Author: Alpha Maidawa

  • 2020 Budget: Senate approves Buhari’ s request for N850bn loan

    2020 Budget: Senate approves Buhari’ s request for N850bn loan

    The Senate has approved President Muhammadu Buhari’s request for N850 billion loan from the Capital Market to finance projects in the 2020 budget.
    The senate at plenary on Tuesday, gave accelerated approval to the request for the loan.
    It further mandated its Committees on Finance and Appropriation to liaise with the Minister of Finance, Mrs Zainab Ahmad for details of the loan.
    Buhari has sought the approval of the Senate for the N850 billion loan to finance the 2020 budget.
    The request was conveyed in a letter addressed to President of Senate, Dr Ahmad Lawan and read at plenary.
    Earlier, Lawan in a welcome address said the resumption of plenary was aimed at sustaining solutions to the coronavirus pandemic and ensure that it does not create more problems in the country.
    He said the COVID-19 pandemic has affected the 2020 budget noting that the senate was working with the executive to address the problem.

    “Government has responded well under the recommendations of scientists and experts.

    “Our sessions have been interrupted, but we have sustained our interventions and collaborations with other arms and agencies of government to mitigate the damage from the pandemic.

    ”We will continue in our efforts in the interest of our good health, the well-being of our people and the sustainable development of our nation.This pandemic has killed thousands of citizens across the world.

    ” We have also lost many of our dear compatriots, one of them was the Chief of Staff to the President of the Federal Republic of Nigeria, Malam Abb Kyari.

    “We condole with President Muhammadu Buhari on this painful lost, just as we mourn other citizens who have died because of the disease.We pray the Almighty Allah will give their families the fortitude to bear the loss and grant them Aljanah Firdausi.

    “Let me commend your collective and individual efforts in supporting the people in these uncertain times. Your counsels and gifts during this period are well documented,” he said.(NAN)

  • Bayern Munich’s Coutinho undergoes ankle surgery, sidelined for weeks

    Bayern Munich’s Coutinho undergoes ankle surgery, sidelined for weeks

    Bayern Munich midfielder Philippe Coutinho underwent minor surgery on his right ankle on Friday and will start his rehabilitation programme in about two weeks, the German champions said.

    The 27-year-old Brazilian, on loan from FC Barcelona for one season, could be back fit for the remainder of the Bundesliga campaign.

    The competition has been suspended since mid-March due to the coronavirus outbreak.

    Coutinho has so far failed to impress in Germany and is reportedly a target for several English Premier League clubs.

    The German league is expected to restart some time next month with games played without spectators, though an exact date will likely be decided next week at a government meeting.

    Bayern Munich are four points clear at the top of the table and in the hunt for a record-extending eighth straight league crown.(Reuters/NAN)

  • Fight against coronavirus will define our era, says Bill Gates

    Fight against coronavirus will define our era, says Bill Gates

    The novel coronavirus pandemic will define the modern era in the same way World War II shaped an earlier generation, Microsoft co-founder Bill Gates writes in a 11-page memo outlining his ideas on how best to tackle the disease.

    “This is like a world war, except in this case, we’re all on the same side,” he writes.

    The Bill & Melinda Gates Foundation has committed 250 million dollars to the battle and Gates has been speaking up regularly to influence its direction – something that has sometimes placed him at odds with President Donald Trump and made him a target of right-wing pundits and conspiracy theorists.

    Gates’ memo barely mentions politics, focusing instead on the technological innovations necessary to bring the virus to heel.

    But he warned it would not be a fast or easy process.

    “It is impossible to overstate the pain that people are feeling now and will continue to feel for years to come,” he said.

    Gates said the social-distancing measures enacted around the world saved millions of lives and had not been an overreaction.

    He pointed out that even without government mandates and lockdowns, people would probably have changed their behaviour anyway to avoid infection.

    He noted that even as restrictions were eased, many people would not immediately resume their old routines until they felt safe.

    He said that in the coming months, the drop-off in new infections would be precipitous in places where social-distancing had slashed the rate of transmission.

