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Daily Watch – FG submits revised budget as CBN steps up, Air freight costs fall in East Africa

President Muhammadu Buhari on Thursday submitted a revised 2020 budget of ₦10.51 trillion ($29.19 billion) to the National Assembly for approval. The coronavirus pandemic and an oil price plunge have magnified headwinds in Africa’s biggest economy, which relies heavily on crude sales for government revenues. The problems triggered a decline in growth and large financing needs as well as weakening the naira currency. The government has said since March that the budget passed in December would be revised down. It must be approved by lawmakers, who can make changes, before being sent back to the president to pass into law after he has agreed to any revisions. Amid the steep fall in global oil prices, the government previously said this year’s budget would shrink by about 15%. The proposal sent to both chambers on Thursday is only marginally lower than the record ₦10.59 trillion budget approved in December by Buhari. It follows the inclusion of new items, much of which is related to healthcare as part of the country’s response to the coronavirus pandemic. The revised budget includes local and foreign borrowing, including $5.51 billion from multilateral lenders. The National Assembly had recently approved a loan of ₦850 billion while ...
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NEWS

Daily Watch – FG submits revised budget as CBN steps up, Air freight costs fall in East Africa

President Muhammadu Buhari on Thursday submitted a revised 2020 budget ...
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Daily Watch – COVID-19 restrictions suffocate West Africa trade, IMF wants dividend suspensions

Amnesty International has accused the Nigerian military of unlawfully detaining ...
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Daily Watch – GDP growth crawls 1.87% in Q1, July cargo programmes look upbeat

The Lagos State Internal Revenue Service (LIRS) has extended the ...
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Daily Watch – Worst case model sees 8.9% contraction, Lagos slashes budget by 20%

Annual inflation in Nigeria rose for the eighth straight month ...
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Daily Watch – Oil rig count falls sharply, Lagos doctors sit at home

The CBN will not support the importation of items that ...
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Daily Watch – Phased reopening extended, FIRS chief fires directors in presidential defiance

Nigeria's government says it will impose “precision” lockdown measures in ...
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Daily Watch – Cocoa exports suffer, FAAC expects no more than ₦2.4 trillion in 2020

The federal, states and local governments have received a total ...
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Daily Watch – Ekiti takes lead in RoW charge reduction, IEA expects record oil demand fall

There is growing concern that the lockdown measures to fight ...
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Daily Watch – CPS hits ₦10.5 trillion, Sub-Saharan Africa to lose $200 billion in 2020

The International Monetary Fund has projected that Nigeria and other ...
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Daily Watch – Thousands flee to Niger over NW insecurity, Rivers lockdown costs importers

Users of the Rivers and Onne Ports have complained about ...
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Daily Watch – Africa bleeds $65.7 billion monthly to COVID-19, CBN guarantees ‘orderly’ FX exit

Nigeria has put in place policies to ensure foreign investors ...
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Daily Watch – Crude exports to US fall by 60%, Nigerians spent ₦4.6 trillion eating out in 2019

The latest Energy Information Administration data shows that the United ...
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Daily Watch – COVID-19 funds to supplement budget, Nigeria bleeding 400k barrels to piracy each month

The International Maritime Bureau said Nigeria loses an average of ...
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Daily Watch – FG promises market-rate power tariffs, Senate moves to decentralise police

The Nigerian government has promised the International Monetary Fund that ...
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Daily Watch – 2 in 5 Nigerians live in poverty, NCDC warns of another lockdown

Data from the National Bureau of Statistics show that 82.9 ...
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Daily Watch – CBN pulls brake on banking talent drain, Nigeria assures IMF of subsidy removal

The Nigerian government has assured the International Monetary Fund that ...
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Daily Watch – COVID-19 threatens polio progress, 41% of Kano dead showed COVID symptoms

The CBN has announced the resumption of dollar sales to ...
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Daily Watch – Lassa fever ‘national emergency’ over, Nigeria gets bumper IMF loan

The executive board of the International Monetary Fund has approved ...
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Daily Watch – FG gives in to lockdown pressure, ISWAP executes Chadian soldier

President Muhammadu Buhari has extended the lockdown in Lagos, Ogun ...
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Daily Watch – Airlines cut jobs, Kano grapples with casualty surge

Nigerian state governors have asked President Muhammadu Buhari to approve ...
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Daily Watch – Mambilla power dispute escalates, COVID-19 worsens malaria

The number of deaths caused by malaria in Sub-Saharan Africa ...
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Daily Watch – Govs agree on 14-day interstate lockdown, Northern states shut almajiris

The governors of Nigeria's northern states have agreed to close ...
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