The Enugu State Ministry of Health on Monday declared that the suspected coronavirus patient has been confirmed negative. 

A statement by the Permanent Secretary, Ministry of Health, Dr. Ifeanyi Agujiobi, said that the suspect’s specimen sent to IRUA Specialist Hospital for investigation tested negative.

Agujiobi said, “The Enugu State Ministry of Health hereby informs the general public that we have received the result of the investigation sent to IRUA Specialist Hospital which is further corroborated by Nigerian Center for Disease Control (NCDC) as negative.

READ ALSO LAGOS EXPLOSION: 17 DEAD, OVER 200 DISPLACED

“We hereby enjoin the general public to go about their normal business, however, to remain alert and vigilant, observing basic personal health hygiene,” he said.

Meanwhile, the state government said it has released N20 million emergency funds to contain the scourge and other health challenges. It added that the money was released to the management of the State Isolation Center to ensure that the facilities are optimally ready to deal with the situation and any other emergency that may arise forthwith.

A statement by the Commissioner for Information, Chidi Aroh, stated that Governor Ifeanyi Ugwuanyi has provided the required leadership and logistic support to ensure that the State Ministry of Health and the Emergency Operation Center are functioning at optimal level and fully ready to deal with any emergency in the state.

Aroh added that the state government has also ensured that the suspected patient, who had been declared negative is very stable in the isolation center and receiving the best available medical treatment.

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The information commissioner disclosed that the state government in line with routine protocol had informed the Nigeria Center for Disease Control (NCDC) and necessary samples collected and sent to IRUA Specialist Hospital in Edo State for investigation, saying: “We await the results of the investigation soon”.

The state government assured the public that all the relevant agencies and institutions in the state are fully activated and very ready to respond to any issue arising from the Corona Virusor any other health emergency, and maintained that “there is absolutely no reason to panic”.

“The good people of Enugu State are further encouraged to ensure the highest level of personal hygiene including the regular washing of their hands and use of sanitizers in public places”, he said.

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ENUGU CORONAVIRUS SUSPECT CONFIRMED NEGATIVE 

Following the explosion that rocked the Abúlé-Ado area near the International Trade Fair Complex, Amuwo Odofin Local Government Area of Lagos State on Sunday, about 17 people have been confirmed dead, over 200 people have been displaced and more than 50 houses have been destroyed. Several vehicles parked in the vicinity were also destroyed. 

It was gathered that the incident occurred at about 8.45 am, and damaged no fewer than 50 buildings. In the same vein, Bethlehem Girls College, owned by the Catholic Archdiocese of Lagos was also affected. 

Boarding pupils of the Bethlehem Girls College were trapped in the wreckage of their hostel, and had to be pulled out of the rubble by neighbours and sympathisers. The Principal of the college, Rev. Sr. Henritta Alokha, lost her life while attempting to rescue the pupils.

Some reports have it that the explosion occurred after a truck hit some gas cylinders in a gas processing plant which was located near the Nigerian National Petroleum Corporation’s System 2B pipeline’s right of way.

The Lagos State Emergency Management Agency reported that 17 people were confirmed dead, and 25 were injured. According to the Public Affairs Officer of the agency, Nosa Okunbor, “The incident, which recorded 17 dead and 25 injured, destroyed property estimated to worth hundreds of millions of Naira, with indescribable devastation to other assets, as well as the environment.

“Aside these, people in their hundreds have suddenly become displaced in an incident in which two LASEMA response teams, as well as the Lagos State Government Fire Service, the Rapid Response Squad of the Nigeria Police and other first responders were in full attendance.”

Quoting the Director-General of LASEMA, Femi Oke-Osanyintolu, he said the agency could not tell the primary cause of the incident.

“While security agents are investigating the cause of the explosion, recovery and rescue activities were carried out by the Ministry of Special Duties, LASEMA, men of the Lagos State Fire Service, the Federal Fire Service Department, the Lagos State Safety Commission, LASBCA and other first responders.

The National Emergency Management Agency said it recovered 15 corpses, including a family of four. Also reported amongst the casualties was a couple and their two sons who were on their way to church when the incident happened. About 60 pupils of the Bethlehem Girls College, who sustained varying degrees of injury, were taken to the Nigerian Navy Hospital in Satellite Town.

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The Group General Manager, Group Public Affairs Division, NNPC, Kennie Obateru, explained that preliminary findings indicated that the impact of the explosion was so huge that it led to the collapse of nearby houses and damage to the pipeline. 

