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Agriculture & Nigerian Economy

We Have to Reduce Oil Production Cost, Says Osinbajo

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Osinbajo

Vice-president, prof. Yemi Osinbajo, has said the deal to cut oil production by the organization of petroleum exporting countries and its allies has resulted in lower revenue generation for the federal government.

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The vice-president, who was represented by the minister of state for petroleum resources, Timipre Sylva, said the collapse in crude oil demand due to the covid-19 pandemic caused the recent sudden slump in oil prices.

Osinbajo said on Tuesday that the ministry of petroleum resources had a mandate to drastically reduce the unit cost of crude oil production in the country in order to increase government revenue.

He expressed confidence that the country would achieve the desired goal of finding more hydrocarbon deposits in the Nigerian basins, notwithstanding the curtailment in production.

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Agriculture & Nigerian Economy

FG To Receive $2.5 Billion China Loan To Complete Ajaokuta-Kaduna-Kano Gas Pipeline

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Zainab-Ahmed

The Federal Government, Tuesday, said it is set to receive a $2.5 billion loan from china to complete the Ajaokuta-Kaduna- Kano, gas pipeline project by 2023.

Minister of finance, Zainab Ahmed, made this known while inspecting the project by one of the contractors handling section one, Oilserv Nigeria limited, which is from Ajaokuta to Abuja.

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Ahmed who noted one of the cardinal objectives of the project as creating jobs for youth, also expressed optimism that the project will be delivered by 2023.

She noted with satisfaction that the pace of the project has been good despite the economic slowdown.

“We are glad that gas is being piped to Ajaokuta, Kaduna to Kano. This project in this part of the country will create jobs, even now that work is going on locals are being employed.

The contractor is doing a quality and excellent job, and we commend NNPC for implementing this project’’, Ahmed said.

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Agriculture & Nigerian Economy

FG Says Hike in Price of Air Ticket Inevitable as a Result of COVID-19

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Aviation sector, Airfare

The Federal government on Thursday said the over 100 per cent hike in domestic Airfares was inevitable, describing it as one of the consequences of the COVID-19 pandemic.

It also disclosed that 300 employees of Arik air who would have been recently sacked by the carrier had not been relieved of their jobs based on the intervention of government.

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The Director-General of the Nigerian civil aviation authority, Musa Nuhu, disclosed this in Abuja at the briefing of the presidential task force on COVID-19.

Nuhu stated that because of the shutdown, airlines could not find slots to take their aircraft out, adding that the dollar rate had gone up and operators needed to raise enough money.

On the issue of 300 sacked staff employees of Arik air, the NCAA boss said the workers were not retrenched.

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Agriculture & Nigerian Economy

World Bank Forecast: Poor Nigerians Will Reach 100 Million by 2022

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world Bank

On Thursday, the World Bank forecasted that there will be increase of the number of poor Nigerian from 90 million to about 100 million by 2022 following the effect of the COVID-19 pandemic on the Nigeria’s economy.

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It stated that about 11 million more Nigerians were expected to fall into poverty following the effect of COVID-19 crisis.

This was disclosed during the event, ‘Nigeria Development Update Virtual’ which had the theme ‘Rising to the Challenge: Nigeria’s COVID-19 response’.

The World Bank also put the financing portfolio approved by its board for Nigeria at about $11.5bn.

Marco Hernandez, an economist with the bank made his presentation at the event stating that before the COVI-19 pandemic, about two million Nigerians were expected to fall into poverty I 2020 as population growth outpaced economic growth.

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