Category Archives: Business & Economy

Reflection On The Economy For A Post COVID19 Nigeria

The Nigerian economy has grossly underperformed courtesy of the COVID19 pandemic and the slump in crude oil price and demand. There are contradiction, uncertainties, evidence and eminence of economic recession hovering over us.

A look at her enormous resource endowment showed that Nigeria is the 6th largest gas reserves and the 8th largest crude oil reserves in the world. It is endowed in commercial quantities with about 37 solid mineral types and has a population of over 200 million people. Yet economic performance has been rather weak and does not reflect these endowments, even before the advent of COVID19 and the current shock on global crude oil price. Compared her with the emerging Asian countries, notably, Thailand, Malaysia, China, India and Indonesia that were far behind Nigeria in terms of GDP per capita in 1970, these countries have transformed their economies and are not only miles ahead of Nigeria, but are also major players on the global economic arena.

Successive governments in Nigeria have since independence in 1960, pursued the goal of structural changes without much success. The growth dynamics have been propelled by the existence and exploitation of natural resources and primary products. Initially, the agricultural sector, driven by the demand for food and cash crops production was at the centre of the growth process, contributing 54.7 per cent to the GDP during the 1960s.

However, the second decade of independence saw the emergence of the oil industry as the main driver of growth. Since then, the economy has mainly gyrated with the boom burst cycles of the oil industry.

With a National budget (government income and expenditure) outlay that is dependent on oil revenues has more or less dictated the pace of economic growth and development.

Looking back, it is clear that the economy has not actually performed to its full potential particularly in the face of its rising population. In general, economic growth and population growth rates are very close that the margin cannot induce the required structural transformation and economic diversification.

Furthermore, Nigeria’s poor economic performance, particularly in the last Sixty years, is better illustrated when compared with China. For instance in the 1970s, while Nigeria had a GDP per capita of US$233.35 and was ranked 88th in the world, China was ranked 114th with a GDP per capita of US$111.82. Today, China is almost occupying an enviable number one position as productive, performing and developed economy in the world.

The major factors accounting for the relative decline of the Nigeria’s economic fortunes are easily identifiable as political instability, lack of focused and visionary leadership, economic mismanagement and corruption.

Prolonged period of military rule for example stifled economic and social progress, particularly in the three decades of 1970s to 1990s. During these years, resources were plundered, social values were debased, and unemployment rose astronomically with concomitant increase in crime rate.

Living standards fell so low, to the extent that some of the best brains with the requisite skills to drive the developmental process left in droves to other nations, and are now making substantial contributions to the economic success of their host countries.

However, since 1999, the country returned to the path of civil democratic governance and has sustained uninterrupted democratic rule for a period of 22 years. This in itself is a great achievement and gives reason for hope in a country that has was burdened with almost three decades of military rule and dictatorship. It has provided an opportunity to arrest the decline of the past and provide the launch pad for the take-off into an era of sustainable and all-round economic development.

However, in this regards also the successive civilian administrations since 1999 have committed to tackling the daunting challenges but with little and abysmal results to show. What we have is economic growth risen substantially, with annual average of 7.4 per cent, but the growth has not been inclusive, broad-based, jobless growth and devoid of transformational development.

The implication of this trend is that economic growth in Nigeria has not resulted in the desired structural changes that would make manufacturing industry the engine of growth, create employment, promote technological development and take millions out-off poverty. Available data has put the national poverty level at 74.4 per cent. Similarly, there has been rising unemployment with the current level put at 30.7 per cent by the National Bureau of Statistics (NBS, 2020).Furthermore, the country lags behind her peers in most human development indicators.

What must be done for a post COVID19 Nigeria economy stability? An understanding of Nigeria’s economic aspirations today has remained that of altering the structure of production and consumption patterns, diversifying the economic base and reducing dependence on oil. Secondly, the government must aim of putting the economy on a part of sustainable, all-inclusive and non-inflationary growth with the 2.3 trillion stimulus package in the kitting and avoiding the wastage of that is critical.

