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news you can trust I ** tuesDAY 28 april 2020 I vol. 19, no 551
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… as NNPC faces new dilemma of which fields to cut output
FG to relax lockdown in Lagos, Ogun, FCT May 4
ISAAC ANYAOGU & DIPO OLADEHINDE
segun adams
How CBN intervention may be make or break for indigenous oil firms
D
irect intervention by the Central Bank of Nigeria (CBN) may be a make-orbreak deal in securing the future of Nigeria’s indigenous oil firms who are dealing with slumping prices, spiralling finance costs, and huge debt overhang that threatens the soundness of the nation’s banking industry and jobs in the oil sector. The global oil market is currently in turmoil on the heels of dwindling demand for crude oil brought about by the coronavirus pandemic. In Africa’s biggest oil-producing country, indigenous energy companies’ ability to service debts is extremely vital to Nigeria’s banking industry. “The impact is a complete and utter disaster,” Kola Karim, chief executive officer of Shoreline Group, the third-biggest independent, said in an interview. “We’re underwater, without adding the cost of finance. If you add the cost of financing, we’re drowning.” BusinessDay estimates that banks’ exposure to the oil and
T
he Federal Government has approved for a phased and gradual easing of the COVID-19 lockdown measures in FCT, Lagos and Ogun States effective from Monday, May 4. President Muhammadu Bu-
Unveils new nationwide measures to fight COVID-19 Excludes Kano in new guidelines, pledges aid to state
hari announced this in a nationwide broadcast on Monday, where he also rolled out new nationwide measures in the
government’s continued effort to contain the spread of the deadly coronavirus which has infected 1, 273 persons in the country,
with 40 deaths. The highlights of the new Continues on page 29
Continues on page 29
Inside
Private sector urges FG to save economy by removing obstacles to investment P. 2
L-R: Timipre Sylva, minister of state for petroleum resources; Babagana Zulum, governor, Borno State, and Mele Kyari, group managing director, NNPC, during the presentation of Oil & Gas COVID-19 intervention to Borno State as part of efforts to contain the COVID-19 pandemic. NAN
Nigerian hospitals in peril over surging cost of masks, protective gowns ODINAKA ANUDU & TEMITAYO AYETOTO
R
ising prices of medical masks and other personal protective equipment (PPEs) are undoing a lot of Nigerian hospitals as doctors and nurses run out of PPEs amid surging cases of coronavirus in Africa’s most populous nation. Doctors and nurses are worried about their safety as the
rate of patient-to-health worker transmission continues to rise. Many hospitals cannot afford to kit their doctors and nurses as it takes N25,000 or more to kit a doctor or nurse properly each day with PPE. A hospital with 50 doctors will need a budget of N1.250 million daily to kit them. A pack of 50 surgical disposable face masks sold for less than N4,000 in January now goes as high as N17,000. Also, a kit of
medical protective clothing sold for N1,500 in January on Jumia is now N14,000, BusinessDay finds. A lot of hospitals cannot afford the humongous cost, with some already threatening to shut down temporarily if they can’t procure PPEs, and doctors and nurses are avoiding patients without being fully kitted. The surging prices of PPEs is a demand-supply dynamic, but it is also proving to be one too many.
Francis Faduyile, president, Nigeria Medical Association (NMA), confirmed that many hospitals are in dire need of PPEs. “The government had thought that the PPEs were exclusively for those in isolation and treatment centres,” he said. “But it is becoming clear that those in normal, regular hospitals, where you don’t know if patients have COVID-19, need to protect themselves,” he further said.
He said government has promised to send PPEs to hospitals, but pointed out that it is early in the week to ascertain if the assurances have been met. Total coronavirus cases in Nigeria hit 1,273 on April 27 with rising daily deaths. The number of infected healthcare workers has risen lately to over 40, according to Osagie Ehanire, Continues on page 2