The Presidential Task Force (PTF) on COVID-19 has advised Nigerians to suspend their Christmas and New Year travels to limit the risk of contracting the virus.
The chairman of the task force, Boss Mustapha, at a press briefing today, November 23, said that such trips should be put on hold to reduce transmission risks.
He said that large social gatherings should also be avoided because there is a bigger risk of COVID-19 transmission.
“Ahead of the upsurge in travels for the Christmas and New Year festivities, we urge strongly that for this year, such trips should be put on hold firmly because of the risks involved.
“The transmission rate has simply become astronomical.”
According to him, new clusters of cases can also emerge in places that have so far been unaffected as people gather for festivities.
“There will always be many more festive seasons to celebrate.”
Chairman of Transorp Energy, Chief Tony Elumelu is believed to have completed plan to sign $1 billion oil block deal even as the Founder of the BUA Group, Abdulsamad Rabiu, is also planning to build a 200,000 barrels per day (bpd) oil refinery in Akwa Ibom State, all aimed at pulling Nigeria from the “worst” recession.
The 200,000 barrels per day (bpd) oil refinery in Akwa Ibom State project is expected to rival the 650,000 bpd Dangote Refinery project in Lagos.
Elumelu was quoted to have told Financial Times today, November 23: “you’ll suppose at a time like this, rational funding behaviour could be to decelerate. However, we are even investing extra.”
Elumelu said that Transcorp Energy was on track to secure a $300 million stake in a state-owned energy facility.
The appetite of local investors is much stronger than their international peers’. The inflow of Foreign Direct Investment (FDI) into the country over the last 12 months is slower than that of Ghana.
Nigeria attracted only $148.6 million in FDI in the second quarter, one-third weaker than the figure it reported in the same period of 2019.
Portfolio investors are similarly casting their glances elsewhere to seek climes promising safety for capital in the face of global investment disruption.
Inflows from this investment category slumped 91 percent to $385.3 million from April to June, relative to the second quarter of last year.
The economic condition is grim. The Gross Domestic Product tapered by 6.1 percent in the second quarter and 3.62 percent in the last quarter where the unemployment and the inflation rates are simultaneously surging just like the cost of food.
“You possibly can’t get foreigners to take a position when home traders are cautious,” said Amaka Anku, director and practice head at Eurasia Group, a Washington-based consultancy.
Small-scale domestic businesses do not have the heart to invest the way big players do, she added, affirming wider insecurity on the country’s investment scene.
Arewa Youth Consultative Forum, AYCF, has accused the Federal Government of selective application of justice by detaining Senator Ali Ndume on the same offence committed by Senator Enyinnaya Abaribe.
While Senator Ali Ndume was today, November 23, remanded at Kuje Correctional Centre for failing to produce the former Chairman of the defunct Pension Task Team, Abdulrasheed Maina, Senator Abaribe has been allowed to walk freely after standing suretie for Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB, who jumped bail and is on the run,
In a statement today, the National President of the AYCF, Alhaji Yerima Shettima, wondered why same court has not ordered the detention of Senator Enyinnaya Abaribe, saying: “we, as a youth group from the North, find the arrest and remand in prison of Senator Ali Ndume because fugitive Abdurrashid Maina had jumped bail, as unfair. Much as we are not denying whether Abdurrashid Maina committed offence or not, we believe it amounts to setting bad example if Senator Abaribe – who stood surety for terrorist Nnamdi Kanu is still walking the streets as a free man.
“We cannot fathom why Senator Abaribe, who secured bail for IPOB’s Kanu whose action has since been declared treasonable and terror to the country (and still on the run) has never ever been sanctioned for standing surety.
“In the interest of equity, fairness and balance, Senator Abaribe should be immediately arrested and remanded in prison too, until IPOB’s Kanu is turned it or he turns himself in.
“Both Ndume and Abaribe are senators of the Federal Republic of Nigeria and therefore Abaribe cannot be said to be higher in status than Ndume. Both are lawmakers by the grace of our national constitution and the votes of their constituents.
“Most importantly, we have a duty as a country to demonstrate that in this country, no one citizen is above the other. Significantly, Ndume’s case is such that Maina is still a “suspect” being tried by the law and no sentence has yet been handed down by any court of competent jurisdiction. Still, this cannot be said of Nnamdi Kanu and his treason case.
“We are therefore very disturbed that this is happening to Ndume at a moment democratic power is mainly in the hands of people from Ndume’s immediate constituency. It is this kind of development that gives room for people to accuse the Federal Government of selective application of justice.
