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Airlines Loses Hits $314Bn Due to COVID-19 – IATA

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International Air Transport Association (IATA), has said that airline passenger revenues drop has risen to $314bn as impact of COVID-19 bites harder.

Airlines Loses Hits $314Bn Due to COVID-19 - IATA

IATA, in its updated analysis, said airlines would record a 55 per cent decline in revenue compared to 2019.

On March 24, IATA estimated $252bn in lost revenues in a scenario with severe travel restrictions lasting three months.

“The updated figures reflect a significant deepening of the crisis since then,” the association said.

According to IATA, the world is heading for a recession and the economic shock of the COVID-19 crisis is expected to be at its most severe in the second quarter when the GDP is expected to shrink by six per cent.

“Passenger demand closely follows the GDP progression. The impact of reduced economic activity in Q2 alone would result in an eight per cent fall in passenger demand in the third quarter,” IATA said.

It explained that travel restrictions would deepen the impact of recession on demand for travel while the most severe impact was expected to be in Q2.

Alexander de Juniac, director-general and chief executive officer of IATA, said, “The industry’s outlook grows darker by the day. The scale of the crisis makes a sharp V-shaped recovery unlikely. Realistically, it will be a U-shaped recovery with domestic travel coming back faster than the international market.

“We could see more than a half of passenger revenues disappear. That would be a $314bn hit. Several governments have stepped up with new or expanded financial relief measures but the situation remains critical. Airlines could burn through $61bn of cash reserves in the second quarter alone. That puts at risk 25 million jobs dependent on aviation.”

He stated that without urgent relief meaures, many airlines would not survive to lead the economic recovery.


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inDrive Unveils Cashless Bank Transfer Feature in Nigeria

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inDrive, a global ride-hailing platform operating in nine African countries, has introduced “Light Cashless,” an innovative new payment feature in Nigeria designed to enhance safety and convenience for both riders and drivers.

This solution allows drivers to display their preferred bank details within the app, enabling passengers to copy and paste the information for seamless direct bank transfers—eliminating the need for a traditional payment gateway integration.

By launching “Light Cashless,” inDrive becomes the first ride-hailing platform in Nigeria to adopt this model, reinforcing bank transfers as one of the most trusted and widely accepted payment methods in the country. This feature is now available via the latest inDrive app update and is being rolled out in seven key cities.

This launch brings multiple benefits, including enhanced security by reducing the risks associated with carrying physical cash, greater convenience as passengers can complete payments with just a few taps, and increased financial flexibility for drivers who receive payments directly into their bank accounts without delays or transaction fees.

Additionally, direct bank transfers ensure increased payment transparency, allowing both passengers and drivers to track transactions easily within their banking apps, reducing disputes and ensuring clear financial records.

The introduction of “Light Cashless” aligns with inDrive’s mission to challenge injustice and create a fairer, more flexible ride-hailing ecosystem. The platform remains committed to user-driven innovation, continuously empowering both drivers and passengers with greater control over their ride-hailing experience.

“This new feature is a game-changer for the Nigerian market, where bank transfers are already a trusted and widely used form of payment,” said Timothy, Country Representative at inDrive in Nigeria.

“By eliminating the reliance on cash while avoiding the complexities of integrated payment gateways, we are providing a simple yet effective solution that enhances safety, convenience, and financial efficiency for all users.”

The “Light Cashless” feature is now live in seven major Nigerian cities and will continue expanding across the country. Users are encouraged to update their inDrive app to access this new functionality.


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TikTok Returns on Apple, Google US App Stores as Trump Delays Ban

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TikTok returned to the U.S. app stores of Apple and Google on Thursday as President Donald Trump delayed a ban on the Chinese-owned social media app and assured the tech giants they would not be fined for distributing or maintaining it.

The popular short video app used by nearly half of all Americans went dark briefly last month, before a law took effect on January 19 that requires its Chinese owner ByteDance either to sell it on national security grounds or face a ban.

The following day, Trump signed an executive order seeking to delay the enforcement of the ban by 75 days, allowing TikTok to continue its operations in the U.S. temporarily.

Although TikTok resumed service after Trump’s assurances, Google and Apple kept the app removed from their U.S. app stores.

TikTok, the second-most downloaded app in the U.S. last year, said on Thursday that its latest app was now available for download.

The delay could have been because Google and Apple were awaiting assurances that they would not be prosecuted for hosting or distributing the app, according to analysts.

Trump’s directive said the companies, which run mobile application stores or digital marketplaces where users can browse, download and update apps, would not face penalties for keeping the TikTok app up and running.

TikTok had more than 52 million downloads in 2024, according to market intelligence firm Sensor Tower.

About 52% of its total downloads were from Apple App Store, while 48% were from Google Play in the U.S. last year, Sensor Tower said.

The law that requires ByteDance to sell TikTok’s U.S. assets or ultimately face a ban was signed by then President Joe Biden last April, triggered by national security concerns and fears that China could use the video-sharing app to spy on American users.

The U.S. has never banned a major social media platform and the law that passed last year gives the government sweeping authority to ban or seek the sale of other Chinese-owned apps. Trump said on Thursday that his 75-day deadline on TikTok could be extended.

The turmoil at TikTok attracted several potential buyers, including former Los Angeles Dodgers owner Frank McCourt, who have expressed interest in the fast-growing business that analysts estimate could be worth as much as $50 billion.

Trump has said that he was in talks with multiple people over TikTok’s purchase and would likely have a decision on the app’s future in February.


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FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

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Federal government has directed all Ministries, Departments, and Agencies (MDAs) operating in states to close their accounts with commercial banks and fully comply with the Treasury Single Account (TSA) policy.

FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

Dr. Oluwatoyin Madein, accountant-general of the Federation,

The directive was issued by Dr. Oluwatoyin Madein, accountant-general of the Federation, during a working visit to the Federal Pay Office in Benin, Edo State.

This was disclosed in a statement released on Thursday by Bawa Mokwa, director of Press and Public Relations at the Office of the Accountant-General of the Federation.

Reaffirming the government’s commitment to the TSA policy, Madein warned that no MDA should operate accounts with commercial banks unless expressly approved by the President and officially communicated by her office.

The statement reads:

“While reiterating the Federal Government’s commitment to the Treasury Single Account policy, the Accountant-General of the Federation urged the Federal Pay Officers to monitor and ensure that Ministries, Departments, and Agencies in the States do not operate any account with the commercial banks or circumvent any provision of the TSA policy.”

She further stressed that any exceptions must follow strict guidelines, requiring presidential approval and formal communication from the Office of the Accountant-General.

Madein also tasked Federal Pay Officers (FPOs) with ensuring compliance, upholding transparency, and maintaining professionalism in their financial operations.

She warned against actions that could undermine the integrity of the Federal Treasury and emphasized the need for accurate financial record-keeping.

As part of ongoing reforms, she revealed that the Federal Government is constructing new Federal Pay Offices in some states to address infrastructure and operational challenges.

She assured that her office remains committed to the welfare of its personnel while enforcing compliance with financial regulations, including the Public Procurement Act and the Constitution.

Her visit to the Benin Federal Pay Office was part of a nationwide tour to assess the operations and challenges of Federal Pay Offices across the country.


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