The corporation’s Group Managing Director, Mele Kyari, and other management staff of the oil firm were said to have left for Lagos on Sunday evening for an on-the-spot assessment. Obateru stated that following the report of the explosion, the corporation halted pumping operations on the Atlas Cove-Mosimi pipeline, which was active at the time.

The President, Major General Muhammadu Buhari (retd), condoled with the families of the victims. Buhari also consoled all those who lost property to the incident or were affected in any way, according to a statement by his Senior Special Assistant on Media and Publicity, Mr Garba Shehu.

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He commiserated with the Lagos State Government and all those affected by the incident and was quoted as saying, “I have received with sadness the news of this unfortunate incident, which caused loss of lives and property.

“A misfortune of whatever scale anywhere is a tragedy to the country, and while the Nigerian National Petroleum Corporation makes efforts to determine the cause of the incident, I send my deepest and profound sympathises to the victims, their families, the government and people of Lagos State.”

LAGOS EXPLOSION: 17 DEAD, OVER 200 DISPLACED

February Salary of Members Still Unpaid - ASUU

Following the meeting between the Minister of Labour and Employment, Dr Chris Ngige and the leadership of the Academic Staff Union of Universities in Abuja, the Federal Government has proposed a merger of the IPPIS and ASUU salary payment system.

According to Ngige, who insisted that the union erred by not properly informing government of the action, the meeting was called because of the two-week warning strike declared by ASUU. 

READ ALSO: COURT ORDERS RELEASE OF SANUSI

At the end of the meeting which lasted about four and a half hours, Ngige said, “We had a fulfilling discussion. We used the Memorandum of Action which we entered into in February 2019 and looked at issues that were not fully addressed. We moved to the non-caption of some ASUU members on IPPIS platform which resulted in the withholding of their salaries.

“Both sides realised we are working for our country. ASUU already has the University Transparency and Account System. We had preliminary agreement to accommodate the two systems. ASUU will have to get back to its members and agree on how to couple the two systems. We will continue discussion. After ASUU consults with its members and decision making authority, we will meet on Monday or Tuesday.”

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On his own part, Ogunyemi said the issues discussed came from outstanding issues which had tended to be overshadowed by IPPIS.

In his words, “From the discussion we had, we have agreed that we will go and consult. We cannot pronounce of the proposals that came up until we consult with our members. We will leave it there for now.”

In a speech he made before the technical session began, Ogunyemi, told the minister that IPPIS was a distraction created by government to divert the union from its actual agitation.

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Meanwhile, ASUU has said the February salary of its members have not been paid. Ogunyemi noted that the union expected the government to consider its alternative model – the University Transparency and Accountability Solution, which was presented to the President, Major General Muhammadu Buhari (retd.), earlier in the year.

He said, “The February salary of our colleagues have not been paid up till now. So, we have reasons to believe that IPPIS has to do with it. So if you (the government) are going to implement your IPPIS, then it means that you are not even ready to consider what we came out with when we met President Buhari.”

FG PROPOSES TO MERGE IPPIS AND ASUU TRANSPARENCY SYSTEM

The Federal High Court in Abuja on Friday ordered the release of the dethroned Emir of Kano, Lamido Sanusi, who, following his dethronement, was banished to Awe, a town in Nasarawa State.

Justice Anwuli Chikere granted the interim order following an ex parte application moved by Lateef Fagbemi (SAN), the lead counsel of the former Emir on Friday. The judge also ordered that the order for the release of the deposed monarch should be served on the respondents to the application.

READ ALSO DRAMA IN KEBBI AS UNIDENTIFIED MAN RUSHES AT BUHARI

The respondents to the application are, the Inspector-General of Police, Muhammed Adamu; the Director-General of the Department of State Service, Yusuf Bichi; the Attorney-General of Kano State, Ibrahim Muktar, and the Attorney-General of the Federation, Mr. Abubakar Malami (SAN).

The further hearing in the case was fixed for March 26.

Over-excited Man Wanted to Touch The President - Presidency 

There was drama during the visit of the President, Major General Muhammadu Buhari (retd.), to Kebbi State on Thursday as a man attempted to jump at him. The unidentified man rushed at the President during a photo session in Argungun,Kebbi State. However, security operatives moved in quickly to stop him from reaching the President.

A video trending online showed the unidentified man rushing at Buhari in a location where the President and other personalities appeared to be taking photographs. 

