Saturday, June 19

Tag: Recession

The economy remains weak with too much unemployment and resources left idle – Tinubu
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The economy remains weak with too much unemployment and resources left idle – Tinubu

Former Governor of Lagos state and chieftain of the All Progressives Congress, Bola Tinubu has stated that the Nigerian economy has remained weak with too much unemployment and resources left idle even after the exit from recession. Tinubu who delivered a speech as the chairman of the 2021 Sardauna Memorial Lecture held in honour of one of Nigeria’s founding fathers, the late Sir Ahmadu Bello, stressed the need to cut down on wasteful spending among government officials to ensure Nigerians benefit from the economy. He said;  “In the midst of our local challenges came the COVID-19 pandemic, with its debilitating impact on the global and domestic economies. Nigeria, like many other countries, has not been spared the impact of the pandemic. “Commendably, however, President Muham...
Nigeria’s Economy Remains Weak Despite Exit From Recession – Tinubu
Politics

Nigeria’s Economy Remains Weak Despite Exit From Recession – Tinubu

All Progressives Congress chieftain, Bola Tinubu, says though Nigeria has exited recession, the country’s economy remains weak. Tinubu stated this in Kaduna on Saturday while delivering a speech as the chairman of the 2021 Sardauna Memorial Lecture held in honour of one of Nigeria’s founding fathers, the late Sir, Ahmadu Bello. The PUNCH had earlier reported that the National Bureau of Statistics last month said that Nigeria’s Gross Domestic Product recorded a slight growth of 0.11 per cent in the fourth quarter of 2020, indicating the country’s exit from recession. Speaking on Saturday on the topic, ‘Reduction of the Cost of Governance for Inclusive Growth and Youth Development in Northern Nigeria in a Post-COVID-19 Era’, the former governor of Lagos State said though the reg...
After Recession, Economy On Stable Growth – Zainab Ahmed
Politics

After Recession, Economy On Stable Growth – Zainab Ahmed

The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, has said Nigeria’s exit from recession is a key indicator that the country is poised for stable and consistent growth. The minister said this on Wednesday while briefing State House reporters after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari. She said the exit from recession was an indication that the diversification efforts were yielding results and that there has been a vigorous implementation of the Economic Sustainability Plan (ESP) approved by FEC last June with Vice President Yemi Osinbajo leading the drive. Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as growth in agriculture and telecommunications offset a sharp drop i...
Recession: Buhari To Spend Highest Amount On Presidential Villa Since Elected
Politics

Recession: Buhari To Spend Highest Amount On Presidential Villa Since Elected

Nigeria’s economy may be in a recession and the country may not have enough money to fund its 2021 budget but this has not deterred the Muhammadu Buhari administration from allocating its highest amount ever to the State House including the ‘presidential wing’ of a hospital the president seldom uses. President Muhammadu Buhari will spend N17.3 billion this year to run the State House, Nigeria’s seat of power, details of the assented 2021 budget have shown. About N3.4 billion of this approved expenditure will be spent on feeding and travel expenses for the offices of the president and the vice president. The former gets about N2.6 billion and the latter, about N873 million. The N17.3 billion is the highest amount budgeted for running of the nation’s headquarters since Mr Buhari...
Nigeria Must Cut Cost Of Governance To Exit Recession – Peter Obi (Video)
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Nigeria Must Cut Cost Of Governance To Exit Recession – Peter Obi (Video)

Former vice-presidential candidate Peter Obi has given out what can be described as a pathway to economic recovery. Mr Obi, who spoke on Arise TV on Monday, agreed that the recent recession which affected about 40 countries around the world was as a result of the COVID-19 pandemic. He however warned that the recession would bite harder on Nigeria because the country already had ‘underlying economic conditions’ ranging from extreme poverty to high unemployment rate, high number of out-of-school children, highest infant mortality rate and soaring incidences drug abuse, among others. Obi explained that unlike the previous recession where Nigeria recklessly borrowed its way out, this present recession demands fiscal discipline for the country to scale through. He argued that th...
India Enters First Recession In 73 Years
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India Enters First Recession In 73 Years

India’s economy contracted 7.5 percent between July and September, performing the poorest among major advanced and emerging economies and entering a technical recession for the first time since independence, official data showed Friday. Although the figures were an improvement on the record 23.9-percent contraction recorded last quarter, they indicate that Asia’s third-largest economy is in for a tough fight as it attempts to revive demand and create jobs even as coronavirus infections climb. The two successive quarters of contraction mean that the country has now entered a “technical recession” for the first time since 1947. The International Monetary Fund has meanwhile predicted that India’s economy would contract by 10.3 percent this year, the biggest slump for any major emer...
Five years of Buhari has besieged Nigeria with abundant poverty – Afenifere
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Five years of Buhari has besieged Nigeria with abundant poverty – Afenifere

