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Thursday,
March 26, 2020 / 06.32 PM / FDC Ltd / Header Image Credit: FDC
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 1 st
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.
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