“We, therefore, call on President Buhari to intervene and put an end to this embarrassing selectivity against one the North’s exceptionally-vocal, fearless and pro-masses member of the National Assembly.”
A Federal High Court had on today, ordered the detention of Senator Ndume beNdume, who represents Borno South at the National Assembly and stood as surety for Maina who is standing trial on alleged money laundering charges.
A Nigerian-born medical doctor and one of those leading the research at Pfizer for a COVID-19 vaccine in the United States, Dr. Onyema Ogbuagu, has dispelled misconceptions concerning the COVID-19 vaccine, saying that there is no sinister plan in the development of the vaccine.
Dr. Ogbuagu, who is an Associate Professor of medicine at Yale University in the US, in a series on Tweet on his official handle concerning some misconceptions about the vaccine, warned that misinformation about the pandemic may lead to loss of lives.
He insisted that the vaccine efficacy results are real and that they were not delayed to hurt or help any politician.
“The Pfizer vaccine doesn’t contain the SARS CoV-2 virus or parts of it!
“No nefarious or sinister plan to inject people with a labeling code. The mRNA vaccine is not integrated into recipient’s genome. No fetal tissue is used for the mRNA vaccine. And No!…researchers such as myself are not part of any conspiracies.
“We just want to apply science to improve patient outcomes and even better, to prevent disease.
“We can only work our way out of this pandemic through effective vaccines especially because it is difficult to achieve optimal mask-wearing and physical distancing to end the pandemic.
“Think of how vaccines have made deadly diseases either go away (smallpox) or become relatively rare (such as measles).
“When the “COVID” vaccine becomes available, let’s roll up our sleeves and let’s end this thing! Another challenge would be the equitable distribution of vaccines.
“High vs. low/middle-income countries, and even in developed nations, to ensure that vulnerable and underserved populations, disproportionally affected by the pandemic are proportionally reached!
“Now is time for strategic distribution plans at global, national, and community level.
“Pfizer and BioNTech had announced that a completed study shows that their experimental COVID-19 vaccine is 95 percent effective.
“The study results mark an important step in this historic eight-month journey to bring forward a vaccine capable of helping to end this devastating pandemic,” Pfizer CEO, Albert Bourla said.
During the announcement, Pfizer was quoted as saying it would be able to supply 50 million doses by the end of 2020, and around 1.3 billion by the end of 2021.
Dr. Ogbuagu is an associate Professor of Medicine, in the clinician-educator track and Director of the HIV Clinical Trials program of the Yale AIDS Program, Section of Infectious Diseases of the Yale School of Medicine.
His Bio:
Ogbuagu’s profile on the website of Yale School of Medicine states that his clinical responsibilities include educating and training medical students, residents, and infectious diseases fellows in various capacities in inpatient and outpatient settings; and through structured course work and other teaching sessions.
“As a faculty of the HIV training track of the Yale-Internal Medicine primary care program and for over 6 years as a faculty of the Human Resources for Health program in Rwanda, I have extensive experience with curriculum development, structuring of residency training programs, and mentoring residents and faculty. In Rwanda specifically, I have and continue to mentor medical residents and junior faculty in quality improvement and clinical research projects that are locally relevant and addressing important infectious diseases-related problems (particularly HIV/AIDS and antimicrobial resistance).
“Furthermore, I have facilitated meaningful educational and research collaborations between faculty and trainees across institutions. As the program director of World Bank and HRSA-funded efforts supporting the Liberia College of Physicians and surgeons (LCPS)–run Internal medicine residency training program, I have overseen the selection and deployment of faculty to Liberia, and am responsible for educational programs and activities aimed at strengthening the residency training program. Overall, my expertise and collective experiences to date have positioned me to design and run successful projects around capacity building in low-resource settings including developing and implementing innovative and robust medical training and research programs for faculty, fellows, residents, and students.”
For five years now, Ogbuagu has been the Director of the Yale AIDS Program HIV clinical trials program, and a principal investigator on numerous pharmacokinetic, phase 2 and 3 safety and efficacy trials of novel antiviral compounds (HIV).
More, recently, given the alarming rate of new infections among men who have sex with men (MSM), he has focused on HIV prevention trials including being a co-principal investigator on a Yale CIRA funded project, which has supported the formation of a cohort of men who have sex with men, who are at high risk for HIV and are engaged in HIV PrEP services in order to study the impact of substance use on retention in care and adherence to PrEP.
