The Oyo State government is set to re-prioritise its expenditure and cut its 2020 budget to survive the impacts of oil price crash in the international market.
The Chief Economic Adviser to the Governor, Dr Musbau Babatunde, made the disclosure in an interview with the News Agency of Nigeria in Ibadan on Sunday.
He said that since the price crash had affected the federal government’s revenues from oil, it would also have adverse effect on monthly allocations to states in the country.
According to Babatunde, even the federal government may need to have what he calls an implicit deficit, so that it can be able to maintain its recurrent expenditures.
He also said that the government would have to maintain critical overhead expenditures for states, such as education and healthcare services.
“At this particular level, government has to try to reduce exposure to foreign exchange-related activities.
“This is because the exchange rate in Nigeria is being defended by the Central Bank of Nigeria (CBN) in order to maintain the exchange rate at a sustainable level.
“With this fact, government will need to reduce exposure to foreign exchange, because the exchange rate naturally will depreciate, as demand will be more than the supply,’’ he said.
The chief economic adviser, however, said, “ what Oyo state has been doing and which other states should do is to embark on an aggressive internally-generated revenue drive.
“We need to look inward for ventures where we can get revenue to mitigate the impacts of the dwindling federal monthly allocations.
“We also need to review the 2020 budget. Even at the federal level, the government has set up a committee to take a look at the review of the 2020 budget.
“We will have to cut our coat according to our cloths in order to be able to manage the fiscal end of the economy,’’ he said.
Babatunde further said that a multifaceted approach was needed to sail through in times like this.
He also noted that the commitments of development partners were also needed in terms of cushioning the effects on the masses.
“We need this in respect to projects bordering on the welfare of the people,’’ he said. (NAN)
Author: Alpha Maidawa
Oil price crash: Oyo govt. to re-prioritise expenditure, cut 2020 budget
Israel to use anti-terror tech to counter coronavirus ‘invisible enemy’
Israel plans to use anti-terrorism tracking technology and a partial shutdown of its economy to minimize the risk of coronavirus transmission, Prime Minister Benjamin Netanyahu said on Saturday.
Cyber tech monitoring would be deployed to locate people who have been in contact with those carrying the virus, subject to cabinet approval, Netanyahu told a news conference in Jerusalem.
“We will very soon begin using technology … digital means that we have been using in order to fight terrorism,” Netanyahu said. He said he had requested Justice Ministry approval because such measures could infringe patients’ privacy.
In an escalation of precautionary measures, Netanyahu’s government announced that malls, hotels, restaurants and theaters will shut down from Sunday, and said employees should not go to their workplaces unless it was necessary.
However vital services, pharmacies, supermarkets and banks would continue to operate.
Health officials urged people to maintain social distancing, and not to gather more than 10 people in a room.
The Shin Bet, Israel’s domestic security service, confirmed that it was examining the use of its technological capabilities to fight coronavirus, at the request of Netanyahu and the Health Ministry.
Avner Pinchuk, a privacy expert with the Association for Civil Rights in Israel, said such capabilities could include real-time tracking of infected persons’ mobile phones to spot quarantine breaches and backtracking through meta-data to figure out where they had been and who they had contacted.
“I am troubled by this announcement. I understand that we are in unique circumstances, but this seems potentially like over-reach. Much will depend on how intrusive the new measures are,” said Pinchuk.
The Shin Bet, however, said in its statement that quarantine enforcement was not on the table. “There is no intention of using said technologies for enforcement or tracking in the context of isolation guidelines,” it said.
Netanyahu said it was not an easy choice to make and described the virus as an “invisible enemy that must be located.” He said Israel would follow similar methods used by Taiwan.
“In all my years as prime minister I have avoided using these means among the civilian public but there is no choice,” Netanyahu said.
The latest announcement follows a series of ever-stricter restrictions imposed by Israel to contain the virus.
The Israeli military said earlier on Saturday that it had ordered all troops to be back on their bases by Sunday morning, and that combat soldiers should prepare for a lengthy stay with no leave for up to a month.
Last week anyone entering Israel was ordered to self-isolate for two weeks and schools have been shut. Tens of thousands of Israelis are presently quarantined.
Israel’s Health Ministry said 193 people have tested positive, with no fatalities. Many had been on international flights in the past two weeks. (reuters)
Google says it is developing a nationwide coronavirus website
Alphabet’s Google (GOOGL.O) said on Saturday that it was working with the U.S. government to develop a nationwide website that would help Americans with questions about coronavirus symptoms, risk factors and testing.
