FINANCE - 04 JUN 2020

Daily Briefing: FG reduces education and health spending

Daily Briefing: FG reduces education and health spending
President Muhammadu Buhari and Vice President Yemi Osinbajo. Source: Juju films via flickr

 

Health & Education

FG reduces education and health spending

The  Basic Healthcare Provision Fund (BHCPF) and Universal Basic Education Fund (UBE) in the 2020 budget have been reduced by over ₦44.4 billion and ₦60 billion, respectively. Both receive an allocation of 1% and 2% of the government’s total revenues (the Consolidated Revenue Fund). The BHCPF is used for the management of primary healthcare across the country, while the UBE fund is for providing free basic education. The ministry of health and education received the second and third highest expenditure in the 2020 budget. 

 

Energy

Nigeria urged to comply with OPEC oil cut quotas

Nigeria has been urged by Russia and Saudi Arabia to comply with the agreed oil production cuts. In April, Nigeria agreed to cut its production from 1.8 million barrels per day to 1.4 million bpd, to help bolster the oil price amid falling demand. In May, Nigeria was still producing around 1.7 million bpd. Minister of State for Petroleum, Timipre Sylva promised that Nigeria would cut its production by the end of June.

 

Travel

Five airports granted approval to begin operations

Five airports have been approved to resume domestic flight operations, starting on the 21st of June. These include domestic airports in Lagos, Abuja, Port Harcourt, Kano and Owerri. 25 other airports will remain closed and international flights are still on hold. The Presidential Task Force on COVID-19 had announced on Monday that airlines would be allowed to resume operations if they adhered to set guidelines.

 

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