Connect with us

News

Nigeria is heading towards recession – Zainab Ahmed

Published

on

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 quarter.” she said .
.

She added that the economic contraction will multiply the misery of the poor.
“The crisis will only multiply this misery,” she said. “The economic growth in Nigeria, that is the GDP, could in the worst case scenario, contract by  as much as –8.94% in 2020.  But in the best case, which is the case we are working on, it could be a contraction of –4.4%, if there is no fiscal stimulus.  But with the fiscal stimulus plan that we are working on, this contraction can be mitigated and we might end up with a negative –0.59%.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Shettima Justifies N15 billion Budgeted For His Official Residence, Says Peter Obi Suffering From Post-election Trauma

Published

on

Vice President Kashim Shettima has responded to recent criticisms from Peter Obi, the Labour Party presidential candidate in the 2023 elections.

Stanley Nkwocha, the spokesman for Vice President Shettima, addressed Obi’s remarks, defending the administration’s decision to spend N15 billion to renovate his boss’s residences in Lagos and Abuja.

Obi had questioned why the government planned to spend a lot on renovating the edifices while budgeting a paltry N5 billion for student loans in the country.

In his statement released on behalf of Vice President Shettima, Nkwocha responded to Obi’s comments, denouncing what he termed as a series of misguided attacks and falsehoods directed at the administration led by President Bola Ahmed Tinubu.

Nkwocha challenged the criticisms levelled by Obi, citing the allocation of funds for the renovation of the Vice President’s official residence by the Federal Capital Territory Administration (FCTA).

He clarified that the project was initiated and funded during the administration of former President Goodluck Jonathan and was later renewed by the current FCT Minister, Nyesom Wike, due to its long-standing abandonment.

The spokesman defended the decision to resume the project, emphasizing the administration’s commitment to completing long-abandoned public projects across the nation, a stance he suggested was in contrast to Obi’s past directives as governor of Anambra State.

Continue Reading

News

COP28 Delegation: ”Tinubu Has Turned Climate Change Conference to Owambe” – Atiku

Published

on

Former Vice President Atiku Abubakar has strongly criticized the reported over-bloated delegation led by Bola Ahmed Tinubu to the COP28 Climate Summit in Dubai.

In a statement released by his media adviser, Paul Ibe, Atiku criticized the size and nature of the delegation, suggesting that Tinubu lacked an understanding of the severity of Nigeria’s economic challenges.

Atiku questioned the rationale behind converting a climate change conference into what he described as a “jamboree, all-comers, and ‘owambe’ party” with over 1,400 delegates.

He characterized the situation as ridiculous and indicative of a governance approach lacking awareness and responsibility.

The statement highlighted the pressing economic hardships faced by Nigeria, emphasizing the need for leaders to align their actions with the available resources.

Atiku criticized the use of borrowed funds for what he termed a “street party” held outside the country, calling attention to the disparity between the purpose of COP28—focusing on improving lives, clean air, healthy food, and a secure future—and the alleged extravagant delegation.

“The economic dire straits that Nigeria is facing demand that its leaders cut their coats according to the cloth available,” the statement read, emphasizing the necessity for a more prudent and responsible approach to governance and resource utilization.

Atiku’s remarks add to the growing chorus of criticism regarding the alleged misuse of resources and the size of the Nigerian delegation at COP28.

Continue Reading

Entertainment

“Lagos Is Bigger Than Ghana” – Ghanaian Singer, Efya, Settles Music Industry Comparison

Published

on

She said: “Nigerian and Ghanaian music markets are not the same. Nigerians are way more than we are in terms of numbers. Numbers really matter now. The number of people that will stream Nigerian music in Nigeria is different from the number of people that will stream Ghanaian music in Ghana. The numbers are not the same.

“In the capacity of numbers, Lagos is bigger than Ghana. It is like the music hub itself. Nigerians are way bigger than we are. So, usually when I see people comparing, I’m like, ‘Do you guys know?’

“There shouldn’t be any comparisons. What I believe that we should is that we should be more collaborative. Find our vibes and put them together to advance what Afrobeats is going to be in the future; for us to be the gatekeepers of our own sound. And I think that’s the power move.”

Continue Reading

Trending