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Coronavirus

UPDATE: President Buhari shuts Lagos, Abuja, Ogun for 2 weeks

The Federal Government has declared curfew in Lagos, Abuja and Ogun State. This was disclosed by President Muhammadu Buhari during his national broadcast on Sunday.

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The Federal Government has declared curfew in Lagos, Abuja and Ogun State. This was disclosed by President Muhammadu Buhari during his national broadcast on Sunday.

He said the restriction, which takes effect from Monday at 11 pm, is expected to last for 14 days. He instructed that all business activities in the areas should be restricted.

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This, according to him, was to curb the transmission of the coronavirus in the states, where it is prevalent.

He said, “Based on the advice of the Federal Ministry of Health and the NCDC, I am directing the cessation of all movements in Lagos and the Federal Capital Territory for an initial period of 14 days with effect from 11 pm on Monday, 30th March 2020. This restriction will also apply to Ogun State due to its close proximity to Lagos and the high traffic between the two States.

READ MORE: COVID-19: FG on the trail of 4,370 cases

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“All citizens in these areas are to stay in their homes. Travel to or from other states should be postponed. All businesses and offices within these locations should be fully closed during this period.

President Buhari disclosed that the Governor Babajide Sanwo-Olu of Lagos and his Ogun State counterpart, Dr Dapo Abiodun, as well as the Minister of the FCT, have been notified. Also, he said that the heads of security and intelligence agencies have also been briefed.

“We will use this containment period to identify, trace and isolate all individuals that have come into contact with confirmed cases. We will ensure the treatment of confirmed cases while restricting further spread to other States.

READ MORE: COVID-19: NPA, NCDC disagree over new cases in Lagos

“This order does not apply to hospitals and all related medical establishments as well as organizations in healthcare-related manufacturing and distribution.

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“Furthermore, commercial establishments such as; food processing, distribution and retail companies; petroleum distribution and retail entities, power generation, transmission and distribution companies; and private security companies are also exempted,” he added.

Patricia

 

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - abiola.odutola@nairametrics.com.

7 Comments

7 Comments

  1. Yusuf sheriffideen omuya

    March 29, 2020 at 9:14 pm

    Please is there anyway federal government can help the citizen cause as this case is now we the citizen depends on hacking before we can get morning to feeld our self, Pls can federal government look into it and help us with little token cause we are suffering of hunger in this country. May Allah bless everyone of us and safeguide us from corona virus or Covid19. Ameen thuma ameen.

  2. Anonymous

    March 29, 2020 at 9:55 pm

    Great!

  3. Anonymous

    March 29, 2020 at 10:26 pm

    But I think fg promise to share 30k each for all citizens? But till now we haven’t see anything, but they are expecting is to stay at home?

  4. Bilal Mustapha

    March 30, 2020 at 6:11 pm

    Hw can citizens survive that,d fg should hlp us b4 ask us to stay at home,80% of Nigerians are poors,there people can’t feed thmslf a day,unless they go find for what they’ll feed themslf nd family. Fg should thnk bf put us home.

  5. Bilal Mustapha

    March 30, 2020 at 6:14 pm

    Am not wlcm wth ths thing,There is a day that God would charge us.

  6. ATOYEBI

    April 5, 2020 at 1:27 am

    Is it going to affect all banks headquarters/in Lagos, Abuja, an ogun state too??

  7. Don smart

    April 16, 2020 at 10:09 am

    Comment:

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Coronavirus

CBN extends timeframe for submission of banks’ audited financial statements

“Therefore, the deadline for submission has been extended by three months. For the avoidance of doubt, all Other Financial Institutions are required to submit the 2019 Audited Financial Statements on or before July 31, 2020.”

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In recognition of the effect of the economic lockdown across major cities in the country due to the Coronavirus pandemic, the Central Bank of Nigeria (CBN), has announced the extension of the timeframe for the submission of 2019 audited financial statements of banks and other financial institutions (OFIs).

This was disclosed in a letter to OFIs that was signed by CBN’s Director of Other Financial Institutions Supervision Department, Nkiru Asiegbu, as seen by Nairametrics.

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READ ALSO: CBN announces new policy measures, reduces interest rates for financial institutions

In the letter, which was dated April 30th, 2020, the CBN extended the timeframe for submission of its audited financial statement by 3 months to July 31st, 2020, as against the initial timeframe of April 31st, 2020.

The decision by the apex bank is in recognition of the fact that the lockdown of most of the cities in the country and movement restrictions have seriously affected the operations of the external auditors and all other financial institutions across the country. Part of the letter said:

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Pursuant to the provisions of section 27 (1) (a) of BOFIA, all the banks and OFIs are required to forward the audited financial statements of each financial year to the CBN for approval before the end of the fourth month following the year to which they relate. Accordingly, the 2019 Audited Financial Statements should have reached the CBN on or before April 30, 2020.

