Nigeria’s dire fiscal state to worsen without subsidy removal – Budget Office

President Muhammadu Buhari’s administration has said it must cut petrol subsidies and boost revenue collection in order to avoid a sharp deterioration in government finances next year, according to the Budget Office. According to a Bloomberg report, if the President does not heed, Nigeria’s budget deficit could rise to N12.4 trillion, or $29 billion next year — almost three times its total revenue, or 5.5% of gross domestic product, reports. The bleak prognosis associated with the insistence to continue paying fuel subsidies is the highlight of a medium-term expenditure framework…

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NESG laments state of Nigerian economy; describes ASUU strike as national embarrassment

The Nigerian Economic Summit Group (NESG) has lamented that Nigeria is currently stuck in an economic morass, as most macro-economic indicators are spiralling out of control, inflicting severe hardship on more Nigerians. A communiqué issued yesterday by the NESG Chairman, Asue Ighodalo, on behalf of its Board of Directors, explained that even though the economy continued to recover in the first half of the year, economic growth was dominated by sectors with low contributions to output and weak job-creating capacity, while the oil sector remained in recession for eight consecutive…

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Nigeria’s Economic Crisis: Govs. advise FG to pay-off civil servants above 50 yrs

Nigerian State Governors have advised the Federal Government to offer federal civil servants who are older than 50 years a one-off retirement package to exit the service, as part of coordinated efforts to instill fiscal discipline and prevent the nation from imminent economic collapse. It was gathered from sources that the governors made the proposal at a meeting with President Muhammadu Buhari in July. The proposal also urged the FG to begin implementation of the updated Stephen Oronsaye Report, which suggested merger and shutdown of agencies and parastatals with duplicated…

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Crude oil thieves killing Nigeria’s economy – Ex-Energy minister

A former Minister of State for Energy and monarch of Nembe Kingdom in Bayelsa State, Edmund Daukoru, has labelled crude oil thieves and pipeline vandals in the Niger-Delta region as unpatriotic elements, saying they are killing the nation’s economy. Daukoru spoke during the inauguration of the elected national executives of the Host Communities of Nigeria Producing Oil and Gas, (HOSTCOM), who were returned unopposed in Yenagoa, the State capital, at the weekend. The traditional ruler, however, said that some of the operators of illegal bunkering arrested as suspects were working…

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‘Nigeria’s economy faring better under Buhari than previous govts.’ — Finance Minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has argued that the country’s economy is performing better now under President Muhammadu Buhari than was the case under previous administrations. Ahmed, who stated this after the Federal Executive Council (FEC) meeting presided over by President Buhari at the Presidential Villa, Abuja on Wednesday, explained that the m Excess Crude Account (ECA) is depleted because it has not been funded for some time. She also said the money was withdrawn from the account to purchase arms for the prosecution of…

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‘Nigeria’s economy rigged into the hands of a handful of people’ — Atedo Peterside

Founder of StanbicIBTC Bank, Atedo Peterside, has bemoaned the state of the nation’s economy, claiming that over time, the country’s economy has been rigged into the hands of a few individuals, who manage and determine its outflow to the common man. Atedo, who was the ‘Chairman of the Occasion’ at the ‘Vanguard Economic Discourse, yesterday, noted that while other countries continue to grow, Nigeria’s economy remained stagnant. He said: “We need to sort out many things. As long as we allow a handful of people to rig the economy to…

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Lack of fuel, light — How Nigerians are coping with the hard times

With about a month since the fuel crisis rocked the nation, with Nigerians expecting that things would be better by now, the situation, however, seems to be worse, as queues are still seen at petrol stations, with black marketeers selling at outrageous prices. As if this is not enough, Nigerians have in recent times been experiencing worsened epileptic power supply across the country. It is common knowledge that Nigeria’s electricity supply has never been steady, but in recent times most Nigerians who used to have about three hours of electricity…

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Economy: Nigeria battles insolvency as borrowing escalates

Of recent, the question on the lips of not a few economic commentators on Nigeria, as they scan the numbers charts, is whether Nigeria is sliding into economic doldrums. Even if the response to this question is not in the affirmative, the prospect of the country being potentially insolvent at the moment is not a far-fetched guestimate by many discerning Nigerians and other observers elsewhere who feel that the country’s mountainous debt pile may be dragging it down the hill economically. The unfolding events did not surprise people when the…

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Nigeria’s economy to grow by 2.5% in 2022 – World Bank

Nigeria’s economy is expected to grow by 2.5 percent in 2022 and by another 0.3 percent next year, the World Bank has projected. The World Bank gave the forecast in its latest Global Economic Prospects report, yesterday. “In Nigeria, growth is projected to strengthen somewhat to 2.5 percent in 2022 and 2.8 percent in 2023,” said the Washington-based institution, in the section of the report which focused on recent developments in sub-Saharan Africa. “The oil sector should benefit from higher oil prices, a gradual easing of the Organisation of the…

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‘Nigeria is out of recession but Nigerians are still in recession’ – Report

It has been reported over time that Nigeria’s economic growth is witnessing a significant turnaround but this assertion largely remains questionable as both empirical and numerical facts say otherwise. This, according to experts, implies that beyond face value growth, the government needs to embark on massive economic reforms by employing the best capable hands; more expansionary fiscal and monetary policies need to be put in place to attract investment and the government should be bold enough to embark on massive economic reform through fiscal federalism. Recall that the Federal Government’s…

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