Thirdly, a policy link through research and development is a boost to the manufacturing sector is the key to a revamp and industrialize economy (industrial sector comprises the manufacturing, mining, agriculture and electricity generation, oil and gas), implication of this is that while rapid growth in output, as measured by the real Gross Domestic Product (GDP), is important, the transformation of the various sectors (education, entertainment, media, banking and finance) of the economy are even more vital with the manufacturing leading the way.

As well as manufacturing sub-sector that is made up of large, medium and small enterprises, as well as cottage and hand-craft unit. This is consistent with the growth aspirations of most developing countries, as the structure of the economy is expected to change as growth progresses.

By: Adefolarin A. Olamilekan,
Political Economist and Development Researcher.
Email:adefolarin77@gmail.com, 08073814436-Abuja.

Shoprite to Leave The Nigerian Market

The shopping giant and South African Company, Shoprite Holdings Limited, says it will auction off its outlets in Nigeria.

The megastore company with presence in most Nigerian cities hinged this decision on the coronavirus pandemic which has disrupted major businesses globally.

This is coming about 15 years after it opened its first store in Lagos in December 2005.

In an “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday, the company said it has been approached by “various potential investors”.

The update partly read, “Despite difficult circumstances, in a year incorporating the COVID-19 lockdown and accompanying regulations governing trade, transport and operations, the Group increased total sale of merchandise for the 52 weeks to 28 June 2020 (including the impact of hyperinflation in the prior year) by 6.4% to approximately R156.9 billion. Like-for-like growth for

the year was 4.4%.

“Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.

“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.”

The company, which provides jobs for more than 2,000 Nigerians, has over 25 stores across eight states of the Federation including the Federal Capital Territory, Abuja.

Source: The Punch.

CONVID-19 PANDEMIC: MAKING 2020 BUDGET WORKABLE AND IMPLEMENTABLE

Adefolarin A. Olamilekan, Political Economist & Development Researcher

“Budget of Sustaining Growth and Job Creation” is the year 2020 executive budget proposal that President Mohammadu Buhari presented to joint session of the National Assembly, Abuja on Tuesday, October 8, 2019.

When the President signed the 2020 Appropriation Act on December 17, 2019, the N10.59 trillion Budget consisted of N4.84 trillion recurrent expenditure, N2.46 trillion capital expenditure, N2.72 trillion for debt servicing, N2.28 trillion for fiscal deficit and deficit-to-Gross Domestic Product (GDP) ratio of 1.52 per cent.

The Appropriation Act was also predicated on projections of crude oil production of 2.18 million barrels per day, oil benchmark of $57, exchange rate of N305 to the dollar, gross domestic product (GDP) growth rate of 2.93 per cent, inflation rate of 10.81 per cent and the statutory transfer of N556.7 billion. The sum of N8.155 trillion is estimated as the total Federal Government revenue in 2020 comprises oil revenue N2.64 trillion, non-oil tax revenues of N1.81 trillion and other revenues of N3.7 trillion.

This is 7 percent higher than the 2019 comparative estimate of N7.594 trillion inclusive of the Government Owned Enterprises.

According to President Buhari “investing in critical infrastructure is a key component of our fiscal strategy under the 2020 Budget Proposals. An aggregate sum of N2.46 trillion (inclusive of N318.06 billion in statutory transfers) is proposed for capital projects in 2020”. Although the 2020 capital budget is N721.33 billion (or 23 percent) lower than the 2019 budget provision of N3.18 trillion, it is still higher than the actual and projected capital expenditure out turns for both the 2018 and 2019 fiscal years, respectively. Indeed, at 24 percent of aggregate projected expenditure, the 2020 provision falls significantly short of the 30 percent target in the Economic Recovery and Growth Plan (ERGP) 2017-2020.

Budget deficit is projected to be N2.18 trillion in 2020. This includes draw downs on projected loans and the related capital expenditure. This represents 1.52 percent of estimated GDP, well below the 3 percent threshold set by the Fiscal Responsibility Act of 2007, and in line with the ERGP target of 1.96 percent. The deficit will be financed by new foreign and domestic borrowings, Privatization Proceeds, signature bonuses and draw downs on the loans secured for specific development projects. In terms of debt servicing which has become one of this administration big criticism. 2020 budgets, provide the sum of N2.45 trillion for debt service, of this amount, 71 percent is to service domestic debt which accounts for about 68 percent of the total debt. The sum of N296 billion is provided for the Sinking Fund to retire maturing bonds issued to local contractors.

