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news you can trust I ** tuesDAY 07 april 2020 I vol. 19, no 536
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Fitch downgrade worsens Nigeria’s dollar-debt prospects …shifts attention to multilateral lenders OLUFIKAYO OWOEYE & BUNMI BAILEY
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L-R: Rauf Aregbesola, minister of interior; Geoffrey Onyeama, minister of foreign affairs; Sadiya Umar-Farouk, minister of humanitarian affairs, disaster management and social development; Edward Kallon, United Nations Humanitarian Coordinator in Nigeria; Boss Mustapha, secretary to the government of the federation; Lai Mohammed, minister of information and culture; Osagie Ehanire, minister of health; Sani Aliyu, national coordinator, Presidential Task Force on COVID-19, and others, at the inauguration of the Joint Nigeria-United Nations System Initiative to Support Covid-19 Response, in Abuja, yesterday. NAN
Nigeria plans $6.9bn war chest to fight Covid-19 as FAAC allocations slump Onyinye Nwachukwu (Abuja) & SEGUN ADAMS (Lagos)
T
he Federal Government is in the process of amassing a $6.9 billion war chest to combat the impact of the coronavirus on the Nigerian economy and healthcare sector. This is coming at a time Federal
Funds to come from IMF, World Bank, AfDB, SWF Provides N102.5bn direct intervention in health sector
Accounts Allocation Committee (FAAC) disbursements to the three tiers of government have fallen to the lowest level so far
in 2020. Nigeria does not intend to negotiate any formal loan programme with the International
Monetary Fund (IMF), but has formally asked the fund to release all its existing holdings, Continues on page 31
igeria’s hope of raising dollar-denominated cash in the Eurobond market to finance its deficit may have finally hit the rocks as rating agency, Fitch, downgraded the country’s long-term foreign currency issuer default rating (IDR) to ‘B’ from ‘B+’ with a negative outlook, citing external and fiscal pressures. The new rating by Fitch is at par with Moody’s rating at B2 and one notch above S&P rating at ‘B-’. Credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the creditworthiness of entities. These ratings can impact borrowing costs as a lower rating would mean a higher cost of borrowing for issuers. A ‘B’ rating for long-term Continues on page 31
Inside 45% of new Covid-19 infections in Lagos now community transmission P. 3 Covid-19 and the Nigerian nation An overview of the ongoing pandemic, the local response, and prospects for the future P. 18-19