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CBN Disburses N49bn Covid-19 Intervention Fund To 80,000 Beneficiaries      

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CBN Disburses N49bn Covid-19 Intervention Fund To 80,000 Beneficiaries      

The Central Bank of Nigeria says it has so far doled out 49 billion naira out of the 50 billion naira targeted credit facility designed to cushion the economy against the impact of covid-19.

CBN’s director of corporate communications, Isaac Okoroafor, said the intervention fund has gone to at least eighty thousand Micro, Small and Medium Scaled enterprises, MSMEs. He said these funds would support federal government’s measures to stimulate the country’s economic activities and would help avert a looming economic recession.

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Okoroafor said, apart from the fifty billion naira targeted facility for households and small businesses, there are other intervention funds such as the one hundred billion naira health facility that is currently being disbursed.

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The fund targets specific sectors such as agriculture value chain, hospitality, health, airline service providers, manufacturing, trading and other income-generating activities CBN may qualify for the credit facility.

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COVID-19: Tax Keeps Nigeria Afloat, Not Oil Money – FIRS Tells Nigerians

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COVID-19: Tax Keeps Nigeria Afloat, Not Oil Money -- FIRS Tells Nigerians

The Federal Inland Revenue Service is urging Nigerians to pay their taxes.

FIRS executive chairman, Muhammad Nami, says Nigeria’s economy is being sustained by taxes, not by oil revenues, even in light of the covid-19 outbreak.

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Nami says tax revenues have played a great role in financing part of allocations shared by states.  The FIRS boss made these comments during a television public enlightenment appearance to educate citizens on voluntary tax compliance, including stamp duty payments which he says have increased from eighteen billion naira to a current level of around eighty billion naira.

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He implored outlets that collect the taxes to remit them to the government so the impact of oil revenue bust would be minimized.

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Nigerian News

Shoprite Debunks Rumors Of Leaving Nigeria

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Shoprite Debunks Rumors Of  Leaving Nigeria

Retail giant, Shoprite, which has been in the Nigerian marketplace for fifteen years now, has debunked rumors it was planning to leave Nigeria.

Stories began flooding the social media on Monday that Shoprite has decided to leave the country because of a series of problems in doing business in Nigeria.

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But, country director for Chastex Consult, Ini Archibong, told a newspaper in Lagos, Shoprite is staying in Nigeria.  He said all the company had done was to open up investment opportunities in the company to Nigerians.  He said the company would not exit the country where it has a thirty-billion-dollar investment.

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If the report had been true, more than two thousand Nigerians would have lost their jobs.

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Air Peace Sacks Pilots Over Coronavirus Pandemic

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Air Peace Sacks 69 Pilots Over Coronavirus Pandemic

The devastating effects of COVID-19 pandemic cut across different sectors of the economy not leaving out the aviation sector as one of Nigeria’s biggest airline operator, Air Peace laid off a number of pilots and cut salaries.

The airline said in a statement on Monday that the decision became necessary in order to cope with the impact of the coronavirus on its operations without disclosing the number of pilots affected, but industry sources put the figure at around 70.

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The company said that it took the “very painful, but rightful decision”, adding that “the airline cannot afford to toe the path of being unable to continue to fulfill its financial obligations to its staff, external vendors, aviation agencies, maintenance organizations, insurance companies, banks and other creditors.

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Air Peace said “anything short of what we have done may lead to the collapse of an airline as could be seen in some places worldwide during this period.

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