The National Assembly recently approved the 2021 budget proposal submitted by the federal government of Nigeria.
As the nation grapples with the health, economic, and social impacts of the pandemic, here’s what you need to know about Nigeria’s government priorities and allocations:
The 2021 budget is higher by 26% from last year’s budget (N13.6 trillion vs N10.8 trillion).
There was an increase in debt service allocation. In fact, debt servicing is almost 3 times more than total allocation to education...
Policy
In 2020, global health has gone from a fringe issue to the forefront of people’s mind, all thanks to COVID-19. The last time the entire world came close to being as focused on a pandemic threat was over two decades ago, when HIV/AIDS was killing almost 4,000 people every day and new infections doubled year after year.
Since then, the global response to AIDS has become a success story, and AIDS-related deaths have been cut by more than half. Today,...
The World Bank predicts the greatest drop in remittances in recent history, with low-income developing countries set to receive US$110 billion less, due to COVID-19 in 2020.
Remittances, which are the cash flows sent home by migrant workers to help their families, are a huge source of finance for low- and-middle-income countries. Last year, these countries received 78% of the US$714 billion that were sent around the world. Global remittance flows were five times higher than official development assistance in...
It has been more than three months since Isaac Mutua, a Kenyan working in Durban, South Africa, sent money home to his family back in Kenya. Mutua, a renowned chef, lost his job after his employer closed down the restaurant where he worked following the COVID-19 lockdown measures in South Africa starting on 24 March.
Since 2015, Mutua has been sending $300 monthly to Nduta, his wife based in Kitengela, outside of Nairobi. His remittances have been their sole source...
Google the words “African Union” and you will find two out of the four top questions are “What is the purpose of the African Union?” and “Why was the African Union formed?” The answers? The African Union (AU) was formed for times like these – a global moment that requires global collaboration. The AU was formed to increase cooperation and integration of African states to drive Africa’s growth and economic development.
With a crisis of a century such as the...
What policy measures have African governments taken so far during the COVID-19 pandemic? How many ventilators, hospital beds, and intensive care units do countries currently have? What have the economic shocks from COVID-19 meant for food security and remittances?
While the virus itself has been slower to impact Africa than other parts of the world, the drastic declines in global trade and travel — combined with measures like quarantines — are significantly impacting economies and well-being across the continent.
To better...
In just three months, COVID-19 has upended life in Africa. Around 70,000 people have been infected and over 2,000 have died.
Statistically, the African continent has been spared from the high concentration of cases seen elsewhere. Politically, in a world where there is a deficit on global leadership, we have seen the African Union step up to ensure a coordinated response across the continent, particularly in supporting countries with weak health systems and pushing for debt restructuring.
However, the reality remains...
The costs of the COVID-19 pandemic are going to be monumental. Africa alone is estimated to need US$100-$200 billion to address the impact. In higher income countries, governments have stepped forward with trillions in economic stimulus packages. But the majority of developing countries do not have the money to cover the costs of this pandemic.
Debt relief is one of the fastest, most effective means of freeing up cash in developing country budgets. The recent G20 agreement to suspend debt...
Developing a vaccine is key to ending the COVID-19 pandemic, and there are currently almost 100 COVID vaccine candidates under development.
During a recent press briefing, Seth Berkley, CEO of Gavi, the Vaccine Alliance, explained that “in an extraordinary time like this is the world coming to fully appreciate the need for vaccines … people understand more why it’s so important.”
“If we want to end this pandemic, minimise the loss of life, and return to some semblance of normality …...
The COVID-19 pandemic is arguably the biggest challenge facing humanity today. More than 440,000 cases have been confirmed in 196 countries and territories, and almost 20,000 people have died.
Beyond the health impact, the spread of the virus is hurting the global economy. The impact is already visible in China and across Europe, where travel restrictions and distancing measures have disrupted global supply chains and reduced economic activity. But the good news is that world leaders are working hard to...