi-billion naira corruption must be exposed and punished.

Meanwhile, investigations by the magazine indicates that major oil supply producers have reduced the price of petrol and other crude oil based products to alleviate the sufferings of their citizens.

Bizarre: Indian Couple Names New Born Twin, Covid, Corona

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The Source

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April 3, 2020

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By Akinwale Kasali

The deadly Pandemic, Covid-19 that is presently rocking the world will forever be green in the memory of an Indian Couple, even after it has gone into extinction.

The couple in a bizarre manner, named the newborn twins ‘Corona’ and ‘Covid’.

The two words, ‘Corona’ and ‘Covid’ were derived from the Coronavirus , and code -named COVID-19. The disease broke out in Wuhan, China, spread worldwide, infecting hundreds of thousands of people, and killing thousands.

The couple, from Chhattisgarh, welcomed the twins at the peak of the raging coronavirus, which has forced worldwide lockdown, almost, and decided to name them ‘Corona’ and ‘Covid’ because, the couple explained, the kids symbolise triumph over hardships.

According to the couple, the names would remind both of them the hardship they conquered amid the lockdown.

“I was blessed with the twins, a boy and a girl.

We have named them Covid (boy) and Corona (girl) for now,” Preeti Verma, the 27-year old mother of the newborns, said.

“The delivery happened after facing several difficulties and, therefore, me and my husband wanted to make the day memorable.

“Indeed the virus is dangerous and life-threatening but its outbreak made people focus on sanitation, hygiene and other forms of good habits. Thus, we thought about these names,” she said.

Giving reasons for their unusual decision. “When the hospital staff also started calling the babies Corona and Covid, we finally decided to name them after the pandemic,” she said.

Speaking on the challenges she and her husband faced before she welcomed her twin children, Verma said: “On late night of March 26, I suddenly experienced severe labour pain and somehow, my husband arranged an ambulance operated under 102 Mahtari Express service, as no vehicular movement was allowed on roads due to the lockdown. We were stopped by the police at various places but they let us go after noticing my condition,”

Ms.Verma: “I was wondering what would happen in the hospital as it was midnight, but fortunately doctors and other staff were very cooperative.

“Our relatives, who wanted to reach the hospital, could not make it as bus and train services were stopped due to the lockdown,” said Verma, who already has a two-year-old daughter.

Public Relations Officer (PRO) of the hospital, Shubhra Singh said, the mother and the newborns were discharged in good health.

In Nigeria, the social media has been awashed with users coming up with different names for children born within this period.

The names suggested include: Corochukwu, Corolabi, Corotunde, Corononso, Corowale, Corolade, Coronancy among other names.

COVID-19: Angry LASG, Seals Mosque, Warns Muslim Faithfuls

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The Source

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April 3, 2020

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By Akinwale Kasali

Muslim faithfuls who worship at the Central Mosque, Agege, Lagos, are in for a tough time.

For sometime to come, they will have to look for another worship place.

Here is why?

The Lagos State Government is very angry with them and on Thursday, sealed the Mosque. The Government’s anger stems from the unruliness displayed by the Worshippers at the Mosque on Wednesday.

The Muslim Faithfuls had gone berserk and attacked members of the Lagos State Government COVID-19 Task Force who tried to stop the Islamic Faithfuls from praying at the Mosque. They tried dispersing them from observing their prayers at the Mosque.

This was in adherence to the Federal and State Governments order which restricted the movement of people, and ordered social distancing.

Officials of the Task Force were beaten black and blue by the Islamic Faithfuls, forcing the LASG Task Force officials to take to their heels.

In its earlier reaction, the LASG described the attack on its officials as barbaric, disrespectful and insurbodination to constituted authority. It has now followed up with sealing the Mosque, thus baring them from having access into the Mosque.

The General Manager, Lagos State Environmental Protection Agency (LASEPA) and leader of the Taskforce, Dr. Dolapo Fasawe, had earlier said it will not hesitate to punish anyone who, or any group which, violates the precautionary measures put in place by the state government to curtail the spread of the coronavirus.

The task force is mandated by the State Government to monitor, and enforce compliance against public gatherings exceeding 25 people.

Fasawe said: “Our people are out to protect the residents of the State, and yet were attacked for doing their jobs”.

She stated that the state government will not hesitate to sanction violators to serve as a deterrent to others, adding that it was obvious the gathering did not comply with the directive of Governor Babajide Sanwo-Olu on public gathering and social distancing.