However, following the global oil prices crash and impact of the pandemic, the Nigerian government has amended the 2020 Appropriation Act to reflect the current economic realities as a result of the impact of the Coronavirus pandemic on the global economy. And the revised Budget is now N10.810 trillion as passed by the National Assembly.

According to The Minister of Finance, Budget and National Planning, Zainab Ahmed, with the “coronavirus pandemic triggering a global economic crisis, the fiscal assumptions behind the budget is no longer realistic. Since the outbreak of the coronavirus, growth in most economies has gone into reverse, with the worst impact felt by commodities-dependent economies like Nigeria, following the unprecedented decline in crude oil prices”. The Nigerian government said due to Brent crude oil price crashed to an all-time low of $19.125 per barrel as at Friday, April 3, 2020, while oil production in 2020 year-to-date has dropped significantly below 2.0 million barrels per day.”Because the 2020 Appropriation Act was based on certain fiscal assumptions, we have been compelled to revisit them given the emerging economic realities, “Accordingly, the projected oil revenues significantly affected, government has been compelled to revise the benchmark oil price for 2020 to $30 per barrel and oil production to 1.7 million barrels per day.

While the revised budget, in the words of the government would provide for the COVID-19 Crisis Intervention Fund and other adjustments required due to the decline in international crude oil prices. She said spending related to COVID-19 had not been previously captured.

The government made this known to the media, that the budget revisions approved at Federal Executive Council (FEC) meeting assumed an oil price of $25 per barrel along with output of 1.94 million barrels per day and an exchange rate of 360 naira to $1, a framework for its 2020-2022 spending plan. The proposals require parliament’s approval before being signed into law by the president.

With global oil prices plunging, the government had said this year’s budget would shrink by about 15% and that it would switch to domestic naira borrowings. Also, the government maintain, the reduction amounted to just 71.5 billion naira to “adequately respond to the COVID-19 pandemic”. Similarly, she said the government has also resolved to adjust downwards its non-oil revenue projections, including various tax and customs receipts as well as proceeds of the privatization exercises.”In this regard, the Budget Office is currently working on a revised 2020 – 2022 Medium-Term Expenditure Framework / Fiscal Strategy Paper (MTEF/FSP) as well as an Amendment to the 2020 Appropriation Act,” she said.

However, as of today, what has brought about this systematic reversal of the 2020 budget is courtesy of the COVID-19 pandemic and an oil price shock. Both phenomenon’s have magnified headwinds in the Nigerian economy, which relies on crude sales for government revenues, triggering a historic decline in growth and large financing needs as well as weakening the naira. While the coronavirus pandemic has opened the rots in health care provision in the country.

More so, the Nigerian government expects the economy, which recently recovered from a 2016 recession, to shrink by 3.4% this year.
The foregoing on 2020 budget has provide us an overview of what the revised key details of the budget.

Moreover, the concern of this piece is tasking the government making 2020 budget work implementable. The “global count of confirmed cases of COVID-19 has since passed the six million mark, close to half a million families have lost at least one member to the virus and numbers are escalating even in Africa., the world continues to battle the COVID-19 pandemic. Even before the outbreak, the outlook for the world economy and especially developing countries like Nigeria was fragile, as global GDP growth was estimated to be only 2.5 percent in 2020”. While many developing countries have recorded relatively fewer cases, Nigeria currently has over 20,000 confirmed cases and 500 plus deaths as of this writing, the weak capacity of health care systems in these countries is likely to exacerbate the pandemic and its impact on the economy.

According to CSEA, before the pandemic, the Nigerian government had been grappling with weak recovery from the 2014 oil price shock, with GDP growth tapering around 2.3 percent in 2019.