His mission was not clear, but Senior Special Assistant on Media and Publicity, Garba Shehu, explained later that the man was simply over-excited without knowing the security implications of his manner of approach.

READ MORE BREAKING NIGERIAN NEWS ON ABOKIFXRATE. 

Buhari had visited Kebbi State on Thursday to attend the opening ceremonies of the Argungu Agricultural and Fishing Festival.

The festival, usually held annually, had been suspended in the last 11 years, owing to security challenges in the North.

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DRAMA IN KEBBI AS UNIDENTIFIED MAN RUSHES AT BUHARI

Consistent Fall in Oil Price Due to Coronavirus 

The expected open market price of petrol (Premium Motor Spirit) has dropped to N114.53 per litre, N30.47 lower than the approved pump price of the product. This followed the removal of subsidy on petrol as a result of Coronavirus spread. 

The landing cost of petrol plunged to N123.88 per litre on February 27, and the product was expected to be sold at N143.25 that day if the price of the product was adjusted to reflect the change in crude oil prices, according to Petroleum Products Pricing Regulatory Agency.

The latest pricing template obtained by our correspondent from the PPPRA showed that the landing cost declined further to N95.16 per litre on March 10 from N115.52 per litre on March 6.

READ ALSO ASUU STRIKE ILLEGAL, CORRUPT- FG

The expected open market price of the product fell to N114.53 per litre on Tuesday from N134.89 per litre last Friday.

The international oil benchmark, Brent crude, has been on a downward trend since the coronavirus broke out in China. It tumbled by as much 30 per cent on Monday to $31, its lowest in four years as Saudi Arabia launched a price war.

The expected open market price of petrol was N182 per litre at the end of last year as Brent, against which Nigeria’s oil is priced, traded around $67 per barrel.

With the recent steep fall in crude oil prices, the cost of petrol plus freight dipped to $379.37 per metric tonne (N86.84 per litre) on Tuesday from $466.43 per MT (N106.78 per litre) last Friday, according to the PPPRA.

The cost plus freight, which stood at $668.29 per MT (N152.99 per litre) on December 31, 2019, fell to $502.29 per MT (N114.97 per litre) on February 27, 2020.

Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years. 

While the diesel and kerosene prices had been deregulated, the government still pay subsidy to make petrol cheaper at the pump. The landing cost of petrol has fallen by 41.5 per cent since December 31, 2019 when it stood at N162.68, the PPPRA data showed.

Apart from the cost and freight, other cost elements that make up the landing cost are lightering expenses (N2.75), Nigerian Ports Authority charge (0.84), Nigerian Maritime Administration and Safety Agency charge (N0.22), jetty throughput charge (0.60), storage charge (N2.00) and financing (N2.49).

The EOMP is the sum of the landing cost and the total distribution margin, which the PPPRA put at N19.37.

The Nigerian National Petroleum Corporation has been the sole importer of petrol into the country for more than two years, after private oil marketers stopped importing the commodity due to crude price fluctuation, among other issues.

EXPECTED PETROL PUMP PRICE FALLS TO N114.53 PER LITRE

The Federal Government has declared the current two-week warning strike by the Academic Staff Union of Universities illegal. The Minister of Labour and Employment, Dr Chris Ngige, made this declaration in Abuja after the Federal Executive Council meeting on Wednesday. 

ASUU was accused of not following laid down procedures before embarking on the industrial action as it failed to give the government the “mandatory notice” required before a union could proceed on strike

Ngige noted that having failed to follow the laid down procedures, it amounted to corruption for the university teachers to go on strike. The minister said, “I am in shock. The strike is illegal because they did not give us the mandatory notice." He added that withdrawing services and still asking to be paid amounted to corruption. 

The Minister, however, added that he had contacted the leadership of ASUU and invited it to a meeting on Thursday (today) to discuss the issues raised by the union. He however warned that the government would not succumb to threats by ASUU, arguing that “no employee should dictate to an employer.”

READ ALSO SENATE SET TO CRIMINALIZE GENERATOR IMPORTATION

ASUU, while declaring the warning strike, had stated that the government had yet to address issues raised in agreements it reached with the union from 2009 to 2019, including poor funding of the university system. The union also drew attention to the  immediate issue which  is the union’s opposition to the Integrated Personnel Payroll Information System of the government, which is designed to capture all Federal Government workers under one payment system.