“We are fully aligned and continue to work with the U.S. government to contain the spread of COVID-19, inform citizens, and protect the health of our communities,” Google said in a statement on Twitter.
President Donald Trump had thanked Google on Friday for developing a website that he said would help people determine whether they needed a coronavirus test, saying that 1,700 engineers were working on it.
That prompted the search and advertising giant to respond that, in fact, a life sciences division, Verily, was in the early stages of developing a tool to help triage Americans who may need testing for the coronavirus and that it would be tested in the Bay Area and expanded over time.
Alphabet’s shares closed up more than 9% after the Friday announcement by the president.
Pressure has been rising on U.S. officials to increase and improve testing for the fast-spreading virus, which has reached almost every U.S. state, closed schools and forced the cancellation of thousands of sporting events, conferences and concerts amid efforts to stop its spread by keeping Americans out of big crowds.
Like Google, Verily is a subsidiary of Alphabet, which is based in Mountain View, California.
The cooperation with the Trump administration comes as Alphabet faces antitrust investigations by federal and state agencies over its search and digital advertising businesses, among others.
Additionally, Trump has accused Google of skewing its search results to portray him negatively. The company has also attracted the administration’s ire for not renewing a contract to provide its artificial intelligence technologies for a military drone program. (reuters)
ACCI inaugurates women trade group to facilitate entrepreneurship
The Abuja Chamber of Commerce and Industry (ACCI) has inaugurated the Women Trade Group (WTG) of the chamber, as parts of efforts to encourage entrepreneurship among women
ACCI President, Prince Adetokunbo Kayode, while inaugurating the group in Abuja, underscored the role of women in economic development, adding that it was critical to the overall national development agenda.
Kayode, in a statement signed by Mr Lubem Gena, ACCI Media and Strategy Officer, on Sunday emphasised that the chamber, as a vital platform for national development, had taken the plight of women very seriously.
He said that it had taken the giant leap in impacting positively on the role of women in businesses by forming and actually inaugurating the group.
“We are committed to creating a platform backed with a level playing ground for our women to network among themselves.
“By doing this, we will be unlocking several doors of opportunities and linking them with key stakeholders that will account for the growth of their businesses. We also have a cooperative to help the women.
“The purpose of cooperative is to support our members. I have gotten approval of the Executive Committee of the chamber to clash the interest rate on lending.
“We want businesses to grow and survive. That is why we are toeing this line”, the president added.
He described Coronavirus pandemic as an economic threat to all irrespective of race or nationality, adding that it would affect everyone in economic terms including women in view of their role in maintaining families.
He called for innovative ideas and solutions to support government economic policies that would meltdown the effect of the disease.
Hajiya Saratu Aliyu, President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), commended the ACCI for its effort.
According to her, the initiative will spur women to achieve the zenith of entrepreneurship.
“Women must know what they want and stick to it so far as it will benefit their families and the society in general,’’ she said.
Aliyu enjoined women to have confidence in themselves and vigorously pursue entrepreneurship.
The ACCI Vice President in charge of Women Development, Roselyn Nwosu, also urged women to maximally use the platform and leverage on the opportunities provided by ACCI to develop their business entities.
Nwosu underscored the essence of the group by saying that the women in the group have identified entrepreneurship as the way to go and are taking their destiny into their hands.
She urged them to remain resilient in spite of the challenges that may stand on their way.
The Director-General of ACCI, Ms Victoria Akai, expressed satisfaction with the initiative, adding that it was coming as an intervention plan to women.
She acknowledged the role of women in economic development and urged that the tempo should be maintained.
“Women entrepreneurs have contributed, in no small way, to the economic growth of Nigeria which should not be underestimated.
“Their contributions mostly are in the areas of job creation, poverty alleviation, economic growth and financial sustainability.
“Women entrepreneurs face a lot of challenges, which may discourage them from going into business, yet they are being motivated to start their own businesses”, she stressed. (NAN)
COVID-19: Football lovers decry boredom over postponed European leagues
Some football fans on Sunday in Enugu State have cried out on the boredom the outbreak of coronavirus have caused in the world of football.
Some of the fans who spoke with News Agency of Nigeria (NAN) at the Nnamdi Azikwe Stadium during the Nigeria Professional Football League (NPFL) match between Enugu Rangers and Rivers United expressed sadness over the deadly virus.
The fans added that the postponed football matches across European topflight leagues had made their weekend boring even though it did not affect the NPFL matches.
One of the fans, Joseph Odichi, said the postponement of matches across Europe would cause a great setback to the world of football.
“We watch football matches during weekend to relax our nerves after a stressful week especially when our favourite team plays.