Pan-Yoruba group, Afenifere, has said that the five years of President Buhari has plunged Nigeria into abundant poverty.   The group stated this in a statement released reacting to the recession of the Nigerian economy. The group in the statement signed by its National Publicity Secretary, Yinka Odumakin, blamed President Buhari for the country's economic situation, saying the country had become ungovernable under his administration.   "As Nigeria enters the worst recession in 33 years and the second in five years of Buhari, we are equally besieged by attendant poverty as well as insecurity worsening across the land with kidnappers, armed robbers and bandits on the prowl and government helpless and unable to govern effectively. The truth is that the country had virtu...
Recession: Niger State To Slash Civil Servants Salary By 50%
Politics

Recession: Niger State To Slash Civil Servants Salary By 50%

As Nigerians gear up to face the impending hardship as a result of the recession already steering in the face of Nigeria, Niger state government has concluded plans to slash the salaries of civil servants in the state by 50 percent to be able to cope with the present economic reality. But the Organized Labour in the state have vowed that any attempt to slash the salaries of workers would be met with stiff resistance and this has set the stage for a possible showdown between the government and the labour. Indication to this emerged on Monday when Government told officials of the NLC and those of the Trade Union Congress at a meeting held in the office of the Head of Service that it can no longer afford to pay 100% salaries to workers effective from December, 2020. Our correspon...
Recession: Nigeria’s Economy Doing Well Compared To Others – Lai Mohammed
Politics

Recession: Nigeria’s Economy Doing Well Compared To Others – Lai Mohammed

Minister of Information and Culture, Lai Mohammed, says the Nigerian economy is doing well compared to the economies of South Africa, Russia and other countries in recession. He said the recession is inevitable due to the global collapse in oil prices occasioned by the coronavirus pandemic. The minister spoke Wednesday on NTA Good Morning Nigeria Show monitored by The PUNCH. The PUNCH had reported that amid a rising debt profile, inflation and unemployment, the Nigerian economy shrank again in the third quarter of this year. This year’s recession is the worst in 36 years as data obtained from the World Bank indicated that the country’s Gross Domestic Product dropped by 10.92 per cent in 1983 and 1.2 per cent in 1984. The National Bureau of Statistics, in its report for t...
2021 Budget Not Capable Of Addressing Nigeria’s Recession – Reps
Politics

2021 Budget Not Capable Of Addressing Nigeria’s Recession – Reps

House of Representatives Commitee on Science and Technology Monday said that the 2021 budget as presented by President Muhammadu Buhari was incapable of lifting Nigeria from the current economic recession. It will be recalled that Buhari in early October this year presented 2021 budget estimate of N13.08 trillion to the national assembly for approval. Last Saturday, the National Bureau of Statistics, NBS, announced that Nigeria had slid into recession, the second time in five years. Sharing his views on the budget at a session, a member of the committee, Hon. Awaji-Inombek Abiante from Rivers State said the documents had allocation flaws that should be corrected. His dissatisfaction however followed the absence of the Minister of Finance, Zainab Ahmed and the Director-Gener...
We Are Heading For Second Recession In Four Years – Minister Of State For Budget, Clem Agba
Politics

We Are Heading For Second Recession In Four Years – Minister Of State For Budget, Clem Agba

The Federal Government, on Thursday, raised the alarm that the Nigerian economy might relapse into a second recession in four years if no concrete steps were taken to improve the Gross Domestic Product. The Minister of State for Budget and National Planning, Clem Agba, raised the alarm during his presentation at the Senate Joint Committee on Finance and Economic Planning on the 2021-2023 Medium-Term Expenditure Framework and Fiscal Strategy Paper. He said, “Nigeria’s Q2 GDP growth is in all likelihood negative, and unless we achieve a very strong Q3 2020 economic performance, the Nigerian economy is likely to lapse into a second recession in four years with significant adverse consequences. “In response to the developments affecting the supply of foreign exchange to the econo...
The Whole Country will be Minneapolis if Democrats Win the Election – Donald Trump says
Politics

The Whole Country will be Minneapolis if Democrats Win the Election – Donald Trump says

US President, Donald Trump has said the country will have a dim future if he loses the 2020 presidential election and Joe Biden is elected. According to Trump, the US will be like Minneapolis if he loses and will go in 'a recession like never seen.'   Minneapolis was the site of the death of George Floyd, a black man, who was killed by a white police officer on Memorial Day, setting off weeks of looting and rioting in the city and  'Black Lives Matter' protests around the country. Trump speaking in a Father's Day-themed interview with his son, Donald Trump Jr. that aired on Friday, he said; 'The whole country will be Minneapolis,' 'I feel like if the Democrats get in, we are literally going to end up in a recession/depression the likes of which you've n...
N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns
Politics