ASUU has repeatedly resisted the IPPIS  on the grounds that it would not suit the university system. In place of the IPPIS, the union proposed the University Transparency and Accountability Solution, which it said would address the peculiar case of the universities.

When asked for the government’s final stance on the IPPIS, Ngige replied that after the union visited the President, Major General Muhammadu Buhari (retd.), earlier in the year, the government stood its ground on the IPPIS. However, he stated that both sides agreed that the IPPIS and ASUU’s UTAS could be harmonised after all the grey areas had been sorted out.

A bill for an act to criminalise the importation, selling and usage of generators in Nigeria, which was sponsored by Senator Birma Enagi from Niger State, scaled the first reading on the floor of the Senate on Wednesday. The bill prescribes 10 year-jail term for importers and sellers of generators. This is despite the  energy crisis bedevilling the nation as most parts of the country are currently experiencing erratic power supply.

According to Senator Birma Enagi, the essence of the proposed legislation was to curb the menace of environmental pollution and to facilitate the development of the power sector.

The bill states, “Any person who imports generators or knowingly sells generators shall be guilty of an offence and be liable on conviction to be sentenced to imprisonment for a term not less than 10 years.”

However, importers and sellers of generators meant to power essential services were excluded. The exemption includes generators meant to serve medical purposes in hospitals and nursing homes and healthcare facilities. Airports, railway stations, elevators, escalators, research institutions, and such facilities that require 24-hours electric power supply are also exempted.

According to the Lagos Chamber of Commerce and Industry, the sponsor of the bill did not capture the reality of the power situation in the country. Power shortage is  the biggest challenge facing Nigeria as a country,  taking a huge toll on businesses as well as on the welfare of the people.The heavy dependence by Nigerians on generators for electricity was a direct consequence of the failure of the power sector. Thus,  the LCCI described the proposition as unrealistic.

The Director-General, LCCI, Dr Muda Yusuf, said that the expectations of Nigerians from the lawmakers was a proposal on how to urgently fix the problem of power, and not restriction of generator import.

He said, “The proposition is not a realistic one.  It does not show that its promoter is in touch with the reality of the power situation. Is it the fault of Nigerians that they have to rely on generators for power supply?”

SENATE SET TO CRIMINALIZE GENERATOR IMPORTATION

The Muslim Rights Concern, human rights organisation, has urged the National Youth Service Corps to postpone its ‘Batch A’ orientation camp exercise due to fears over the outbreak of coronavirus in Nigeria.

This was contained in a statement signed by the Director of the group, Prof. Ishaq Akintola, on Wednesday. The group said, “Authorities of the NYSC on Sunday, March 8, told prospective youth corp members not to panic over coronavirus outbreak.

READ ALSO EL-RUFAI GIVES SANUSI NEW APPOINTMENT INTO KADIPA BOARD

“According to NYSC, certain preventive measures have been put in place to prevent any outbreak of the virus in its 37 orientation camps nationwide.

“But we express doubts over the wisdom behind the resolve of the NYSC to carry on with the orientation exercise in the face of the outbreak. To be on the safe side, the exercise should be postponed by one or two months.

“We are talking of 350,000 skilled Nigerians. These are our children. They are the hope of this country. We should not put their lives at risk. Events are being postponed across the world. Saudi Arabia, a highly conservative country, saw the wisdom in halting its annual Umrah (lesser pilgrimage).”

GROUP TELLS NYSC TO POSTPONE CAMP EXERCISE OVER CORONAVIRUS FEARS

Kaduna Honoured to Have Sanusi's Services

Barely forty-Eight hours after his deposition, the Kaduna State Government on Tuesday appointed Sanusi into the board of the state investment promotion agency. 

A statement from Sir Kashim Ibrahim said that Malam Nasir El-Rufai has approved the reconstitution of the board of KADIPA. Established in 2015, KADIPA has led the investment drive of the state and anchored implementation of the Ease of Doing Business Charter that earned Kaduna State World Bank recognition as the Number One place for doing business in Nigeria.

“Malam Nasir El-Rufai has appointed His Highness, Muhammad Sanusi II into the board of KADIPA. The appointment is part of the reconstitution of the board of KADIPA, which is statutorily chaired by the Deputy Governor, and has as internal members senior officials of the Kaduna State Government.