According to her, Taskforce team COVID-19, comprising of Lagos State Environmental Protection Agency (LASEPA), Lagos Safety Commission and the Rapid Response Squad, saw the Muslim faithfuls observing their evening prayer (Solatul Eshai) in a large congregation, contrary to the directive on total lockdown to stem the tide of the COVID-19 pandemic in the State.

“However, a drama ensued when some of the Muslim youths sighted the team and became aggressive, abrasive and started to attack the team.

“Others in the mosque, numbering about 300 rushed out chanting ALLAHU AKBAR and joined them in the attack by throwing stones at the vehicles.

“All entreaties to talk to the Imam failed as the youths were persistent. But the Police escort rose to the occasion by curbing further attacks and ensured the safety of the team”, she disclosed.

Fasawe said the Agency has been enjoying support and compliance from religious houses and was surprised that the congregation of a mosque that was visited last week could default, and, also, attack government officials trying to enforce compliance.

In her words, “The team has visited several places of worship and been able to enlighten them and advocate the social distancing approach in all gatherings. But in this instance, the mosque was filled to capacity.

“The essence of social distancing is to curtail the spread of Coronavirus. The people are endangering their lives and those of their neighbours”.

While noting that the state government remains committed to protecting all residents, Dr. Fasawe promised to report the matter to appropriate quarters because such gathering should not be allowed to continue in the interest of all.

In his own remark, the Director-General, Lagos State Safety Commission and Co-Leader of the Taskforce, Mr. Lanre Mojola, observed that the leadership of the two prominent religious organisations in the State had been adequately sensitised and carried along in the fight against the COVID-19 pandemic.

“But we won’t relent, we will continue to appeal to our people to heed advice. Prayers can be observed at home, businesses can be resuscitated but this deadly virus is dangerous if not well managed and timely controlled. If not for us, but for our families, friends and neighbours, let us do the needful and observe safety measures at all times,” he added.

Majola, therefore, implored all Lagosians to comply fully with the directive as the present administration will not hesitate to apply the law when necessary.

Recall that the Lagos State Special Taskforce on COVID-19 was recently inaugurated by the State Government to enforce the executive orders toward curtailing the spread of the Coronavirus pandemic.

For now, nobody knows if, and/or when the LASG will unseal the Mosque.

Strong speculations are that the Imam and those who took an active part in the beating of the task force members would be prosecuted by the Government.

Nigeria’s Chidinma, Dies Of COVID-19 in London

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The Source

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April 2, 2020

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By Gideon Njoku

Chidinma was as pretty as a rose. Young. Vivacious. Brilliant.

She was a 2002 set at the Federal Government Girls’ College, Owerri.

Her father, Chidi Onuzo, a gentleman, was a Broadcaster. He rose to the peak. And retired as the Director General of the old Imo Broadcasting Corporation, IBC.

Then, to the surprise of many, he joined politics. He was soft spoken and, so many thought, lacked the temperament of a politician.

But, again, he rose to the peak, almost. His wife and children, including the lovely Chidinma were his front cheerleaders.

He was the running mate to Chief Martin Agbaso in 2007. Agbaso was the Governorship candidate for APGA. Both men won the election. But, a political abracadabra denied them the victory which was already in the bag.

Chidinma went on to carve a niche for herself, and ended up in Britain. She was a resourceful young woman.

She got married to the love of her life – Olajide. It was an inter-tribal marriage. They were cool. And had their future well planned, and laid out.

But enters, the cursed Coronavirus. And shattered their dream. Chidinma succumbed to it. The rose withered before its full plume.

She left behind an eight-month old baby, and a heartbroken family.

With her death on Wednesday, April the 1st, she joined a number of young people who recently succumbed to COVID-19, and thus shattered the myth that young people almost, always, survive the virus.

Breaking: Fears of Fatalities as Calabar Spar Collapses

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The Source

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April 2, 2020

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By Ebere Levi

Spar, a multi-purpose shopping Mall in Calabar collapsed this evening trapping shoppers inside.

Many vehicles were also destroyed in the incident.

Well patronised by Calabar residents, Spar is the only standard Mall in the city.

Located off the busy Mary Slassor Road, adjecent the Calabar Cultural centre, Spar is normally filled to brim with shoppers and youths who sometimes flock there to take selfie pictures.

At press time, The Source could not establish whether there were fatalities in the incident. The cause of the collapse is not also known yet.

Covid 19: Nigeria May Slip Into Recession Again

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Uche Mbah

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April 2, 2020

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Godwin Emefiele, CBN Governor — Godwin Emefiele

By Uche Mbah

With man-hours being lost during quarantine in parts of the country and the oil price crashing to unprecedented low, fears are that Nigeria will slip again into recession after the crisis period has past.

