The exponential jump in jobless claims in the US, from 282,000 to 3.28 million last week – the highest level in 53 years, shows that COVID-19 and the lockdown are having more than a proportionate impact on the economy and people.
The price of oil fell as result of the lull in economic activity globally. Brent fell 0.58% to $27.23pb – down 46% in March. Rapidly dwindling oil demand amid rising output is expected to depress prices further.
Nigeria’s monthly FAAC disbursement plunged 10.15% to N581.6bn in March – the lowest amount shared since November 2017. This is in spite of the hike in Value Added Tax (VAT) from 5% to 7.5% from February 1st and the change in the intergovernmental exchange rate from $320/$ to $360/$.
Revenues are projected to fall even further as brent has averaged $36pb in March – down from $55pb in February.
In the slides, these issues were broken down by analysts at the FDC Think Tank on Channels TV Business Morning programme today.
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