Tag: recession
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PDP lectures Buhari on management of economy, exit from recession
The Peoples Democratic Party (PDP) has advised President Muhammadu Buhari to permit a free market economy that will allow Nigerians actively participate in the economic space to boost productive sectors. Mr Kola Ologbondiyan, PDP’s National Publicity Secretary, in a statement in Abuja on Sunday said this would bring Nigeria’s economy back from recession. Ologbondiyan urged…
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Recession: SERAP gives Buhari ultimatum to cut cost of governance
The Socio-Economic Rights and Accountability Project (SERAP) has warned President Muhammadu Buhari to cut immediately the cost of governance in Nigeria. Africa’s biggest economy has entered another recession, the worst in decades. The rights group, in reaction, told Buhari to put the country’s resources at the service of the masses to enable them enjoy a…
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Atiku suggests ways to tackle Nigeria’s 2nd recession in 5 years
Former Vice President Atiku Abubakar has said the proposed 2021 budget presently before the National Assembly (NASS) is no longer tenable. TheNewsGuru.com (TNG) reports Atiku stated this on Sunday as the Nigerian economy slipped into its second recession in five years. He suggested several ways the government can tackle the recession, including more taxes on…
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Nigeria slips into second recession in five years
The Nigerian economy has slipped into its second recession in five years as the gross domestic product contracted for the second consecutive quarter. The National Bureau of Statistics announced Saturday the nation’s GDP recorded a negative growth of 3.62 per cent in the third quarter of 2020. The country had earlier recorded a 6.10 per…
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Nigeria is heading for another recession – Buhari
President Muhammadu Buhari on Thursday said the country was primed for a second recession in four years although the government has put in place plans to ensure rapid recovery in 2021. The President made the remarks during the presentation of the 2021 budget proposal to the National Assembly. Like many other countries, the Nigerian economy…
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Australia slips into first recession in 29 years
Australia has officially fallen into its first recession in 29 years with the biggest fall in Gross Domestic Product (GDP) on record. According to national accounts data published by the Australian Bureau of Statistics (ABS) on Wednesday GDP contracted by 7 per cent in the June quarter – more than three times more than the…
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FG raises alarm: Nigeria on its way to second recession unless…
The Federal Government said on Thursday that unless the country achieves a strong third quarter economic performance in 2020, the country stands the risk of going into a second recession with significant adverse consequences. The government also warns that Nigeria faces significant medium-term fiscal challenges, especially with respect to its revenues, which if not immediately…
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British economy plunges into recession after record second-quarter fall
The British economy is in recession after contracting a record 20.4 per cent in the second quarter as the coronavirus crisis took hold, the Office for National Statistics (ONS) said on Wednesday. The quarterly contraction in the April-to-June period was the largest since 1955 when the agency began to keep quarterly records. Gross domestic product…
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Nigeria about to witness worst form of recession – World Bank
The World Bank has urged Nigerians to brace for the worst recession since the 1980s. According to the global bank, the twin calamities of collapse in oil prices and COVID-19 pandemic are expected to plunge the economy into a severe economic recession. The World Bank, in its World Bank Nigeria Development Update (NDU) report, entitled:…
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We have entered recession – IMF chief
The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday. “It is clear that we have entered a recession” that will be worse than in 2009 following the global financial crisis, she said in an online press briefing. With…