The Federal Government on Tuesday said Nigerian-owned marine vessels for oil and gas sector operations have increased from three per cent to over 40 per cent.

The Minister of State for Petroleum Resources, Timipre Sylva, said this in Abuja at the third inaugural ceremony of the Governing Council of the Nigerian Content Development and Monitoring Board.

The minister said the board had tried to deepen the practice of Nigerian content in the oil industry while explaining some achievements of the NCDMB since 2010 when it was established.

The minister noted that there had been deliberate development of the local supply chain and growth in the number of Nigerian oil and gas service providers.

He said unlike before when we had just a few companies, there are currently more than 8,000 service providers and more than 60 operating companies registered on the NCDMB JQS portal.

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The negative impact of the Coronavirus pandemic has resulted in the Federal Government recording a revenue shortfall of about N1.01tn in the first quarter of this year.

According to documents obtained by thewhistler.ng from the Budget Office of the Federation, the drop in revenue was primarily due to the dwindling revenue inflow into the federation account.

The pandemic had so far led to an unprecedented drop in global crude oil prices.

The outbreak of the deadly virus in Nigeria had resulted in the lockdown of many states, a development that has paralysed economic activities.

The Federal Government could only earn about N950.55bn out of the prorated revenue target of N1.96tn set for the first three months of this year.

Based on the analysis of the revenue projection, the N1.01tn shortfall represents a decline of about 52 per cent.

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The Debt Management Office has said the Federal Government will auction N150bn worth of bonds by subscription on June 17.

A circular by the DMO on Tuesday showed that a N40bn five-year reopening bond maturing in April 2023 would be offered at 12.75 per cent; a N50bn 15-year reopening bond maturing in March 2035 would be auctioned at 12.50 per cent; while N60bn 30-year reopening bond maturing in March 2050 would be auctioned at 14.8 per cent.

According to the DMO, the auction date is June 17 while the settlement date is June 19.

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This is the time to build Nigeria’s healthcare system but while we’re in isolation, let’s engage in productive work. Will be speaking on what creators and storytellers can do to fight and document the pandemic. What More Coordinated Efforts Should Nigeria Make Beyond The Covid-19 Pandemic. The Pandemic exposes our insufficient in terms of coordination of activities and lack of trust by private sector for government to manage fund accountably

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The UK and Japan are set to begin talks on Tuesday aimed at reaching agreement on a post-Brexit trade deal.

The negotiations come as London and Tokyo work towards replacing the agreement Britain currently has with Japan through the European Union.

Without a new deal by 1 January 2021 the two countries will default to World Trade Organization trading terms.

That would mean tariffs and obstacles to commerce between the UK and its fourth-largest non-EU trading partner.

After decades of sharing its trade policy with the European Union, Britain is now embarking on free trade negotiations with countries around the world.

Discussions with Japan will initially be held via video link and be between the UK's International Trade Secretary Liz Truss and Japan's Minister for Foreign Affairs Toshimitsu Motegi.

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Cathay Pacific Airways Ltd revealed on Tuesday that the Hong Kong government will lead a recapitalisation plan worth HK$39 billion ($5 billion) to help it through the coronavirus pandemic, the latest public rescue for a troubled airline.

Independent aviation analyst Brendan Sobie said Hong Kong needs to protect its position as a hub given all the investment in expanding Hong Kong International Airport and the competitive landscape following Singapore’s big move over two months ago.

The Hong Kong government would be issued HK$19.5 billion of preference shares giving it a 6% stake, and HK$1.95 billion of warrants under the rescue plan announced by Cathay on Tuesday.

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Australian government on Monday said Agreement has been reached on a rescue package for Austrian Airlines to the tune of 600 million euros ($677 million) to mitigate the effects of the coronavirus pandemic.

Chancellor Sebastian Kurz said Austria will provide 450 million euros, with the rest coming from German giant Lufthansa, of which Austrian Airlines is a subsidiary.

He added that the Austrian government will guarantee 300 million euros in loans on top of a 150-million-euro grant, confirming earlier media reports of the deal.

According to those reports Austria is not expected to take a formal stake in the airline’s ownership.

Kurz said the airlines and the government had agreed to three goals: saving jobs, maintaining Vienna as a key hub and necessary measures in terms of climate protection.

The rescue deal will reportedly include targets for the airline to invest in more efficient technologies and thereby reduce its CO2 emissions and noise pollution.

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Libya’s National Oil Company on Monday said it had restarted production at Al-Fil oil field, closed since January by the forces of eastern military strongman Khalifa Haftar.

The NOC’s announcement came a day after output resumed at Al-Sharara oil field, the country’s largest, following a string of victories against Haftar by forces backing Libya’s Tripoli-based unity government.

The NOC in a statement announced the resumption of production at the Al-Fil field and the lifting of force majeure over crude exports from Al-Sharara and Al-Fil.

Libya’s NOC has used the instrument repeatedly in recent years due to fighting over oil fields and export terminals.

Haftar’s forces seized the fields during an offensive early last year in which he seized much of the country’s south followed by a push on the capital.

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South Africa’s rand weakened against the U.S. dollar early on Tuesday, giving back earlier gains as traders booked profits ahead of the U.S. Federal Reserve’s monetary policy meeting.

At 0640 GMT, the rand traded at 16.7740 per dollar, 0.56% weaker than its previous close, and retreating from a near 12-week high of 16.6400 touched earlier in the session.

With no significant data due locally until Thursday, investors’ focus is now on the U.S. central bank’s two-day meeting, starting later in the day, for any forward guidance as the economy gradually starts showing signs of recovery.

Standard Bank chief trader Warrick Butler in a note said it could very well come down to Wednesday and what the Fed see as a path forward.

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The World Bank on Monday said Tanzania’s economic growth is expected to drop to 2.5% in 2020 from 6.9% last year, citing the impact of the coronavirus pandemic.

The bank in a statement said International travel bans and caution against contracting the virus have severely hurt the tourism sector, which had been one of the fastest-growing sectors in the economy,”

It said the east African country’s economy would also be hurt by a decline in export demand, supply chain disruptions for domestic manufacturers and weak domestic consumption.

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