Oil Prices Bounces Back, Commences Trading At 3.27% Increase

Oil prices have bounced back after suffering an all-time low when it traded in negative numbers and below zero(0). The WTI is now trading well above $14pb which is a 14.4% increase while Brent is currently trading above $21.13pb which is a 3.27% increase. This increase in price is coming a day after sell-off provoked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns.

Finally, Petrol Subsidy Gone For Good – NNPC

The Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC), Mele Kyari has disclosed that the era of subsidy on the petroleum by the federal government is gone for good.

The Federal Government has announced the extension of airport closure by two weeks. The announcement was contained in a statement issued in Abuja yesterday by the honorable Minister of Aviation Hadi Sirika, through the director of Public Affairs in the Ministry of Aviation, James Odaudu.

The Nigerian National Petroleum Corporation (NNPC) has informed that its depots will be in operation during the Lockdown in Some selected States of the country including FCT, Lagos and Ogun State. This is to ensure the availability of petroleum products in the country.

Coronavirus: Nigeria, South Africa, Others Loses $4.2bn – IMF

The International Monetary Fund (IMF) said that the COVID-19 pandemic has triggered a cash outflow from Sub-Saharan Africa with over $4.2bn capital flight from the region since late February to date.

2020 Budget: FG Proposes Cut On Oil Benchmark To $30 Per Barrel

The Federal Government has today proposed the slashing of the proposed oil benchmark which was earlier put at $57 per barrel for the year 2020 budget to $30 per barrel to accommodate reality.

Next Reopens Online Business

Next will reopen its online business has implemented additional safety measures to cope with the coronavirus emergency. The website of the fashion store had stopped taking orders on 26 March and closed its High Street stores on 23 March.

Coronavirus: IMF, World Bank Advocate Suspension Of Debt Payment By Poor Countries

The International Monetary fund (IMF) and the World Bank has today advocated for governments to suspend debt servicing by the world poorest countries to enable them to redirect the money for the containment of the deadly COVID-19 pandemic.

The Federal Government and Electricity Distribution Companies (DisCos) have on Wednesday agreed to provide Nigerians with two months free electricity in efforts to lessen economic challenges due to the Covid-19.

Oil Price Slump To 17-year Low

Panic has continued to grip the international oil market as the price of the Brent crude nose-dived on Wednesday hitting the lowest ebb in the last 17 years amid price war between Saudi Arabia and Russia have to continue unabated coupled with the coronavirus pandemic.