TheNewsGuru

Tag: recession

  • FG’s Economic Recovery Plan will take Nigeria out of recession if implemented – Economists

    FG’s Economic Recovery Plan will take Nigeria out of recession if implemented – Economists

    A Professor of Development Economics, Mrs Sarah Anyanwu, has advised the Federal Government to implement the just inaugurated Economic Recovery and Growth Plan (ERGP) 2017-2020 effectively, to resuscitate the country’s economy.

    Anyanwu, Head of Department, Economics Department, University of Abuja gave the advice in an interview with newsmen on Wednesday in Abuja.

    She commended President Muhammadu Buhari for inaugurating ERGP, saying“ the country needs the plan to get out of recession so as not to prolong it.

    `The plan is very good for the country but the implementation is the most important thing as the country has produced so many good plans without implementing them.

    `We need political will to support those that will be implementing the plan and bring out the sources to do so.

    `We need experts to implement the plan, people that are knowledgeable about economy not politicians that are not informed about it.

    The government should put politics aside and look for experts to implement the plan and also people of integrity.

    “Economy is different from politics; we need people with brain and expertise because if the government wants to compensate people, it should be done under politics not in economy,’’ the don said.

    Similarly, an economist, Dr Aminu Usman expressed optimism that ERGP would move the country out of recession and probably put the country on the path of sustainable development.

    Usman, a lecturer at the Department of Economics, Kaduna State University, however, said the ERGP was announced without its implementation plan.

    “It is expected to impact on this year’s budget and we are already in April and yet the budget component of the ERGP is yet to be passed and signed into law.”

    “The plan should be developmental and not revenue earning focus.”

    “What we need is to lower corporate taxes but not to increase it,’’ he said.

    The don said the ERGP should promote local production and export but not to impose or increase excise duties.

    TheNewsGuru.com reports that ERGP envisages that by 2020, Nigeria will make significant progress to achieve structural economic change with a more diversified and inclusive economy.

    The plan would deliver on five key broad outcomes, namely: a stable macro-economic environment, agricultural transformation and food security as well as sufficiency in energy.

    Other outcomes are improved transportation infrastructure and industrialisation with focus on Small and Medium Scale Enterprises.

     

     

    NAN

  • FG releases 11 proofs showing recession is almost over

    The Federal Government has released 11 proofs to show that the current economic recession is gradually coming to an end.

    This was contained in a report in the issue 23 of Aso Villa’s Newsletter titled:‘Government at Work’

    See the 11 proofs below as released by the Federal Government:

    1. Over-Subscription of FG’s Eurobond

    According to the report, government targeted $1 billion but got $7.8 billion in one week, which has confirmed the confidence level of the international investment community in Nigeria’s economic reform agenda.

     

    1. Growth in non-oil sector of the economy

     

    The report states that agriculture grew by 4.54%, crop production is at nearly 5% (its highest since the first quarter of 2014) and the solid mineral sector averaged about 7% during the third quarter of 2016.

     

    1. The Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria

     

    The programme substantially raised local rice production in 2016 (yields improved from two tonnes per hectare to as much as seven tonnes per hectare, in some states) and produced a model agricultural collaboration between Lagos and Kebbi states.

     

    1. The Fertilizer Intervention Project

     

    According to the report, the project involves a partnership between the federal government and the government of Morocco, for the supply of phosphate. It is on course to significantly raise local production, and bring the retail price of fertilizer down by about 30 percent.

     

    1. Take-off of the newly established Development Bank of Nigeria (DBN)

    With an initial funding of US$1.3bn (provided by the World Bank, German Development Bank, the African Development Bank and Agence Française de Development), medium and long-term loans to will be available for Micro, Small, Medium-scale Enterprises (MSME) for job creation.

     

    1. A new Social Housing Programme

    The programme is kicking off in 2017. The ‘Family Homes Fund’ will take off with a 100 billion naira provision in the 2017 Budget. (The rest of the funding will come from the private sector).