    “A lot of people will be stunned that in many places we will go from hospitals being overloaded in April to having lots of empty beds in July,” Gates wrote.

    “The whiplash will be confusing, but it is inevitable from the exponential nature of infection,” he added.

    But as restrictions loosen, infections will flare and begin to grow rapidly at many sites.

    Gates said that it would be impossible to return to normal or control the virus in the long term without advances in testing, contact tracing, treatments, and vaccines, thus echoing the view of public health officials and epidemiologists around the world.

    The Gates Foundation is leveraging its funding and influence to accelerate research and development; many other organisations and companies are also in the hunt.

    Dozens of new tests are coming on the market, including a rapid diagnostic test that works like a home pregnancy test.

    According to him, home testing is the best approach to detecting and controlling new infections.

    His foundation has been pursuing approval for self-swabs that would be analysed at a central lab.

    Amazon recently announced plans to build its own testing lab to screen employees.

    Gates warned that other companies were likely to follow suit – which could drive up the cost of testing machines for government labs.

    Gates said that although more than 100 potential treatments were being studied, most of them would not work.

    He ranked the antiviral drug remdesivir as one of the more promising prospects, along with plasma and antibodies from people who have recovered from COVID-19, the disease caused by the novel coronavirus.

    The Gates Foundation is funding trials on hydroxychloroquine, the drug often touted by Trump, but Gates said it appeared its benefits would be modest, at best.

    Since a miracle drug is not likely, the only long-term solution is a vaccine.

    With greatly accelerated research, it could take as little as nine months – or as long as two years – to develop one, Gates added.

    Then it will have to be approved by governments and mass-produced so that the world’s 7 billion people can each get one or two doses, depending on the vaccine type.

    As most countries move into what Gates calls the “second phase of the epidemic” over the next two months, he foresees a “semi-normal” world.

    “People can go out, but not as often, and not to crowded places.

    “Picture restaurants that only seat people at every other table and airplanes where every middle seat is empty,” he said.

    Schools will reopen, but not stadiums.

    One model is the approach taken by Microsoft China, which has about 6,200 employees.

    About half are coming into the offices, where social-distancing is in place, while others work at home.

    Masks are required, as is staying home when sick and travel is limited.

    “The basic principal should be to allow activities that have a large benefit to the economy or human welfare, but pose a small risk of infection,” Gates wrote.

    But the picture is complicated and sorting out the details will be difficult.

    For example, if some states lift restrictions quickly and experience a rebound, should other states restrict travel across their borders?

    The economic impact so far has fallen disproportionately on lower-income people, while the disease itself is hitting hardest among racial minorities and poorer communities, Gates pointed out.

    But at the same time, he said, the level of cooperation has been impressive as the world confronts the first modern pandemic.

    “No one who lives through Pandemic 1 will ever forget it,” Gates said. (tca/dpa/NAN)

  • WHO, world leaders launch $8.6bn plan to provide COVID-19 tools

    WHO, world leaders launch $8.6bn plan to provide COVID-19 tools

    The World Health Organisation (WHO), major world leaders and other stakeholders on Friday launched the Access to COVID-19 Tools (ACT) Accelerator.

    ACT Accelerator seeks to speed up the development, production and equitable distribution of COVID-18 drugs, tests kits and vaccines around the world.

    About $8.6 billion (N3.2 trillion) is required to implement the plan described by the WHO as a landmark collaboration against the pandemic.

    German Chancellor Angela Merkel, French President Emmanuel Macron and European Commission President Ursula von der Leyen were among leaders who took part in a video-conference to unveil the plan.

    The Director-General of WHO, Dr Tedros Ghebreyesus, who hosted the event, said the world was in urgent need of tools being developed in some parts to combat the pandemic.

    Ghebreyesus described the pandemic as a common threat to humanity, and which could only be defeated with a common approach.

    He said past experience had shown that when tools were available, they were not equally accessible to all, and “we cannot allow that to happen”.

    “Our shared commitment is to ensure all people have access to all the tools to defeat COVID-19.

    “The ACT Accelerator brings together the combined power of several organisations to work with speed and scale.