Nigeria had predicated their budget benchmark on $57 per barrel. As at then, crude price was hovering around $72 per barrel. But Oil price has since plummeted to $18 per barrel before marginally rising again to $22 per barrel.

Production cost was put at about $28 per barrel.

Besides, reports indicate that barges of Nigerian Crude are hovering at the high seas looking for non-existent buyers.

Analysts believe that all these, coupled with the debt profile of the Country, may finally drive the country into recession again.

Presidency has imposed quarantine on Abuja, Lagos and Ogun states. most southern states are on quarantine, but most Northern states are not.

Lagos and Abuja are the economic hub of the country.

Already, Nigeria has reduced its operating budget due to the crash in oil prices.

Although the Central Bank Governor, Godwin Emefiele, has assured that there is not going to be devaluation, the Naira has fallen slightly to about N400 to the dollar.

With the onset of covid-19, devaluation and recession appear to be inevitable.

COVID-19: Thailand’s King, His 20 Concubines, Quarantined

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The Source

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April 2, 2020

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By Akinwale Kasali

At this time that the world is contending with, and collectively looking for a vaccine for the deadly pandemic, Covid-19, and preaching social distancing, Thailand Monarch is not ready to compromise his pleasure.

The 67-year-old King Maha Vajiralongkorn, described by many as a ‘playboy king’ has reportedly taken over a luxury German hotel to isolate from the coronavirus with harem – 20 women – aside from his servants.

The Independent German media reports that the king booked the entire Grand Hotel Sonnenbichl with “special permission” to break the lockdown in the Alpine resort town of Garmisch-Partenkirchen.

The basic meaning of isolation is to separate oneself or someone from others. That is WHO’s protocol to contain the spread of the rampaging Coronavirus. But Vajiralongkorn thinks otherwise.

The Independent further cited German tabloid Bild as reporting that the king, widely known as Rama X, chose to redefine isolation to give himself a preferential treatment.

He moved in with 20 concubines, along with a team of servants.

He was even going with a bigger entourage but 119 members were reportedly forced to return to Thailand in case any of them had already contracted the deadly virus.

Suthida Tidjai, his trusted Ally was, also, with him.

Responding to the outrage among Thais who resorted to social media to express their disappointment in their king, a spokesperson for the local district council said the Grand Hotel Sonnenbichl was given special permission to host the king and his entourage because “the guests are a single, homogenous group of people with no fluctuation”.

Reports say Vajiralongkorn has not made a public appearance in his country since February, even as the country has recorded more than 1,500 coronavirus cases and nine deaths as at Monday, according to Johns Hopkins University data.

He took over from his father, King Bhumibol Adulyadej, who died in October 2016 after spending 70 years on the throne.

COVID 19: FG, Others Beg IMF, W/Bank To Cancel Debt

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Bayo Bernard

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April 2, 2020

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Zainab Shamsuna Ahmed,minister of finance

By Fola James

Nigeria and other African countries are demanding debt forgiveness and bailout worth over $140 bn from IMF, World Bank and other rich western nations to cushion the effects of the novel corona virus on their people.

Except these international bodies come quickly to the rescue, hunger, deaths and disease loom in the continent, African leaders have said.

This is the resolution of Finance Ministers across Africa, at a meeting held recently under the auspices of the Economic Commission for Africa, ECA.

The continent is currently struggling to contain the impact of the deadly disease, which, the World Health Organisation say could kill over 240,000 people across the world.

The virus has spread to a dozen of countries in the continent, with over 6,400 persons already tested positive and 229 deaths recorded so far, WHO said.

Affected countries in the continent have taken some proactive measures, including stay-at-home order, which has largely stopped people from going to work, experts say, warning of serious impact on many struggling economies, most especially those that depend on hands-out from rich countries to survive.

The only way to save the continent from imminent economic collapse is for Europe and other rich countries in the West to restructure or allow outright debt forgiveness for many African nations, the ministers said.

The continent is now seeking economic stimulus package worth $100bn, aside plea to creditor bodies such as the International Monetary Fund, IMF, World Bank and other development partners to waive $44bn interests on debts in 2020.

“Africa needs an immediate emergency economic stimulus to the tune of US$100 billion. As such, the waiver of all interest payments, estimated at US$44 billion for 2020, and the possible extension of the waiver to the medium term, would provide immediate fiscal space and liquidity to the Governments, in their efforts to respond to the COVID-19 pandemic,” the ministers said at the meeting attended by Zainab Ahmed, Nigeria’s Finance Minister.

