NEWS

FG Anticipates GDP Drop Ahead Of 2019 Presidential Election

Published

8 years ago

August 25, 2016

The federal government says the it has made provisions for a drop in Nigeria’s gross domestic product (GDP) ahead of the 2019 election year.

Udo Udoma, minister for budget and national planning, said this in Abuja on Wednesday while briefing the media on the proceeds of the federal executive council meeting.

Udoma said his ministry had prepared the 2017 appropriation bill based on the zero-budgeting system, with focus on critical infrastructure and continued diversification.

“We intend to devote even more resources to critical infrastructure projects just as we did this year. So we will continue to spend more on roads, rails, transport infrastructure, ports and so on,” he said.

“We intend to focus on plane governance and security and we intend to maintain the zero-based budgetary approach. Let me share with you some of the key parameters and assumptions which will be underpinning the 2017-2019 MTEFF.

“Oil price benchmark, we intend to use $42.50 as a reference price in 2017. We are projecting $45 in 2018 and $50 in 2019. So we are keeping to the very conservative in terms of the reference prince of crude oil even though we are expecting it to go higher than this but we are keeping to an extremely conservative price scenario.”

“In terms of oil production, we are keeping to the same level of this year for 2017 and that is 2.2 million barrels per day. For 2018 2.3 million barrels per day, for 2019 2.4 million barrels per day.”

Speaking on GDP growth, Udoma said: “In terms of growth rate, we are targeting in 2017 a three per cent growth rate, 2018 a 4.26 per cent growth rate and 2019 a 4.04 per cent.

“The reason 2019 is slightly lower than 2018 is because that is an election year and usually in an election year there are uncertainties; we have also made provision for that.”

Okechukwu Enelamah, minister of trade and investment, who also spoke at the briefing, said the council approved the ratification of the World Trade Organisation (WTO) Trade facilitation agreement.

“This is an agreement that was approved by all the members of WTO in the ministerial conference that was held in 2013. What that agreement seeks to do is basically to lower the cost of trade generally for everybody,” he said.

“There was a clear understanding that everybody benefits from lowering the cost of doing trade, it is particularly beneficial to developing countries that want to be able to access the international market.

“Nigeria was one of the countries that approved the agreement then and we have been going through the process to ratify the agreement so that it will come into effect.”

Source: www.thecable.ng

Related Topics:Okechukwu Enelamah Udo Udoma

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NEWS

Police Arrest Portable Over G-Wagon Debt

Published

12 hours ago

May 15, 2024

Reporter

Police Arrest Portable Over G-Wagon Debt | fab.ng

Popular Nigerian musician Portable is facing legal trouble over an unpaid debt. The singer is known for his sometimes controversial persona. The drama centres around a high-end purchase: a G-Wagon he bought from a car dealer.

According to news reports, Portable purchased the luxury car for a hefty ₦27 million but only paid ₦13 million upfront. This left a remaining balance of ₦14 million. The car dealer reportedly tried contacting Portable to collect the remaining sum. The musician allegedly kept claiming the vehicle had mechanical problems as a way to avoid paying. Unwilling to accept these excuses any longer, the car dealer decided to take a firmer stance and report the matter to the authorities.

On Tuesday, May 14, 2024, the Lagos State Police confirmed Portable’s arrest. Police spokesperson Benjamin Hundeyin stated that the musician was arrested specifically for defaulting on his G-Wagon payment.

“Yes, Portable has been arrested. He bought G-Wagon for ₦27m, paid ₦13m, and refused to pay the rest, claiming the vehicle was bad. We arrested him today,” Hundeyin confirmed.

This incident adds another chapter to Portable’s already colourful public image. It remains to be seen how this situation will be resolved and whether it will impact his musical career.

Check out more details here.

MUSIC

Kendrick Lamar’s “Not Like Us” Beats Drake’s “Family Matters” To Billboard #1 Spot

Published

1 day ago

May 14, 2024

Reporter

"Not Like Us" beats "Family Matters" To Billboard #1 Spot | fab.ng

Kendrick Lamar‘s latest diss track, “Not Like Us,” has landed the coveted number-one spot on the Billboard Hot 100 chart. This marks Kendrick’s second chart-topping single in 2024, following the success of “Like That” by Metro Booming & Future.