In February, the IMF revised the 2020 GDP growth rate from 2.5 percent to 2 percent, as a result of relatively low oil prices and limited fiscal space. Relatedly, the country’s debt profile has been a source of concern for policymakers and development practitioners as the most recent estimate puts the debt service-to-revenue ratio at 60 percent, which is likely to worsen amid the steep decline in revenue associated with falling oil prices. These constraining factors will aggravate the economic impact of the COVID-19 outbreak and make it more difficult for the government to weather the crisis.

There is need for more concerted efforts to make sure the 2020 budget is practical, realisable and functionally implementable without waste. Government should drastically shy away from the past norms that budget implementation is nothing to write home about. While we acknowledge the fact that the price shock on primary commodities dependent economy such as ours and the uncertainty of the global economy anticipate trouble for the economy. As a result of wrong policy choice to respond, majorly and over years in our health sector is caused by the country’s mediocrity in governance as the pandemic has expose the rots in our health care sector.

What is needed now is the proactiveness that would minimise waste and provide a basis for efficiency in the country’s economic governance and at least address the basic needs of the society. This involves returning the country to the path of sustained budgetary implementation, were every kobo spent is justified.

By: Adefolarin A. Olamilekan
Political Economist & Development Researcher and the Editor of Innovation Nigeria News Magazine.
Email: adefolarin77@gmail.com
Tel: 08073014436

NNPC Produces 218.37 billion Cubic Feet (BCF) of Natural Gas in March Alone

The Nigerian National Petroleum Corporation (NNPC) has said that 218.37billion Cubic Feet (BCF) of natural gas was produced in March 2020, translating to an average daily production of 7493.65Million Standard Cubic Feet per Day (mmscfd).

This was contained in NNPC Monthly Financial and Operations Report for March, 2020, a release by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated,
The release said 3,119.89BCF of gas was produced for the period March 2019 to March 2020, representing an average daily production of 7,912.05mmscfd during the period.

It explained that period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.37 per cent, 21.67 per cent and 8.95 per cent, respectively, to the total national gas production.

Out of the 218.37BCF of gas supplied in March 2020, according to the report, 120.73BCF of gas was commercialized, consisting of 33.45BCF and 87.28BCF for the domestic and export market respectively, translating to 1,235.56mmscfd of gas to the domestic market and 3,817.40mmscfd of gas supplied to the export market for the month.

The report said 55.63% of the average daily gas produced was commercialized, while the balance of 44.37% was re-injected, used as Upstream fuel gas or flared.

Gas flare rate was 9.08 per cent for the month under review i.e. 679.54mmscfd, compared with average gas flare rate of 8.43 per cent i.e. 666.90mmscfd for March 2019 to March 2020.

During the month under review, the report also announced a trading deficit of ₦9.53billion for March 2020 compared to the ₦3.95billion surplus posted in February 2020.

The report declared that the over 300 per cent decline in March 2020 earnings was due primarily to the huge decrease of 181 per cent in the National Oil Company’s Upstream Subsidiary, Nigerian Petroleum Development Company’s (NPDC) due to the decline in crude oil prices precipitated by the Coronavirus-induced global slowdown which it stated led to reduced exports and dwindling world oil consumption; combined with deficits posted by the refineries, among others.

The NNPC MFOR indicated a total crude oil & gas export sale of $256.19million in March 2020 which decreased by 30.89 per cent, compared to last month’s. Of the total sales, crude oil export sales contributed $184.59million (72.05 per cent) of the dollar transactions compared with $281.14million contribution in the previous month; while the export gas sales amounted to $71.60million in the month.

The March 2019 to March 2020 crude oil and gas transactions indicated that crude oil & gas worth $4.95billion was exported.

In the Downstream, to ensure continuous availability of Premium Motor Spirit (PMS) otherwise called petrol, and effective distribution of the product across the country, 1.73billion litres of PMS, translating to 59.72mn liters/day were supplied for the month.

The corporation stated that it had continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the Nation.

Within the period under review, 19 pipeline points were vandalized representing about 47 per cent decrease from the 32 points recorded in February 2020. Atlas Cove-Mosimi accounted for 53 per cent, while Mosimi-Ibadan recorded 21 per cent and Suleja-Minna accounted for the remaining 26 per cent.

The report assured that NNPC, in collaboration with the local communities and other stakeholders, continuously strived to reduce the menace to the barest level.