     

    1. More than N800 billion released for capital expenditure in the 2016 budget

    The report claimed that this is the largest ever capital spending within a single budget year in the history of Nigeria. These monies have enabled the resumption of work on several stalled projects – road, rail and power projects – across the country.

     

    1. Implementation of the Social Investment and Empowerment Programme (SIP)

    All the four components of the SIP, the report noted, have now taken off. It described the SIP as the largest and most ambitious social safety net programme in the history of Nigeria, with more than 1 million beneficiaries so far: – 200,000 N-Power beneficiaries, 23,400 Government Enterprise and Empowerment (GEEP) Scheme beneficiaries, 1,000,000 Homegrown School Feeding Programme (HGSFP) beneficiaries, and ongoing Conditional Cash Transfer (CCT) payments across nine pilot states.

     

    1. Strategic Engagements with OPEC and in the Niger Delta

    According the report, the engagements have played an important part in raising expected oil revenues. Already, Nigeria’s External Reserves have grown by more than $4 billion in the last three months.

     

    1. Collaboration with China

    President Buhari’s April 2016 visit to China, has unlocked billion of dollars in infrastructure funding. Construction will begin on the first product of that collaboration, a 150km/hour rail line between Lagos and Ibadan, in Q1 2017.

     

    11. The National Economic Recovery and Growth Plan (NERGP)

    The Federal Government’s medium-term Economic Plan, is due for launch in February 2017, and will chart a course for the Nigerian economy over the next four years (2017 – 2020),” it stated

  • Recession: ‘I stopped releasing in my wife to avoid her getting pregnant’

    A 36-year-old seamstress, Sherifat Adetunji, on Friday pleaded at a Lagos Island Customary Court that her marriage should be dissolved on ground that her husband was no longer ejaculating inside her during sex.

    The mother of two said that her 10-year-old marriage was blissful until five years ago when things started changing.

    She lamented that her husband could go a year or more without making love to her and that when he did he would not ejaculate inside her.

    “My husband has been starving me sexually, sometimes he will not touch me for a whole year and when he did, he would not release inside me.

    “I have complained severally about my dissatisfaction over his attitude towards our sexual life, but has refused to change,” she said.

    “My husband brought a man to pass the night in our house and that in the middle of the night they performed some rituals since then I have been growing lean.

    “He did not show any concern about my state of health or why I was growing lean every day,” Sherifat said.

    She, therefore, prayed the court to dissolve the marriage and give her the custody of their two children, Alia, 8, and Kismat, 5.

    Her husband, Monsuru, 38, a trader, told the court that he thought his wife was happy in their marriage because they hardly quarrelled.

    He said he was surprised when she packed out of the house and brought him to court for the dissolution of their marriage.

    He admitted his sexual behaviour, saying that it was due to the current economic recession so as to prevent his wife from getting pregnant.

    “I stopped making love to her regularly and releasing in her because of the present economic situation in the country so that she does not get pregnant.

    “The man she said I brought home was a distant relation who had no place to pass the night.

    “The reason why my wife is reducing in size is because she does not give herself rest of mind, she is always worried about one thing or the other,” he said.

    He urged the court to dissolve the marriage as he was no longer interested in the marriage because she had packed out of their matrimonial home.

    The Court President, Mr.Awos Awosola, said that marriage institution could only work if the two were in agreement.

    “Marriage is for two people, not one; your wife should also have a say in the home.

    “Since she has complained severally that you are starving her sexually, you should have made amends.

    “If you do not want to get her pregnant you can always use a condom,” he said.

    Awosola urged the two parties to maintain the peace and adjourned the case to Feb. 16 for further hearing.

     

  • Prompt payment of taxes will fast-track economic healing – Expert

    An Abuja-based insurance broker, Mr Angus Uzoamaka, has said that payment of tax by Nigerians and companies are necessary for the country’s bail out from recession.

    Uzoamaka said this in an interview with newsmen while commenting on ways of resuscitating the ailing economy in Anuja on Wednesday.

