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Bauchi State Governor, Senator Bala Mohammed, yesterday warned that Nigeria will be in chaos and financial hardship if the NNPC does not rethink its decision to make zero remittance to the Federation Account in April because of the need to defray the cost of petrol subsidy.
While the slight improvement in Gross Domestic Product (GDP) recorded in Q4 is good news, analysts say it is not significant enough to mark economic recovery.
Economic expert, Prof Uche Uwaleke has listed four major lessons to be learnt from National Bureau of Statistics (NBS) report which stated that Nigeria has exited the current economic recession.
Economic experts have proffered various means of funding N5.23 trillion 2021 budget deficit other than the ways and means that the International Monetary Fund, IMF, has cautioned the Central Bank of Nigeria, CBN, from adopting.
Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020.
Nigeria’s first Professor of Capital Market, Professor Uche Uwaleke, has said there is nothing wrong with Federal Government’s plan to borrow N895 billion from unclaimed dividends and dormant deposits in bank accounts.
Hajia Zainab Ahmed, Minister of Finance, Budget and National Planning, disclosed that President Buhari approved the reopening of the borders while briefing State House correspondents after the Federal Executive Council (FEC) meeting on Wednesday at the Presidential Villa, Abuja.
Analysts and members of the organised private sector yesterday urged the federal government to step up efforts in tackling insecurity and ramping up measures to ensure food security amidst mounting inflationary pressures.
The Securities and Exchange Commission (SEC) says it has intensified efforts to attract more retail investors into the nation’s capital market.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Some experts are optimistic that the capital market would recover from the devastating effect of the COVID-19 pandemic and rebound in 2021.
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.
Nine days after he escaped and his house burnt, the Nigeria Army has arrested the late Ikonso’s second in command in Imo state, of the Indigenous People of Biafra, IPOB/Eastern Security Network, ESN, a 48-year-old man, whose name was given as Anwurum Eze popularly known as “Maputo”.
The Group of Seven (G7) is an intergovernmental organization consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
President Muhammadu Buhari has stressed the readiness of his administration to vehemently resist the threat by bandits to disrupt food production in the coming growing season.
The abductors of a Deeper Life Bible Church Pastor, Otamayomi Ogedengbe in Ondo State have made contact with his family.
Ogun State Government on Thursday assured residents of qualitative health care delivery, in spite of the dwindling revenue occasioned by the effect of the COVID-19 pandemic.
The Peoples Democratic Party (PDP) yesterday demanded the immediate sack, investigation and prosecution of the Minister of Transportation, Rotimi Amaechi, as well as the suspended Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman, over the recent alleged looting of over N165billions in the agency.
Last weekend’s Premier League clash with Liverpool had to be postponed due to protests in and around Old Trafford against the Glazer family’s ownership of the club and their recent involvement in plans for a European Super League.
The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has stressed the need for effective collaboration between regulators and operators in the banking system for the establishment of sound ethics and professionalism in the banking industry.
The Nigeria Center for Disease Control (NCDC) has said the rapid mutations and new changes of novel Coronavirus (COVID-19) have led to escalation of cases in many countries.
Voters in an opposition stronghold turned en masse to British Prime Minister Boris Johnson's Conservatives, boosting his parliamentary majority on Friday despite a high COVID-19 death toll, last year's record economic slump and cronyism charges.