He is also the lead investigator on the international DISCOVER trial evaluating TAF/FTC vs TDF/FTC for HIV prevention among MSM and transgender women.
He is Yale’s principal investigator on multiple investigational therapeutic and preventative clinical trials for COVID-19 including remdesivir (now FDA approved), leronlimab and remdesivir and tocilizumab combination therapy as well as the Pfizer/BioNTech Vaccine trial.
-A UNICAL Graduate With Many Honours-
Ogbuagu studied medicine at the University of Calabar, Cross River state, in 2003. After graduation, he interned at the Ebonyi State University Teaching Hospital, Abakaliki, Nigeria.
He then proceeded to intern at Mount Sinai School of Medicine (Elmhurst), New York. He rose to become a chief resident at the same school after which he became a fellow of infectious diseases, Yale University School of Medicine, New Haven, Connecticut.
In 2015, Ogbuagu became a fellow at, American College of Physicians. In 2017, he was a nominee for Charles W. Bohmfalk Award in Clinical Science, Yale University School of Medicine. In the same year, he won the Steve Huot Faculty Award for Dedication and Excellence, Yale University School of Medicine Internal Medicine Primary Care programme.
In 2019, Ogbuagu was awarded the Gerald H. Friedland award for outstanding international research. In 2020, he emerged as a nominee for Charles W. Bohmfalk Award in Clinical Science, Yale University School of Medicine.
-US Missions Recognition-
United States Diplomatic Mission Nigeria also recognised his contribution to the world of Medicine. In a tweet on Monday, November 23, they said, “Our hats off to Dr. Onyema Ogbuagbu at Yale who helped develop a COVID-19 vaccine!”
In order to reduce the impact of inflation on Nigerians, the Federal Government is proposing, through the 2020 Finance Bill, the exemption of minimum wage earners from the Personal Income Tax. The exemption, which was described as an“incentive” to the workers in public sector, will ensure the resilience of the Nigerian economy to exogenous shocks.
President Muhammadu Buhari, who made these known in a speech he delivered virtually by Vice President Yemi Osinbajo today, November 23 at the opening session of the 26th Nigerian Economic Summit Group Conference, said: “we are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax. “These provisions which complement the tax breaks given to small businesses last year will not only further stimulate the economy, but are also a fulfilment of promises made to take steps to help reduce the cost of transportation and the impact of inflation on ordinary Nigerians.” He acknowledged the role of the private sector in building a resilient economy, stressing: “this government has always emphasized that the private sector has a key role to play in our efforts to build a more resilient and competitive economy as expressed in the Economic Recovery and Growth Plan. “Private companies in design, construction, logistics and finance are very much engaged in our infrastructural projects in power and rail as well as road and bridges and the installation of broadband infrastructure which is an essential requirement if Nigeria is to participate actively and benefit from the 4th Industrial Revolution. “It is clear that we must diversify the economy away from dependence on crude oil exports, speed up human capital development and improve on infrastructure. Above all, our economy must be made more resilient to exogenous shocks. It is important for the private sector to play a key role as we work together to identify national priorities and try to influence our future national trajectory.” The President also gave insights into the collaboration between the CBN, the Nigerian Sovereign Wealth Investment Authority (NSIA) and other stakeholders in the creation of an Infrastructure Company (Infraco) Fund to address some of the nation’s critical infrastructure needs. “It goes without saying that partnerships remain essential to attract the resources for building a solid national infrastructural base. I am pleased to inform you in this regard that we are working actively with the Central Bank, Nigerian Sovereign Investment Authority and State Governments under the auspices of the National Economic Council to design and put in place a N15 trillion Infraco Fund which will be independently managed. “The Infraco Fund will help to close the national infrastructural gap and provide a firm basis for increasing national economic productivity and growth.”
The President restated the commitment of his administration to sustaining collaborations with the private sector in addressing challenges, adding: “if there is one single lesson to be learnt from the COVID-19 pandemic, it is that partnerships are essential for credible responses with lasting effects. “Our national journey to economic prosperity is a long one, so we must all certainly work together. As we saw, partnerships were essential when we were faced with the serious challenge of combatting COVID-19. “We saw the key role that partnerships played in our national effort to combat the COVID-19 crisis. While Federal and State Governments worked together to manage the health response and ensure the establishment of isolation centres and availability of test kits, personal protective equipment, and medicines, the private sector also played an active role as individual entities, and also worked together in groups like the Coalition Against COVID-19.” The themed of the Conference is: “Building Partnerships for Resilience”.