    “Each of us are doing great work, but we cannot work alone,” he said.

    In his remarks, Macron pledged the commitment of France to the initiative, and called for global cooperation and backing for its success.

    The French president said he hoped the United States and China put their differences aside in support of ACT Accelerator.

    President of the European Commission, Leyen, said a pledging conference would hold on May 4 to raise the $8.6 billion needed for the plan.

    In his remarks, UN Secretary-General Antonio Guterres, said the world needed the “most massive public health effort in history” to be free of COVID-19.

    “The world needs the development, production and equitable delivery of safe and effective COVID-19 vaccine, therapeutics and diagnostics.

    “Not a vaccine or treatments for one country or one region or one-half of the world, but a vaccine and treatment that are affordable, safe, effective, easily-administered and universally available, for everyone, everywhere.

    “Data must be shared, production capacity prepared, resources mobilised, communities engaged, and politics set aside,” he said.

    Speaking on behalf of the African Union, President Cyril Ramaphosa of South Africa and Chairman of the regional bloc, said the world needed solidarity now more than ever to defeat the virus.

    Ramaphosa said although the entire world was experiencing the consequences of the disease, Africa was “extremely vulnerable” to its ravages.

    He solicited global support and assistance to the continent to mitigate the impact of the pandemic, while pledging the commitment of the AU to the initiative. (NAN)

  • NSE moves 211.62m shares worth N2.23bn in bullish trading

    NSE moves 211.62m shares worth N2.23bn in bullish trading

    Investors on the Nigerian Stock Exchange (NSE) on Friday staked N2.23 billion on 211.62 million shares transacted in 3,957 deals.

    This was in contrast with a turnover of 201.48 million shares valued at N3.36 billion transacted in 3,381 deals on Thursday, indicating an increase of 5.03 per cent.

    A breakdown of the activity chart indicated that the banking stocks remained the toast of investors.

    Specifically, Guaranty Trust Bank was the most active stock, accounting for 51.39 million shares worth N977.59 million.

    FBN Holdings came second transacting 25.72 million shares valued at N111.97 million, while Access Bank traded 22.51 million shares worth N140.62 million.

    FTN Cocoa sold 16.96 million shares valued at N3.39 million, while United Bank for Africa traded 12.02 million shares worth N71.56 million.

    The All-Share Index rose by 128.59 points or 0.57 per cent to 22,599.38 from 22,470.79 posted on Thursday.

    Also, the market capitalisation which opened at N11.710 trillion appreciated by N67 billion or 0.57 per cent to close at N11.777 trillion.

    MTN Nigeria led the gainers’ table, increasing by N4 to close at N104 per share.

    Cadbury followed with a gain of 55k to close at N7.45, while Guaranty Trust Bank added 40k to close at N19.30 per share.

    Union Bank of Nigeria garnered 30k to close at N6.80, while UPDC REITS also rose by 30k to close at N3.40 per share.

    On the other hand, CAP recorded the highest price loss, dropping by N2.30 to close at N20.90 per share.

    Dangote Cement trailed with N1.50 to close at N130, while UACN was down by 55k to close at N6.20 per share.

    C &I Leasing dipped 50k to close at N5.10, while Lafarge Africa depreciated by 20k to close at N11.50 per share. (NAN)

  • Ramadan: Cleric urges Muslims to pray for end of COVID-19

    Ramadan: Cleric urges Muslims to pray for end of COVID-19

    An Islamic scholar, Sheikh Yusha’u Abdullahi, has tasked Muslim faithful to use fasting in the Holy Month of Ramadan for fervent prayers to ease hardship of COVID-19.

    Abdullahi gave the charge in Kaduna on Friday in an interview with the News Agency of Nigeria (NAN).

    According to him, the significance of prayers cannot be underestmated, hence the need for Muslims to pray harder to God to ease the hardship caused by the coronavirus pandemic in the world.

    “Muslim faithful should seize the opportunity of the Ramadan fasting to pray harder, it is a critical time for Nigeria and the world at large.

    “This is also a critical time and period when Muslims should support one another, especially their neighbours, including non-Muslims who are in need of assistance,” he said.