N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns

With the deficit financing of the revised N10.509 trillion 2020 budget rising from N1.847 trillion to N4.563 trillion, the economy might be heading for another recession, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has warned. She expressed the fear yesterday in Abuja during a session with the Senate Committee on Finance where heads of revenue-generating agencies made presentations on the revised 2020-2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP). The minister noted that projected revenues from the agencies had been drastically slashed. According to her, 77 per cent of the new financial expectations from sources like the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS) and the...
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Nigeria is Heading Towards Recession – Minister of Finance, Zainab Ahmed

Zainab Ahmed, Nigeria's Minister of Finance, has said that the coronavirus pandemic and falling oil prices are set to force Nigeria's economy into recession. The Minister made this known today May 21, while speaking to state house correspondents shortly after attending the National Economic Summit meeting in Abuja. “On the economy, COVID-19 has resulted in the collapse in oil prices. This will impact negatively, and the impact has already started showing on the federation’s revenues and on the foreign exchange earnings. Net oil and gas revenue and influx to the federation account in the first quarter of 2020 amounted to N940.91billion.  This represented a shortfall of N125. 52billion or 31% of the prorated amount that is supposed to have been realized by the end of that first ...
Coronavirus Lockdown Pushes Germany Into Recession
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Coronavirus Lockdown Pushes Germany Into Recession

Germany is officially in recession after official figures released on Friday May 15, that showed that the European country’s economy shrank by 2.2% in the first three months of this year. The figures released by the federal statistics authority Destasis, also showed revisions to 2019 fourth-quarter figures from zero growth to a contraction of 0.1%. This meant that Germany’s GDP growth has been negative for two successive quarters, the technical definition of a recession. The first quarter figures are only a partial indication of how much the Coronavirus pandemic has harmed Europe’s largest economy. Though experts had expected a contraction of around 2%, the drop is not as bad as in some of its neighbours, such as France which has seen a decline of 5.8%, and Italy which rep...
Europe Will Experience Worst Recession Since Great Depression, European Commission Tells
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Europe Will Experience Worst Recession Since Great Depression, European Commission Tells

Europe will experience a recession this year of a depth unmatched since the Great Depression and the UK will be one of the hardest hit, the European commission has said. Economic forecasts provided by commission on Wednesday suggest that the UK will experience an 8.3% drop in gross domestic production by the end of the year, with investment down by 14% and a doubling of unemployment. In terms of the drop in GDP – the total value of goods and services produced in a country in a year – only Italy, Greece, Spain and Croatia among the EU member states will endure a bigger loss to the economy. The commission said that the coming recession will be of historic proportion. The EU economy is forecast to contract by 7.5% in 2020 and grow by around 6% in 2021. But countries will be impac...
Italy Faces Record Recession As Pandemic Bites
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Italy Faces Record Recession As Pandemic Bites

The Italian government on Thursday announced a slew of new measures to save its struggling economy amid fears the coronavirus pandemic could force a contraction of more than 10 percent of gross domestic product this year. Italy, home to the eurozone’s third-largest economy, has been hard-hit with almost 28,000 deaths due to the virus, with the economy shrinking 4.8 percent in the first quarter compared to a eurozone average of 3.8 percent. Italy was the first country in Europe to be hit by the pandemic, in particular its economic heartland in northern regions Lombardy, Veneto and Emilia-Romagna. Together those regions represent 45 percent of Italy’s GDP, driven by exports including cars and luxury goods. Italians have been on nationwide lockdown since March 10, with all non...
Nigeria Heading Into Worst Recession In 30 Years –IMF
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Nigeria Heading Into Worst Recession In 30 Years –IMF

The International Monetary Fund on Tuesday said that Nigeria could be heading for its worst recession in three decades. The economic downturn is one of the effects of the Coronavirus pandemic predicted by experts around the world. According to the IMF, Nigeria’s economy will drop by 3.4 per cent in 2020 as a result of the COVID-19 pandemic. The international organisation made the projection in its April 2020 World Economic Outlook report released on Tuesday in Washington, United States. IMF Chief Economist and Director of Research Department, Gita Gopinath, said, “For the first time since the Great Depression, both the advanced economies and emerging and developing economies are in a recession. “For 2020, growth in advanced economies is projected at -6 per cent. Emerging...
International Demand for Nigeria’s oil drops by 6.8m barrels- NNPC reveals
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International Demand for Nigeria’s oil drops by 6.8m barrels- NNPC reveals

