For Today’s Numbers to Ponder, food consumed outside the home gulped N4.6 trillion from citizens constituting 20.19% of the overall food expenditure for 2019. According to the NBS household consumption data, Nigerians spent N22.8 trillion on food expenditure. On Wednesday, the Federal Government revised the 2020 budget to N10.5 trillion, a difference of about N71.5 billion when compared to the initial approved budget. The Government adjusted the budget in line with current economic realities due to the coronavirus crisis. Children are unsafe as the COVID-19 pandemic weakens the health system. UNICEF says an additional 950 Nigerian children, mostly under-five years, could die daily from preventable causes over the next six months.
N4.6tn Household Consumption
The Nigeria fast-moving consumer goods (FMCG) of the manufacturing sector is the bride of household expenditure in the last 10 years. Despite earning little, Nigerians spent N22.8 trillion on food expenditure, 56.7% of the total household consumption in 2019. According to the 2019 NBS household consumption data, food consumed outside the home where largely the FMCG sector played constituted 20.19% in the overall food expenditure, gulping N4.6 trillion from citizens.[DATAPHYTE]
N10.5tn Revised Budget
The Federal Executive Council has approved the review to the 2020 budget and the Medium Term Expenditure Framework for 2020-2022 as recommended by the ministry of finance. The budget has new benchmarks which now includes $25 per oil barrel, and a target production rate of 1.94 million barrels per day and then an exchange rate of N360 to $1, Finance minister Zainab Ahmed said while briefing State House correspondents on Wednesday. Ms Ahmed said the revised budget now amounts to N10.5 trillion, a difference of about N71.5 billion when compared to the initial approved budget.
22 Killed
Eyewitnesses in Kajuru Local Government Area of Kaduna State have described in graphic detail how their communities were invaded on Tuesday by armed Fulani herdsmen leading to the death of 17 unarmed villagers on the first day and five more the following day. The fresh attacks in Gonan Rogo Village also left at least nine people badly injured.
40 Megawatts Electricity
The Federal Executive Council (FEC) has approved N47 billion for the provision of an additional 40 megawatts of electricity to the national grid. Briefing State House correspondents after the virtual meeting of the council on Wednesday, Minister of Power, Sale Mamman, said the 40 megawatts would be evacuated from Kashimbilla Dam in Taraba State where it is currently being generated.
950 Nigerian Children
It has been observed that unless urgent actions are taken, an additional 950 Nigerian children, mostly under-five years, could die daily from preventable causes over the next six months as the COVID-19 pandemic disrupts routine services and threatens to weaken the health system. UNICEF made the observation in a press release issued in Bauchi on Wednesday. It stressed that globally, 6,000 additional children under five years could die every day, an estimate that is based on an analysis by researchers from the Johns Hopkins Bloomberg School of Public Health, newly published in The Lancet Global Health journal.
N133b Loss
The key performance indices of the Nigerian Stock Exchange (NSE) dropped further on Tuesday by 1.06% amid profit-taking in some blue chips stocks. Consequently, the market capitalisation lost N133 billion to close at N12.349 trillion against N12.482 trillion recorded on Monday. Also, the All-Share Index, which opened at 23,950.83, shed 254.93 points to close at 23,695.90.
N5.1b Factories
The Nigerian Correctional Service (NCoS)’s shoe and garment factory in Aba, Abia State and the Janguza Tannery Factory, Kano, Kano State are set to kick off after the Infrastructure Concession Regulatory Commission (ICRC) handed the service a certificate of compliance. At the presentation of Full Business Case (FBC) Compliance Certificate to the Controller General of NCoS, Ja’afaru Ahmed, at the NCoS headquarters on Wednesday, the ICRC’s Director General, Chidi Izuwah said the factories will yield at least N5.089 billion investments.