Connect with us

News

FG Revenue drops by over 40% following Coronavirus Lockdown + More Updates

BellaNaija.com

Published

 on

463 new cases of coronavirus have been recorded in Nigeria as confirmed by the Nigeria Centre for Disease Control (NCDC).

A breakdown of the new cases across states in the country is as follows: Lagos-128 Kwara-92 Enugu-39 Delta-33 Edo-29 Plateau-28 Kaduna-23 Oyo-15 Ogun-14 Osun-14 FCT-12 Ondo-9 Rivers-9 Abia-8 Bayelsa-5 Ekiti-3 Borno-2.

There are now 33,616 confirmed cases of coronavirus in the country, and 754 deaths has been recorded. 13,792 patients have also been discharged after recovering from the disease.

FG Revenue drops by over 40% following Coronavirus Lockdown

Vice-President, Yemi Osinbajo, on Tuesday revealed that the nation’s revenue dropped by over 40% due to the coronavirus lockdown during a webinar by the Commonwealth Enterprise and Investment Council with Nigeria as its focus, The Punch reports.

According to Osinbajo,  things were already looking up for Nigeria until the pandemic started.

He said,

“There is never a good time for a pandemic but there can be a terribly wrong time. That’s how it seemed three months ago as COVID-19 began to ravage. January 2020, oil prices approached $70 a barrel for the first time since the crash of 2015/2016 which saw prices crash to sub $30 a barrel, Q3 2019 growth was 2.55%, modest but clearly on the upward trajectory, 3% growth was well in sight. Our Economic Recovery and Growth Plan was beginning to make sense. Work was ongoing in major rail, road and bridge projects along the main national trade corridors. The Engineering, Procurement and Construction arrangements on our Liquefied Natural Gas Train 7 which will unlock an additional 30% more LNG output had commenced. It seemed the sun was beginning to shine quite brightly after the years of recession and its immediate aftermath then came COVID-19, possibly the worst economic crisis the world has seen. For us in Nigeria, it was a perfect storm for oil prices, Russia and Saudi Arabia choosing that very moment for a price war then the inevitable lockdowns resulting in closure of businesses, our huge informal economy all but crashed and Government revenues fell too by over 40%.”

Osinbajo, however, said it appeared silver linings have started appearing for the country especially n0w that he is heading a committee formed by President Muhammadu Buhari to ensure that the nation bounces back.

590 Nigerians return home from the UK

The Nigerians in Diaspora Commission (NIDCOM) has confirmed the evacuation of 270 stranded Nigerians in Egypt via Twitter. According to NIDCOM all the evacuees tested negative for COVID-19 before boarding.

The first flight conveyed 261 returnees and arrived at the Nnamdi Azikiwe International Airport, Abuja at exactly 7pm while the second flight conveyed 329 citizens and arrived at the Murtala Muhammed International Airport, Lagos at exactly 8pm bringing the total number of returnees to 590.

NIDCOM has said that all evacuees will now enter into self-isolation for 14 days.

See Tweets Below:

305 Nigerians Evacuated from Dubai

The Nigerians in Diaspora Commission (NIDCOM) has confirmed the evacuation of 305 stranded Nigerians in Dubai via Twitter. According to NIDCOM all the evacuees tested negative for COVID-19 before boarding and will now enter into self-isolation for 14 days.

See the tweet below:

 Global Coronavirus cases rise by more than 1 million over 5 days

Global coronavirus cases have now risen by more than a million in just five days as the numbers continue to accelerate, CNN reports.

Reported cases increased by 1,046,200 from July 6 through July 10, up from a 994,400 increase over the five days from July 5 through July 9.

The total global case number surpassed 13 million on Monday, growing by 1,061,600 between July 8 and July 13.

Join our ONLINE CAIE Refresher course NOW. From August until October

Star Features

Advertisement
css.php