Ecomony articles

Getting the Nigerian Economy out of Recession

Getting the Nigerian Economy out of Recession

Rislanudeen Muhammad looks at how the economy plummeted into a recession and what can be done to reverse it Nigeria’s 2016 budget was tagged budget of economic recovery and growth strategy. It was aimed at pulling the economy out of recession and stagflation. Africa’s largest economy slipped into recession second quarter of 2016 having had

Fashola’s ministries take lion share as Buhari presents N7.29 trillion 2017 budget to NASS

The Works, Housing and Power ministries headed by former Lagos State Governor Raji Fashola, have been allocated more money than other ministries in the N7.298 trillion 2017 budget presented at the National Assembly on Wednesday by President Muhammadu Buhari. The three ministries have been allocated a total of N520 billion for capital projects. Meanwhile, the

New hands for rural women

By Bob Majirioghene Etemiku We thought they wouldn’t show up. But the women and youth of this church, the Redeemed Christian Church of God, Pyankasa Village, Abuja did and they came in their numbers. Most cannot read, cannot write, and that perhaps was what was uppermost in my mind….their minds as well. If someone cannot

Senate mandates 5 committees to probe Amaechi

The senate has directed five of its standing committees to commence investigation into the concessioning of rail lines to General Electric (GE), a US infrastructure company, by the ministry of transportation. The committees are privatisation, land transport, anti-corruption and financial crimes, special duties, trade and investment and judiciary. Rotimi Amaechi, minister of transportation, was accused

Integrity issues dog Nigeria’s $2.2bn railway deal with GE

The federal government bypassed its own laid-down processes in concessioning the railway to US conglomerate, General Electric (GE), TheCable can report. In his October 1 speech, President Muhammadu Buhari said GE “is investing US$2.2 billion in a concession to revamp, provide rolling stock, and manage the existing lines, including the Port Harcourt-Maiduguri Line”. GE confirmed

Senate: FG sent an incomplete document… don’t blame us for delay of 2017 budget

Ali Ndume, majority leader of the senate, says the upper chamber of the national assembly should not be blamed over the delay in the consideration of the 2017 budget. Speaking on the floor of the red chamber on Thursday, Ndume said the Medium Term Expenditure Framework (MTEF), which the executive sent “is empty”. The MTEF

$30 billion loan: Senate accuses Buhari’s aides of incompetence

The Senate on Thursday blamed its rejection of President Muhammadu Buhari’s $29.960 billion external loan bid on the incompetence of presidential aides tasked with preparing the proposal. This position was given by the Senate spokesperson, Aliyu Abdullahi, when he featured on a Channels TV breakfast programme, Sunrise, on Thursday. The president, last week Tuesday, forwarded

Recession: Osinbajo, 30,000 others to pray

The Vice President, Prof. Yemi Osinbajo is to lead a 30,000-man prayer convention to pray for Nigeria’s economic recovery, slated to hold in Abuja from Nov.16 to Nov. 19. Mr Cosmos Uzodinma, member, 2016 Africa Convention Abuja (ACA), said the convention is being organised by the Full Gospel Business Men’s Fellowship International-Nigeria (FGBMFI). Uzodinma, via

Ambode to set up economic team to globalize Lagos economy

Lagos State Governor, Mr. Akinwunmi Ambode on Tuesday expressed delight at the emergence of Lagos as the fifth largest economy in Africa, just as he said his administration is in the process of setting up an Economic Management Team comprised of distinguished individuals from the private sector and the public sector to manage and scale

Job cuts not due to recession: Dangote

The Dangote Group of Companies has denied reports that the disengagement of 36 expatriate and 12 Nigerian workers from the company was due to economic recession in the country, Mr Tony Chiejina, its Head of Corporate Affairs, told the News Agency of Nigeria (NAN) in Lagos on Monday that the expatriates were disengaged because of

2017 Budget threatened as Senate lays MTEF aside over incompleteness

Hope of the 2017 budget being passed on time dimmed with the Senate casting aside the Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP). The MTEF/FSP lays the foundation for the budget and the law requires that it be passed by the National Assembly before the budget is passed. This is regardless of the fact that

Will Nigeria be left to repent at leisure if national assets are sold due to recession?

By Oluseun Onigbinde The recession in Nigeria, announced in July by finance minister Kemi Adeosun and confirmed when the National Bureau of Statistics subsequently published figures showing a 2.06% dip in economic growth, is indicative of the country’s vulnerability to the vagaries of oil. When oil prices started to tumble in mid-2014, the government –

SALE OF ASSETS: NLC to call Nigerians out to the streets in protest

Following its opposition to the comtemplated sale of its stake in vital national assests particularly the Nigerian Liquiefied Natural Gas (NLNG) and the refineries, the Nigerian Labour Congress (NLC) is making plans to mobilize Nigerians against the move. NLC President, Ayuba Wabba who spoke to this paper after empanneling of a committee of the NLC

How Nigerian Times exposed Buhari’s desperation to sell NLNG, other national assets

It is now a well known fact the Muhammadu Buhari administration, at its wits end on how to end the economy-crippling recession, has determined to sell off its stake in vital national assets like the Nigerian liquefied Natural Gas (NLNG) Limited and the Nigerian Nigerian national Petroleum Corporation (NNPC) and others. What may not be

Current hardship good for Nigerians, says Obaseki, APC Edo Gov candidate

 0 Comments 1 Advertisement Godwin Obaseki, candidate of the All Progressives Congress (APC) in Wednesday’s Edo state governorship election, says the present economic crisis is “a good omen” for Nigeria. Speaking in Benin on Sunday at a forum for student unions of tertiary institutions across the state, Obaseki said the recession will help Nigerians

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