“Not Like Us” is the final chapter in Kendrick’s rap battle with Drake, and many fans believe it solidified his victory. This track, which Mustard produced, completely outshines Drake’s response song, “Family Matters.” “Family Matters” debuted at a much lower number 7 on the Billboard Hot 100.

Billboard Hot 100: #1(new) Not Like Us, @kendricklamar.

— chart data (@chartdata) May 13, 2024

Here’s where things get interesting:

Kendrick’s entire diss track trilogy dominated the top 10. “Euphoria” climbed eight spots to number 3, and “Like That” (by Metro Booming & Future) rose two places to number 2.

“Not Like Us” also shattered records on its path to the top. It became the most-streamed rap song on Spotify in the US in a single day, and it nearly broke Drake’s global single-day record for a rap song on Spotify (held by “Girls Want Girls” featuring Lil Baby).

Sales-wise, “Not Like Us” boasted the biggest debut week for any song in 2024, with 510,000 units sold. It fell short only to Taylor Swift’s “Fortnight,” which debuted with 560,000 units.

Biggest song debut sales weeks of 2024 so far (US units):

#1 Fortnight 560K
#2 Not Like Us 510K
#3 Like That 455K
#4 Down Bad 385K
#5 I Can Do It With A Broken Heart 340K
#6 The Tortured Poets Department 340K
#7 So Long, London 335K
#8 My Boy Only Breaks His Favorite Toys 325K…

— chart data (@chartdata) May 13, 2024

This chart dominance by Kendrick Lamar’s diss tracks proves that the music, not just the feud, resonated with listeners. “Not Like Us” not only secured the number one spot but also propelled his other diss tracks up the Billboard Hot 100, solidifying his success in this musical battle.

MUSIC

BNXN Bags His First RIAA Certification With “Mood”

Published

2 days ago

May 13, 2024

Reporter

BNXN Bags His First RIAA Certification With "Mood" | Fab.ng

Nigerian music star BNXN (formerly Buju) is on a roll with the hit song “Mood.” It just hit a major milestone in the US music industry.

Remember “Mood”? “Mood” the catchy track BNXN collaborated on with Wizkid for his critically acclaimed album “Made In Lagos (Deluxe Edition).” Well, “Mood” has just been certified gold by the RIAA!

This might sound complex, but here’s the scoop:

The Gold Standard

The RIAA, or Recording Industry Association of America, is a big deal in the US music world. When a song or album earns a Gold or Platinum record from the RIAA, it means it’s achieved super impressive sales or streams. Basically, “Mood” is a bona fide hit in the US!

Reaching Gold Status

So how does a song reach Gold status? The RIAA counts one “unit sale” as a physical album purchase, a download of the song itself (although 10 downloads equal one unit sale), or 1,500 streams on platforms like Spotify or Apple Music. According to the RIAA, “Mood” has officially surpassed 500,000 unit sales, making it Gold certified!

🚨Wizkid’s “Mood” featuring Bnxn is now RIAA certified gold 🌟 📀 pic.twitter.com/FSYg7dPo68

— 𝗔𝗟𝗕𝗨𝗠 𝗧𝗔𝗟𝗞𝗦 📀 (@AlbumTalksHQ) May 9, 2024

Benefits of Certification

Earning RIAA certification is a huge accomplishment for musicians. It can open doors to exciting opportunities, like:

- Live Shows: More performance opportunities in the US, like invitations to festivals, tours, or even headlining shows.
- Record Deals: Record labels love RIAA certifications, and this could lead to lucrative deals that provide BNXN with resources and support to further his career.
- Endorsements: Increased popularity can attract brand endorsements, generating additional income and expanding BNXN’s reach.
- Greater Recognition: The RIAA certification basically says American audiences love BNXN’s music! This can significantly boost his overall popularity and career trajectory in the US.

This gold certification is a win for both BNXN and Wizkid. It shows their music resonates with listeners worldwide. This milestone is a stepping stone for BNXN’s continued success in the US, and fans can definitely expect more fantastic music from him in the future.

For more music updates, check here.