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Business News

FG to further revise 2020 budget oil benchmark to $20 per barrel

The Federal Government has said that it is planning to revise the 2020 budget oil benchmark to $20 per barrel.

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2020 budget, Don’t over heat bleak economic outlook – Finance Minister, COVID-19: Nigeria cuts revenue targets in anticipation of economic shock, State Governments: Another cycle of non-payment of salaries to begin soon

The Federal Government has said that it is planning to revise the 2020 budget oil benchmark to $20 per barrel.

This was disclosed by the Minister for Finance, Budget and National Planning, Zainab Ahmed, during a webinar conference on Citizens dialogue session on government fiscal policy decisions, which was in response to the fall in oil prices and the Covid-19 pandemic. The web conference focused on the impact of low oil prices on Nigeria’s economy.

In her statement, the Finance Minister stated, ‘’We are in the process of an amendment that is bringing down the revenue indicator to $20 per barrel’’.

READ ALSO: AfCFTA delay: A bane to Africa’s $3.4 trillion economic bloc

Ahmed also pointed out that the various ongoing oil and gas projects in the country will be delivered much later than was originally planned due to upstream budget cuts triggered by the global oil market crisis.

It could be recalled that some weeks ago, the Federal Government, revised the 2020 budget benchmark from $57 to a barrel to $30 to a barrel. The production output was also revised from approximately 2.1 million barrels per day to 1.7 million per day.

This was due to the unprecedented crash in crude oil prices globally, which is also caused by the coronavirus pandemic.

The Nigerian economy has been badly hit by the low crude oil prices and low demand and as such, has had its revenue and foreign exchange earnings heavily affected.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Corporate Press Releases

Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program

The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

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Facebook

Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.

The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.

Plan an initiative

Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.

Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.

Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”

How to apply

Hotflex

This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.

The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.

You can find out more about the 2020 Community Accelerator cohort and those who received additional funding here.

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Business News

NIN registration: 54 million Nigerians have now enrolled – Buhari

12 million Nigerians were enrolled into the National Identity Database in the past 6 months.

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President Muhammadu Buhari disclosed that the FG has enrolled 54 million Nigerians into the National Identity Database, citing that 12 million were enrolled in the past 6 months alone and that the final aim of the scheme is to secure Nigeria’s security infrastructure.

President Buhari disclosed this in a statement on Thursday evening.

What the President said about NIN enrollment

“I am pleased with the success we are recording in the enrollment of persons into the National Identification Number (NIN) database. 54 million Nigerians have now enrolled; I am told over 12 million of these within the last six months. Our goal is total coverage.

The National Identification Number (NIN) is the foundational digital ID for the country. It will cover one of the weaknesses in our security structure. We will be able to easily identify all Nigerians, including the crooks in our midst.”

The President added that both legal residents and Nigerians are expected to obtain the NIN as it would be beneficial to government agencies to utilise resources efficiently.

In case you missed it

The Federal Government announced a further extension of the ongoing National Identification Number (NIN) registration and linkage with Subscriber Identity Module (SIM) exercises to a new deadline of June 30, 2021.

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