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Now Nigeria Is In Recession, What Next?

Nov 23, 2020

Nigeria has been plunged into its second recession in four years, the National Bureau of Statistics (NBS) confirmed on Saturday. In statistics made available on its website, the NBS said Nigeria’s GDP has contracted for the second time in 2020.

The third quarter GDP contracted by -3.62%, a figure that slightly evades World Bank’s projections of -3.2%. Nigeria also had a second quarter GDP of -6.10% as a result of the ills of the Coronavirus pandemic.

Budget of Economic Recovery and Resilience: About The 2021 Budget

Nigeria’s President, Muhammadu Buhari on the 8th of October submitted the 2021 budget tagged the budget of “Economic Recovery and Resilience to the National Assembly”. The budget is 27% higher than the 2020 budget which was reviewed to N10.3trn as a result of the harsh economic realities of the COVID-19 pandemic. With oil revenues still being Nigeria’s highest expectation, the oil prices are important to the workings and performance of the budget. The 2021 Fiscal year has many assumptions with the benchmark oil price set at $40/barrel in realities with the current oil prices.


Buhari’s 60th Independence Speech: The Truth, The Half-Truth, The Ruse and The Condescension

Oct 02, 2020

 “Disappointing”, that was one of the lines used by Nigerians to describe President Muhammadu Buhari’s Independence Day Speech. That the President’s speech sounded like what Nigerians have always heard tells the fact that very minimal progress is being made, if any at all.