    He said that the attitude of paying tax must be cultivated by Nigerians for not only economic stability but wealth creation.

    ‘’Evasion of tax has been the major blow on Nigeria’s economy; it has degenerated to a level that nobody wants to pay tax again.

    ‘’Yet everyone is expecting much from government. Greater economies of the world do not play with tax because it is the basis for stronger economy,’’ he said.

    Uzoamaka, who urged governments at all levels to engender policies aimed at ensuring strict and adequate taxation regime, said it was roadmap toward a prosperous Nigeria.

    He explained that infrastructural development could not be realisable without a collective responsibility of the citizens to pay tax.

    The broker noted that corruption had been the bane of administrative sublime in the country, saying that it was time to completely eliminate it from the tax regime.

    According to him, most people don’t pay tax because of suspicions of corruption on the part of the managers of the ‘’tax payers’ money’’.

    Uzoamaka called for total support of Nigerians for the APC- led Federal Government, which he said. could not do much without the people’s support.

    He, however, described governance as a symbiotic engagement which required the cooperation of the governed for a success.

  • Nigeria has been going through hell for a long time- Yinka Davies declares

    Nigeria has been going through hell for a long time- Yinka Davies declares

    Nigerians have been confronted with the stark reality that the economy is in recession. With the soaring prices of goods and services, the general chant on the streets is that of woes and cynicism. Yinka Davies, Nigeria’s revered Jazz musician in an exclusive chat with TheNewsGuru says recession doesn’t exist in Nigeria. She affirms that Nigeria has been going through hell for a long time

    In her words:” The recession is an understatement. What is a recession? Do you look like there is a recession on your body? Is it written on your forehead? Why are you people giving a name to something that doesn’t exist? What exactly is the impact that is being felt that has not been felt before? You people are making noise about spilled milk that has been spilled long before now. You are still not asking the right questions. They give it a name you people jump at the name .Nigeria has been going through hell forever “

    The sensational singer says people are still living the good life despite cries of recession.

    “When the community was taking care of everybody did you hear of riot ion the street? We need to go back to the slate, clean it up, wash it with water and now start to put things into proper perspectives. As bad as people say Nigeria is right now, how come people are still travelling? How come people are still building houses? How come hotels are still climbing up in the skies right now as we speak. Until we answer questions like who we be? Where we dey? We are just wasting our time”

  • Generous giving, only panacea out of recession – Onaiyekan

     

    His Eminence, John Cardinal Onaiyekan, Catholic Archbishop of Abuja, has called on Christians to be more generous to God, saying this could help the nation out of its current economic recession .

    Onaiyekan said this in an interview with newsmen during the Foundation Laying of the Cathedral of the Twelve Apostles Cathedral, held at Papal Ground, Kubwa, Abuja on Saturday.

    He advised Christians to contribute to projects, especially those that have to do with God and the church, as this would reaffirm their faith in Christ.

    He prayed that the nation would continue to grow in peace, proserity, and harmony and move very fast toward coming out of recession.

    According to him, when you have good ideas and good intentions to serve the Lord you do not allow any challenges to stop them.

    “The time has come for this project to take off after more than 30 years in preparation and we do hope that it will be finished quickly.

    “Some people may be asking that in the midst of recession, we are undertaking a project that will cost a lot of money.

    “We will go to a good distance in the next few years and depending on how quickly we raise the funds the work will move very fast.’’

    Onaiyekan described the project as a magnificent one and encouraged the Catholic Church to keep building more dioceses not just by way of physical structures but also with faith in the gospel of Christ.

    “We shall continue to build our diocese not only with physical structures, which are no doubts important and necessary but also above all with faith and gospel of Christ.

    “We will give in charity to the needy of whatever kind. The cathedral will be a sign of our spiritual grandeur of our community that stands out as light in the darkness,’’ he said.

    He also informed the faithful that the late Dominic Cardinal Ekandem,the first bishop of the then Diocese of Abuja initiated the idea of buiding the Cathedral of the Twelve Apostles at a time that there was very little resource on ground.