    Abdullahi also advised Muslims to ensure the success of Ramadan by following the various health protocols and support all efforts for the elimination of the coronavirus.

    “As we fast and pray during this period, let’s keep in our minds that we too have an obligation as citizens to collectively work together to defeat this virus.

    “Achieving this goal will culminate into a victory for fasting and praying.

    ” Muslims should be innovative in crafting ways to help people who may not have a strong understanding of the Quran during this period,” he said.

    Abdullahi said that many underprivileged Muslims, who would normally go to mosques in anticipation of getting assistance, would be unable to do so during this Ramadan as the lockdown had affected worship places.

    “It is therefore incumbent upon us to share with these people by reaching out to them at their homes and other places.

    “Giving help is a core feature of Ramadan, fasting and praying against coronavirus and reaching out to the less fortunate should be hallmarks of this Ramadan,” he said. (NAN)

  • ECOWAS supports debt cancellation, plans post-pandemic economic policies

    ECOWAS supports debt cancellation, plans post-pandemic economic policies

    The Economic Community of West African States (ECOWAS), on Friday resolved to support the African Union’s initiative to negotiate with partners for debt cancellation for member-states.

    The ECOWAS position is part of measures to ensure economic sustainability and recoveries for member-states through and beyond the Coronavirus pandemic.

    The measures were adopted at a teleconference by the summit of Heads of State and Government, convened to deliberate on ways to contain the virus spread and stabilise their economies.

    According to a communiqué issues at the end of the summit, the ECOWAS leaders mooted the development of a joint economic response plan that will focus on post-pandemic economic recoveries.

    The summit’s resolve in terms of stabilisation and economic recovery are to:

    “Develop jointly, a response plan taking into account the fight against the spread of the pandemic and a post-pandemic economic recovery plan.

    “Issue long-term treasury bills and bonds to finance critical investment needs to support the private sector and revive economies.

    “Provide substantial support to the social sectors (distance learning tools, strengthening of health systems and facilities, easy internet access and for the most disadvantaged segments of society (social safety nets).

    “Deploy through the Central Banks, tools, means and significant liquidity to support the financial sector, in particular banks and financial institutions, in providing assistance to the private sector, especially Small and Medium-scale Enterprises (SMEs) and microfinance institutions in providing support to the informal sector.

    “Mobilise additional resources from the international community to address the economic and social challenges confronting member-states and support the African Union’s initiative to negotiate with partners for cancellation of public debt and restructuring of private debt of African countries.’’

    The summit also resolved to implement measures to support the local production of consumer goods, including agricultural products, thereby reducing the import bill for goods.

    Support for programme for the pharmaceutical and health protection equipment manufacturing sector was also on the front burner.

    The summit noted that current production capacity could not meet up to 20 per cent of the sub-regional needs.

    It called on all member-states to avoid the imposition of import restrictions on other ECOWAS countries, especially as it relates to essential goods such as food and drugs.

    “The authority also invites all the relevant partners to accelerate efforts for production of vaccines and adequate therapy against the virus, as well as support the region in the development of research capacity.

    “In addition, authority calls on them to ensure provision of vaccines at subsidised prices, to the affected countries, including ECOWAS member-states.

    “With a view to ensuring high-level coordination of all the regional efforts to contain the pandemic, the summit appoints Muhammadu Buhari, President of the Federal Republic of Nigeria as Champion to coordinate the COVID-19 response,” it said. (NAN)

  • Osinbajo, ministers confer on economic sustainability plan

    Osinbajo, ministers confer on economic sustainability plan

    Vice President Yemi Osinbajo on Friday at the Presidential Villa, Abuja, met with some ministers to discuss the forthcoming Economic Sustainability Plan.

    Osinbajo’s spokesman, Laolu Akande, in a statement, said that the meeting was in furtherance of the work of the Economic Sustainability Committee (ESC).

    Akande said the ministers were among those directed by President Muhammadu Buhari to jointly develop a comprehensive policy for a Nigerian economy to survive the fallout of COVID-19.

    He said that the President had asked the ESC to support the ministers in executing the directive.

