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Recession: FG Summons Emergency Session Over Economy

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The federal government, as part of efforts towards reflating the country’s economy and pulling it out of recession, has summoned an economic session to brainstorm on the issue.

President Muhammadu Buhari, his vice, Prof Yemi Osinbajo as well as ministers and heads of relevant federal ministries, departments and agencies (MDAs) will today converge on Abuja for a one-day retreat to discuss steps to salvage the receding economy.
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The Nigerian Bureau of Statistics (NBS) had in August, reported that the nation’s economy had slid into recession for the first time in more than 20 years, as it announced a further contraction in the second quarter of the year. According to the NBS, Gross Domestic Product (GDP) contracted by 2.06 percent after shrinking 0.36 in the first quarter.

This has generated anxiety among Nigerians home and abroad, who have urged the current administration of President Buhari to urgently search for ways out of the economic woes confronting the country.

The minister of budget and national planning, Senator Udoma Udo Udoma, yesterday disclosed that the economic summit will also provide the forum for government to present and discuss priority areas of the 2017 budget and realign the priority areas of the MDAs with national growth and development objectives.

“The key objective of the retreat is to discuss the 2017 budget as well as discuss steps being taken to get the economy out of recession,” the minister said.

Spokesperson of the minister, Akpandem James, quoted the minister as saying that the meeting was part of a scheduled arrangement to fine-tune and set the right parameters for the 2017 budget.

“It (the meeting) will provide an opportunity to discuss the framework of the 2017 budget, the key priorities and the deliverables of the budget,” he explained.

“The retreat is expected to deliver improved understanding of the measures being taken to get the country out of recession, improve synergy among the various ministries for enhanced implementation of planning and budget, and enhance knowledge of how to develop 2017 budget, which is effectively linked with the medium term plan.

“The meeting will also review prioritised projects and programmes of ministries to fit into the 2017-2019 MTSS, 2017-2020 Medium Term Plan and 2017 Budget, and improved understanding on budget ceiling for MDAs for 2017 Budget,” he said.

Akpandem said President Buhari and Vice President Yemi Osinbajo would participate in the meeting, while private sector facilitators and some experts on economics are also expected to provide perspectives during the technical sessions.

He said the retreat became necessary as years of the country’s growth and development had been impeded by mismatch between planned targets and budgetary outcomes at the national and sectoral levels, due to the lack of synergy between the various federal MDAs.

An economist and managing director of Financial Derivatives Company Ltd, Mr Bismarck Rewane, said that in order for the country to come out of recession, the federal government needs to borrow and sell assets to raise funds that would be injected into the economy.

Speaking on the current state of the nation’s economy, Rewane said the government must, first and foremost, inject money into the system.

According to him, since there is a fall in oil revenue, the government has to increase the deficit plan for 2016.

“The government must inject funds into the system and the executive is fully engaged because they know they cannot hide; they have to deal with the problem,’’ he said.

Similarly, the immediate past finance minister, Ngozi Okonjo-Iweala, also urged the present administration to look inwards for solutions to the current economic crisis in the country.

“The solutions to the country’s economic decline could still be found in the country,” she said in an interview on Aljazeera programme, The Stream.

source: leadership news

NEWS

Adebayo Salami Celebrates Five Decades In Nollywood

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Adebayo Salami celebrates five decades in Nollywood | Fab.ng

Veteran Nollywood actor Adebayo Salami, also known as Oga Bello, has been in the movie business for 50 years! To celebrate this achievement, the 72-year-old actor posted a black-and-white picture on Instagram with some of his fellow actors. He thanked God for his successful career and wonderful family. Oga Bello also said that even though actors might get tired sometimes, they never truly retire from their passion for acting.

He wrote, “With over 5 decades of committed practice in Nollywood, I am indeed most grateful to Almighty God for His unending blessings over my career and family. Actor only gets tired, actor does not retire. Get ready for what is coming soon.”

 

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A post shared by Adebayo Salami (@adebayo.salami)

Adebayo Salami’s acting career started way back in 1964. He joined a group called Young Concert Party, led by Ojo Ladipo (Baba Mero). This group’s name changed a few times, from Ojo Ladipo Theatre Group to finally Awada Kerikeri Theatre Group. When Baba Mero passed away in 1978, Salami became the leader of the group. This put him in the spotlight and helped him get noticed.

Salami also made movie history. He appeared in the very first Yoruba film ever made, called “Ajani Ogun.” The lead role in that movie was played by Adeyemi Afolayan, the father of well-known actors Kunle Afolayan and Gabriel Afolayan.

In 1985, Salami didn’t just act, he also produced his first movie, “Ogun Ajaye,” with his Awada Kerikeri group. Since then, he’s become a well-rounded movie talent. He acts, directs, and produces movies all the time, making him a big player in the Yoruba film industry.

It seems acting talent runs in the family! Salami has two sons, Femi and Tope Adebayo, who have become successful actors and movie producers themselves.

Get more updates here.

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NEWS

Mayorkun Finally Addresses Nicki Dabarbie’s Ritual Allegations

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Mayorkun addresses Nicki Dabarbie’s ritual allegations | Fab.ng

Afrobeats singer Mayorkun has responded to claims made by social media influencer Nicki Dabarbie. She accused him and his colleague, Skiibii (Abbey Elias), of attempting to use her for a ritual.

On April 19, 2024, Nicki Dabarbie accused Mayorkun and Skiibii of plotting to use her for a ‘money ritual’. She supported her claims with pictures and videos describing the incident.

Mayorkun took to his X page to deny all the allegations. He stated that he had never met Nicki Dabarbie and was unaware of her existence before the allegations.

Mayorkun mentioned that he initially wanted to let the court handle the situation, but the spread of false information prompted him to speak out. He stressed that he did not know Dabarbie and warned fans about the dangers of cancellation culture and its potential harm to his life and career.

He wrote:

“You know, I was going to let this remain as a court case but when I checked the comments under some of the blogs where these ridiculous allegations were posted, I was quickly reminded of how gullible most people are on the internet and how they are ready to run along, spreading any negative news without any form of clarity.

“Just for the record, I never met that person on the said day, still never seen that person till this day, never knew about that person’s existence not until those allegations came up.. yet she claimed I put ‘something’ in her drink. A lot of people believed that story, and you think I’ll let this libelous claim fly? No!”

He added,

“I wanna re-instate, I have never seen this person before, even as I am typing this! I still haven’t set my eyes on this person.. Like, what else can I say? How else can I prove this? There’s no need for me to ask for an apology where I won’t get any. I just needed to say this publicly and get it off my chest.. cos if it was a case of ‘cancellation’ as many people are quick to do, I for don go back to dey find work for bank.”

He stated that he would pursue additional charges against her, even though she is currently in prison on unrelated charges.

Earlier, Mayorkun had threatened to file a N1 billion lawsuit against Nicki Dabarbie.

Get more updates here.

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MOVIES

“Stop Making Films Where Nigerians Travel Abroad Dey Mumu” – Yul Edochie Tells Filmmakers

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Yul Edochie - stop films where Nigerians act foolish abroad | Fab.ng

Nigerian actor Yul Edochie is calling out Nollywood movies for a tired trope. He’s criticising films where Nigerian characters travel abroad and then act immature or foolish.

Edochie believes these portrayals are a bad look for Nigerians. He argues that Western movies typically show their characters going abroad and becoming more resourceful or successful. He wants Nollywood to showcase a more positive and realistic image of Nigerians on the global stage.

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