The Inspector-General of Police (IGP), Mohammed A Adamu approved the promotion of 82,779 Junior Police Officers to their next ranks.
The promotion of the officers, according to a statement today, November 23 by the Force spokesman, Frank Mba, comprises 56,779 Sergeants to Inspector, 17,569 Corporal to Sergeants and 8,431 Constables to Corporal
The statement said that the promotion is part of the on-going efforts at boosting the morale of personnel and repositioning the Force for greater efficiency.
It said that those who are being promoted include 86 junior officers negatively impacted by the ENDSARS riots, with 16 of them getting special posthumous promotion while 70 others injured during the violence arising from the ENDSARS protests were equally specially promoted.
The statement said that the IGP congratulated the officers and charged them to see their promotion as a mark of additional responsibility and a call to rededicate themselves to their professional calling.
He enjoined them to continue to carry out their duties diligently and in conformity with best practices and respect for the rights of the citizen even as he said that the promotion albeit, posthumously, of the officers who were killed by some ENDSARS protesters is a symbolic gesture in recognition of the ultimate price they paid in the service of the nation.
“The IGP promised to work with all relevant agencies, organs of Government and other stakeholders in driving a successful reform of the Police for improved welfare and conditions of service towards better service delivery to the people.”
A group, The Buhari Media Organisation (BMO) has faulted claims by the Peoples Democratic Party (PDP) and its former Presidential candidate, Atiku Abubakar that President Muhammadu Buhari is responsible for Nigeria’s slide into another recession. In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO also described Atiku’s prescription for a quick exit as a recipe for disaster. “We are not totally surprised that the opposition party and its failed candidate decided to jump on the latest GDP figures to play to the gallery, but in doing so they ended up exposing themselves to ridicule. “Only strange economists or fake ones would pretend not to know that Nigeria would not escape the Covid-induced global recession that has been ravaging some of the biggest economies in the world since the second quarter of the year. “We wonder how someone whose son was infected with the Covid-19 and had to spend weeks in an isolation centre could be pretentious about the impact of the pandemic. “So in blaming President Buhari for the 3.62%, Q3 drop in the country’s GDP after a 6.10% in Q2, PDP and Atiku should also hold Buhari responsible for the situation in South Africa, United Kingdom and the United States which recorded much deeper contraction than Nigeria. “In fact, we dare say that the country outperformed many economies in the world and is already on the path of a technical exit from the recession with its 3.62% decline. “And in case PDP and the former Vice President have been too consumed with petty politics to notice, President Buhari had, before the global lockdown, set the stage for a quick exit from the inevitable recession with a number of post-covid programmes targeted at putting cash in the hands of Nigerians. “This is a man that stemmed the tide of four consecutive PDP-era GDP contractions between Q2 2014 and Q2 2015, and set the country on the path of growth with a more resilient and diversified economy from Q3 2015,” the group added. On the suggestions made by Atiku Abubakar, BMO noted that he is not in a position to offer solutions. “A 15% increase in taxes is not the product of a sound economic mind at a time when the economy needs to be energised through tax rebates. This is exactly what the Buhari administration has been doing for a category of business owners to enable them to invest more in productive ventures. “In case he doesn’t know, the administration’s plan is anchored on the several complementary fiscal, real sector and monetary interventions that were proactively introduced by the government to forestall a far worse decline of the economy like that of South Africa with a-50% decline. “So our message to Atiku Abubakar is that a government that did so well to make the economy Africa’s largest, will take the country out of recession swiftly and without recourse to his ill-thought-out suggestions. “As for the issue of borrowing, which he likes bringing up, we find it strange that a former Vice President could descend to the level of lying that the Federal Government takes loans for salaries and white elephant projects. “For the avoidance of doubt, the Buhari administration had since 2015 added $17bn to the public debt stock and Nigerians know that they are tied to infrastructure, as opposed to the inherited PDP-era debt of $54bn which fits Atiku’s description of frivolous expenditure that can’t be tracked.” BMO also urged Nigerians to trust President Buhari’s ability to keep to his administration’s promise of taking the country out of recession in or before the first quarter of 2021.
Former Nigeria Vice President, Alhaji Atiku Abubakar has suggested the repackaging of the 2021 national budget to address the negative effects of the worst recession that has seized the country.
According to him, in a statement he issued, the proposed 2021 budget which was presented to the National Assembly on Tuesday, October 8, 2020, is no longer tenable.