The Nigerian National Petroleum Corporation has revealed that international demand for the country's crude oil dropped by 6.8m barrels in March due to the ongoing Coronavirus pandemic. Coronavirus has impacted global oil demand with global oil prices dropping while the International Monetary Fund and the World Bank have predicted a recession worse than the 2009 recession. Mele Kyari, Group Managing director of the NNPC has stated that even though oil prices have dropped, the markets will stabilize as the year runs. Speaking on Channels Television’s Sunrise Daily programme on Wednesday, Kyari said; “Well, it (Nigeria'sOil demand in International market) is doing badly but it is improving. ''Last week, it went down to close to $15 per barrel but as I speak this morning, we are at $32....
Coronavirus Crisis Forces UK Banks To Axe Billions In Payouts
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Coronavirus Crisis Forces UK Banks To Axe Billions In Payouts

Britain’s banking sector on Wednesday scrapped billions of pounds (dollars) in shareholder dividends and share buybacks after the Bank of England requested the move to boost liquidity and help cope with the coronavirus crisis. The British central bank said in a statement that its Prudential Regulation Authority division had asked lenders to stop the payments until the end of the year. It also said it expected them not to pay any cash bonuses to top staff. In response, Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Santander and Standard Chartered all stated that they will scrap dividends and not pursue buybacks. “The PRA welcomes the decisions by the boards of the large UK banks to suspend dividends and buybacks on ordinary shares until the end of 2020, and to ca...
German Minister Of Finance, Thomas Schäfe Commits Suicide Over Recession Caused By Coronavirus
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German Minister Of Finance, Thomas Schäfe Commits Suicide Over Recession Caused By Coronavirus

Thomas Schaefer, the finance minister of Germany’s Hesse state, has committed suicide apparently after becoming “deeply worried” over how to cope with the economic fallout from the coronavirus, state premier Volker Bouffier said Sunday. Schaefer, 54, was found dead near a railway track on Saturday. The Wiesbaden prosecution’s office said they believe he died by suicide. “We are in shock, we are in disbelief and above all we are immensely sad,” Bouffier said in a recorded statement. Hesse is home to Germany’s financial capital Frankfurt, where major lenders like Deutsche Bank and Commerzbank have their headquarters. The European Central Bank is also located in Frankfurt. A visibly shaken Bouffier recalled that Schaefer, who was Hesse’s finance chief for 10 years, had been wo...
Global Economy In Recession Worse Than 2009 – IMF
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Global Economy In Recession Worse Than 2009 – IMF

The International Monetary Fund (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 bec...
Donald Trump ignites outrage after calling Coronavirus a ‘Chinese Virus’
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Donald Trump ignites outrage after calling Coronavirus a ‘Chinese Virus’

President Donald Trump drew backlash on Monday March 16, after he described coronavirus as a 'Chinese virus'.   The US President said this after giving an address on Monday afternoon in which he revealed the country may be headed toward recession and called for social distancing.   Tweeting in support of industries affected by the coronavirus, Donald Trump wrote;   "The United States will be powerfully supporting those industries, like Airlines and others, that are particularly affected by the Chinese Virus. We will be stronger than ever before!"     The tweet has however been criticized by many including the head of the Centers for Disease Control and Prevention Robert Redfield, for being ''inaccurate and potentially harmful in promo...
Ngozi Okonjo-Iweala Appointed Member of South Africa’s Presidential Economic Council
Politics

Ngozi Okonjo-Iweala Appointed Member of South Africa’s Presidential Economic Council

Former Minister of Finance, Ngozi Okonjo-Iweala, has been appointed as a member South Africa’s presidential economic advisory council. The council which is chaired by Cyril Ramaphosa, the South African president, has other members in the council.  As part of their functions, members of the council are expected to “ensure greater coherence and consistency in the implementation of economic policy and ensure that government and society in general is better equipped to respond to changing economic circumstances”. Okonjo-Iweala shared photos from the meeting on Twitter, captioned it “With President Ramaphosa, members of cabinet, and members of the Presidential Economic Advisory Council in Pretoria discussing sources of growth for the South African economy and win-win economic i...
Nigeria Emerges as the Biggest Economy in Africa as South Africa Enters Recession
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Nigeria Emerges as the Biggest Economy in Africa as South Africa Enters Recession

Nigeria has overtaken South Africa as the biggest economy in Africa after the latter went into recession. This is the second time in two consecutive years that South Africa's economy slumped into a recession. South Africa’s Gross Domestic Product (GDP) shrank by 1.4 per cent in the last quarter of 2019, data from Statistics South Africa showed. Also, gross fixed capital formation decreased by an annualised 10% in the quarter. Meanwhile, Nigeria’s economy is expanding as South Africa's contracts. According to Bloomberg, Nigeria’s economic growth beat forecasts in the fourth quarter of 2019 as oil output increased and the Central Bank took steps to boost credit growth. Nigeria's GDP grew by 2.55 per cent in the fourth quarter of 2019, its highest quarterly growth since the re...
South Africa slips into recession after economic slump
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South Africa slips into recession after economic slump

