9 QUICK NUMBERS ON ECONOMIC REALITIES OF COVID-19

1,300

The Lagos State Commissioner for Health, Akin Abayomi, told journalists that state government was tracing  1,300 persons that might have had contact with the positive cases. Abayomi disclosed that  19 persons, who had contact with Wednesday’s cases, were tested and five of them were positive. [PUNCH]

N1.2trn

Nigeria Gas Flare Tracker estimated that oil companies engaged in gas flaring should pay about $3.2bn as a penalty. That’s 1.152 trillion Naira, which is enough to cover for the coronavirus induced 1 trillion naira intervention by the Central Bank. It could have cushioned 77 percent of the 1.5 trillion naira cut that the 2020 budget is witnessing. [DATAPHYTE]

N160bn, 22,200 jobs

The disruption to air travel due to the continued spread of coronavirus will cost Nigeria’s aviation industry over N160.58bn ($434m) using  N370 to $1  in revenue and 22,200 jobs, the International Air Transport Association has said. IATA said on Thursday that the country would also lose approximately 2.2 million passengers. [PUNCH]

62,072 barrels, 1311 spill

Between 2018 and March 2020, only two hundred and sixty-eight (268) out of one thousand three hundred and eleven (1311) involving 62,072 barrels oil spill incidents were cleaned up. Rivers, Delta, Bayelsa, Akwa Ibom and Abia states have had the highest incidents of oil spillage respectively between 2018 and 2020. [DATAPHYTE]

N374/$1

The Naira exchanged to the dollar for between N372 and N374 at the Bureau De Change segment of the market on Thursday. The naira had recently suffered some beating due to the impact of the coronavirus in the global economy, which led to the fall in the international crude oil price. [PUNCH]

3.12% negative

The Nigerian equities market returned to negative territory on Thursday with the All-Share Index declining by 3.12 per cent due to price depreciation in blue chips. Specifically, the All-Share Index dipped 711.06 points, representing 3.12 per cent, to close at 22,078.58 compared with 22,789.64 on Wednesday. Similarly, the market capitalisation shed N371 billion to close at N11.505 trillion against N11.876 trillion on Wednesday.. [PREMIUM TIMES]

$30bn leakage

The House of Representatives has given the Chief Executive Officers of telecommunications service providers a seven-day ultimatum to appear before its Committee on Finance or a warrant for their arrest will be issued by the parliament. The House, on March 5, 2020, passed a resolution to investigate the over $30bn revenue leakages in the sector. [PUNCH]

 

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