ECONOMY: TOUGHER TIMES AHEAD OF NIGERIA SAYS EMEFIELE

The Governor of Central Bank of Nigeria(CBN) Dr Godwin Emefiele said on Wednesday that tough times are ahead of the country in view of a rapid increase in population on yearly basis and what he called penchant of Nigerians to sabotage government policies on economic growth. Dr Emefiele, who stated this while appearing before the Senate Committee on Banking, Insurance and other Financial Institutions, on in the Senate, said that Nigeria will be the third largest populated country in the world by 2050. He said that the country by 2050 is projected…

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ONLY 10 NIGERIAN STATES ARE ECONOMICALLY VIABLE, 17 ARE BANKRUPT, SEE DETAILS

The Economic Confidential on Sunday released its Annual States Viability Index (ASVI) report. It showed that 17 States are insolvent as their Internally Generated Revenues (IGR) in 2018 were far below 10% of their receipts from the Federation Account Allocations (FAA) in the same year. The index declared that without the monthly disbursement from the Federation Account Allocation Committee (FAAC), many states remain unviable, and cannot survive without the federally collected revenue, mostly from the oil sector. The IGR are generated by states through Pay-As-You-Earn Tax (PAYE), Direct Assessment, Road…

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WHAT EMEFIELE’S REAPPOINTMENT MEANS FOR NIGERIAN ECONOMY

The decision by President Muhammadu Buhari to renew the appointment of Godwin Emefiele as Governor of the Central Bank of Nigeria has elicited excitement among analysts and stakeholders, who believe his comeback is a good omen for the economy, report Kunle Aderinokun and Bamidele Famoofo History was made last Thursday, when a letter from President Muhammadu Buhari was read Senate President Bukola Saraki on the floor of the upper chamber, asking the lawmakers to endorse his re-appointment of Godwin Emefiele as CBN governor. The letter from the president titled: ‘Renewal…

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PROPHET OF DOOM? YARI PREDICTS RECESSION IN 2020

Chairman of Nigeria Governors Forum (NGF) and Governor of Zamfara State, Abdulaziz Yari, has warned that Nigeria could be heading into another round of recession. He made statement at the the opening ceremony of the induction programme for newly-elected and returning governors put together by NGF Secretariat, at the State House Conference Center, Abuja. Yari warned incoming governors to be prepared for the possibility of another cycle of recession by the mid-2020 to third quarter of 2021. Nigeria had officially entered a recession for the first time in more than…

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STATE OF THE NATION: NIGERIA’S ECONOMY BLEEDING :GANI ADAMS TELLS BUHARI

By Dapo Akinrefon & Patrick Azamosa LAGOS—THE Aare  Onakakanfo of Yorubaland, Iba Gani Adams, yesterday, urged the Federal Government to work on policy programmes that can alleviate the suffering of Nigerians at the grassroots. Aare Ona Kakanfo of Yorubaland, Chief Gani Adams Adams, who was a guest at the 2nd annual Public Lecture of Freedom Online, in Ikeja, Lagos, said from all indications, the present situation in the country shows that majority of Nigerians are suffering, with little or no hope. While reacting to issues raised by the Special Assistant to…

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TINUBU AND FASHOLA ACCUMULATED 1.43BILLION DOLLAR DEBT, NOT ME- AMBODE

The outgoing Lagos State Governor, Akinwunmi Ambode, has explained that the current foreign debt owed by the State Government was inherited from previous administrations before his tenure which began in 2015. This is a clear attempt by Governor Ambode to distance himself and his administration from the $1.43 billion foreign debt which the Lagos State Government currently owes. According to him, during his four-year tenure, his administration never took foreign credit facility to run State activities. The Governor, who made the disclosure during an interview, said that despite the numerous…

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HOW NIGERIA BLEW 732BIL.TO SUBSIDISE INFLATED PETROL – WORLD BANK

Chineme Okafor in Abuja A World Bank report called the “Nigeria Biannual Economic Update” for 2018, which was released on Monday and obtained by THISDAY yesterday in Abuja disclosed that Nigeria spent N731 billion to subsidise petrol consumption in the year under review. The report, which is a product of the staff of the World Bank and tells of key developments in Nigeria’s economy in the recent past, summarises the staff’s assessment of likely economic outcomes in the short-to-medium term, given the policy developments; as well as highlights key short-term…

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IMF RANKS NIGERIA SECOND WORST IN TERMS OF USE OF SOVEREIGN WEALTH FUND

Just In: IMF ranks Nigeria second worst in the world in use of sovereign wealth fund The International Monetary Fund has ranked Nigeria as the second worst country in the world in the use of sovereign wealth funds. According to the Fiscal Monitor report released on Wednesday, Qatar was the only country worse than Nigeria on the index. The Bretton Wood institution said the index was compiled using the corporate governance and transparency scores of the sovereign wealth funds and the size of assets as a percentage of 2016 GDP…

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NIGERIAN ECONOMY IS SLIPPING- WORLD BANK

Dayo Oketola, Washington DC The World Bank has said that the Nigerian economy has been slipping since 1995 and this continued till 2018. The bank, in its latest report on the regional economy titled, ‘Africa’s Pulse’, released the taxonomy of growth performance in sub-Saharan Africa, which focused on the macroeconomic and financial features that led to growth resilience on the continent. According to the bank, the taxonomy is used to help identify the factors that are correlated with success or failure in economic growth performance in sub-Saharan Africa, with emphasis…

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RMAFC TO PROBE BANKS FOR STAMP DUTY FRAUD

Everest Amaefule, Abuja The Revenue Mobilisation Allocation and Fiscal Commission says it is set to probe 22 commercial banks over stamp duty collections. In a statement issued by the commission’s spokesman, Mr Ibrahim Mohammed, in Abuja on Sunday, RMAFC said that the probe would involve a forensic investigation of the funds that had so far been collected as stamp duty by 22 Deposit Money Banks from 2000 to 2018. Mohammed said that RMAFC was the only constitutional body vested with the powers to monitor all revenue accruals into the federation…

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