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Uche Uwaleke

MAN, LCCI others blame recession on coronavirus, #EndSARS crisis

Nigeria has formally entered its second economic recession in five years as the severe impact of the COVID-19 pandemic on global crude oil prices and restrictions imposed to curb the virus caused the nation’s economy to contract for the second consecutive quarter by 3.62 percent in the third quarter of 2020.

Recession: Financial expert seeks aggressive implementation of ESP

Uche Uwaleke, Professor of Finance and Capital Market, has called for early passage of the 2021 Appropriation Bill and aggressive implementation of the Economic Sustainability Plan (ESP), as the country enters recession.
President Muhammadu Buhari on Monday signed into law the Finance Bill 2019 (now Finance Act), which among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy.

Nigeria’s inflation hits 14.23 percent in October

Nigeria’s inflation climbed to 14.23 percent in October, 2020 according to National Bureau of Statistics (NBS) report on consumer price index, released on Monday.Nigeria’s inflation climbed to 14.23 percent in October, 2020 according to National Bureau of Statistics (NBS) report on consumer price index, released on Monday.
#EndSARS protests

#EndSARS: Economy loses N54 billion daily under curfew – bank

At the backdrop of the destructions of public and private properties and businesses in the wake of the #EndSARS protests, businesses have been counting their losses while economy experts have listed the immediate challenges the crises have thrown up against Nigeria’s struggling economy.

TUC, others reject new fuel price, as petrol stations adjust pump

Petrol stations across the country, yesterday, adjusted their pumps to reflect the hike in the ex-depot price of the Premium Motor Spirit, PMS, by the Petroleum Products Marketing Company, PPMC, with some of the stations raising the price to as high as N161 per litre.
Nigeria Labour Congress (NLC)

NLC rejects hike in fuel price as marketers sell for N161

The Nigeria Labour Congress has rejected the increase in price of Premium Motor Spirit, also known as petrol, from N148.50 per liter to N151.56 per litre.
Zainab Ahmed

Nigeria’s recession will be short-lived – minister

This came as the Federal Government, yesterday, said despite the N2.3 trillion Economic Stimulus Plan put in place to contain impact of the Coronavirus (COVID-19) pandemic on the economy, there is the possibility that the third quarter, 2020 (Q3’20) Gross Domestic Product, GDP, growth rate will be negative, while the economy will relapse into a recession.

Petrol price hike a move to end subsidy regime – expert

Nigeria’s first professor of the Capital Market and former Imo State Finance Commissioner, Prof Uche Uwaleke, on Wednesday described the hike in petrol price from N123.50k/litre to a price band of N140.80 to N143.80 as an indication that the Federal Government was ready to gradually exit the fuel subsidy regime.
He is Mr Lamido Yuguda whose appointment was announced by President Muhammadu Buhari in a letter sent to the Senate on Tuesday requesting the confirmation of Yuguda as the Director General of the Commission.

Capital market expert sets agenda for new SEC chief

Barring any last minute hitches, a substantive Director General will soon assume duty at the Securities and Exchange Commission (SEC), ending Ms Mary Uduk’s more than two years tenure in acting capacity.
NECA’s Director-General, Mr Timothy Olawale, who made the call on Tuesday in Lagos, called for more specific and direct business sustainability schemes, to save the private sector.

2020 budget: OPS backs proposed $20 oil price benchmark

Members of the organised private sector (OPS) and some analysts have hailed the plan by the federal government to further review downward the oil price benchmark in the 2020 budget to $20 per barrel.
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS-Afolabi Sotunde

Experts: How Nigeria’s stock market will survive coronavirus pandemic

Some experts are optimistic that the capital market would recover from the devastating effect of the COVID-19 pandemic and rebound in 2021.

Coronavirus: Mixed reactions trail central bank’s policy measures

Mixed reactions have trailed policy measures announced by the Central Bank of Nigeria (CBN) to tackle the effect of COVID-19 on the nation’s economy.

Federal government saves $1.3 trillion from central bank’s intervention programmes

The Deputy Governor, Corporate Services of the Central Bank of Nigeria, Edward Lamatek Adamu has revealed that the plethora of economic interventions of the apex bank have saved the federal government about N1.3 trillion via import bills.

David Olofu emerges FAAC commissioners’ forum chair, vows to boost IGR

The Commissioner of Finance representing Benue State at the Federation Account Allocation Committee, David Olofu, has been elected as the new chairman of the forum.

Godwin Emefiele: Oil discovery exposed Nigeria’s economy to vulnerability

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has said the discovery of crude oil and the country’s increasing reliance on crude oil revenues have led to a severe downturn in the agriculture and manufacturing sectors.

Godwin Emefiele’s commitment to MSMEs lauded

The Chairman of Abuja Chapter of Chartered Institute of Bankers of Nigeria (CIBN), Prof. Uche Uwaleke, has commended the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, for his commitment to funding Micro, Small and Medium Enterprises (MSMEs).
Uche Uwaleke

Expert: New minimum wage will not cause inflation

An economic expert, Prof. Uche Uwaleke, said the new minimum wage would not lead to inflation contrary to speculations by some Nigerians.

Experts: VAT increment will further worsen Nigerians’ situations

A notice by Minister of Budget and National Planning, Senator Udoma Udo Udoma and Executive Chairman of Federal Inland Revenue Service (FIRS) Mr. Babatunde Fowler of government’s intention to raise the rate of value added tax (VAT) before the end of 2019 is presently causing ripples among various categories of Nigerians.

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Bruno Fernandes sees himself being a “natural” leader at Manchester United, with the Portuguese embracing his standing as a talismanic presence for the Red Devils.

Bruno Fernandes sees himself as a ‘natural’ leader

Bruno Fernandes sees himself being a “natural” leader at Manchester United, with the Portuguese embracing his standing as a talismanic presence for the Red Devils.
The Nigeria Police Force says its investigation shows that Boko Haram, Ansaru and other terror groups are getting support from some Nigerians.

Bayelsa by-elections: Three policemen drown in Southern Ijaw River

Three yet to be identified personnel of the Nigeria Police Force have reportedly drowned on their way to Southern Ijaw Local Government Area of Bayelsa State.
Rivers United lost 2-1 to Futuro Kings of Equatorial Guinea in their CAF Confederation Cup preliminary round first leg tie at the Estadio de Mongomo on Saturday afternoon.

Rivers United will beat Futuro Kings without Theophilus Afelokhai, Destiny Ashadi – coach

Rivers United boss Stanley Eguma, says his team will ready for their clash with Futuro kings in the second leg of the CAF Confederation preliminary round.
Super Falcons striker Asisat Oshoala got on the score sheet in Barcelona Ladies’ 9-0 thrashing of Santa Teresa, in the Spanish Women’s Primera Division on Saturday.

Asisat Oshoala on target as Barca Ladies thrash Santa Teresa 9-0

Super Falcons striker Asisat Oshoala got on the score sheet in Barcelona Ladies’ 9-0 thrashing of Santa Teresa, in the Spanish Women’s Primera Division on Saturday.
The Minister of Defence, Maj.-Gen. Bashir Magashi (rtd.) said this at the bilateral meeting of ministers of defence of the two countries in Abuja.

Minister: No quick fixes to combat security challenges in Nigeria

The Minister of Defence, Major General Bashir Salihi Magashi, (retd) said that there are no quick fixes to combat the present security challenges bedeviling the country.