South Africa's statistics bureau (Stats SA) on Tuesday March 3, announced that the country slipped into recession in the final three months of 2019.    South Africa's economy shrank by 1.4% in the fourth quarter, following a revised 0.8% contraction in the third quarter. This resulted in the third recession to hit the country since the end of apartheid in 1994. For the whole of 2019, the South African economy grew by only 0.2% (in real terms). In 2018, it saw growth of only 0.8%. The fourth-quarter decline is larger than economists had predicted, as the economy battles the fallout of load shedding. StatsSA said weak agriculture output and transport were the main drags on growth, followed by construction, mining and manufacturing which...
Donald Trump Slams Obama for Trying to take Credit’ for US Economic Boom
Politics

Donald Trump Slams Obama for Trying to take Credit’ for US Economic Boom

Donald Trump blasted his predecessor Barack Obama for claiming that he's responsible for creating legislation that caused economic booms in both of their administrations. On Monday, Obama tweeted a photo of what appeared to be his signature at the foot of the Recovery Act, a stimulus package passed in February 2009. "Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history," Barack Obama wrote.   And Trump took to Twitter to slam Obama's claim as a "con job." He tweeted: "Did you hear the latest con job? President Obama is now trying to take credit for the Economic Boom taking place under the Trump A...
Fowler Replies Kyari, Says Recession, Oil Price Affected Tax Revenue
Politics

Fowler Replies Kyari, Says Recession, Oil Price Affected Tax Revenue

The recession experienced by the Nigerian economy in 2016 as well as lower oil prices affected the revenue collected by the Federal Inland Revenue Service (FIRS) between 2015 and 2018, Tunde Fowler, the chairman, has said. Despite the challenges, Fowler explained, non-oil revenue such as VAT and company income tax — which he said are within the control of FIRS — have been on the increase compared to pre-2015 figures. But oil-based taxes, such as petroleum profit tax (PPT), are beyond the control of the service. He was responding to a memo from Abba Kyari, the chief of staff to the president, who said there were significant variances between the budgeted collections and actual collections for the period 2015 to 2018. Kyari also said the actual collections for 2015 to 2017 were...
Cabinet Delay May Send Nigeria Back Into Recession – Experts
Politics

Cabinet Delay May Send Nigeria Back Into Recession – Experts

There are strong indications that the economy may slide back into another round of recession, given the apparent stagnation of government activities and the uncertainties surrounding its policy direction and priorities. It could be recalled that the 2019 presidential election was held on February 23 and the incumbent, President, Muhammadu Buhari, was declared the winner within a couple of days after the election. On May 29, he was formally sworn in as President for his second four-year tenure. However, there are apprehensions that the economy is currently at a standstill following the prolonged absence of ministers to drive government’s policies and programmes. In 2015 when President Buhari was first elected into office, he spent six months before appointing a cabinet, a situa...
Buhari Appoints Emefiele For 2nd Term As CBN Governor
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Buhari Appoints Emefiele For 2nd Term As CBN Governor

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been nominated for a second term by President Muhammadu Buhari. Senate President Bukola Saraki read a letter from the president reappointing Emefiele for a second term during plenary on Thursday, May 9, 2019. While speaking at the Association of Assets Custodians of Nigeria (AACN) conference in London on Thursday, Emefiele confirmed that he’ll be making a return as the head of the apex bank. The 57-year-old was first appointed by former president, Goodluck Jonathan, in 2014 and will become the first governor to be reappointed for a second term since Nigeria returned to a democratic system in 1999. Before his 2014 appointment, Emefiele spent most of his over two decades of banking years with Zenith Bank Plc ...
Expert Speaks on new Workers’ Salary Causing Inflation
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Expert Speaks on new Workers’ Salary Causing Inflation

An economic expert, Prof. Uche Uwaleke, said the new minimum wage would not lead to inflation contrary to speculations by some Nigerians. Uwaleke, the Head of Department, Banking and Finance, Nasarawa State University, Keffi, said this in an interview with the News Agency of Nigeria (NAN) in Abuja. “I do not agree that it will lead to inflation and this is because our aggregate demand is still weak. “Recall that the last economic recession was caused by weak aggregate demand when many state governments could not pay salaries due to reduced FAAC allocations from dwindling oil prices. “The economy has been making a slow recovery since the exit from recession. “So, the associated economic expansion from implementing the new minimum wage wil...
Gov Yari Under Fire Over Recession Comment
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Gov Yari Under Fire Over Recession Comment

The Buhari Media Organisation (BMO) has reacted to a statement credited to the Abdulaziz Yari, Governor of Zamfara State, at a meeting of the Nigeria Governors’ Forum. Yari had advised that governors should brace up for another economic recession. BMO, in a statement at the weekend by its chairman, Niyi Akinsiju and secretary, Cassidy Madueke, recalled that the CBN had assured Nigerians that there were no indicators suggesting an oncoming recession, and that the alarm raised by Yari “is patently wrong and misguided.” The statement reads: “Nigerians should dismiss the false alarm raised by Governor Yari because the Buhari administration runs the Nigerian economy on an economic template of Economic Recovery and Growth Plan (ERGP) with a robust roadmap towards...
Obaseki advocates channelling domestic savings to devt financing
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Obaseki advocates channelling domestic savings to devt financing

