Connect with us

News

EAC Meets With Buhari Over Coronavirus, Warns Of Recession

Published

on

Nigeria needs to work hard to keep its head above the waters of economic troubles arising as a result of the coronavirus outbreak globally. This is according to the presidential economic advisory council, EAC.

At a meeting with President Muhammadu Buhari on Tuesday, the council led by Doyin Salami said many countries across the world may go into economic recession.

Members of the council listed various scenarios of what could happen to the Nigerian economy if the Covid-19 pandemic lasted for too long.

These include; slower growth, as the supply and demand sides of the global economy would be affected, uncertainty, which would erode confidence, governments acting unilaterally instead of cooperatively, further drop in oil prices, and lockdowns gaining grounds around the world.

“There would also be oil glut, trade imbalance, drop in foreign reserves and rise in unemployment,” they said.

Advertisement

In response, Buhari said Nigeria has foreseen the economic problems that may come in the wake of the Covid-19 pandemic and will explore all alternatives to protect her people.

“We will see how to survive fallen prices, as we already envisaged the problem,” the president said referring to crude oil price which is now $30 per barrel as against the budget benchmark of $57.

He promised that inputs in agriculture, education and healthcare would continue as much as practicable.

The economic council recommended a possible revision of the 2020 budget, with priority spending on healthcare, reprioritization of expenditure on infrastructure to focus on projects nearing completion with pro-poor effects, curtailing recurrent expenditure, mobilizing the private sector to strengthen health sector infrastructure, and boosting of government revenue.

The EAC stressed that the projections may seem dire, but the worst may be avoided with hard work and scrupulous implementation of policies.

Advertisement

Nigeria’s last recession occurred in 2016 when crude oil prices fell as low as $25.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Basketmouth slams filmmakers for failing to showcase Nigeria’s culture in movies

Published

on

Basketmouth

Popular comedian and filmmaker, Bright Okpocha, aka Basketmouth, has accused some of his colleagues of not showcasing Nigeria’s rich culture in their movies.

The movie star alleged that most of the epic movies released recently do not promote the country’s culture.

In an interview with Hip TV, Basketmouth claimed that the filmmakers wasted opportunities to showcase Nigeria’s culture positively.

He said, “I believe that we still have the opportunity to get it right. But we had a great opportunity to showcase our culture and most of the filmmakers blew it up. They just ruined that great chance because I see epic movies and they look like stage plays.

“When I was seeing most of the epic movies, I was disappointed.

“You guys blew up a great opportunity but let’s hope we still have another chance to strike at it.

“I’m sorry, only very few movies have impressed me so far. I believe that we can do more.”

Continue Reading

News

Gov Abiodun commiserates with Makinde, Soludo, Wike over stampede victims

Published

on

Abiodun

The chairman of the Southern Governors’ Forum, SGF, and Governor of Ogun State, Dapo Abiodun, has sympathised with the governments and people of Oyo, Anambra, and the Federal Capital Territory, FCT, over the tragic loss of lives resulting from recent stampedes at food palliative distribution venues in the affected areas.

The stampedes reportedly claimed the lives of approximately 65 Nigerians, while others sustained varying degrees of injury.

Abiodun expressed his sorrow in sympathy notes to Governor Seyi Makinde of Oyo State, Charles Soludo of Anambra State, and Nyesom Wike of the Federal Capital Territory, saying that the deaths of the victims were especially tragic because they were pursuing necessities for survival.

The SGF Chairman noted that the administration of President Bola Ahmed Tinubu, together with other levels of government, is still working to improve the living standards of the populace, despite the current economic difficulties they confront.

To prevent further tragedy, Abiodun urged all Nigerians to exercise caution and follow security procedures when attending palliative distribution events.

He said: “Deaths such as these diminish us as a people. These disasters occurred at a time when families around the world are in a festive and joyous mood. It is indeed tragic.

“I, on behalf of my family and the good people of Ogun State, commiserate with my brother governors, Seyi Makinde of Oyo State, Charles Soludo of Anambra State, and the FCT Minister, Nyesom Wike, the families of the victims, and all Nigerians on these unfortunate incidents.

“May the souls of the departed rest in peace.”

Continue Reading

News

Nigerian Govt lifts ban on mining in Zamfara after five years

Published

on

The Federal Government has suspended the ban on mining activities in Zamfara State five years after the sanction was imposed.

The Minister of Solid Minerals Development, Dele Alake, made this known in a statement on Sunday in Abuja.

“The Federal Government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvements in the security situation across the state.

“Nigeria has a lot to gain from reawakened economic activities in a highly mineralised state like Zamfara that is imbued with vast gold, Lithium, and copper belts,” the statement read.

According to the minister, the previous ban, which was well intentioned, inadvertently created a vacuum exploited by illegal miners to fleece the nation of its resources.

Alake also emphasized that the state’s potential for contributing to national revenue is enormous.

“The existential threat to lives and properties that led to the 2019 ban has abated. The security operatives’ giant strides have led to a notable reduction in the level of insecurity, and with the ban on exploration lifted, Zamfara’s mining sector can gradually begin contributing to the nation’s revenue pool.

“Since the beginning of the Tinubu administration, however, intelligence-driven, coordinated security operations have resulted in the neutralization of key bandit commanders, significantly reducing incidents of insecurity.

“A recent success was the capture of one of the most wanted bandit commanders, Halilu Sububu, in a covert operation in Zamfara,” he added.

The minister further stated that the lifting of the ban would also facilitate better regulation of mining activities in the state.

He said this would enable more effective intelligence gathering to combat illegal mining and ensure the country benefits from the state’s rich mineral resources.

Continue Reading

Trending

Copyright © 2024 Naija Gatekeeper News