President Muhammadu Buhari has said the ongoing Mambila power plant project, upon completion, will provide power to over 10 million households. Buhari made the disclosure in an article in Newsweek Magazine, saying the factors hindering the power plant project have been sorted since the ruling of the International Court of Arbitration in Paris, France.

Coronavirus: Nigeria, South Africa, Others Loses $4.2bn – IMF

The International Monetary Fund (IMF) said that the COVID-19 pandemic has triggered a cash outflow from Sub-Saharan Africa with over $4.2bn capital flight from the region since late February to date.

Imo State Government Suspends Payment Of Pensions To ex-Public Office Holders

Imo state Governor Hope Uzodinma has assented to a bill repealing the law that created pension allowances and gratuities for ex-public Office Holders like governors, deputy governors, assembly speakers and deputy speakers. He noted that the erstwhile law runs contrary to the 1999 constitution as amended, which stipulates that a pensioner must have worked for at least 10 years and must be up to 45 years of age.

Next Reopens Online Business

Next will reopen its online business has implemented additional safety measures to cope with the coronavirus emergency. The website of the fashion store had stopped taking orders on 26 March and closed its High Street stores on 23 March.

The Federal Government has on Wednesday disbursed N43,416 billion ($120.6 million) to 24 States as a performance-based grant under the World Bank-Assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS).

The Federal Government and Electricity Distribution Companies (DisCos) have on Wednesday agreed to provide Nigerians with two months free electricity in efforts to lessen economic challenges due to the Covid-19.

Oil Prices Bounces Back, Commences Trading At 3.27% Increase

Oil prices have bounced back after suffering an all-time low when it traded in negative numbers and below zero(0). The WTI is now trading well above $14pb which is a 14.4% increase while Brent is currently trading above $21.13pb which is a 3.27% increase. This increase in price is coming a day after sell-off provoked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns.

Finally, Petrol Subsidy Gone For Good – NNPC

The Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC), Mele Kyari has disclosed that the era of subsidy on the petroleum by the federal government is gone for good.

The Federal Government has announced the extension of airport closure by two weeks. The announcement was contained in a statement issued in Abuja yesterday by the honorable Minister of Aviation Hadi Sirika, through the director of Public Affairs in the Ministry of Aviation, James Odaudu.

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