READ ALSO DEPOSED EMIR TO CHALLENGE FORCED EXILE AND DETENTION- LEGAL TEAM

A statement by the state Governor’s  Special Adviser on Media and Communication, Muyiwa Adekeye,  said, “Kaduna State hopes to benefit from the profile, experience, intellect and networks of His Highness, Muhammad Sanusi, who before becoming Emir, had built a solid reputation in global financial circles.

He added that Kaduna State is honoured to be able to call on the services of a man of such calibre to drive its development.

“The Governor also said that he is confident that the new board, which includes the most senior officers of the state will further propel KADIPA to greater success in attracting investments to Kaduna State. He disclosed that the external members have been carefully chosen to further reinforce the investment credentials of the state.

Her Excellency, Dr. Hadiza Balarabe Chairman

His Highness, Muhammadu Sanusi II Vice-Chairman

Balarabe Abbas Lawal, Secretary to the State Government

Aisha Dikko, Attorney-General of Kaduna State

Idris Nyam, Commissioner, Business, Innovation & Technology

Fausat Ibikunle, Commissioner, Housing & Urban Development

Thomas Gyang, Commissioner, Planning & Budget Commission

Hafiz Bayero, MD, Kaduna Markets Development Company

EL-RUFAI GIVES SANUSI NEW APPOINTMENT INTO KADIPA BOARD

Sanusi Being Subjected to Maximum Trauma- Counsel

Lawyers of the immediate past Emir of Kano, Alhaji Muhammadu Sanusi II have vowed to challenge his banishment and detention by the Kano State Government.

The legal team, which is led by a former President of the Nigerian Bar Association, Abubakar Balarabe-Mahmoud,  at a press conference in Kano, said the government should release Sanusi or face a legal action. They also raised alarm over the former Emir’s personal safety and security.

The lawyers stated that they had not been able to speak to Sanusi since Monday, adding that the location where the deposed Emir was being detained was  meant to cause him “maximum trauma and distress.”

The Emir was forced out of the Palace on Monday evening, and he was taken to Loko in Nasarawa Local Government Area of Nasarawa State.

Criticising the treatment given to Sanusi, the lawyers, at the press conference,  said, “We have not spoken to the Emir since yesterday (Monday), but we understand that they are at their destination somewhere in a remote part of Nassarawa State after driving for nearly seven hours in the night and arriving about 2am today.

“We understand that the choice of the location to detain Muhammadu Sanusi II was intended to cause maximum trauma and distress. This again is illegal and Unconstitutional. According to instructions we received from the Emir through his chief of staff, we are directed to take legal action to challenge the legality of the Emir’s detention and banishment.

“We are of the firm view that this action is illegal and unconstitutional.  Section 35 of our constitution guarantees every citizen the right to personal liberty.  The bases of the denial of personal liberty are set out clearly in this Section of the Constitution.  None applies to the case of the Emir.”

The lawyers said the archaic practice of banishment of deposed Emirs, a colonial practice,  had no basis in the country’s constitution.

“The illegality of such a practice was pronounced by the Nigerian Court of Appeal in Attorney General Kebbi State v. the former emir of Gwandu, Alhaji Al-Mustapha Jakolo, and ors 2013 LPELR 22349/CA where the court pronounced it as illegal and unconstitutional gross violation of the rights of the Emir.

“This is what the court said in that case:  ‘The banishment and deportation from Kebbi State by the Governor of Kebbi State of the first respondent Jokolo to Lafia in Nasarawa State and later to Obi also in Nasarawa State is most unconstitutional and illegal.

“We call on the authorities, in particular the Inspector-General, the Director General of Department of State Services and the Attorney-General of the Federation and Minister of Justice to ensure the immediate release of Sanusi II so that he can be reunited with his family.

“We are concerned about his personal safety and security, and wish to call on all well-meaning Nigerians and the international community to bring their influence to bear to ensure that he regains his liberty immediately and to guarantee his safety and security.

“We, the legal team of the dethroned Emir, are working both in Kano and Abuja and unless he is released immediately, we will be taking appropriate legal action.”

According to them, the Kano State Emirate Council Law, which was recently enacted by the Government of Kano State, does not give the state executive council or the Governor of Kano State the powers to unilaterally remove the emir.

They said, “The reason given in the letter of deposition of the Emir dated 9th March, 2020, was alleged ‘disrespect to lawful instructions from the authorities’.

“The Emir was also alleged to have ‘refused to attend official programmes and meetings organized by the Government’, As far as we are aware, there has not been any notice of such disrespect ever given to the Emir or querry issued to him for refusal to attend official functions.