“This weekend was something else because we missed the Super Sunday matches in the English Premier League (EPL),” Odichi said.
Some of the fans noted that the absence of matches across Europe helped to boost the turnout of home fans at the stadium during Rangers match.
Musa Odidi, who also spoke, expressed his sadness over the setback the deadly virus would cause the world at large and prayed for a quick solution.
“We just can’t do without watching football; that is why we are affected by the spread of the virus indirectly.
“Our earnest prayer is that this virus matter gets to an end and let everything come back to normal as soon as possible,” Odidi said.
Frederick Atuonwu, an engineering student at the University of Nigeria, Nsukka (UNN) said he was home all day as no European football took place.
According to him, football is a now major game that keep the youth busy and prevent them from engaging in social vices like cultism and drug abuse.
He however, hoped that the development would boost local leagues in the country.
The fans also sent their get well wishes to those who had been tested positive to the deadly virus across the globe and most especially in the football world.
Alokwe Kish, one of the fans also said it was indeed a great disaster to Football activities across the globe and the economy at large.
“Even though I usually watch the NPFL anytime Rangers are playing at home but the fact still remains that the European leagues have won the heart of many football lovers.
“Like today due to the virus many Manchester United fans would have loved to watch the postponed matched against Tottenham Hotspur,” Alokwe said.
Meanwhile, Enugu Rangers now placed fifth on the league table with 34 points after winning Rivers United 1-0 in the Week 24 matches of the NPFL. (NAN)
Results of Match Day 24 fixtures in 2019/2020 NPFL
Following are the results of Match Day 24 fixtures in the 2019/2020 Nigeria Professional Football League (NPFL), played on Sunday:
Kwara United 1-0 Wikki Tourists
Kano Pillars 2-0 Jigawa Golden Stars
Heartland FC 2-0 Lobi Stars
FC IfeanyiUbah 2-1 Dakkada FC
Rangers International 1-0 Rivers United
Warri Wolves 2-0 MFM FC
Abia Warriors 2-1 Adamawa United
Enyimba International 3-0 Sunshine Stars
Katsina United 1-1 Akwa United
Plateau United 2-1 Nasarawa United
(NAN)
NPFL: Warri Wolves whip visiting MFM FC
Warri Wolves Football Club on Sunday beat the MFM FC of Lagos 2-0 at the Warri City Stadium in a Match Day 24 fixture of the 2019/2020 Nigeria Professional Football League (NPFL).
Substitute Okoyoh Michael put the hosts ahead in the 89th minute, while Charles Atshemene scored the second goal in the first minute of added time.A combination between Goodluck Onamado and Abu Azeez almost earned Warri Wolves the first goal in the 8th minute but the final effort was deflected by the MFM FC goalkeeper.At the resumption of the second half, both sides changed their tactical approach to the game.Bala Akintunde of MFM FC was issued a red card for unprofessional misconduct in the 52nd minute and that changed the game plan for the visitors.While Warri Wolves made three substitutions, MFM FC made two in the second half.At the post-match interview, the coach of Warri Wolves, Evans Ogenyi, commended the performance of his players.“Our opponents came with dull defensive tactics. When we played against them in the first stanza, we ran away with a win.“I know they will now come with anger and I told my boys to expect a difficult match.“We created about four chances in the first half, but they were wasted because of anxiety.“In the dressing room, we said there was the need to up our game, be patient and take our chances, especially in the attack.“On the whole, my boys did not play to their full potential today.“But the important thing is that we got the three maximum points because we took the two chances that came our way,” he said.The coach said he would now approach their mid-week match against Rivers United with every seriousness.One of the day’s scorers, Michael said he dedicated the goal to the late Chineme Martins who slumped and died on the pitch on March 8.(NAN)
Huafei Chinese Restaurant faults sealing of its business premises
Huafei Chinese Restaurant has faulted the sealing of its business premises by the Federal Competition and Consumer Protection Commission (FCCPC).
A statement issued on Sunday by Mr Ikenna Emewu, Media Consultant to Huafei Nigeria Limited, described the allegation that led to sealing the premises as not the true position.
FCCPC on Saturday sealed Huafei business premises situated at 33 Aboyade Cole St. Victoria Island, Lagos over alleged discriminatory policy against Nigerians.
FCCPC had alluded to failure of the facility which also houses a supermarket also owned and operated by Chinese nationals to sell food and drinks to Nigerians as reason for sealing the premises.
FCCPC said that during an operation led by its head, Mr Babatunde Irukera, that it was observed that Huafei refused to sell things to Nigerians.