The March 2020 MFO report of the NNPC is the 56th edition in the series that began in 2016.

The corporation carried its adherence to transparency and accountability a notch higher last week, 19th March, 2020 when it published its 2018 Audited Financial Report, a move that has received accolades from transparency watchdogs locally and internationally, in addition to endorsement by many Nigerians who encouraged other government agencies to follow suit.

The statement was signed by Dr. Kennie Obateru, the Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation, NNPC Towers, Abuja on the 24th June, 2020.

President Buhari Expresses Great Concern About ECOWAS Common Currency

President Muhammadu Buhari calls for caution as the West African countries works toward a common currency (The ECO) for the sub-region. The concern of Mr. President was made available on his Twitter handle as follows:

“It gives me an uneasy feeling that the UEMOA Zone wishes to take up the Eco in replacement for its CFA Franc ahead of other ECOWAS Member States. It‘s a matter of concern that a people with whom we wish to go into a union are taking major steps without trusting us for discussion.

Nigeria fully supports and is committed to a monetary union with the right fundamentals—a union which guarantees credibility, sustainability and overall regional prosperity and sovereignty. But we must do things properly and ensure absolute compliance with the set standards.”

The Nigerian President went further and started that:

“We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it. We need to be clear and unequivocal about our position regarding this process.

We must also communicate same to the outside world effectively. We have all staked so much in this project to leave things to mere expediencies and convenience.”

“We must proceed with caution and comply with the agreed process of reaching our collective goal while treating each other with utmost respect. Without these, our ambitions for a strategic Monetary Union as an ECOWAS bloc could very well be in serious jeopardy.” He concluded.

The move for the ECO is long overdue, and most citizens of the ECOWAS countries will like to see it come to fruition soon than later, especially when one put into consideration the increasing volumes of trade between them despite some structural challenges in following the ECOWAS protocol on free movement of goods and persons within the sub-region.

Economic Recovery: CBN to Launch Non-interest Loan For Farmers

The CBN Governor, Mr. Godwin Emefiele, on Thursday hinted of plans to integrate non-interest loan window in all its intervention programmes, particularly the Anchor Borrowers Programme (ABP) and the Targeted Credit Facility (TCF) for households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic This is even as it said it budgeted N432 billion to support about 1.1 million farmers in the 2020 wet season farming under its Anchor Borrowers Programme (ABP).

CBN earmarks N432bn for farmers in 2020 N50bn loan: CBN waives guarantor requirement for SMEs, households. The Bank’s Director, Development Finance Department, Yila Yusuf, made these disclosures at a stakeholders’ meeting held in Abuja to review the successes recorded so far under the ABP and the strategies for the 2020 agricultural wet season. Yusuf, who represented the apex bank governor, Godwin Emefiele, at the forum, said:

“We are advancing N432 billon, through the banks, to the famers in the 2020 wet season across nine different commodities. The commodities are rice, maize, cotton, oil palm, and cowpea. We are also doing livestock, they are: poultry and fish.”

While projecting that the impact of the investment will be phenomenal, the development finance expert pointed out that the 2020 wet season support represented the largest Anchor Borrowers Programme the bank will be doing since 2015 when the programme was launched. According to him, the bank is targeting over 1.1 million farmers, farming over 1 million hectares of land as well as a combined output of over nine different commodities of 8.32 million metric tonnes.

” Yusuf projected that the intervention should create about five million jobs down the agro-commodities value chains. On the planned non-interest loans, he said “the CBN Governor has directed we create a non interest window especially for the North West and the North East. We have received several correspondents from concerned citizens especially on the CIVID-19 funds. In the weeks to come, we will announce a policy on the non-interest loans” he stated.

