Monday, May 20, 2019 | ePaper

Nigeria counts cost of postponed presidential poll

  • Print
AFP, Lagos :
Nigerians who were surprised when the country's presidential election was postponed Saturday might suffer a second shock when they learn the cost, some economists and business leaders say.
"The cost to the economy of the postponement of the election is horrendous," said Muda Yusuf, general director of the Lagos Chamber of Commerce and Industry who advanced an estimate of $1.5 billion.
"The economy was on partial shutdown the day before, and total shut down on Saturday for the elections" that did not take place, he explained.
The streets of Lagos were still empty early Sunday as the sprawling economic capital of 20 million people recovered from the disappointment and anger provoked by a last minute, one-week delay blamed on logistical issues.
The Independent Electoral Commission announced the delay just hours before polls to elect the head of Africa's most populous nation and members of parliament were to open.
The INEC cited problems in the distribution of ballot papers and results sheets, as well as sabotage, after three fires at its offices in two weeks.
The leading candidates, incumbent President Muhammadu Buhari and challenger Abubakar Atiku, both called for calm, but a population of 190 million people facing unemployment and extreme poverty took a real financial hit from the decision.
For many, the cost of leaving cities where they work to go home and vote in their native regions is substantial.
Social media was used meanwhile to organise collections for street vendors who had bought perishable items to sell to voters that often wait in long lines.
The amount ultimately raised was unlikely to make much difference to tens of millions of people who live on less than $1.9 a day, but it did highlight solidarity not always widespread in the country.

More News For this Category

Mutual Trust Bank Limited arranges Mother's Day 2019 celebration at MTB Centre in the city recently. At the event, the Bank honoured MTBian mothers, Professor Panna Kaiser (Retd), Chairman, Khelaghor Central Committee and Khairun Nessa Ahmed, Deputy General Manager (PRL), Bangladesh Krishi Bank with a view to celebrating motherhood, maternal bonds and the influence of mothers in the society. Managing Director Anis A. Khan, Deputy Managing Directors, Syed Rafiqul Haq and Tarek Reaz Khan, among others, were present.

Mutual Trust Bank Limited arranges Mother's Day 2019 celebration at MTB Centre in the city recently. At the event, the Bank honoured MTBian mothers, Professor Panna Kaiser (Retd), Chairman, Khelaghor Central Committee and Khairun Nessa Ahmed, Deputy General Manager (PRL), Bangladesh Krishi Bank with a view to celebrating motherhood, maternal bonds and the influence of mothers in the society. Managing Director Anis A. Khan, Deputy Managing Directors, Syed Rafiqul Haq and Tarek Reaz Khan, among others, were present.

.

Central bank warns of global economic uncertainties brought by trade frictions

Xinhua, Beijing :China's central bank has warned in a report that uncertainties brought by trade frictions between China and the United States could have an adverse impact on the

BGB member Bacchu gets new car buying Walton refrgierator

BGB member Bacchu gets new car buying Walton refrgierator

Business Desk :A Boarder Guard Bangladesh (BGB) member named Abdul Momin Bacchu has been awarded a brand new car through purchasing Walton brand refrigerator under the ongoing nationwide Digital

Popular Life Insurance recommends 40pc cash dividend

Business Desk :The board of directors of Popular Life Insurance Company has recommended 40 per cent cash dividend for the year ended on December 31, 2018, a press release

Bay Leasing recommends 10pc cash dividend

Business Desk :The board of directors of Bay Leasing & Investment Ltd has recommended 10 per cent cash dividend for the year ended on December 31, 2018, an official

Mohammed Monirul Moula, Managing Director (Current Charge) of Islami Bank Bangladesh Limited and Mohammad Khairuzzaman, Country Director of Transfast Remittance, inaugurating Remittance Campaign at Islami Bank Tower on Sunday.  Mohammad Ali, Abu Reza Md. Yeahia and Hasne Alam, Deputy Managing Directors, Muhammad Golam Rabbani, Senior Vice President and Md. Sarwar Islam, Vice President of the Bank were present.  Under this campaign, each beneficiary of the remittance sent through Transfast will get attractive gift items including motorbike and sewing machine.

Mohammed Monirul Moula, Managing Director (Current Charge) of Islami Bank Bangladesh Limited and Mohammad Khairuzzaman, Country Director of Transfast Remittance, inaugurating Remittance Campaign at Islami Bank Tower on Sunday. Mohammad Ali, Abu Reza Md. Yeahia and Hasne Alam, Deputy Managing Directors, Muhammad Golam Rabbani, Senior Vice President and Md. Sarwar Islam, Vice President of the Bank were present. Under this campaign, each beneficiary of the remittance sent through Transfast will get attractive gift items including motorbike and sewing machine.

.

VAT collection increased by 36pc in April in West Commissionerate

Economic Reporter :Customs, Excise and VAT Commissionerate, Dhaka (West) collected 36 percent more value added tax (VAT) in April in this fiscal 2018-19.In this month, VAT collection rose to

Tax holiday is essential for trade, commerce development: BIDA

Tax holiday is essential for trade, commerce development: BIDA

Economic Reporter :Bangladesh Investment Development Authority (BIDA) Executive Chairman Kazi M Aminul Islam Sunday said the government is providing tax holiday facility in different fields as it is essential

Stocks open week up on large-cap vibe

Economic Reporter :Stocks Sunday opened the week up with all the indices at Dhaka and Chittagong stock exchanges finishing upwards on higher activities of large-cap securities.The rising major sectors

Govt will restrict import of rice: Kamal

Economic Reporter :Finance Minister AHM Mustafa Kamal has said the government would restrict import of rice and try to export it abroad to give relief to farmers.He said supply