He said that Nigeria neither has the resources nor the need to implement such a luxury heavy budget.
“The nation is broke, but not broken. However, if we continue to spend lavishly, even when we do not earn commensurately, we would go from being a broke nation, to being a broken nation.”
Atiku Abubakar’s statement is reproduced here:
It is with a very heavy heart that I received the confirmation that for the second time in five years, Nigeria has entered into another recession. Heaviness of heart, because this could have been avoided had this administration taken heed to patriotic counsel given by myself and other well meaning Nigerians on cutting the cost of governance, saving for a rainy day, and avoiding profligate borrowing.
Yes, the COVID19 pandemic has exacerbated an already bad situation, however, we could have avoided this fate by a disciplined and prudent management of our economy.
Be that as it may, it serves no one’s purposes to quarrel after the fact. We must focus on solutions. Nigeria needs critical leadership to guide her back to the path of economic sustainability.
We cannot afford hand wringing and navel-gazing. We must act now, by taking necessary, and perhaps painful actions.
For a start, the proposed 2021 budget presented to the National Assembly on Tuesday, October 8, 2020, is no longer tenable. Nigeria neither has the resources, or the need to implement such a luxury heavy budget. The nation is broke, but not broken. However, if we continue to spend lavishly, even when we do not earn commensurately, we would go from being a broke nation, to being a broken nation.
As a matter of importance and urgency, every non essential line item in the proposed 2021 budget must be expunged. For the avoidance of doubt, this ought to include estacodes, non emergency travel, feeding, welfare packages, overseas training, new vehicle purchases, office upgrades, non salary allowances, etc.
Until our economic prospects improve, Nigeria ought to exclusively focus on making budgetary proposals for essential items, which include reasonable wages and salaries, infrastructural projects, and social services (citizenry’s health, and other human development investments).
Additionally, we have to stimulate the economy, by investing in human development, and increasing the purchasing power of the most vulnerable of our population. Only a well developed populace can generate enough economic activity for the nation to exit this recession.
We must invest in those most likely to be impacted by the effects of the recession, the poorest of the poor. As well as stimulating the economy, this also ensures that they do not slip further into extreme poverty.
For example, a stimulus package, in the form of monthly cash transfers of ₦5000 to be made to every bank account holder, verified by a Bank Verification Number, whose combined total deposit in the year 2019 was lower than the annual minimum wage.
Now, how will this be funded? By more profligate borrowing? No. I propose a luxury tax on goods and services that are exclusively accessible only to the super-wealthy. A tax on the ultra wealthy to protect the extremely poor.
A practical approach to this is to place a 15% tax on all Business and First Class tickets sold to and from Nigeria, on all luxury car imports and sales, on all private jets imports and service charges, on all jewellery imports and sales, on all designer products imported, produced or sold in Nigeria, and on all other luxury goods either manufactured, or imported into Nigeria, with the exception of goods made for export. The proceeds of this tax should be exclusively dedicated to a Poverty Eradication Fund, which must be managed in the same manner as the Tertiary Education Trust Fund, or the Ecological Fund.
I further propose that a 1% poverty alleviation tax should be legislated by the National Assembly on the profits of every International Oil Company operating in Nigeria, and international airlines doing business in Nigeria, which should also go towards the proposed Poverty Eradication Fund.
It is inhumane for us as a nation to increase the cost of goods and services that affect the poor, while keeping the cost of luxuries fairly stable. We must flip this, and flip it immediately.
And above all, Nigeria must stop borrowing for anything other than essential needs. Again, for the avoidance of doubt, borrowing to pay salaries, or to engage in White Elephant projects, is not an essential need. This is particularly important as we need cash at hand, because the world and our economic and development partners are also focused on helping their home economies overcome the effects of COVID19. We must be our own saviours.
The more we borrow, the more we will need cash to make interest and principal payments, and the less cash we will have to make necessary investments in our economy and our people. If we keep borrowing, we stand the risk of defaulting, and that will make recession a child’s play, because we will lose some of our sovereignty.
I urge the administration of President Muhammadu Buhari to swallow its pride, and accept its limitations, so that they can open their minds to ideas, without caring who the messenger is. For as Deng Xiaoping said “It doesn’t matter whether the cat is black or white, so long as it catches mice.”
A group of youths under the umbrella of Ebira Youth Voice Association in Kogi Central Senatorial District has commended the Chief Executive Officer of AA Oil Nigeria Limited, Chief Alhaji Aliyu Abubakar for the positive roles he has been playing in youth development.
