Nigeria’s Economic Challenge: “The worst is over” – Shettima 

Vice-President, Kashim Shettima, has assured Nigerians that the worst is over in the economic challenges bedevilling the nation. Shettima, who gave the assurance at the official launch of the National Design and Innovation Competition at the Presidential Villa, Abuja, noted that Nigeria’s youthful population, with an average age of just 19 years old, “is an age group that is pregnant with ideas for innovation and for the social and economic transformation of Nigeria”, adding that, “Innovation drives manufacturing and Nigeria is brimming with possibilities and opportunities”. He pledged the federal…

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“I will crash petrol price, eliminate hardships” – Tinubu promises

President Bola Ahmed Tinubu has vowed to find a lasting solution to the tough times facing Nigerians, saying that he was quite aware of the myriad of socio-economic and political problems Nigerians are grappling with. He stated this yesterday at the 11th Convocation Ceremony of the Michael Okpara University of Agriculture, Umudike (MOUAU), Abia State, where four sets of graduands participated in the ceremony. Tinubu, who was represented by the Executive Secretary of the Agricultural Research Council of Nigeria (ARCN), Professor Garba Sharubutu, said he was not resting on his…

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“CBN doesn’t have a magic wand to solve current economic challenges” – Cardoso

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has stated the Bank does not have a magic wand to solve Nigeria’s current economic challenges. The apex bank’s chief said this in an emailed speech on Tuesday according to reports from Reuters. He said, “The CBN does not have a magic wand that can be waved at the current economic challenges”. Nigeria currently battles a depreciating naira, double-digit inflation poised to reach 30% according to KPMG analysis, and an N87 trillion debt. However, he explained that the CBN can…

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FG targets $1tr economy by 2026, $3 trillion by 2030

The Federal Government has proposed to appropriate the sum of N5.095 billion for the purchase of a presidential yacht under the capital expenditure Nigeria Navy and N5.5 billion for education loan funds in the 2023 supplementary budget. According to the 2023 supplementary appropriation details of Ministries, Departments and Agencies (MDAs) spending, the Nigerian Navy proposed a capital expenditure of 42.3 billion and a recurrent expenditure of N20.42 billion, making a budget of around N62.8 billion. Other items in the budget proposal from the Nigerian Navy include the purchase of vehicles,…

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How to reset Nigeria’s economy – Lamido Sanusi

The 14th Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, says reduced dependence on petrol will be the long-term solution to the petrol subsidy removal crisis. Sanusi, who made the assertion at the Distinguished Lecture Series of the Nigerian Institute of International Affairs (NIIA), on Thursday in Lagos, said, “In the short-term, the most effective measure to offset the removal of fuel subsidies is cash transfers. “The design of individual cash transfer programmes varies considerably in reach and coverage”. The lecture series, which…

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Terrorism, poorly regulated economy threat to food security – Expert

A Medical Imaging Scientist, Dr Livinus Abonyi, has identified terrorism and poorly regulated economy as major threats to the realisation of food security in the country. Abonyi said this on Monday in an interview in Lagos as the World Food Day (WFD) is celebrated globally. The theme of this year’s celebration is, “Water is life, Water is food. Leave no one behind.” The theme aims to highlight the critical role of water for life and water as the foundation of our food. Abonyi, a Lecturer at the Lagos State College…

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Hajj not a capital flight

By; Fatima Sanda Usara The National Hajj Commission of Nigeria (NAHCON) observed with dismay how some media outlets, for whatever reasons, have carried on with campaigns of calumny against the Commission despite several press briefings and press releases clearly explaining reasons and solutions to hitches encountered in the 2023 Hajj operations.  In its bid to carry the press along, who in turn it is believed would clarify issues for their readers, NAHCON had kept the press updated about all knotty issues even before they become obvious, and sometimes only after…

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Barely 160 days to polls, President Buhari sets up another advisory group on economy

…Presidential candidates consult World Bank, IMF on Nigeria’s economic woes With less than a hundred and sixty days before the next general election, President Muhammadu Buhari has appointed yet another high-level committee to advise him on the myriad of economic challenges facing Nigeria, which if unresolved could make his tenure the most miserable for Nigerians. The new committee is made up of the President’s Chief Economic Adviser, Doyin Salami, who holds a doctorate in Economics but is already the Head of another Presidential Advisory Council. The Deputy on the Economic…

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“Experts’ who claimed Buhari ran down nation’s economy are ‘big, fat’ liars” – Presidency

The Presidency, yesterday, said so-called revisionists and ‘experts’ who claimed President Muhammadu Buhari has run the nation’s economy aground are ‘big fat’ liars. Presidential spokesman, Femi Adesina, in his article, titled: ‘BUA Group: The other side of the Story,’ said the common, and perhaps, popular narrative for political, baleful and pernicious reasons, was for people to say that the Buhari administration has run down the economy of the country completely since its advent in 2015. According to him, “The fact that the global economy is spiralling out of control with…

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Economic Sabotage: Nigeria loses $ 1 billion to crude oil thieves in 3 months

Nigeria lost $1 billion in revenue during the first quarter of this year due to crude oil theft, the petroleum regulator said, warning the massive theft was a threat to the economy. According to the Head of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, of the 141 million barrels of oil produced in the first quarter of 2022, only about 132 million barrels of oil were received at export terminals. “This indicates that over nine million barrels of oil were lost to crude oil theft … this amounts to…

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