BUHARI’S LAST FOUR YEARS WAS DISAPPOINTING- BLOOMBERG

Bloomberg who in its new report stated that one of humanity’s most hopeful developments in recent decades has been the dramatic drop in extreme poverty, added that Nigeria needs growth to defuse poverty time bomb.While describing  President Muhammadu Buhari’s record over the last four years as discouraging, the New York-based international news agency wondered if he “is up to the task” of reviving the economy. Noting that in the year 2000, over 1.4 billion people lived at or below the global poverty line of $1.90 a day, the editorial wrote;…

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60% NORTH EAST, NORTH WEST LIVE IN EXTREME POVERTY, DANGOTE REVEALS

By Ben Agande Kaduna – Africa’s richest man and president of the Dangote group, Aliko Dangote has challenged northern leaders to wake up from their lethargy and provide leadership that will lift the region from extreme poverty and wants. Aliko Dangote In a keynote address at the fourth edition of the Kaduna Investment Summit in Kaduna, Dangote said the investment needed to generate employment can only be provided by private investors and called on state government in the region to provide the enabling environment to attract investors to the region.…

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NIGERIAN ECONOMY IN CRISIS, YET WHO WILL TELL THE PRESIDENT?

  By Dele Sobowale As far as I am concerned, the 2019 elections are over. The so-called inconclusive elections announced by Professor Mahmood Yakubu are just smokescreens for arriving at conclusions already decided. At the very least, Professor Yakubu, who at various times was asked to resign by various groups and individuals, should quickly release the results he likes and then just as quickly resign. He will never go down in history as having conducted a free and fair election. Perhaps the next Chairman of the Independent National Electoral Commission,…

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2018 CAPITAL BUDGET TO INCREASE TO 10 TRILLION WITH ROLLOVER FROM 2017

Rollover will increase deficit–Expert The Senate President, Bukola Saraki has said that Nigeria’s 2018 capital budget will increase to N10 trillion considering the Federal Government plans to roll over 60 per cent of capital budget in 2017. This came on the heels of report that unless the country revenue base is expanded funding the 2018 budget will remain as tasking as the 2017 budget which is heavily depended on borrowing. But Head of Economics Department Imo State University, Dr Ben Ekeanywu said that rolling over 60 per cent of the…

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POLICY SUMMERSAULT: FG TO WIND UP NERFUND OVER 17.5BIL BAD LOANS

N17.5bn Bad Loans: FG To Shutdown NERFUND leadership.ng / Kreazetofa Odey / 2 hours ago By MARK ITSIBOR, Abuja with agency report The federal government has begun plans to shut down the National Economic Reconstruction Fund (NERFUND) over non-performance and non-performing loans of over N17.5 billion. A source at the Federal Ministry of Finance, told News Agency of Nigeria (NAN) in Abuja that a committee had already been formed to ensure smooth liquidation of the company by the end of October. The source said that the committee was expected to come up with recommendations…

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WAHALA AS CBN PRINTS MORE AND NAIRA FOR GOVT TO BE AFLOAT

For a while now, economists and finance types who follow the Central Bank of Nigeria (CBN) have been sounding a low intensity alarm about the CBN’s direct funding of the Nigerian government. Between December 2013 and April 2017 for instance, the CBN’s “claims on the federal government” went from 678 billion naira to 6.5 trillion naira ($1.8 billion to $17.3 billion)-an almost 10-fold rise. These “claims” are made up of overdrafts, treasury bills, converted bonds and other such lending. For the most part, the issue has remained an obscure one…

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GOOD NEWS: FG RELEASES 100BIL TO CONTRACTORS

Contractors got a piece of good news yesterday. The Federal Government has released the proceeds of the N100 billion Sukuk bond to 25 key economic road projects of the Federal Ministry of Power, Works and Housing. Finance Minister Mrs. Kemi Adeosun, yesterday in Abuja, handed over the cheque to Minister of Power, Works and Housing  Babatunde Fashola. The government issued the Sovereign debut Sukuk of N100 billion in September. Completed last week, the Sukuk bond has a tenor of seven years. The offer was oversubscribed at N105.87 billion. To Mrs Adeosun, “the milestone was…

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BUHARI HAS NOT DONE ENOUGH FOR THE ECONOMY SAYS OBASANJO

Former president of the federal republic of Nigeria, Chief Olusegun Obasanjo has stated that president Muhammadu Buhari has not done enough to tackle Unemployment and the economic recession. Obasanjo speaking with African arguments in a recent interview said: “Buhari has made some announcements. He has tried to keep on going in the area of agribusiness, but not enough. It is not yet enough to prepare the ground for the uninhibited growth of the economy, which we need”. OBJ also pointed out that in the political structure of the country, governors…

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ELECTRICITY TARIFF HIKE: LABOUR THREATENS TO SHUT DOWN ECONOMY

…Says increase ‘ll lead to closure of factories …NASU issues December 2017 deadline for new minimum wage By Johnbosco Agbakwuru THE organised labour has threatened to paralyze the nation’s economy if the Federal Government goes ahead with the planned hike on the electricity tariff as such planned increment would lead to closure of factories as well as unprecedented unemployment. National President of Non-Academic Staff Union of Educational and Associated Institutions, NASU, Comrade Chris Ani who warned against the proposed increment of electricity tarrif at the union’s National Executive Council, NEC, …

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WHY DANGOTE’S FAILED PASTE FACTORY SHOULD GIVE BUHARI MORE HEADACHE THAN DANGOTE

For all intent and purposes, it looked like the perfect scenario- a multi-billionaire native industrialist coming in to invest several millions of dollars in order to produce a commodity that the country was spending billions of Naira importing at a time when the forex crunch was at its hardest. This fairy tale stayed at just that- a fairy tale- for the state-of-the-art, billion-Naira Dangote tomato paste constructed in Kano Nigeria. For many, and probably most important for the Federal Government, that plant was supposed to save the country 400,000 tons…

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