Tag: Nigeria’s Economy

FG’s interest spending on debt to gulp 36% of revenue in 2024 – Moody’s rating agency

Aminu Imam
9ja debt servicing

…Keeps Nigeria’s rating unchanged Global ratings agency, Moody’s has stated that Nigeria’s interest spending on debt might consume up to 36% of the federal government’s revenue in 2024.   The firm stated this in its review of the Nigerian economy, where it maintained the country’s credit outlook as ‘positive’, citing the sustenance of reforms instituted in 2023.  According to the firm, the hawkish monetary policy stance of the Centeal Bank of Nigeria (CBN) has pushed interest rates for local borrowing by the Federal Government from an average of 12.8% in 2023 to…

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?”?Relying on IMF, World Bank’s policies worsening Nigeria’s economy” -  PRP Chair, Falalu Bello to Tinubu

Aminu Imam
PRP 2 Tinubu

The Peoples Redemption Party, (PRP), says President Bola Tinubu’s reforms have pushed the nation’s “misery index to an unprecedented level” In an issued statement yesterday, the PRP National Chairman, Falalu Bello, faulted the Government’s continuous use of Bretton Woods institutions’ economic policy prescriptions despite their “monumental failures in the past” The Bretton Woods institutions are the World Bank and the International Monetary Fund, (IMF). Bello said the challenges faced by the country could have been addressed using unconventional and orthodox policies without resorting to Bretton Wood’s economic policies. The statement…

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“Corruption, bad governance bedrock of Nigeria’s economic hardship” -Tunde Bakare

Aminu Imam

General Overseer of the Citadel Global Community Church and former APC Presidential aspirant, Pastor Tunde Bakare, has bemoaned the dire economic conditions pushing Nigerians to desperate measures, including looting warehouses to stave-off hunger. In a stirring keynote address delivered at a symposium in Abuja on Friday, to celebrate the 70th birthday of Pastor Chinedu Ezekwesili, husband of former Minister of Education, Dr. Obiageli Ezekwesili, Tunde Bakare, said some Nigerians are being forced to rob warehouses in order to avoid going to bed hungry. Addressing the gathering, Bakare voiced concerns over…

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Hardship: “Nigeria’s economy not distressed, recording progress” – Tinubu

Aminu Imam

President Bola Tinubu has dismissed claims that the Nigerian economy is in distress, as he backed up his claim with some of the recent indicators and statistics indicating that progress is being made despite the challenges. Tinubu spoke at the ‘Leadership Conference and Awards 2023’, which was held yesterday at the Congress Hall of the Transcorp Hilton hotel in Abuja, where he was honored with the ‘Leadership Person of the Year 2023’ by the Leadership Group Ltd. The newspaper Group said the award was conferred on President Tinubu in recognition…

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N3bn Palliatives Scandal: ‘Poverty Alleviation Ministry further crippling nation’s economy’ – Cleric

Aminu Imam

Following the alleged N3 billion corruption scandal rocking the Ministry of Humanitarian Affairs and Poverty Alleviation under Dr. Betta Edu, the Senior Pastor of Awaiting The Second Coming Of Christ Ministry, Adewale Giwa, has described the ministry as non-existent in Nigeria. According to him, the ministry was established to further cripple the nation’s economy. Recall that the Federal Ministry of Humanitarian Affairs and Poverty Alleviation was created by former President Muhammadu Buhari in 2019 with the goal of developing humanitarian policies and providing effective coordination of national and international humanitarian…

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“Nigeria is being re-engineered for job, economic prosperity of all” – Tinubu

Aminu Imam

President Bola Ahmed Tinubu has said his administration will not stop working to revamp the nation’s economy and create viable opportunities for young people to meaningfully participate in an inclusive, labour-intensive economy where businesses can thrive. President Tinubu made the declaration at the State House in Marina, Lagos State, on Wednesday, during a town-hall meeting with traditional rulers, chairpersons of Local Governments and Local Council Development Areas (LCDAs) and other political-office holders in the state. According to a statement issued by his spokesman, Ajuri Ngelale, the President said Nigeria, under…

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Unilever, 4 other multi-national companies, leaving Nigeria 

Aminu Imam

Nigeria, despite being the largest economy in Africa – with over 200 million population, is lately facing a mass exodus of multi-national companies. One of such companies, Unilever, an off-shoot of UAC founded in 1923, four other multi-national companies, has alsoannounced their exit from Nigeria before May next year. Many of these companies have spent decades doing business in Nigeria, while others are folding-up operations barely 3 years after announcing their arrivals.  From January 2023 till date, no fewer than seven multi-nationals have either left or announced their decision to exit the country by…

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Nigeria records trade growth in third quarter of 2023 – NBS

Aminu Imam

Nigeria’s total trade in the third quarter of 2023 stood at ?18,804.29 billion, as total exports increased by 60.78% compared to the second quarter of 2023, the National Bureau of Statistics, (NBS), has said. The report showed that exports were valued at ?10,346.60 billion, while total imports stood at ?8,457.68 bn in the third quarter of this year, “Total exports increased by 60.78%, compared to the amount recorded in the second quarter of 2023 (?6,435.13 billion), as well as by 74.36% compared to the corresponding quarter in 2022 (?5,934.15 billion)”,…

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Jonathan’s PDP regime was last to stabilise our economy” – Coordinating Economy Minister, Wale Edun

Aminu Imam

Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, has asserted that Nigeria’s economy last appeared stable about a decade ago, during former President Goodluck Jonathan’s tenure. At his first press conference as the finance minister yesterday in Abuja, Edun stated that the foreign exchange (FX) rate was constant, as were interest rates between 2013 and 2014. According to him, the country had enough foreign exchange at the time, so when people came in to invest and needed to import raw materials or machinery, the government could supply…

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Nigeria’s economy teeters on the verge of recession

Ishaku Yohanna

Recession knocks on the door of Nigeria with pain and misery starring the people in the face as foreign-currency shortage is squeezing life out of Africa’s biggest economy as in 2015. According to Bloomberg Banks won’t honor card payments, foreign investors can’t get their money out and manufacturers are unable to import vital raw materials as output hurtles toward a second contraction in four years. Also, BusinessDay said its investigations show that emerging GDP data for Q2 point to an inevitable economic contraction of frightening proportions. And as was the…

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