In his remarks, the apex bank’s Director, Corporate Communications Department, Isaac Okorafor, said the bank in the 2020 agricultural wet season, was committed to aggressively fund its agricultural programmes and spur farmers along select crop value chains to prevent food insecurity in the country. On the Targeted Credit Facility (TCF) of the Bank which aims at alleviating the impact of the corona virus on individuals and small businesses, he restated the bank’s commitment to its disbursement to stimulate Nigeria’s speedy economic recovery. Related CBN earmarks N432bn for farmers in 2020 CBN to fund 1.6m farmers for wet season operations Anchor Borrowers: CBN to empower 11,250 wet season farmers in Adamawa

China REQUIRE 3 oil corporations to transfer the management of half of their liquefied natural gas

Report gathered by Daily Watch Press, shows that China has required the three biggest state-held oil corporations to transfer the management of half of their liquefied natural gas (LNG) terminals to the newly created state-controlled midstream firm, Caixin Global reported, citing industry insiders.

The transfer of 10 LNG terminals owned by China National Petroleum Corporation (CNPC), Sinopec, and China National Offshore Oil Corporation (CNOOC) is the first step in China’s plan to consolidate the oil and gas pipeline infrastructure into a new giant state-held midstream company.

At the end of last year, China launched the long-mooted state oil and gas pipeline group combining the infrastructure assets of the state-owned energy majors into one huge midstream group, which analysts say could be worth between US$80 billion and US$105 billion.

The new company is part of China’s efforts to allow its energy companies to focus on boosting exploration and production. Combining China’s pipeline infrastructure into one firm and opening access to this infrastructure to foreign and private producers would help the state oil and gas firms to focus on exploration at a time when China aims to increase its domestic production.

Earlier this year, CNOOC said it had signed with the new state pipeline giant to transfer to it the management of oil and gas infrastructure projects. 

The ten LNG terminals that are set to be transferred to the new company include seven terminals currently managed by CNOOC, two terminals managed by CNPC, and one by Sinopec, according to Caixin.

The new state pipeline giant, China Oil & Gas Piping, will initially only have the right to manage the assets, while the oil and gas majors will still own the assets until audits are finalized. After the transfer of the LNG terminals to the new company, there still will be 11 other LNG facilities that will continue to be managed by the three oil and gas majors, Caixin’s sources said.

Source: Oilprice.com

Exchange Rate Between Naira And World Major Currencies

Exchange Rate Between Naira And World Major Currencies

Exchange Rate Transfer Receive (Interbank) Free Quote 1 Pound = 485.064 Nigerian Naira GBP 5000 = NGN 2408341.941 2316664.876 GET 1 Euro = 433.894 Nigerian Naira EUR 5000 = NGN 2154283.068 2072277.126 GET 1 Dollar = 387.402 Nigerian Naira USD 5000 = NGN 1923449.851 1850230.914 GET 1 Australian Dollar = 266.68 Nigerian Naira AUD 5000 = NGN 1324064.408 1273661.957 GET… [ 72 more words ]

Exchange RateTransferReceive (Interbank)Free Quote
1 Pound = 485.064 Nigerian NairaGBP 5000 =NGN 2408341.9412316664.876GET
1 Euro = 433.894 Nigerian NairaEUR 5000 =NGN 2154283.0682072277.126GET
1 Dollar = 387.402 Nigerian NairaUSD 5000 =NGN 1923449.8511850230.914GET
1 Australian Dollar = 266.68 Nigerian NairaAUD 5000 =NGN 1324064.4081273661.957GET
1 New Zealand Dollar = 248.307 Nigerian NairaNZD 5000 =NGN 1232844.7991185914.755GET
1 Canadian Dollar = 286.526 Nigerian NairaCAD 5000 =NGN 1422601.6141368448.199GET
1 Yen = 3.555 Nigerian NairaJPY 5000 =NGN 17649.48616977.633GET
1 Rupee = 5.126 Nigerian NairaINR 5000 =NGN 25448.19824479.475GET
1 Swiss Franc = 403.554 Nigerian NairaCHF 5000 =NGN 2003645.7731927374.061GET
1 Dirham = 105.559 Nigerian NairaAED 5000 =NGN 524100.623504149.965GET
1 South African Rand = 22.734 Nigerian NairaZAR 5000 =NGN 112874.472108577.74GET
1 Russian Rouble = 5.604 Nigerian NairaRUB 5000 =NGN 27825.77726766.548GET

The above the Exchange Rate between the Nigerian Naira and most of the World Currencies as at today, 4th day of June, 2020.