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The International Monetary and Financial, (IMF), has said it is now clear the world economy is in a recession and recovery may only be in 2021. The IMF Managing Director Ms Kristalina Georgieva gave the indication yesterday at a call conference press briefing of the International Monetary and Financial Committee (IMFC). “We have reassessed the prospect for growth for 2020 and 2021.

It is now clear that we have entered a recession – as bad as or worse than in 2009,” she said. “We do project recovery in 2021-in fact there may be a sizeable rebound, but only if we succeed with containing the virus – everywhere – and prevent liquidity problems from becoming a solvency issue” she explained further.

The IMF is also worried about the long-lasting impact of the sudden stop of the world economy because of the risk of a wave of bankruptcies and layoffs that not only can undermine the recovery but can erode the fabric of our societies. To avoid this happening, she said “many countries have taken far-reaching measures to address the health crisis and to cushion its impact on the economy – both on the monetary and on the fiscal side.”

“The G20 yesterday reported fiscal measures totaling some 5 trillion dollars or over 6 % of global GDP. It is important for those ahead in taking action to share their experience with those still behind.

To support this, last night the IMF launched a policy actions tracker for 186 countries to help us all to see who is doing what. We will be updating this information regularly and will provide country-specific analysis in line with our surveillance mandate,” she explained.

The wife of former Senate President Bukola Saraki, Toyin, has assembled a team of scientists to work on how to reduce the spread of coronavirus pandemic.

Saraki, who is also the Special Adviser to the Independent Advisory Group to the World Health Organisation Regional Office for Africa, said her foundation decided to join hands with people working to address the challenge to encourage best practices in homes and healthcare facilities.

A statement by her spokesman, Shola Ayelabola, in a statement, said her Wellbeing Foundation Africa partnered with Wendy Graham, a professor of Obstetrics and Epidemiology at the London School of Hygiene and Tropical Medicine, to reduce spread of germs among Africans.

The statement read in part: “In the fight against coronavirus, we must put this knowledge to good use and take action, keep hands and surfaces clean and safe.”

…seeks provision of palliatives for Nigerians

The two chambers of the National Assembly yesterday suspended legislative activities for two weeks following the spread of the deadly coronavirus disease. Senate President Ahmad Lawan announced the suspension after the Red Chamber emerged from an about one-hour executive session.

He, however, said the Red Chamber would be on hand to attend to emergency issues. He said, “The Senate further resolves to adjourn sitting for two weeks from today due to the pandemic of coronavirus ravaging the entire world. The Senate resumes on the 7th of April.” He urged the federal government to devote special fund to fight the coronavirus pandemic. Meanwhile, the House of Representatives has asked its members to remain in Abuja throughout the two weeks period. The Green Chamber’s resolution to suspend sitting followed a motion by its speaker, Femi Gbajabiamila and nine others.

Similarly, the House also passed the Economic Stimulus Bill that called on the federal government to provide economic stimulus packages including tax suspension and other measures to mitigate the effect of the coronavirus pandemic on Nigerians. Briefing newsmen after the resolution, House spokesman Benjamin Kalu (APC, Abia) said members were advised not to travel out of Abuja because there may be need to reconvene on emergencies.

No NASS member tested positive The two chambers also dismissed reports that some of its members who just returned to the country from foreign trips had tested positive for coronavirus.

“So far, there is no senator that has been tested positive,” Chairman, Senate Committee on Health, Ibrahim Oloriegbe, told reporters after the Red Chamber adjourned sitting. He also described as untrue reports that some lawmakers evaded screening at the airport, saying the Senate had not received any complaints from the airport officials regarding screening of federal lawmakers. Also, the House spokesman described the reports as “fake and unsubstantiated rumour”.

Speaking on the purported letter written to the House speaker by the Chief of Staff to the President, Kalu said it was the handiwork of fake news merchants.

N/Assembly orders staff to stay at home

Meanwhile, the management of the National Assembly yesterday ordered all staff, including legislative aides, to remain at home with effect from Wednesday, March 25, 2020, for a period of two weeks.

Clerk to the National Assembly Sani Omolori gave the directive in a circular, NASS/CNA/46/Vol. 1/415, dated March 24, 2020. He, however, directed all staff to remain within the Federal Capital Territory (FCT) as any of them needed would be summoned to the office. “Failure to heed to this directive will attract sanctions,” he added.

The Christian Association of Nigeria (CAN) has urged churches in Nigeria to conduct worship and other church services in their homes or online to stem the Covid-19 fears. President of the association, Dr. Samson Ayokunle, said this in a statement yesterday.

According to him, Christians should adhere to the ban on more than 50 people meeting in one place for the purpose of worship or other social gatherings. “Therefore, use house cell-based service or online service…Services can be broken into shifts of not more than 50 members,” Ayokunle said in the release signed by his spokesman, Pastor Adebayo Oladeji.

The CAN leader also urged Christians across the country to observe Sunday 22 and 29 March, 2020 as days of prayers against the Covid-19 pandemic. “Our prayers should be as follows: That God should stop the spread of coronavirus in Nigeria and all over the world; That God should protect Nigerians from this disease and that God should heal those who have been infected already,” he said.

The deposed emir of Kano, Mallam Muhammadu Sanusi II will next week Thursday, March 26, chair the 24th convocation lecture of the Lagos State University (LASU), Ojo, with the theme ‘The future of developing economies in a digital world’. The convocation lecture, according to the University’s Vice-Chancellor, Professor Olanrewaju A. Fagbohun would be delivered by the President of African Export-Import Bank (Afreximbank), Professor Benedict Okey Oramah. Sanusi was last week dethroned by Governor Abdullahi Ganduje of Kano state over what he described as disrespect to the office of the governor and other government agencies.

The Vice-Chancellor said 8,959 graduating students will receive degrees, diplomas and certificates at the convocation, out of which 76 would be awarded, first class honours in various programmes of the university.

“This is the highest in the history of the University and the breakdown shows that the Faculty of Arts produced four first class graduands, among them is a first class graduate in English Language, the first ever from the Department; Faculty of Basic Medical Sciences produced one first class graduate; MBBS, one; Faculty of Education, 12; Faculty of Engineering produced six; Faculty of Law produced two while Faculty of Management Sciences produced 17; School of Transport produced 1; Faculty of Science produced 24. We are thrilled and excited at how our students have continued to raise the bar,” he said.