Business News
These Five States got the highest share from the N243.7 billion Paris Club refund
The Federal Government has released N243.79 billion as the second tranche of the Paris Club Refund to the 36 state governments and the Federal Capital Territory. With the fresh release of the second tranche of N243.79 billion, the amount so far disbursed to states as refund under the Paris Club loan is now N760.17 billion.
About “Paris Club” Payment
President Muhammadu Buhari on May 4, approved payment in partial settlement of long-standing claims by state governments relating to over-deduction from their allocations from the Federation Account for external debts service arising between 1995 and 2002.
The Minister of Finance, Mrs. Kemi Adeosun explained that these debt service deductions were in respect of the Paris Club, London Club and Multilateral debts of the FG and states. While Nigeria reached a final agreement for debt relief with the Paris Club in October 2005, some states had already been overcharged.”
The funds, according to the statement, were released to the state governments as part of the wider efforts to stimulate the economy.
It added that the funds were specifically designed to support states in meeting salary and other obligations, thereby alleviating the challenges faced by workers.
How it should be used
The ministry said the releases were predicated on the condition that a minimum of 75 per cent of the money would be used for the payment of workers’ salaries and pensions.
Some examples;
- The Osun State Government, in a statement on Tuesday confirmed that it had received N6.314 billion as the second tranche of the refund. The state government, in the statement by the Director of Bureau of Communication and Strategy, Office of the Governor, Semiu Okanlawon, said the money was paid into the account of the state on Monday.
- The Benue State Government said it received N6.4billion, half of the N12 billion they were expecting. They said the money would be substantially utilised for salary payment after one or two processes would have been completed.
- The Ogun State Government also said it received N5.7billion as second tranche of the refund. Governor, Ibikunle Amosun, had approved N4.5 billion for the payment of cooperative deductions arrears to all categories of workers in the state. N3.4 billion had been disbursed for the payment of six months’ arrears of outstanding cooperative deductions to all categories of the workforce at the state level. Another N1.1billlion was disbursed for the payment of three months of outstanding cooperative deductions to workers at the local government level.
Highest share
A breakdown of the N243.79 billion Paris Club refund showed that Akwa Ibom, Bayelsa, Delta, Kano, and Rivers received the highest amount of N10billion each.
The total amount of N50billion received by these five states represents 20.5 per cent of the entire amount released under the second tranche.
These five states also got the highest chunk – N135.09billion when the first tranche of N516.38 billion was released by the government in December last year.
Who got what
- Lagos received N8.37billion;
- Katsina, N8.2 billion;
- Oyo, N7.9 billion;
- Kaduna, N7.72 billion;
- Borno, N7.34 billion
- Niger N7.21 billion.
- Abia, N5.71billion
- Adamawa, N6.11billion;
- Anambra, N6.12billion;
- Bauchi, N6.87billion;
- Benue, N6.85 billion;
- Cross River, N6.07 billion;
- Ebonyi, N4.51 billion;
- Edo N6.09 billion;
- Ekiti N4.77billion.
- Enugu, N5.36 billion;
- Gombe, N4.47 billion;
- Imo, N7 billion;
- Jigawa, N7.1 billion;
- Kebbi, N5.97 billion;
- Kogi, N6.02billion;
- Kwara N5.12 billion;
- Nasarawa, N4.55 billion;
- Ogun, N5.73 billion;
- Ondo, N7 billion;
- Osun, N6.31 billion
- Plateau, N5.64billion;
- Sokoto, N6.44billion;
- Taraba, N5.61billion;
- Yobe N5.41billion;
- Zamfara, N5.44billion;
- Federal Capital Territory N684.86million.
Coronavirus
COVID-19 Update in Nigeria
On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,062 confirmed cases.
On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 10,526 samples across the country.
To date, 58,062 cases have been confirmed, 49,606 cases have been discharged and 1,103 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 494,577 tests have been carried out as of September 25th, 2020 compared to 484,051 tests a day earlier.
