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Business News

COVID-19: FG grants 3 months moratorium for repayment of all govt funded loans

As part of its efforts to cushion the economic effects of the Coronavirus pandemic, the Federal government has granted a three month repayment moratorium for all government funded loans.

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#EndSARS: You must realize that protests cannot last indefinitely - Buhari, Bail-Out Fund, Slowdown in Agric GDP Growth rate suggests Buhari’s Agro-policy is failing , FG concludes 2020 budget preparation, designs 11 Economic Priority Areas , repayment moratorium

As part of its efforts to cushion the economic effects of the Coronavirus pandemic, the Federal government has granted a three month repayment moratorium for all government funded loans. This was disclosed by President Muhammadu Buhari in the nationwide presidential broadcast on Sunday evening.

The moratorium will cover the Tradermoni, Marketmoni, Farmermoni and all loans issued through the Bank of Industry, Bank of Agriculture and the Nigeria Export Import Bank.

He said, “I have directed that a three month repayment moratorium for all TraderMoni, MarketMoni and FarmerMoni loans be implemented with immediate effect.

“I have also directed that a similar moratorium be given to all Federal Government funded loans issued by the Bank of Industry, Bank of Agriculture and the Nigeria Export Import Bank.”

The president explained that the economic effects of the pandemic, which has been described by the World Health Organization as a worldwide emergency, could not be ignored, hence the decision of the federal government to introduce the palliative measures.

READ MORE: FG may stop interstate and inter-town travels

He noted that the government had directed financial institutions to discuss with international and multilateral development partners, and negotiate similar concessions for the borrowers.

The president stated that several palliative measures will be effected to combat what had become “both a health emergency and an economic crisis”, noting that provisions had been made for the vulnerable ones in the society, and the internally displaced persons who are not able to provide for themselves ahead of the lockdown.

“For the most vulnerable in our society, I have directed that the conditional cash transfers for the next two months be paid immediately. Our Internally displaced persons will also receive two months of food rations in the coming weeks,” he said.

Buhari appreciated the private sector partners and individuals who had extended their support to the fight against COVID-19, and assured that all contributions will be coordinated to ensure impactful spending by the relevant bodies.

READ ALSO: COVID-19: Nigerian Military to recall retired medical personnel

He added that the government is willing and ready to deploy all necessary resources to combat the scourge, and urged Nigerians to take responsibility for supporting the vulnerable around them.

“As we all pray for the best possible outcome, we shall continue planning for all eventualities. This is why I directed that all Federal Government Stadia, Pilgrims camps and other facilities be converted to isolation centers and makeshift hospitals,” he said.

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Since the confirmation of the first case, the figures have risen steadily to 111 confirmed cases as Sunday, March 29, 2020.

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Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

12 Comments

12 Comments

  1. Henry

    March 30, 2020 at 5:37 am

    I think the definition of ‘vulnerably ones’ here is too narrow and lack transparency

    • Anonymous

      January 5, 2021 at 9:48 pm

      How can I get the loan? please I need your help

  2. Prince McChyddy Kalu

    March 30, 2020 at 9:02 am

    How can I get this covid19 loan, pls help I live in Aba, abia state

  3. Shilgba

    March 30, 2020 at 1:02 pm

    The covid 19 has negative impact on every Nigerian,so the president should stop being selfish and pay every Nigerian because of the lockdown,no work,no business transaction, people are at home so how did he wants them live.let him pay everyone at all the money is not his both the people.

  4. Stanley Ibezim

    April 1, 2020 at 11:39 am

    How can all Nigerians benefit from this, there is not good yardstick to measure the population of Nigerians with class
    People are indeed dying with this sit at home which I think it’s the best thing to do .
    That being done , our government at all levels should be able to take care of our basic needs

  5. Justin

    April 3, 2020 at 12:28 am

    I will like Nigeria government to be more realistic about this corona virus. We have this month and next month. if this corona matter enters june, it will be out of control. 1). Government need to apply total lockdown throughout the federation. 2) Government need to provide food and money to the every angle of Nigeria. 3) Government need to employ more temporary nurses and doctors and give them life insurance. These doctors and nurses need to go from house to house for medical check.

  6. aminu shehu

    April 5, 2020 at 11:50 am

    Pls notify me if the form is available via email

  7. bashiru bala

    April 5, 2020 at 3:57 pm

    Pls notify me if the form is available via email
    Reply

  8. Ibe linda

    April 5, 2020 at 6:52 pm

    Pls notify me through my Email

  9. sadiq

    April 6, 2020 at 10:42 pm

    Please notify me through email

  10. OGECHI A. EROBU

    April 7, 2020 at 12:01 pm

    Till now i have not received anything both in cash or material from the government since the lock down. Since i lost my job in 2015 and i started a petty trading, the lock down by the federal government affected my trade.Please i need your help.

  11. Alagu Blessing

    June 24, 2020 at 7:18 pm

    Same ooo
    How can i get the loan?
    I need ur help

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Companies

MTN Nigeria declares largest ever revenue by a listed Nigerian entity for FY 2020

The strong revenue growth was basically due to its data-led segment as sales from the segment expanded by an impressive 51.5% Year to Year.

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UACN appoints Toriola as new Director 

MTN Nigeria recently announced another ground-breaking full-year turnover in the financial year of 2020, the highest ever recorded by a Nigerian listed entity.

Specifically, the telecom giant’s revenue expanded by 15.1% year-to-year to N1.3 trillion in the review period. The strong revenue growth was basically due to its data-led segment as sales from the segment expanded by an impressive 51.5% Year to Year.

