Nigerian Economy

At least 40 per cent of the staff of Transcorp Hilton Hotels will have to be disengaged if it is to survive the impact of the coronavirus pandemic on the global hospitality and tourism industry, its managing director/chief executive, Dupe Olusola, announced on Thursday.

The Federal Government is seeking the partnership of the banking sector in its efforts to revamp the ailing economy occasioned by the outbreak of the coronavirus pandemic.

The Nigeria Premier Basketball League, NPFL, and their likes will become major indexes driving the Nigerian economy when the new national sports policy is ratified and accented to by the President, Muhammadu Buhari.

The Lagos State Agro-Processing, Productivity Enhancement and Livelihood Support (APPEALS) project of the World Bank and the Federal Government on Monday trained its beneficiaries on certification and regulations.

Vice President Yemi Osinbajo has said that one of the ways by which Africa can maximise benefits is to ensure that trade negotiations with the rest of the world are based on the free trade agreement.

A former governor of Lagos State and National Leader of the All Progressives Congress, APC, Asiwaju Bola Tinubu, has called for a review of the country’s revenue formula, saying Amotekun security outfit in the S/West will be a pet if everyone is engaged.

Some leaders of the the Yoruba socio-cultural organisation, Afenifere, have slammed the national leader of the All Progressives Congress, Bola Tinubu, over his advice to the Federal Government on the country’s allocation formula.

The National Leader of the All Progressives Congress, APC, Bola Ahmed Tinubu, has called for an urgent review of the revenue formula of the country.

This came as the Federal Government, yesterday, said despite the N2.3 trillion Economic Stimulus Plan put in place to contain impact of the Coronavirus (COVID-19) pandemic on the economy, there is the possibility that the third quarter, 2020 (Q3’20) Gross Domestic Product, GDP, growth rate will be negative, while the economy will relapse into a recession.

Group Managing Director/Chief Executive of Zenith Bank, Mr. Ebenezer Onyeagwu, has called for a concerted effort towards diversifying the country’s export base through the promotion of non-oil exports.

Minister of State for Petroleum Resources, Chief Timipre Sylva, yesterday, disclosed that the Federal Government is currently working with critical stakeholders in the oil and gas industry to convert the massive amount of gas being flared in the country to electricity for Nigerians at a cheaper rate.

Senate Chief Whip Orji Uzor Kalu has commended the chairman of Stanel Group, Dr Stanley Uzochukwu, over COVID-19 palliatives he donated to the less privileged and his contribution to the economic development of Nigeria.

Chief Timipre Sylva, the Minister of State for Petroleum Resources, has unveiled the Nigerian Content Development and Monitoring Board (NCDMB) Gas Hub and performed the groundbreaking ceremony of Rungas LPG Composite Cylinder Manufacturing plant, located inside the Gas Hub at Polaku community, Bayelsa state.

The Senate Committee on Banking, Insurance and Other Financial Institutions, has pledged to support the Nigerian Deposits Insurance Corporations (NDIC) to carry out its functions more effectively.

To ensure food security for citizens, at least 2.4 million households will benefit from the Federal Government’s post COVID-19 stimulus package, a presidential aide says.

Senator Uba Sani has described the retreat held by Senate Committee on Banking, Insurance and Other Financial Institutions with the Nigeria Deposit Insurance Corporation (NDIC) in Kaduna as a huge success.

Surveyor General of the Federation, Mr Taiwo Adeniran, has revealed the preparedness of his office to collaborate with the Revenue Mobilization Allocation and Fiscal Commission (RMFAC) to produce a map with geospatial data that will make evidence-based decisions.

The former National Chairman of the People’s Democratic Party, PDP, Dr. Okwesilieze Nwodo, yesterday, said Igbo elites have been trying to tune down the rhetorics of Nnamdi Kanu to achieve a restructured Nigeria.