Report Forecasts 20% Drop in Diaspora Remittances Obinna Chima A Pan-African credit rating agency, Agusto & Co, has predicted a 20 per cent drop in Diaspora remittances to Nigeria from $25 billion recorded last year to $20 billion this year.
However, the Central Bank of Nigeria (CBN) had said that it did not have any record of remittances exceeding $3 billion, implying that the figures contained in several reports, including the latest by Agusto & Co must be based on other data sources.
It attributed the projected reduction to COVID-19 fallout, which has caused severe disruptions in the global economy. The Lagos-based firm, in a report titled: “COVID-19 in Nigeria: Economic Perspectives and Mitigating the Risks,” also
anticipated that the effects of the pandemic could place the naira under strain. “Our prognosis also indicates that with an economic crisis in several western nations, Nigeria could see a slowdown for the first time in over a decade in
workers’ remittances. “We are forecasting a 20 per cent drop in the diaspora remittances to $20 billion from $25 billion in the prior year further placing the naira under strain. “While we do acknowledge that the country’s import
bill will drop owing to the distortions in local and global economic activities, we do not believe that this will provide sufficient support for the naira,” it explained. Agusto & Co stated that the Continued on page 9
NCC, ATCON Refute Claims 5G Responsible for Pandemic... Page 5 Monday 6 April, 2020 Vol 25. No 9128. Price: N250
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NMA, TUC Reject FG’s Plan to Invite Chinese Doctors to Fight COVID-19 Confirmed cases rise to 232, five deaths Lagos discharges 10-year-old, four others Osun releases index patient, 110 Ivorian returnees Africa CDC warns doctors against prescribing Chloroquine UBTH confirms three cases, isolates 24 health workers Chiemelie Ezeobi, Segun James, Emma Okonji, Martins Ifijeh, Rebecca Ejifoma in Lagos and Onyebuchi Ezigbo in Abuja The Nigerian Medical Association (NMA) and the Trade Union Congress of Nigeria (TUC) have rejected the plan by the federal government to invite Chinese doctors to assist in tackling the COVID-19 scourge in the country.
This development is coming as the Lagos State Government has discharged a 10-year-old and four other COVID-19 patients from the Infectious Disease Hospital in Yaba. Nigeria has, however, recorded 18 new cases, bringing to 232 the total number of confirmed cases in the country. Five of the 232 have died while 33 have been discharged. Continued on page 9
Foodstuffs' Prices Soar as Lockdown Bites Harder Lamentation over inadequate palliatives
Our Correspondents Prices of foodstuffs and other essential goods have gone up with residents of locked down states, particularly the Federal Capital Territory (FCT) and Lagos State reeling under the effects of the one-week old total restriction to curb the spread of COVID-19. A survey carried out by THISDAY in different parts
of Lagos State showed that the prices of staple items such as rice, yams and garri rose by between 80 and120 per cent. For instance, at the market in front of the Lagos State Housing Estate at Abesan, Ipaja, the price for an average tuber of yam, selling for between N400 and N500 before the lockdown, has jumped to between N1,000 and Continued on page 10
DEFENDING THE ECONOMY... Speaker, House of Representatives, Hon. Femi Gbajabiamila (left), and President of the Senate, Dr. Ahmad Lawan, during a meeting with the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed; and the Director-General, Budget Office, Mr. Ben Akabueze, on the review of 2020 Budget in Abuja…weekend
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