Nigerians spent less on consumption expenditure in the first half of 2020 as Covid-19 hit income
Atiku Abubakar has advised the Federal Government to expunge non-essential line items from the proposed 2021 budget.
Food items across markets have experienced a spike in prices, making it impossible for one to find a decent meal for N100 today even in local outlets.
How do we avoid and or minimize the impact of inevitable recession on our economy?
There may yet be hope for the industry, even as it proceeds into the second half of the year.
The Federation Account Allocation Committee (FAAC) disbursed the sum of N780.93bn to the three tiers of government in April 2020 from the revenue generated in March 2020. The disbursement increased by 34.28% and 20.63% compared to N581.57 billion and N647.35 billion that were allocated in March and February 2020 respectively.
Businesses have been classified into low risk, medium risk, and high risk. Those with high risk could be out of business.
Based on the terms of the Rapid Financing Instrument, Nigeria is expected to pay back the loan between within 3¼ to 5 years.
The management of Arik Air issued a mail to all workers that it has implemented 80% salary cut for its personnel for the month of April.
According to the NBS report, month on month, inflation rose by 12.26% in March 2020, higher than the rate (12.20%) recorded in February and 12.13% in January. The inflation rate in Nigeria rose for the 8th consecutive month as recession looms in the Nigerian economy amidst the rapid spread of COVID-19 pandemic
Nigeria's currency is expected to have little price swings in the coming weeks, as the lockdown aggravates dollar shortages.
The post-Covid-19 era is expected to be filled with a lot of uncertainties, CBN has warned of the need for the country to act fast.