Edo State Governor, Mr Godwin Obaseki has made a case for channelling domestic savings to development financing instruments to spur development. The governor said this when he chaired the session on development financing at the induction of new and returning governors into the Nigeria Governors Forum (NGF), held in Abuja. The governor argued that the N200bn investment in agriculture which contributed to wrestling Nigeria out of recession was enough testament to the need to deploy development financing to revitalise the Nigerian economy. According to Obaseki, “The Nigerian Sovereign Wealth Fund, which we are investors as governors, has leveraged N5bn that we have given them to drive development in this country. It would make sense for us to take much of our domestic savings into ou...
Nigeria Economy May Slip Back Into Recession – Yari
Politics

Nigeria Economy May Slip Back Into Recession – Yari

Abdulaziz Yari, Zamfara State governor, who also doubles as the chairman of the Nigerian Governors’ Forum, has warned that Nigeria may head for another economic recession due to the decline in oil price. Yari projected that the vital oil industry maybe hit by another weaker global prices, which has fallen from highs of about $112 a barrel in 2014 to below $75 at the moment. Yari, while speaking at the opening ceremony of an induction programme for newly-elected and returning governors in Abuja, said “this scenario is a wake-up call for all of you to come amply prepared to face these kinds of challenges.” “We are expecting the possibility of another cycle of recession by mid-2020 and which may last up to third quarter of 2021,” he added. Similar thoughts was also shared by the ...
PwC Predicts Slow Economy Growth And Rise In Unemployment in 2019
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PwC Predicts Slow Economy Growth And Rise In Unemployment in 2019

Professional services firm, PricewaterhouseCoopers has predicted a possible rise in Nigeria unemployment rate and slow economic growth. The predictions are contained in a report titled ‘Nigeria Economic Outlook Top 10 themes for 2019’ that examines Nigeria’s economic prospects in the election year. PwC predicted that Nigeria’s economic recovery hinges on a stable political environment following the elections. Nigeria’s economy has been rebounding after the African nation’s economy fell into recession in 2015. The National Bureau of Statistics (NBS) announced that the economy grew by 2.38% in the fourth quarter of 2018 while there was an annual GDP growth rate of 1.93% in the year. The auditing giants predicted further growth for the economy after the elections if “uncertain pos...
Italy Slides Into Recession, Darkening Outlook For Europe
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Italy Slides Into Recession, Darkening Outlook For Europe

Italy has fallen back into recession, intensifying concerns about the 19-country eurozone economy and a possible flare-up in the debt market jitters that have haunted the bloc in the past. The Italian economy, the third-largest in the eurozone, contracted by a quarterly rate of 0.2 percent in the fourth quarter of 2018, the national statistics agency said. Following a 0.1 percent drop in the previous three-month period that means Italy is in a technical recession, defined as two straight quarters of economic contraction — just four years after its last one. Italy’s recession is one reason why the wider eurozone slowed in 2018, along with uncertainties related to Brexit, the China-U.S. trade spat and new vehicle emissions standards. Though the eurozone is performing better t...
‘APC Propaganda Destroyed Nigeria’s Economy, Caused Recession’ – Jonathan
Politics

‘APC Propaganda Destroyed Nigeria’s Economy, Caused Recession’ – Jonathan

Former President, Goodluck Jonathan has stated that Nigeria's economy slipped into recession after he left office because of the "Malicious Propaganda" deployed by the All Progressives Congress, APC. he claims that it tore the country's economy to 'Shreds'. Jonathan wrote this is his newly launched book 'My Transition Hours'. PoliticsNGR gathered that Jonathan also wrote that the narrative of inheriting an empty treasury was false. “Recall that the opposition and their sympathisers and campaigners, both local and international, with their malicious propaganda, tore our economy to shreds, threatened our stability and existence as a nation and intimidated our citizens, all in the bid to take over power. Rather than forge a coalition and build on the momentum we had gathered when...
It is Not a Crime – Porn Star Kiki Vidis Slams Town’s Plan To Ban Porn
Entertainment