“He was never given any opportunity to defend himself against those charges.  Section 13 of the Kano Emirates Council Law 2019 cited in the letter of deposition empowers the Governor to depose an Emir only after due inquiry and in consultation with State Council of Chiefs. 

“We are not aware of such due inquiry nor are we aware that the Kano State Council of Chiefs was at any time summoned to any meeting much less discuss the removal of the Emir or give any  advice to the Governor on the deposition.”

“Be that as it may, the decision to challenge the removal is solely that of Emir Muhammadu Sanusi II.  At this moment no such instruction has been given to us.”

The head of the legal team also explained how Sanusi and his family were harassed after the deposition of the Emir. He said while Sanusi was waiting for his deposition letter there was commotion in the private wing of the palace as some unauthorized persons tried to gain entry into the family section.

‘’This led to some scuffle and tear-gas canisters were fired by the security operatives.  Normalcy was restored after the unauthorized persons along with armed security operatives retreated from the inner part of the palace.” The Emir later received the letter which indicated that he was to be moved to Nasarawa State.

Balarabe-Mahmoud stated, “We requested to know if he was under arrest and if so we needed to see the warrant.  The Commissioner of Police informed us that he was not under arrest.  We informed the Commissioner of Police that it was illegal and a violation of his constitutional rights to remove to Nasarawa State against his wish.

“The Emir informed the Commissioner of Police that his friends had sent an aircraft to fly him and his family to Lagos and requested that they should be provided with necessary security to the airport so that he could leave.

‘’The commissioner refused saying that was not their instruction.  They were willing to allow the family to leave for Lagos but he was to be flown to Abuja then onwards taken to Nasarawa State.”

When it was clear that the police were bent on using force to achieve their objective, the Emir cooperated with them in order not to jeopardize his safety, that of his family and persons around.

DEPOSED EMIR TO CHALLENGE FORCED EXILE AND DETENTION- LEGAL TEAM

Due to the consistent high cost of governance and the accompanying slump in revenue which is  due to the volatility of oil prices at the international market, the Federal Government, yesterday, announced plans to cut its 2020 budget.

President Muhammadu Buhari, in December, signed a N10.59 trillion 2020 budget, on the assumption of oil production of 2.18 million barrels per day with an oil price benchmark of $57 per barrel.

However, oil prices had plummeted by over 25 percent, forcing future to its lowest in years, as Brent crude benchmark fell from $45 a barrel to $36.32 as at 6:00pm yesterday, while WTI fell from $40.45 to $32.97.

READ ALSO EMIR'S DETHRONEMENT: GANDUJE APPOINTS ADO BAYERO'S SON NEW EMIR

Latest projections by Goldman Sachs yesterday, showed that the oil market is heading into a whole different era now that Saudi Arabia and Russia are squaring off in an all-out oil price war following Friday’s failed OPEC+ agreement, thus making $20 Brent Crude a real possibility.

The Minister of Finance, Zainab Ahmed, speaking in Abuja after a meeting with Buhari, said a committee, including herself, the Minister of State for Petroleum Resources, the Group Managing Director (GMD) of the NNPC and the Central Bank governor would determine the size of the budget cut in the coming days and revisit the benchmark crude oil price of $57 a barrel used to calculate the budget. 

However, the Lagos Chamber of Commerce and Industry (LCCI), through its Director-General, Muda Yusuf, said a fall in oil price has implications for the level of fiscal deficit in the budget, as its implementation would be constrained; infrastructure financing affected; borrowing might increase, and the capacity to fund capital project would be severely constricted.  

With this scenario, the outlook for oil-dependent economies looks rather gloomy, he added.Oil prices plunged by 10 per cent on Friday after OPEC and its Russia-led non-OPEC allies failed to agree on how to handle the depressed demand amid the Coronavirus outbreak.   

The Saudis and OPEC insisted on a massive 1.5-million-bpd cut through end-2020, but Russia refused to continue ceding more ground and market share to U.S. shale with the OPEC+ production cut deal, which hadn’t materially moved oil prices higher, especially with the slump in demand due to the epidemic.

As oil price yesterday collapsed to what could be described as the worst in about three decades due to rivalry between Saudi Arabia and Russia, industry analysts said Nigeria and the global economy might not recover quickly from the shocks.

FG PROPOSES BUDGET CUT AS OIL PRICE IS PROJECTED AT $20

Nigerian newspapers,on one page.