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AfDB President, Akinwunmi Adesina gets Buhari’s backing for Second term 

The President of African Development Bank (AfDB), Akinwunmi Adesina has been nominated for a second term by President Muhammadu Buhari.

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AfDB President, Akinwunmi Adesina gets Buhari's backing for Second term 

The President of African Development Bank (AfDB), Akinwunmi Adesina has been nominated for a second term by President Muhammadu Buhari ahead of the bank’s election scheduled to hold in 2020. 

This was disclosed at an award ceremony organized by the Hallmark of Labour Foundation yesterday where Adesina clinched the Emeka Anyaoku lifetime achievement award. 

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[READ MORE: AfDB develops Index to aid women empowerment]

Elated by the development, Adesina took to the stage to share how the dream began. He noted that the opportunity first began under former President Goodluck Jonathan’s tenure where he was made to serve as Minister of Agriculture. 

“When asked by former President Goodluck Jonathan to serve as Minister of Agriculture, it was duty calling me to the land of my birth. I served Nigeria to the very best of my ability. I thank God that Nigeria’s agriculture sector witnessed a much-needed transformation at the time. With the strong support of President Jonathan and the then President-elect, Buhari, we campaigned very hard for the position of the President of the African Development Bank.” 

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“It was a Nigeria effort, as all hands were on deck. This included our former presidents and heads of state, Gen. Abdulsalami Abubakar, Gen. Yakubu Gowon, Olusegun Obasanjo, former Vice-Presidents Atiku Abubakar and Namadi Sambo, and of course my dear indefatigable sister, Dr Ngozi Okonjo-Iweala, who ran a spirited campaign for me. By God’s grace, I was elected President of the African Development Bank on May 28, 2015, exactly 24 hours after my term of office as minister ended,” he said. 

Reeling out a list of his achievements in his first term, Adesina noted that 16 million people had been provided access to electricity.

“We have also given nine million people access to finance from private sector companies, provided 55 million people with access to improved transport, and 31 million people with access to water and sanitation. In all, 181 million people have directly benefited from our investments. I am proud of all my staff and the Board of Directors whose hard work and relentless support have helped make this happen. The African Development Bank has continued to maintain its global AAA rating. Last year, the bank was rated the 4th most transparent institution globally,” he added. 

[READ ALSO: AfDB swears in sanctions commissioners to check corruption, fraud]

With these achievements, Adesina announced his intentions to contest for a second term in officeHe hoped it would complete the work he started at the bank. He also pledged his support to work hard to fast track the development of the African continent with the support of donors. 

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Business News

Global oil market to re-balance in 2 months’ time

In the meantime, OPEC+ wants to keep the existing production output cuts beyond the June expiry date as part of efforts to rebalance the market. Countries like Saudi Arabia, the United Arab Emirates (UAE) and Iraq, have all reaffirmed their commitment to this effect.

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Crude oil prices, bonny light

With the uncertainty that still prevails in the global oil market due to the prevailing coronavirus pandemic, analysts have been coming up with different forecasts on the future of the market. The latest forecast is that the market will most likely recover by July 2020.

Crude oil prices and oil demand plunged over the past few months as a result of the pandemic. However, with the lifting of global lockdowns and gradual reopening of global economies, oil prices are expected to rebound. Russia’s energy minister, Alexander Novak, said the global oil supply and the oil demand will most likely rebalance by July.

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In the meantime, OPEC+ wants to keep the existing production output cuts beyond the June expiry date as part of efforts to rebalance the market. Countries like Saudi Arabia, the United Arab Emirates (UAE) and Iraq, have all reaffirmed their commitment to this effect.

In his analysis earlier today, OPEC’s Secretary-General, Mohammed Barkindo, urged OPEC+ members not to flout the output cut. According to him, OPEC+ members must remain committed to production cuts despite signs that oil demand is beginning to recover.

(READ MORE: Oil price gains likely to halt over demand uncertainty, as US-China tension intensifies)

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Global oil market to rebalance in 2 months’ time

On its part, Russia had agreed to cut down its oil production to 8.5 million barrels of crude per day in May and June, down from 10.5 million barrels.  There is a possibility that the country could extend the current level of output cut beyond June, a situation that is expected to serve as a major boost in the rebalancing of the oil market.

Last week, the International Energy Agency (IEA) said that it had seen signs that the oil market would rebalance quicker than originally expected after the United States and OPEC implemented the agreed output cut. The development came as a big relief to Nigeria because the rebound of oil prices and the rebalancing forecast will help reduce the country’s fiscal pressure and boost its revenue.

Note that the Brent crude and Bonny light crude sold for about $36 per barrel and over $33 per barrel respectively. These are above the revised budget oil benchmark of $25 per barrel for the 2020 budget.

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LIRS further extends deadline for filing annual tax returns by one month

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.” – Ayodele Subair

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LIRS further extends deadline for filing annual return by one month

The Lagos State Internal Revenue Service (LIRS) has again extended the deadline for filing of Annual Tax Returns from May 31 2020 to June 30, 2020.

This is part of the state government’s effort to provide relief to taxpayers in light of the economic impact of the Covid-19 pandemic. With this development, annual returns for individuals, both employees and self-employed persons, can be filed anytime before June 30, 2020.

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In a press release signed by Monsurat Amasa, the head of LIRS’ Corporate Communications Department, the agency urged taxpayers to take advantage of the magnanimity of the government and file their returns. The LIRS’ Executive Chairman, Mr. Ayodele Subair, explained the extension thus:

“As the Lagos State Government keeps abreast of global best practices in containing the Covid-19 pandemic and eases the effects of an economic downturn on taxpayers and residents of the State, LIRS had initially extended the deadline for filing annual tax returns for two months, from the statutory March 31st of every fiscal year to May 31, 2020.  

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.”

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(READ MORE: COVID-19: Lagos issues new guidelines, considers full reopening of economy)

He further explained that taxpayers can file the annual returns from the comfort of their homes and offices using the LIRS eTax platforms. They can also generate assessment and payment schedule, and other tax administration matters on the same platform. Updates on business operations and alternative payment platforms are to be found on the verified handles, and the LIRS website.

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Podcast: How Covid-19 has birthed a new, vibrant digital economy

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Does Nigeria have a debt problem?, EMM podcasts

Join Adetayo Adesola, Lawretta Egba and Emmanuel Abara as they dicuss what sectors and industries will succeed and fail in a covid-19 world.

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