It is Not a Crime – Porn Star Kiki Vidis Slams Town’s Plan To Ban Porn

Porn Star, Kiki Vidis has hit back at an Australian town that is trying to stamp out porn, saying that women are simply jealous that their boyfriends watch it. Kiki Vidis, who has 11 years experience in the adult film industry both in Australia and in the US, is visiting the town of Toowoomba, in south-east Queensland, just weeks after the community held its third annual anti-porn rally. ‘I get 90 per cent fan mail and 10 per cent hate mail, and the hate mail usually comes from the wives or girlfriends of men,’ Ms Vidis told The Chronicle. Ms Vidis believes woman view porn negatively due to relationship insecurities and says she thinks ‘it’s jealousy from women and they need to learn about forgiveness’. Toowoomba held its third annual anti-porn rally on October 16 during which men ...
Relief as FG, Labour’s Agreement on Minimum Wage Averts Strike
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Relief as FG, Labour’s Agreement on Minimum Wage Averts Strike

•Tripartite committee report signed •To be submitted to Buhari today There was relief yesterday as a midnight agreement between labour and the federal government on the dispute over minimum wage for workers averted a nationwide strike that was scheduled to commence today. The agreement, which would see the nation’s workers receive a minimum pay cheque of N30,000, was reached among labour, Organised Private Sector (OPS) and the federal government after a 12-hour meeting of the National Minimum Wage Tripartite Committee that was composed to resolve the dispute. The Chairman of the committee, Mrs. Amal Pepple, said at the end of the meeting at the Office of the Secretary to the Government of the Federation, that the report, which was signed by all the parties, would be submitted t...
Handing Bailout Money to Govs Not an Achievement, Says Ezekwesili
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Handing Bailout Money to Govs Not an Achievement, Says Ezekwesili

The presidential candidate of the Allied Congress Party of Nigeria (ACPN), Dr. Oby Ezekwesili, has described as ‘shameful’ the impression being created by the federal government that handing bailout funds to state governors to pay salaries is a focus and an achievement of the President Muhammadu Buhari administration. Ezekwesili said that a country that hopes to compete and win in the global economy has to think bigger than handing bailouts to sub-national governments to carry out the basic responsibility of paying salaries. “Four out of every 10 adults today are either unemployed or underemployed, and Nigeria is now the Poverty Capital of the world, with the World Bank confirming that we now have more extremely poor people than India which has a population six times our size,” E...
Jonathan Accepted Defeat In 2015 Due To Imminent Recession — Fashola
Politics

Jonathan Accepted Defeat In 2015 Due To Imminent Recession — Fashola

The Minister for Power, Works and Housing, Babatunde Fashola, has said former President Goodluck Johnathan only conceded defeat after the 2015 elections because he knew the nation would witness economic recession soon. Mr Jonathan, before the announcement of the final results, in a move that shocked many political pundits, conceded defeat to the current president, Muhamadu Buhari, after a keenly contested polls. That was the first time an incumbent would be losing the top seat (and conceding victory) to an opposition party in Nigeria. Mr Jonathan has been celebrated globally for his action, which many believe saved the country from political turmoil. The economy plunged into recession shortly after in 2015. The recession raged in 2016 and through late 2017 when the nation t...
Nigerians Will Shock Buhari In 2019 Presidential Election – Fayose
Politics

Nigerians Will Shock Buhari In 2019 Presidential Election – Fayose

The governor of Ekiti State Governor Ayodele Fayose has said that President Muhammadu Buhari will be shocked by the actions that Nigerians will take during the 2019 presidential election. In a statement yesterday by his Special Assistant on Public Communications and New Media, Lere Olayinka, the governor said Buhari would have Nigerians, who would shock him, to contend with in 2019 and not the Peoples Democratic Party (PDP) or other opposition political parties alone. Fayose said the tripod on which the Buhari administration was erected had collapsed like a pack of cards. “The international community has said corruption under Buhari is worse that in times past. “Nigerians themselves know that murderous herdsmen have joined Boko Haram under Buhari and the economy, which was booming u...
NNPC Tasks Workers On Recession
Uncategorized

NNPC Tasks Workers On Recession

The group managing director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has appealed to workers in the oil and gas industry to sustain the industrial harmony the sector has enjoyed in recent times. Baru reminded the workers that the sector is central to the nation’s economy and was key in helping the country overcome the recent recession, stressing that oil workers owe the country the duty to ensure that the nation does not slip back to the slum. The GMD commended the two national industry unions: the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas Workers (NUPENG), for the exceptional maturity they have displayed at critical moments on issues affecting the industry. He assured th...
Nigeria’s Economy Excites Global Investors, Says Udoma
News

Nigeria’s Economy Excites Global Investors, Says Udoma

Key foreign investors, who met at various meetings with the Nigerian government delegation to the United Nation’s General Assembly in New York during the week, have expressed interest in scaling up investment in Nigeria. A press statement by the Ministry of National Planning and Budget signed by the Media Adviser to the Minister, James Akpandem said at the Investors Roundtable held under the auspices of the Business Council for International Understanding (BCIU), the investors maintained that Nigeria remains the best investment destination in Africa with enormous natural and human resources,. They investors, the statement added, observed that “Nigeria’s current government continues to show a commitment to creating a conducive business environment in the country. According to t...
Nigeria More Divided Today Than Pre-Civil War Era —Atiku
News

