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FG, World Bank at loggerhead as Nigeria spends $1.5b on electricity subsidy

FG, World Bank at loggerhead as Nigeria spends $1.5b on electricity subsidy

World
Govt insists SBT improves collection by N65b, 600,000 meters The Special Adviser to the President on Infrastructure, Ahmad Rufai Zakari, yesterday, faulted a report by the World Bank saying the Federal Government spends, at least, $1.5 billion to meet the shortfall in the country’s electricity sector.  The presidential aide said the survey conducted by the World Bank, which also claimed that 78 per cent of power consumers in Nigeria get less than 12 hours of daily supply of electricity was baseless.  While the World Bank had revealed that the Nigeria government is currently subsidising the power sector with about $1.5 billion, especially due to tariff shortfall, Zakari told The Guardian that the recently-introduced Service-Based Tariff (SBF), which increased electricity bills for end-u...
COVID-19: Bailout for States Inevitable, Says FSDH

COVID-19: Bailout for States Inevitable, Says FSDH

World
The disruptive effects of the spreading COVID-19 pandemic will make bailout for states in Nigeria inevitable if it prolongs, analysts at FSDH Merchant Bank Limited have stated. The financial institution stated this in its latest macroeconomic review for the first quarter of 2020, titled: “Steering a fragile economy in the face of uncertainties,” that was obtained yesterday. According to the Lagos-based firm, there would be need for the disbursement of intervention funds to vulnerable households that are affected by the virus, at both federal and states level, so as to cushion the impact on Nigerians. The report predicted that the outbreak of the virus was expected to have both direct and indirect impact on Nigeria’s economic growth this year. It showed that already, the Centra...
COVID-19: LG Boss Wants Ships from High Risk Countries Stopped

COVID-19: LG Boss Wants Ships from High Risk Countries Stopped

World
As the COVID-19 continues to ravage the country, the Chairman of Warri South Local Government Area, Dr. Michael Tidi, has cautioned the management of Nigeria Ports Authority (NPA), the Nigeria Navy, Nigeria Customs Service and other relevant federal government agencies not to allow ships from high risk countries affected by the virus berth in Warri Port. Tidi, in a statement recently stressed that the warning became necessary following reports that majority of the COVID – 19 cases confirmed in Nigeria were imported. He maintained that the complete closure of the country’s land borders by the federal government as part of measures to check the Coronavirus pandemic, made it more imperative for the authorities to properly screen ships entering the country through the maritime borders. ...