    “His Eminence, late Cardinal Ekandem pushed for the building of the cathedral at a time when there was very little on ground to start the project.

    “He did not only do it in the archdiocese but also in the FCT as a whole. Ekandem’s vision has brought us to this day. I am happy that this day has come.

    “Our cathedral will push us to ever greater love and solidarity with our fellow men and women. There is no better way to show honour and glory to God,’’ Onaiyekan said.

    NAN

  • CBN retains 14% monetary policy rate, says economy still in recession

    CBN retains 14% monetary policy rate, says economy still in recession

    The Central Bank of Nigeria, CBN, on Tuesday allayed fears in some quarters when it unanimously resolved to retain all monetary rates.

    At the end of the Monetary Policy Committee meeting, the monetary policy rate for banks and businesses was retained at 14 per cent, while Cash Reserve Ratio (CRR) was left at 22.5 per cent and liquidity ratio at 30 per cent.

    The CRR sets the specified minimum fraction of customers’ total deposits commercial banks can hold as reserves either in cash or deposits with the Central Bank.

    At the post-MPC meeting briefing, the CBN governor, Godwin Emefiele, said in Abuja that the liquidity ratio was kept within the symmetric window of +200 and -500 basis points around the MPR.

    ThenewsGuru.com reports that the Central Bank Governor affirmed that the economy was still in recession. He however advised the government to fast track efforts to settle domestic indebtedness to states to help revamp the economy.

    He said part of the efforts should include attempts to revamp some moribund industries that helped create jobs in the past, to create employment opportunities for young university graduates.

  • Recession: N19,800 no longer reasonable as corpers’ allowance

    Recession: N19,800 no longer reasonable as corpers’ allowance

    The Coordinator of the National Youths Corps Service, NYSC Sokoto State, Alhaji Musa Abubakar, has advocated the increment of the monthly allowances to corps members in the country.

    Abubakar spoke in Sokoto on Friday shortly after paying a courtesy call with the Sultan of Sokoto, Alhaji Sa’ad Abubakar III.

    After prayers, the coordinator and his management team met the sultan behind closed door, alongside other senior councilors.

    ” The present allowance of N 19,800 to each corps member per month is no longer enough considering the prevailing economic situation in the country.

    ” I will not make any specific suggestions in this direction, but I strongly support increasing it immediately,” Abubakar said.

    The coordinator further suggested the review of the monthly allowances paid to the corps members anytime the national minimum wage is reviewed in the country.

    He also kicked against calls for the scrapping of the scheme, saying that it bolsters national unity, curb poverty and youth restiveness.

    Abubakar said that he was at the palace of the sultan to pay homage and seek his royal blessings.

    ”The sultan is a national Father and he is a symbol of national unity.

    ”He has also assured us of his sustained support to ensure the success of the scheme,” he said.

    Meanwhile, the Commissioner of Police in the state, Mr Mohammed Abdulkadir has assured the NYSC officials of sustained support and adequate security.

    Speaking while receiving the NYSC coordinator at the Police Headquarters, on Friday, Abdulkadir averred: ”The command owes it a duty to ensure that the scheme succeeds.

    ” We will continue to accord priority to the security of corps members across the state,” he added.

    Earlier, the coordinator had assured that the scheme would do everything humanly possible to sustain cordial relationship between it and the command.

    According to him, the police is a critical stakeholder in the NYSC scheme and this relationship will be further galvanized.

  • Recession: Buhari to unveil economic plan in February – Osinbajo

    Recession: Buhari to unveil economic plan in February – Osinbajo

    Vice President Yemi Osinbajo has revealed that plans had been concluded to launch the economic recovery plan of the President Muhammadu Buhari led administration in February.

    He also stated that the federal government was critically considering the option of tapping into the Pension Funds for massive investments in infrastructures.

    Osinbajo spoke while fielding questions at two separate panels tagged “panel of Building Africa” and “International Business Interaction Group of investors” focused exclusively on Nigeria on the sidelines of the World Economic Forum in Davos, Switzerland on Wednesday.