  • Voice sales rose relatively by 5.6% year to year as the global switch to data-enabled communication subsisted.
  • MTN Nigeria Plc also announced a N5.90/share final dividend on impressive growth in its free Cash Flow for the financial year of 2020.
  • Notably, MTNN’s 4G network now covers 60.1% of the population compared to 43.8% in 2019.
  • According to MTN Nigeria, the suspension of new SIM registration enforced in mid-December did not have a material effect on the voice segment, which managed a 10.6% YoY revenue growth in Q4’20 (vs 7.0% YoY in Q3’20).

READ: MTN Group set to sell-off its 20% shareholding in BICS for $121million

In contrast, data revenue growth notably moderated to 37.5% YoY in Q4’20 compared to 55.5% YoY in Q3’20.

In a research report released by CardinalStone, the most valuable telecom company’s margin was adversely affected by currency devaluation;

“Margins were adversely affected by the effect of naira devaluation and expenses associated with new sites’ roll-out to boost 4G network coverage in FY’20.

“On the former, we note that MTNN expanded the scope of its service agreement with IHS Holding Limited and changed the reference rate for converting USD tower expenses to NAFEX (vs CBN’s official rate previously). Thus, over the full-year period, the company’s operating margin contracted by 1.9 ppts YoY to 31.7%,” the report stated.

READ: Analysis: Airtel is winning the data war

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The company’s margin was also negatively affected by the higher cost of borrowing and the ultra-low rates prevailing at Nigeria’s debt market;

“Net finance cost increased by 25.4% YoY on the impact of higher borrowings and lower interest on investment in government securities.

“Borrowings rose by over 26.3% to N521.2 billion in FY’20, after the company notably issued its N100 billion Commercial paper in June 2020. The effect of higher borrowings combined with a tax increase (a consequence of lower investment allowance and exempt income) to keep after-tax profit growth subdued at 0.9% YoY.”

That being said, in spite of its impressive growth in revenue the Stock was trailing by 3.28% trading at N174 per share.

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Energy

Oil marketers say petrol will sell for N230 per litre in March

Oil marketers have insisted that petrol will sell for as much as N230 per litre in March.

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petrol subsidy, PPPRA, Pump price

Oil marketers, on Sunday, said that Premium Motor Spirit (PMS) otherwise known as petrol is to sell for as much as N230 per litre in March.

This is coming against the background of insistence by the Nigerian National Petroleum Corporation (NNPC) that it has no plans to increase the price of petrol in March.

There has been a reported reappearance of queues at filling stations in some parts of Lagos and Abuja as panic buying and petrol hoarding occurs in some filling stations.

According to a report by New Telegraph, the National Operations Controller, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mike Osatuyi, declared that the whole nation had crossed the bridge and that there was no hiding place for a hike in fuel price.

READ: FG to save N1 trillion annually from petrol subsidy removal

What the IPMAN top officials are saying

Osatuyi said, “I have just returned from a meeting in Abuja. What I have observed is that many stations have closed down and there are queues in many places in both Lagos and Abuja. Nigeria has crossed the bridge, there is no hiding place, the N1.2 trillion, which was hitherto annual spending on subsidy, will be borne by the market.

“As it is, the prices of crude oil have gone up to $67 per barrel and, with this, the price of PMS will be between N220 per litre and N230 per litre. I was told by someone that the Group Managing Director of NNPC told them that the official price is likely to be N206 per litre.

“As it is now, all the stations that have shut down their gates must have heard information before they took that action. I want us all to wait by tomorrow we will all see clearly what will happen. There have been annual spending of N1.2 trillion on fuel subsidy and now that the subsidy has said to be abolished, that money must come from somewhere.

READ: Nigeria’s excess crude account falls to $72 million

‘’The money must be coming from somewhere. “NNPC is not an NGO (non-governmental organisation), there is no budgetary provision for subsidy again and instead of wasting it on subsidy, it should be deployed to other sectors,’’ he said.

On what can be done to cushion the negative effects of higher fuel price, Osatuyi said: “This plan to cushion the negative effects of higher fuel price should be the next important thing. The government can do the free conversion of vehicle from fuel to gas. This should be done to help Nigerians who will definitely be affected by this fuel price hike.”

On his part, the IPMAN National Public Relations Officer, Alhaji Suleiman Yakubu, condemned the panic buying and return of long queues at some filling stations within Abuja.

READ: Over 60,000 litres of petrol seized from smugglers in two months– Customs 

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While assuring Nigerians that the normal supply of petroleum products would soon be restored with the commencement of loading at various depots, Yakubu said the increase in the global price of crude oil has affected the price of petrol.

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He said, “We want to assure the buyers that government and marketers are doing everything possible to ensure that the products are available in every filling station within a few days starting from today (Sunday).’’

What you should know

  • The state oil giant, NNPC, had in a press statement on Sunday, assured Nigerians that despite the increase in the price of crude oil, it has no plans to increase the ex-depot price of petrol in the month of March. This is coming after it gave a similar assurance earlier in February, that it was not going to increase the price of the product in February.
  • NNPC explained that the decision was to allow ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship, to be concluded.
  • This uncertainty has led to hoarding of the product by depot owners and some retail marketers, which has led to the return of queues in some filling stations.
  • The Federal Government had in March 2020, announced the removal of fuel subsidy and full deregulation of the downstream sector of the oil industry, which will allow market forces to determine the price of the product.

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