The federal government of Nigeria has spent 720.5 billion naira ($2.4 billion) on capital expenditure this year to help drag Africa’s biggest economy out of recession, President Muhammadu Buhari said on Saturday. “I believe that this recession will not last,” Buhari said in a televised speech marking the country’s independence day. “Several hundreds of thousands […]
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The Federal Government has concluded arrangements to sell the nation’s critical assets in order to raise $15 billion to rescue the country out of economic recession. Minister of Budget and National Planning, Senator Udoma Udo Udoma, disclosed this at a cabinet retreat hosted at the presidential villa, Abuja. Investigation according to New Telegraph disclosed that some of […]
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An elder statesman, Chief Emmanuel Iwuanyanwu, has advised President Muhammadu Buhari to seek economic advice from a former Minister of Finance, Ngozi Okonjo-Iweala, in order to rescue the country from recession. Iwuanyanwu said with the present economic problems, no foreign investor would invest in the country. The politician urged Nigerians to generate fresh ideas rather […]
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The federal government is not resting on its oars to address the present economic challenges being faced by Nigerians, the Minister of Transportation, Mr. Rotimi Amaechi, has said. In a statement signed by Mrs. Yetunde Sonaike, the ministry’s Director of Press and Public Relations, on behalf of the minister said the current economic recession experienced in […]
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The Federal Government is set to inject an additional 350 billion naira (1.1 billion dollars) into the economy and raise 1 billion dollars from Eurobonds by mid-December to ease the recession. The Minister of Finance, Mrs Kemi Adeosun told journalists in Abuja that the additional funding, on top of the initial 420 billion naira released […]
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In a bid to combat the nation’s current economic recession, the Federal Government is to review its 2017 fiscal plan recently approved by the Federal Executive Council (FEC) but yet to be submitted to the National Assembly. By the move, the government will re-prioritise its spending in such a way as to guarantee a quick […]
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The National Treasurer of Allied Congress Party of Nigeria (ACPN), Chief Angus Uzoamaka on Wednesday said only promotion of exports would save the country from recession. Uzoamaka said this in an interview with the News Agency of Nigeria in Abuja while speaking on the state of the economy. He said that it was time for […]
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Against the backdrop of the assurance by President Muhammadu Buhari that the current economic recession being experienced by the country will be over soon, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has stated that hunger as well as the recession will last longer than expected. Ogbech, however, noted that the situation might […]
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The National Bureau of Statistics (NBS) of Nigeria released official Gross Domestic Product (GDP) figures for the second quarter of 2016 on Wednesday, confirming that the Nigerian economy is in recession. According to the statistics released, the GDP contracted by 2.06 percent in the second quarter of 2016, following a contraction of 0.36 percent in […]
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The Emir of Kano, Alhaji Muhammad Sanusi, on Wednesday attributed the current economic recession in the country to inability of the past administrations to diversify the economy. He made the remark while delivering a lecture at the ongoing 15th meetings of the Joint Planning Board and National Council on Development Planning in Kano. He said […]
Read More Nigeria is right about neck-deep in a pit of recession and strangled in a hard to get out of stagflation. Interest rates are on the rise, jobs are being lost and the Federal government is broke. It’s a tough ordeal for everyone including policy makers and the government. Even the rich are feeling the heat […]
Read More Economists on Wednesday called on the Federal Government to stimulate the level of exports of goods and services in order to take the country out of recession. According to reports, the economists said at a monthly round-table in Abuja on the Nigerian economy, that while the country had enough resources to support the diversification strategy […]
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