    He said that massive investments in the people and their skills would bring about economic prosperity. Osinbajo’s presentations were encapsulated in a statement by his media aide, Mr. Laolu Akande.

    “The Vice President noted that the Buhari administration is “committed to investing more in infrastructure,” than in previous times by ensuring that 30% of the budget goes into capital expenditure.

    Vice President Osinbajo “Besides, he disclosed that the government is working on how to tap into Nigeria’s huge Pension Fund to finance infrastructure in the country.

    “To do this he stated that “we have to first derisk” such financing models for infrastructure.

    “An active engagement with, and encouraging the private sector, he said, is also of a great deal, referring to the example of the 650,000bpd refinery project of the Dangote Group, which is going to be the largest single-line refinery in the world.

    “Assuring that the Buhari administration is very confident about the recovery of the Nigerian economy, Prof. Osinbajo said “it is not difficult to get out of where we are if we understand why we are where we are.”

    “He reminded his audience that the Nigerian economy remains indisputably the biggest in terms of size of the economy.

    “Speaking at the Business Interaction Group attended by several international and local investors and business interests, and hosted by the Nigerian delegation, the Vice President assured that the newly developed Economic Recovery Growth Plan of the Buhari administration has been specifically designed to take the country out of recession and in the long term continue to grow the economy.

    “He said the planning of the 2017 was based on the ERGP, which he said would be formally launched next month. “Prof. Osinbajo gave the example of the Federal Government’s Social Investment Programme where for the first time half a Trillion Naira is being budgeted by the Federal Government for Social Investment Programmes.

    “It is about investment in people, in their skills, in youths, that we have a N500B allocation in our budget last year and proposed for this year also.

    “It is an investment in education and educating large numbers of people in a short time, it’s a radical thing to make that kind of serious investment in education.

    “He also referred to the planned N100,000 supporting grants to students of higher institutions in Science, Technology, Enginerring & Maths, STEM”, the statement stated.

     

  • #NEOC2017: Nigeria will get out of recession this year but…

    …says Africa’s agribusiness to rise to $30trn by 2030

    The convener of Nigeria Economic Outlook Conference, NEOC, Ogho Okiti, has expressed optimism that the nation will get out of reception this year. He however noted that getting out of recession was not the problem but enacting policies that will ensure the nation doesn’t go down the drain again in the coming years.

    In his words: “If more money is deployed into the economy, we will get out of recession this year. However the question to ask after getting out of recession is what next?

    The economic mess we now find ourselves as a nation did not start with the current administration. However, they (the current administration) don’t have the debt appreciation to understand the best approach to adopt to tackle the problem head long”.

    Also speaking on the sidelines of the sabotage and militancy agitation in the Niger Delta, the CEO, Time Economics said: “We need peace in the Niger delta to move forward. The discovery of oil is a problem in itself. Our government needs to cultivate the habit of using allocated capital in the annual budgets to achieve economic recovery.

    We also need rigorous fiscal restricting. Presently there is no link between government revenue and economic activities. The states should take on the onerous responsibility of supporting businesses in order to widen revenue generation.

    Also speaking at the conference, the Managing Director/Chief Executive Officer of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL, Aliyu Abdulhameed said Africa’s agricultural turn over will hit a whopping sum of $30 trillion by 2030.

    Abdulhameed urged investors to see beyond oil and look inwards to the rapid development in the nation’s agricultural sector as led by his agency.

    Abdulhameed, who advocated for the mechanization of farming in the country said: “Advanced countries plant improved seed. We need to replace the human factor in agriculture with machines. There’s an extent to what humans can achieve compared to machines. Machines can work extensively and provide high yield of products as harvest”.

    He also called on respective government authorities, ministries, departments and agencies in all tiers of government to eliminate all forms of bureaucracies that tend to discourage investors in the country.

    The Nigeria Economic Outlook Conference is organized annually to bring together representatives of governments, economists and the business community to x-ray paths to economic recovery and growth.