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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.
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.
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.
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.
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).
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.
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.
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 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.
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.
The Independent National Electoral Commission (INEC) in Lagos State says 8,553 ad hoc staff have been engaged for Saturday’s Lagos East by-elections.
Former Aston Villa forward Gabby Agbonlahor has insisted Alex Iwobi is not a defender and Everton should recruit full-backs during the January transfer window.
The Interpol global police coordination agency on Wednesday warned that organised criminal networks could be targeting COVID-19 vaccines, and could look to sell fake shots.
PSV Nigerian striker Noni Madueke says he is not ruling out the possibility of representing Nigeria at senior international level.
Benue State Governor Samuel Ortom on Monday appealed to President Muhammadu Buhari to sustain the policy on ban of rice importation and not succumb to any pressure.