“However, we have observed that the lockdown of most cities in the country due to the coronavirus pandemic has restricted the engagement of External Auditors and the daily operations of all OFIs across the country.

“Therefore, the deadline for submission has been extended by three months. For the avoidance of doubt, all Other Financial Institutions are required to submit the 2019 Audited Financial Statements on or before July 31, 2020.”

The CBN also threatened to sanction defaulters as they would monitor the compliance to the extended date.

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Coronavirus

Covid-19 Update in Nigeria

On the 29th of May 2020, 387 new confirmed cases and 2 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 9,302.

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COVID-19: FCMB reschedule operations

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 9,302 confirmed cases.

On the 29th of May 2020, 387 new confirmed cases and 2 deaths were recorded in Nigeria.

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To date, 9302 cases have been confirmed, 2697 cases have been discharged and 261 deaths have been recorded in 35 states and the Federal Capital Territory.

Covid-19 Case Updates- May 29th 2020

  • Total Number of Cases – 9,302
  • Total Number Discharged – 2,697
  • Total Deaths – 261
  • Total Tests Carried out – 58.726

The 387 new cases were reported from 14 states- Lagos (254), FCT (29), Jigawa (24), Edo (22), Oyo (15), Rivers (14), Kaduna (11), Borno (6), Kano (3), Plateau (2), Yobe( 2), Gombe (2), Bauchi (2), Ondo (1).

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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The latest numbers bring Lagos state total confirmed cases to 4377, followed by Kano (942), Abuja at 564, Katsina (358), Oyo (275), Jigawa (265), Borno (264), Edo (262), Ogun (246), Bauchi (236), Kaduna (232),  Rivers (190), Gombe (154), Sokoto (116), Plateau (101).

Kwara State has recorded 87 cases, Zamfara (76), Nasarawa (62), Delta (57), Yobe (49), Akwa Ibom (45), Osun (44), Ebonyi (40), Adamawa (38), Imo (34), Kebbi (33), Niger (30), Ondo (25), Ekiti (20), Taraba and Enugu (18), Bayelsa (12), Anambra (11), Abia (10), Benue (7), while Kogi state has recorded 2 cases.

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, 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.

 

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

Patricia
DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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Coronavirus

COVID-19 now a national security threat, as 2020 fiscal deficit exceeds FRA Standards

Reports from the Addendum to the 2020-2022 MTEF/FSP reveal that the revised fiscal deficit is estimated at N4.58 trillion from N1.85 trillion

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Covid-19 Regarded As Threat To National Security With 2020 Fiscal Deficit Higher Than FRA Standards

Given the vulnerability of Nigeria to the current global economic disruption, a series of key adjustments have been made to the 2020 fiscal framework. One of such is the fiscal deficit and deficit financing strategy following revisions to projected revenue and planned expenditure.

Reports from the Addendum to the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), reveal that the revised fiscal deficit is estimated at N4.58 trillion from N1.85 trillion in the 2020 Budget Framework passed by NASS.

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READ ALSO: Independence day speech: Expect greater scrutiny of revenue generating agencies – President Buhari

This level of deficit is 3.29% of GDP and this is above the threshold of 3% of GDP as stipulated in the Fiscal Responsibility Act (FRA), 2007. Section 12 of the Fiscal Responsibility Act (FRA), 2007 (as amended), stipulates that:

(i) “the estimates of aggregate expenditure and the aggregate amount appropriated by the National Assembly for each financial year shall not be more than the estimated aggregate revenue plus a deficit, not exceeding three% of the estimated Gross Domestic Product or any sustainable percentage as may be determined by the National Assembly for each financial year”; and,

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(ii) “aggregate expenditure for the financial year may exceed the ceiling imposed by the provisions of (i) above, if in the opinion of the President there is a clear and present threat to national security or sovereignty of the Federal Republic of Nigeria.”

(READ MORE: FG discloses how it will finance N5.36 trillion budget deficit)

According to the report, when the revenues and expenditures of the 10 GOEs as well as expenditures financed from project-tied loans are captured in the FGN’s budget, the aggregate fiscal deficit for 2020 will be N4.95 trillion, which is 3.55% of GDP.”

 “We believe that the COVID-19 crisis poses a threat to national security within the contemplation of the FRA 2007, and therefore the President can legitimately approve a deficit in excess of 3% of GDP.” 

The deficit will primarily be financed by new borrowings estimated at N4.17 trillion – N1.98 trillion from external (multilateral) concessional sources like the IMF, World Bank, & African Development Bank, and new domestic debts of about N593.89 billion. N126.04 billion will also be derived from Privatization proceeds, N263.63 billion from the Federal Government’s Special Accounts to fund covid-19 expenditures, and N387.30 billion will be drawn down on multilateral/bilateral loans obtained for specific development projects.

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Patricia
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