Governments across the globe are pouring increasing stimulus packages into their economies to minimise the adverse impact of the coronavirus pandemic. Chamberlain Peterside, CEO of Xcellon Capital Advisors and Femi Oladehin, Investment Banking Partner at Argentil Capital Partners both join CNBC Africa to discuss Nigeria’s defence tactics against this pandemic.
South Africa's budget announcement includes a pledge to spend billions on ailing state electricity company Eskom. A funeral for Egypt's former leader Hisni Mubarak focuses on his military past rather than his political legacy. And finally refugees who have been living in Kenya's Kakuma camp return home to eastern Ethiopia motivated in part by recent political and economic reforms in their country.
Delta State Governor, Ifeanyi Okowa, has signed the 2020 Appropriation Budget of 395 billion naira into law. It’s 5 billion naira more than the 2019 budget, with the recurrent expenditure of 172 billion naira and capital spending of 233 billion. Part of the state government’s plan is the setting up of nine technical schools and the completion of storm drainage projects and roads.
Nigeria’s Senate has passed the record N10.59 trillion 2020 budget. The budget passed by Nigeria's parliament assumes a deficit of 1.52 per cent of the estimated Gross domestic product (GDP) – representing about N2.18 trillion to be financed through foreign and domestic borrowing. Chamberlain Peterside, CEO of Xcellon Capital Advisors joins CNBC Africa to unpack the budget.
The Senate’s Public Accounts Committee has vowed to investigate alleged over-spending by the Niger Delta Development Commission (NDDC). The Senate said it is interested in some areas of expenditure of the NDDC. The Senate's planned investigation is coming a few days after President Muhammadu Buhari ordered a forensic audit of the operations of the NDDC.
As Nigerians await President Buhari's budget presentation before a joint session of the National Assembly, we find out what areas are pertinent to the power sector. For this discussion, George Etomi, Director of Eko Electricity Distribution Company joins CNBC Africa.