There are already strong indications that many countries in the Africa are not likely to meet their projected revenue for the year, this could affect spending on critical infrastructures and social buffers for the poor, analysts say.

For instance, Nigeria’s 2020 Budget is benchmarked on $56 per barrel of crude oil; the price of the commodity has now dropped to $19 per barrel, as a result of spike of the corona virus pandemic across the world, which has seen big economics shut production, leading to less demand for the product.
Many countries in Africa will not survive the shock except something is done quickly,” Jacob Ibiyemi, an economic expert say.

According to the Ministers “without coordinated efforts, the COVID-19 pandemic will have major and adverse implications on African economies and the society at large.

Original economic forecasts in most economies are on average, being downgraded by 2-3 percentage points for 2020 due to the pandemic.”

Dealing With Covid-19 As A Nigerian – Reality Check

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The Source

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April 2, 2020

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By Dike Chukwumereije

My country reminds me of Samson, on the morning after Delilah had shaved his hair, being woken up from sleep with the cries of his enemies at the gate and rushing out thinking he was still possessed of his old strength, of his capacity to engage and defeat a determined foe. This is what my country reminds me of – a man suffering a great delusion about his own capacity at a critical time.

Me? My only real consolation in all this is in the number of people who seem able to recover from this virus on their own. Or who it is suspected contract it and remain asymptomatic from start to finish. This is what comforts me, the possibility of some sort of emergent immunity. And all the indications that a treatment or vaccine may soon be found abroad. These are things that give me hope that this is not the wind that will reveal the fowl’s nyash. But it also makes me sad because this particular fowl may afterwards still not understand how near the miss truly was.

I tell you.

Wash your hands regularly? 55 million Nigerians have no access to clean water. Practice Social Distancing? 50% of Nigerians live in slums, bachas, face-me-i-face-yous. Self-isolate for 2 weeks? We are the extreme poverty capital of the world. Over 87 million Nigerians live in it. That is the type of poverty that if you don’t hustle today, you don’t eat today. It is literally death by starvation versus death by infection. Test, test, test for the virus? In the 4 weeks since we had our first case, we’ve been able to do under 200 tests. In the same period, South Africa has done over 15000 tests. If someone abroad does not help us invent a cheap rapid diagnostic test for covid19 sharp and sharp and, very kindly, donate it to us in large numbers sharp sharp, we will continue to test at super snail speed using a process that will be heavily influenced by the routine ‘man know man’.

I tell you.

Treat worst cases in Intensive Care? Which Intensive Care? 16 years ago, WHO told us we had 5 hospital bed spaces (and by this they meant everything from public to private, from outpatient to intensive care) for every 10,000 Nigerians. Since then we have elected PDP, then APC. We have elected Christian then Muslim. We have elected Northerner then Southerner. We have elected Hausa, Igbo, Yoruba. Today? Nnamdi Azikiwe University Teaching Hospital has 4 single beds in Intensive Care – with nothing else apparently in the room. Tell me? How do you ramp up what does not exist?

This degeneration of systemic capacity is what we have consistently voted for for 16 years. This deterioration of collective ability is what our young men and women mobilize themselves into thuggish gangs on election day to defend. Because when you shout ‘vote for capacity and merit’ someone will come and start explaining to you why it is the turn of this clan or this village or this region or this tribe or this religion to chop building material. And now that owu is threatening to blow, we are looking for concrete shelter to hide inside? My people, that concrete shelter does not exist. Because we used the concrete to build stomach infrastructure in by-gone elections.

So, let us for a second stop pretending we can ‘handle this’. The horse bolted out of the stable years ago. In fact, it has reverted back to a wild horse in the bush and has spawned generations of wild horse children who now make an expert living from locating where we store materials for building stable doors and devouring them, so that no horse may ever be domesticated ever again. You understand? That if covid19 does not decimate us in this country it will not be because ‘we took steps’, commendable as those steps are, it would be because the virus itself turned out not to be as lethal as we feared in our worst nightmares.

And I fear that if that fact is not well articulated and understood the opportunity presented by this crisis – to truly change the way we approach politics and governance in this country, to truly realize that these things impact on lives, not in their tens or thousands, but in their millions and billions – will be lost. And we will continue to sow the seeds of tribalism, mediocrity, and nepotism, thinking that when it counts ‘las las’ we will rise to the occasion. Until that fateful day when Samson wakes up and runs outside to fight a truly lethal foe with a shining bald head…Dikeogu. C