    Akande listed the attendees as Ministers of Industry, Trade and Investment and Science and Technology.

    Others were the Ministers of Transportation, Aviation, Interior, Health, Works and Housing, Labour and Employment and Education.

    “Today the vice president proceeded with the ministers on the work of coordinating the efforts in order to produce a comprehensive Economic Sustainability Plan that will turn the current economic challenges into opportunities for the Nigerian people as envisioned by the President.

    `Next week, the ESC will also be meeting with the Presidential Economic Advisory Council ahead of the completion and submission of its report to the President,’’ he said. (NAN)

  • COVID-19: FG donates 4 trucks of rice, vegetable oil to Kogi

    COVID-19: FG donates 4 trucks of rice, vegetable oil to Kogi

    The Federal Government on Friday delivered three-truck loads of rice and one truck-load of vegetable oil as part of is palliatives on COVID-19 to the people of Kogi State.

    A delegation from the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development8 led by Mrs Nadia Mohammed, delivered the items to the state government in Lokoja.

    Mohammed said that the palliative were for distribution to the people to cushion the effects of the COVID-19 pandemic on them.

    According to her, the action is in line with President Muhammadu Buhari’s order that food palliatives should be distributed to vulnerable people across the country.

    The minister charged officials that will be in charge to do the distribution with the fear of God, saying that the items should be distributed to only the needy.

    Receiving the items on behalf of the state government, the state Deputy-Governor, Mr Edward Onoja, commended the President for his concern for the vulnerable people at this difficult period.

    He promised that the items will be judiciously handled, assuring that they will get to the intended beneficiaries.

    The Deputy Governor, who said that the state was yet to record any case of COVID-19, said that efforts would continue to be made to ensure that the state remained free of the disease .

    The Chief of Staff to the Governor, Mr Jamiu Abdulkareem, in a vote of thanks, described the intervention as timely.

    He thanked the Federal Government for the kind gesture, calling on corporate organisations and well meaning individuals to emulate the gesture. (NAN)

  • NSE maintain bullish trend, investors networth rallied by N191bn

    NSE maintain bullish trend, investors networth rallied by N191bn

    The Nigerian Stock Exchange (NSE) sustained bullish trend on Friday with the market capitalisation rising further by N191 billion due to Nestle gain.

    Speficially, the market capitalisation which opened at N11.754 trillion rose by N191 billion to close at N11.945 trillion.

    Also, the All-Share Index which opened at 22,554.84 grew by 366.75 points or 1.63 per cent to close at 22,921.59.

    Market watchers attributed the persistent four-day rally to activities of institutional investors who were taking advantage of low price of stocks to increase their stake in the market.

    Nestle Nigeria dominated the gainers’ table with a gain of N53.80 to close at N967 per share.

    Nigerian Breweries trailed with N2.90 to close at N32.35, while BUA Cement garnered N2.45 to close at N31.85 per share.

    Conoil appreciated by N1.55 to close at N17.40, while NASCON improved by 85k to close at N9.35 per share.

    Conversely, Ardova topped the losers’ chart with a loss of N1.10 to close at N10.10 per share.

    Cadbury came second with 70k to close at N6.30, while Lafarge Africa dipped 40k to close at N11.60 per share.

    Flour Mills was down by 30k to close at N21.20, while Oando dipped 26k to close at N2.62 per share.

    In spite of the growth by market indicators, volume of shares traded by investors closed lower.

    Consequently, investors bought and sold 231.61 million shares valued at N2.61 billion transacted in 4,521 deals.

    This was in contrast with 379.11 million shares valued at N4.33 billion traded in 5,985 deals on Thursday.

    The banking stocks remained the toast of investors with FBN Holdings emerging the most active, exchanging 47.69 million shares worth N219.71 million.

    United Bank for Africa followed with 36.53 million shares valued at N220.47 million, while Guaranty Trust Bank accounted for 32.85 million shares worth N686.88 million.

    Zenith Bank sold 29.89 million shares valued at N445.81 million, while Fidelity Bank accounted for 16.28 million shares worth N33.29 million. (NAN)