News

Nigeria searches for $7 billion to combat COVID-19 issues

Published

6 years ago

April 13, 2020

The Nigerian government has drafted several requests to international lenders requesting a total number of $6.9 billion in order to keep their economy afloat as well as continue their battle against the novel Coronavirus.

Although the country has not seen too much of the virus, compared to Europe and the United States at least, the government still decided to impose a 2-week shutdown in order to prevent the spread. Currently, the country has 232 confirmed cases and 5 deaths in total, but more cases are expected in the coming weeks.

Who is Nigeria asking for help?

The Nigerian government has addressed multiple international lenders. These include the International Monetary Fund ($3.4 billion), the World Bank ($2.5 billion) and the African Development Bank ($1 billion).

All of this was announced by the Minister of Finance, Zainab Ahmed herself.

However, considering the serious economic implications of the Coronavirus, many Nigerian politicians believe that asking these organizations for a loan is not the right thing to do at the moment.

Criticism has been heard of the Nigerian government for worrying about the economy much more than the pandemic spreading across the country, and only imposing the shutdown just a couple of days ago.

Although it is true that most of the funds requested from these international organizations will be dedicated to keeping the economy alive before the pandemic stops, it needs to be highlighted that Nigeria is still in serious danger of having the virus spread out of control.

Although most commercial states are on lockdown, there are some regions in the country where movement is relatively free.

Why is Nigeria asking for so much?

The next big question is finding out why Nigeria needs so much money and where most of it is going to be spent. It’s quite an easy question to answer. Nigeria is the largest oil producer on the African continent, which means that it is going to dedicate these funds to solidifying that position well into the future.

You see, the COVID-19 didn’t only topple stock prices of large corporations worldwide, it also seriously impacted oil prices, which were already significantly weakened well before the outbreak.

To put this in perspective. The Nigerian government devised a national budget when oil prices were around $59 per barrel. The price is somewhere in the range of $30 per barrel nowadays, and demand keeps on dropping as fewer people drive or use oil-consuming machinery and technology.

Due to this massive change in pricing, the Nigerian government had to adjust by cutting costs during 2020, but that is simply not enough. Having your country’s biggest income effectively be cut more than half is a serious hit to all of the plans created not only for that year but for the future.

Criticism floats up once more

Naturally, whenever a government plan has some kind of issues that could have been avoided, there will always be opposition members or just freelance politicians criticizing these policies. In this case, it’s very hard not to agree with what is being said in most of the cases.

Most of the politicians were advocating a more diverse economy, investments into different industries rather than re-investment into the oil. Tricks that have worked in the past are not necessarily going to work in the future, and considering oil is a finite resource, Nigeria is seriously advised to look into diversification.

And this is not only about Nigeria as well. The largest oil-exporting countries in the world such as Norway, Saudi Arabia, the UAE, and even the United States have considered this issue seriously.

But most surprisingly, there are countries that normally don’t have too large of oil production for export that are already deviating away from the commodity, and in that sense, Germany is a perfect example.

What can Nigeria learn from Germany

Naturally, it’s very hard to compare these two economies as Germany is a production powerhouse that has already diversified beyond anything that Nigeria could achieve in the next decade or so, but there are still some nice hints as to what could be changed.

Let’s talk about taboo industries as an example. In this sense, both Nigeria and Germany have quite a lot in common. Banning or discrediting taboo industries such as gambling, for example, is present in both countries, but both of them have seen huge demand for these services.

The difference is seen when we look at the actions taken by both countries. Germany, for example, does not charge any fines to its citizens playing online roulette or any other game of chance. The only fine goes to the company providing this service. In Nigeria, it’s a bit different as the country has only a few companies operating in the country which tend to be untrustworthy in terms of service and tax.

Germany is easily able to pinpoint websites that provide these services and fine them pretty much on a monthly basis. This pretty much acts like a monthly tax which is always fixed. It’s a small loophole, but mutually beneficial nonetheless.

In Nigeria though, the trust in government-approved companies is fading as people switch to unlicensed platforms, thus depriving the authorities of tax and information. It would be much better for the local government to either allow commercialization of gambling or introduce a similar system as in Germany.

Back to the topic – will Nigeria get the funds it is requesting?

There is one thing to consider. Nigeria is a country that has the capacity to repay the debt it is asking the IMF and other organizations for, but the question is whether these organizations will be able to deliver.

There are quite a lot of middle eastern and central Asian countries that have requested the same organizations for financial assistance, therefore some serious budgeting is to be expected.

It’s unlikely for every country to get what they asked for, but some funds could be covered. One real issue that Nigeria could face is a serious deficit in what it asked for. At that point, there will be no other way than asking China for financial assistance, and that is something that Nigeria could simply not afford at this point, considering how much it already owes to China.