COVID-19 Case Updates- 25th September 2020,
- Total Number of Cases – 58,062
- Total Number Discharged – 49,606
- Total Deaths – 1,103
- Total Tests Carried out – 494,577
According to the NCDC, the 213 new cases are reported from 17 states- Lagos (51), Plateau (51), FCT (29), Rivers (18), Ondo (12), Oyo (9), Osun (8), Gombe (7), Ogun (7), Kaduna (5), Enugu (4), Edo (3), Jigawa (3), Kano (3), Benue (1), Delta (1), Sokoto (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,174, followed by Abuja (5,644), Plateau (3,373), Oyo (3,248), Edo (2,620), Kaduna (2,389), Rivers (2,305), Delta (1,801), Ogun (1,796), Kano (1,737), Ondo (1,620), Enugu (1,289), Ebonyi (1,038), Kwara (1,028), Abia (881), Gombe (864). Katsina (848), Osun (826), Borno (741), and Bauchi (692).
Imo State has recorded 566 cases, Benue (481), Nasarawa (449), Bayelsa (397), Jigawa (325), Ekiti (317), Akwa Ibom (288), Niger (259), Adamawa (237), Anambra (234), Sokoto (162), Taraba (95), Kebbi (93), Cross River (87), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Coronavirus
Lagos launches N5 billion support fund for 2,000 low-cost private schools
The Governor said the facility will benefit low-cost schools with amounts ranging from N500,000 to N5 million.
Lagos State government has launched a N5billion support fund to help reduce the impact of Coronavirus pandemic on low-cost private schools in the state.
This was disclosed by the Governor of the state, Babajide Sanwo-Olu via his Twitter handle on Friday.
According to him, the educational sector is one of those severely impacted by the pandemic, with schools and vocational learning-centres shut since March.
He said, “With access to funding for privately owned schools and vocational training centres in the state, we are confident that this programme, under the partnership between First Bank Nigeria and Lagos State Education Trust Fund (LSETF) will help accelerate a sustainable return to learning and skills acquisition.”
Today, I launched a N5bn support fund to help reduce the impact of #COVID19 on low-cost private schools in Lagos. The educational sector is one of those severely impacted by the pandemic, with schools and vocational learning-centres shut since March. #EducationMeetsFunding pic.twitter.com/PrKjLhxBXq
— Babajide Sanwo-Olu (@jidesanwoolu) September 25, 2020
He explained that the facility will benefit 2,000 low-cost schools with amounts ranging from N500,000 to N5 million.
“As a responsible Government, we are obligated to provide interventions that would enable learners in schools study in line with the new normal,” the Governor Sanwo-Olu added.
The Chief Executive Officer, First Bank Nigeria, Dr Adesola Adeduntan, said “With this partnership, we are sure that registered educational institutions in Lagos State will have access to funds at subsidised interest rates to meet their needs as they reopen at this auspicious time.”
Business News
Paga Group relocates to the UK
Oviosu announced that he is very excited about moving to and working with the UK government.
Paga Group has redomiciled from Mauritius to the United Kingdom (UK). The group is the holding company for its operations in Nigeria, México, Ethiopia, and the UK.
This was disclosed by the Chief Executive Officer and founder, Paga, Tayo Oviosu on Friday.
The Paga Group has redomiciled to the UK 🇬🇧!
The Paga Group is the holding company for our operations in all countries – Nigeria, México, Ethiopia, and the United Kingdom.
Very excited about this move and look forward to working with @tradegovuk to promote trade with the UK!
— Tayo Oviosu (@oviosu) September 25, 2020
Why it matters: The company took the decision due to bureaucratic challenges it faced last year.
He said, “The laws and courts of Mauritius are not very fast-moving, and the rules are difficult. I’ve had one court case that was eventually thrown out after a year.
“In the UK it would have been thrown out immediately, and the person would have had to pay us for our lawyer fees.
“Basically, not an easy place to do business. It is more painful than useful. I say stick to good ol’ America or UK or Netherlands or Luxemburg. Where you know there are professionals, and the legal system works.”
Oviosu said he is very excited about the move, looks forward to working with the UK government to promote trade with the UK.
The Paga Group has raised $34.7 million in funding so far, according to Crunchbase.
COVID-19 Update in Nigeria
Lagos launches N5 billion support fund for 2,000 low-cost private schools
Paga Group relocates to the UK
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COVID-19 Update in Nigeria
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