Irukera, who said he directed two persons to walk in separately into the restaurant before he personally walked in too, alleged that the restaurant declined the three of them services.
“Two different people who went with me went in first and it was clear that they declined them service,’’ Irukera said.
However, Emewu, described the allegation as false and unfounded, adding that Huafei never declined to serve Nigerians.
According to him, we want to let Nigerians know that the allegation that we discriminate against and refuse to serve Nigerians or reject their business patronage is wrong.
“Prior to the punitive action, no operative of the agency, approached the management of the business for response in case it got any complaint about the business place.
“We think the most appropriate thing is that the FCCPC would have written or summoned us to defend whatever allegation against us before sealing up our business premises,’’ he said.
Emewu said that the name of the business place is HUA FEI, explaining that the two words in Chinese means CHINA-AFRICA.
“That is also the business name of the operators of the restaurant. That in the beginning implies that the owner of the business, Mr Liu Changan is one that has respect for Africans, Nigerian.
“Liu in his business chain has tens of Nigerians in his employment and even has the Nigeria-China Service Centre for business and cultural cooperation between Nigeria and China.
“We affirm that we hold the Nigerian system and the people to high esteem because they have all been kind to us as individuals and our businesses in the past 20 years,’’ Emewu said. (NAN)
State of emergency announced in parts of Australia due to coronavirus
The state of Victoria and the Australian Capital Territory (ACT) on Monday announced a state of emergency to deal with the spread of the new coronavirus in Australia.
Victoria, the country’s second-most populated state with Melbourne as its capital, and the territory surrounding the country’s capital Canberra announced the measure after two more elderly people died overnight of Covid-19, the respiratory disease caused by the virus.
Victorian Premier Daniel Andrews said the emergency powers “have never been used before.”
“That gives you, I hope, a really clear sense about the unprecedented nature of this public health emergency, this really significant challenge,” Andrews said.
The state of emergency in Victoria will last at least four weeks starting from midday (0100 GMT) on Monday. It means authorised officers in Victoria can quarantine places and people, detain them, restrict movement and prevent entry to premises to protect the public.
Overnight, state health authorities confirmed two more people died in New South Wales, the jurisdiction with most cases of Covid-19.
A 77-year-old woman who had recently arrived in Sydney died on Friday in a Sydney hospital. A 90-year-old woman residing in an aged-care home died a day later. Both tested positive to the new coronavirus.
Australia has more than 300 confirmed cases of Covid-19, with five deaths, including the two reported overnight.
The Australian federal government on Sunday announced that all people travelling to the country must abide by a compulsory 14-day self-isolation at home or in their hotel.
State police will enforce the rule and breaching the order could land the offender a fine of up to 20,000 Australian dollars (12,350 US dollars), depending on state jurisdictions. (dpa)
Rivers Port to receive first RoRo vessel soon
Nigerian Ports Authority (NPA) on Sunday said that the Rivers Port in Port Harcourt would receive its first ever RoRo vessel in few weeks time.
NPA Spokesman, Adams Jatto, said in a statement that the imminent arrival of the first RoRo vessel in Rivers Port was part of its efforts to improve vessel traffic to the Eastern Ports.
“The first Roro Vessels to berth in the history of the Rivers Port is scheduled to depart the United States of America in the middle of March and arrive Port Harcourt at the end of March or early April.
“Roro vessels are usually loaded with automobiles,” he said.
Jatto added that this was a milestone in the history of Rivers Port and the whole of the Eastern Ports.
He said that the introduction of RoRo operations would in no small measure increase the revenue base of Rivers Port in particular and NPA as a whole.
He pointed out that the achievement was traceable to intentional commitment and landmark reforms that the current NPA management had instituted toward ensuring that all ports in Nigeria become optimally functional.
He listed steps taken by the authority to include: the introduction of 10 per cent discount on harbour dues on some categories of cargoes berthing at the eastern ports, the dredging of Escravos Channel in Warri.
Others he listed as the deployment of equipment and machinery to improve operational efficiency, constant engagement with stakeholders towards achieving industrial harmony and peaceful co-existence, conversations with shipping companies, which saw the deployment of flat bottom vessels to Calabar.
Others, according to him, include working with the Nigerian Navy, the Nigerian Maritime Administration and Safety Agency, (NIMASA) and the Port Police Command to combat crimes on the nation’s waterways.
Also on the list was engaging with the Federal Ministry of Works to ensure the rehabilitation of roads access to and from ports in the region.
“The management assure of her commitment to ensuring that all ports in Nigeria operate at maximum capacity to the advantage of all Nigerians,” he said. (NAN)