The youth group, in an open letter, however pleaded to Alhaji Aliyu Abubakar and other wealthy people in the area to gear more efforts in the same direction.
The open letter, signed by the President of the Association, M I. Hadi, asked the business mogul to come to their aid by means of providing job opportunities through establishment of cottage industries where the teeming youths and women can be gainfully employed.
“The entire youths of Ebiraland are calling for your support, and assistance to better their lives. We have a numerous graduates with a good class of degrees in both science and humanities, but lack support in terms of job prospect, hence the need for intervention from well meaning sons of the land to come to their rescue.
“In fact most of the youths in Ebiraland are jobless, and even those that venture into skill acquisitions lack the required capital and support they need to set up their businesses after the training.”
The youth group drew the attention of Alhaji Aliyu Abubakar to the issue of academic, which it said is a tool for development, suggesting to him to initiate a Foundation in his name, “thereby giving opportunities to the less priveledge in furtherance of their education through scholarships at all levels.”
The youths acknowledged that Alhaji Aliyu Abubakar, though not a poiltician, has helped much more than the politicians across Nigeria.
“The entire youths of Ebiraland wish to acknowledge your tireless efforts toward the development of the youths in the society.”
An economic expert, Professor Uche Uwaleke has offered possible quicker ways of pulling Nigeria out of the now famous worst economic recession. Reacting to the report from the Nigeria Bureau of Statistics (NBS), which announced the return of the recession which the nation went through up to 2017, Professor Uche Uwaleke said that the first thing that should be done is the quick passage of the 2021 national budget by the national Assembly, saying that this will go a long way in supporting the quick recovery of the economy.
Professor Uwaleke agreed that the NBS Q3 real GDP number is a confirmation of the fact that economic contraction occasioned by COVID’19, Q2 2020 represents the worst experience for Nigeria. According to him, when compared to a contraction of 6.10% in Q2 of this year: “it is actually an improvement reflective of the the ease in lockdowns and movement restrictions, the reduction in the cases of COVID’19 and the gradual return of investors confidence in the economy.”
Uwaleke, who is the first professor of capital market said: “this improved confidence has also manifested in PMI readings and stock market performance. “This explains why, although still in the negative territory, sectors like Manufacturing, Trade, Transportation and Education recorded improvements over the Q2 numbers.” According to him, the performance of the Agriculture sector in real terms which came in at 1.39% was disappointing. “This corroborates the high food inflation rate now above 17% caused in large part by insecurity in many parts of the country. “Yes, the economy has officially entered a recession but I see a quick V-shaped recovery as the effect of COVID’19 recedes and the impact of the interventions by the government and CBN begin to manifest including the implementation of the Economic Sustainability Plan. “The early passage of the 2021 appropriation Bill will also go a long way in supporting economic recovery.” According to the third quarter report released by the National Bureau of Statistics, NBS on Saturday, the Gross Domestic Product in real terms declined by -3.62% (year-on-year) in the third quarter of 2020. The decline marks the beginning of a full-blown recession and second consecutive contraction from -6.10 per cent recorded in the previous quarter of this year. According to the numbers contained in the report, oil GDP contracted by -13.89 per cent from -6.63 per cent in the second quarter of this year and 6.49 per cent in Q3 2019. The country’s non-Oil GDP contracted -2.51 per cent from -6.05 per cent in Q2 2020 and 1.85 per cent in Q3 2019 Information & Communication under Services GDP grew 14.56 per cent compared to 16.52 per cent in Q2 2020 and 9.88 per cent in Q3 2019. Services real GDP contracted by -5.49 per cent compared to -6.78 per cent in Q2 2020 and 1.87 per cent in Q3 2019. Construction under Industry real GDP grew by -2.84 per cent compared to -31.77 per cent in Q2 2020 and 2.37 per cent in Q3 2019. Industry real GDP contracted by -6.12 per cent compared to -12.05 per cent in Q2 2020 and 3.21 per cent in Q3 2019. Telecoms real GDP grew by 17.36 per cent compared to 18.1 per cent in Q2 2020 and 11.3 per cent in Q3 2019. Agricultural sector grew by 1.39 per cent compared to 1.58 per cent in Q2 2020 & 2.28 per cent in Q3 2019.
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In order to reduce the impact of inflation on Nigerians, the Federal Government is proposing, through the 2020 Finance Bill, the exemption of minimum wage earners from the Personal Income Tax.