News

Forum Expresses Confidence In APC Candidates’ Performance In Rivers

Published

15 hours ago

June 17, 2026

The Tide

The Rivers State chapter of the All Progressives Congress Christian Leaders Forum has expressed strong confidence in the capacity of All Progressives Congress (All Progressives Congress) candidates in the state to deliver effective governance if elected into office in the coming elections.
The State Coordinator of the forum, Archbishop Lucky Aroh, made this known during a breakfast and thanksgiving meeting held in Port Harcourt, where leaders gathered to pray for the stability of the party and the safety of its candidates ahead of the 2027 general elections.According to him, the meeting was convened to seek divine intervention for peace, unity, and security among APC candidates across Rivers State.
“Today we are praying for APC stability in Rivers State and the security of our candidates that have been elected to contest the 2027 elections. It is a breakfast meeting,” Aroh said.
He further expressed optimism that the party’s candidates would not disappoint the people if entrusted with leadership responsibilities.
“They will not fail when elected into office. We are here as fathers of the land to let them know, and I must tell you the truth that these are the authentic people that will do well in Rivers State,” he added.
Speaking earlier, the National Chairman of the forum, Professor Olanrewaju Abraham, commended the Rivers State chapter for organizing the programme, noting that the national body of the forum believes strongly in the power of prayer.
He stated that political leadership provides an opportunity to influence society positively, including advancing moral and spiritual values, while expressing confidence that APC candidates at all levels would emerge victorious in the upcoming elections.
Also speaking, the Rivers State Women Leader of the APC, Hon. Darling Amadi, praised the forum for its commitment to prayers for peace, stability, and the protection of party candidates.
Represented by the Deputy Women Leader of the party in the state, she described the initiative as commendable and urged other political and support groups within the party to emulate the gesture in promoting unity and stability.

By: John Bibor, Menebe Emmanuel & Fortune Paibi

News

Okafor, Eminent Nigerians Celebrate Osagwe-Ogo At 70

Published

15 hours ago

June 17, 2026

The Tide

Prominent businessman and philanthropist, Elder Anthony Osagwe-Ogo, was celebrated in grand style as he marked his 70th birthday anniversary, with distinguished Nigerians, business leaders, and golf enthusiasts gathering to honour his remarkable contributions to society.
The colourful celebration took place at the Port Harcourt Golf Club, where friends, associates, and well-wishers converged to pay tribute to the revered elder statesman.
Chairman of the occasion, High Chief (Dr.) Ikenna Okafor, described the celebrant as a detribalised Nigerian whose generosity, humility, and commitment to humanity have earned him admiration across different communities and backgrounds.
According to Dr. Okafor, Pa Osagwe-Ogo’s impact on society and the development of his community remains unparalleled. He noted that members of the golfing community are proud to be associated with a father figure who consistently promotes the welfare and well-being of those around him.
He further stated that the history and growth of the Port Harcourt Golf Club cannot be told without acknowledging the significant role played by the celebrant, whose wisdom, encouragement, and leadership have helped sustain the club over the years.
“We are here to celebrate a man who has impacted humanity positively, a peace-loving individual and an epitome of hope for the younger generation. We pray to emulate his virtues. Today, we celebrate a bridge-builder, a trailblazer, and an iconic leader whose life continues to inspire many,” Dr. Okafor said.
He expressed delight at the large turnout of guests from various walks of life, describing it as a testament to the respect and affection Pa Osagwe-Ogo commands within and beyond Rivers State.
In his response, the celebrant, Pa Anthony Osagwe-Ogo, expressed profound gratitude to God for preserving his life and granting him the privilege of attaining the milestone age of 70.
He also thanked members of the Port Harcourt Golf Club, family members, friends, and associates for identifying with him during the celebration and for their unwavering support over the years.
The event featured the cutting of the birthday cake, presentation of awards to deserving members of the club, goodwill messages, and moments of celebration among guests.
The ceremony was attended by notable personalities from the business community, the golfing fraternity, and other sectors, all of whom joined in celebrating the life and legacy of the respected elder statesman.

News

Fubara Commended For Sustaining Peace In Rivers As Sirawoo Receives Democracy Day Recognition

Published

15 hours ago

June 17, 2026

The Tide

Rivers State Governor, Sir Siminalayi Fubara, and the Permanent Secretary of the Rivers State Ministry of Information and Communications, Dr. Honour Kuru Sirawoo, have been honoured with awards of recognition in connection with the 2026 Democracy Day celebrations held in Port Harcourt.
The awards, which formed part of activities marking Nigeria’s Democracy Day on June 12, were formally presented on Tuesday at the Ministry of Information and Communications in Port Harcourt.
Presenting the awards was Hon. Abdul Hameed Oladipupo Alli, popularly known as “Mr. Nigeria,” Publisher of Asiwaju Trumpet Magazine and Achievers World International Magazine.
Governor Fubara was recognised for his efforts in sustaining peace, stability, and a conducive political atmospherJohn Bibor / Menebe Emmanuel / Fortune Paibie in Rivers State. The organisers noted that his administration has fostered harmony and strengthened civic participation across the state.
Dr. Sirawoo, on the other hand, was honoured for his exemplary administrative leadership and significant contributions to effective information management within the Ministry of Information and Communications.
Representing Dr. Sirawoo at the presentation ceremony, Dr. Christian Davies received the award on his behalf and expressed gratitude for the recognition. He described the honour as a reflection of Dr. Sirawoo’s unwavering commitment to professionalism, excellence, and dedicated public service.
Dr. Davies assured the organisers that the award would be formally conveyed to the Permanent Secretary.
The event also featured the presentation of commemorative publications highlighting major governance and civic milestones in Rivers State, including Easter celebrations, Workers’ Day activities, the Governor’s third anniversary in office, and Democracy Day programmes.
Organisers of the awards commended the Rivers State administration for what they described as sustained peace, political stability, and improved civic engagement, noting that these achievements have contributed significantly to the state’s continued development.

By: Jessica Sambol