Nigeria More Divided Today Than Pre-Civil War Era —Atiku

FORMER Vice President and Presidential aspirant on the platform of the Peoples Democratic Party, PDP, Alhaji Atiku Abubakar yesterday described Nigeria as a nation at a crossroad because her people elected a president in 2015 who had succeeded in dividing them. Atiku Addressing Anambra PDP delegates to the forthcoming presidential primaries of the party in Awka, Atiku urged Nigerians to unite to ensure that All Progressives Congress, APC, does not return to power in 2019. Obasanjo’s son spurns father, endorses Buhari for 2nd term He said: “Our country is at a cross road. I have never seen this country so divided than it is today. We are more divided as a country today simply because we mistakenly elected a president who has succeeded in dividing us the more. “I saw the pre-...
South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2
News

South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2

Reports from South Africa show that the country’s economy, the second largest in Africa, has again dropped into a technical recession. This was after the nation’s Gross Domestic Product (GDP) for the second quarter of 2018 compressed further by 0.7 percent, according to figures released on Tuesday by Stats SA. This marks two consecutive periods of contraction the country was recording, which therefore equates to a recession. Business Post reports that in the first quarter of this year, South Africa’s GDP contracted by 2.6 percent. “Real gross domestic product (measured by production) decreased by 0.7 percent in the second quarter of 2018, following a decrease of 2.6 percent in the first quarter of 2018. “The largest negative contributors to growth in GDP in the second qu...
7.9 Million People Lost Their Jobs Under Buhari
News

7.9 Million People Lost Their Jobs Under Buhari

A report by NBS states that millions of people became unemployed under the administration of President Muhammadu Buhari within the space of 21 months. A total of 7.956 million Nigerians became unemployed between January 2016 and September 30, 2017, data from the National Bureau of Statistics shows. This unemployment report survey for the third quarter of 2017 released by the NBS on December 22, 2017 puts the number at 7.956 million more than the 8,036 million in stood in 2015 Q4. The bureau in the report stated that the number of Nigerians that became unemployed rose from 8,036 million in 2015 fourth quarter to 15.998 million in third quarter of 2017. The report said further that between the second quarter and third quarter of 2017, the number of economically active or work...
‘Non-Oil Economy Still In Recession’
News

‘Non-Oil Economy Still In Recession’

Nigeria’s economy is still vulnerable with fragile growth driven by increased oil production and rising crude oil Price. Chief Executive Officer, RTC Advisory Services Limited, Mr. Opeyemi Agbaje made this observation at a media parley in Abuja. He noted that, while there was miraculous reversal in oil price and production out put,  other sectors such as manufacturing, services sector, telecommunications are yet to come out of the recession. According to him, “Nigeria’s economy witnessed miraculous reversal in terms of oil price and production. The country came out of recession because of oil growth. The economy of shell oil, NNPC and other oil firms may have come out of recession but other sectors are still grappling with recession.” He pained an optimistic picture by assuri...
Atiku Opens Up On Nigeria’s Failed Leadership, Boko Haram, Recession
News

Atiku Opens Up On Nigeria’s Failed Leadership, Boko Haram, Recession

Former vice-president of Nigeria, Atiku Abubakar, has penned a letter to comedian, I Go Dye, who questioned his ambition to become president in 2019. Francis Agoda, aka Comedian I Go Dye, wrote his own open letter, following Atiku’s formal return to the Peoples Democratic Party (PDP). He said Atiku should quit using sentimental empathy on youths to express his political ambition, rather he should advocate for a process that will afford the youth the opportunity of a youthful leadership in the 2019 election. In his response, the former vice-president touched on the civil war, recession, bad leadership and other issues that have bedeviled the country. “I read your post on Instagram. It was hard to miss it because it was on every major news website. I would like to say that you were mostl...
How To Get Nigeria Out Of Recession – Expert
News

How To Get Nigeria Out Of Recession – Expert

A former Director, Regional Office for Africa, UN-Habitat, Professor Oyebanji Oyelaran-Oyeyinka, has urged the Federal Government to concentrate on industrial manufacturing and not agriculture to move faster towards economic growth and exit recession. Oyelaran-Oyeyinka said this while speaking at the distinguished lecture series of Oba Sikiru Kayode Adetona Professorial Chair of Governance, held at the Olabisi Onabanjo University, Ago-Iwoye, Ogun State, on Monday. He decried failed years of unsustainable industrial manufacturing and commission of industrial errors such as embarking on complex, capital-intensive plants without commensurate human and technological capacity, planning based on assumptions, and introduction of wrong policies. Furthermore, he identified structural weakn...

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