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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

AFRICAN

Ghana Leads The Front At The WAEC Excellence Awards

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Ghana Leads The Front At The WAEC Excellence Awards | fab.ng

Ghana dominated the West African Examinations Council’s (WAEC) recent International Excellence Awards for the West African Senior School Certificate Examination (WASSCE). All three top awards went to Ghanaian students in a ceremony held last Tuesday at the Council Meeting in Freetown, Sierra Leone.

The outstanding young men hail from St. James Seminary Senior High School. Two of the awardees are proud alumni of St. James Seminary, further solidifying the school’s academic excellence. A total of 2,327,342 students from the five WAEC member countries participated in the 2023 WASSCE, making this Ghanaian achievement even more impressive.

The ceremony itself was a moment of national pride. Ghana’s Director-General of the Ghana Education Service (GES), Dr. Eric Nkansah, congratulated the winners for their exceptional performances. He highlighted their consistent success, mentioning that Ghana claimed two out of the top three spots last year and achieved a clean sweep this year.

Meet the Ghanaian heroes:

  • Amo-Kodieh Leonard Kofi Marton (St. James Seminary)
  • Dzandu Selorm (Labone Senior High School)
  • Daniel Asenso-Gyambibi (St. James Seminary)

Ghana's performance in WAEC Excellence Award testament to Akufo-Addo's legacy, says Adutwum - Asaase Radio

Mr. Amo-Kodieh beamed with pride as he addressed the crowd, expressing his immense honor at being named the overall best student of the 2023 WASSCE. He attributed his success to his dedication to academic excellence. Throughout his journey, he actively pushed his intellectual boundaries, embraced challenges, and thrived in dynamic learning environments.

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Mr. Amo-Kodieh acknowledged the government and all stakeholders who played a crucial role in his achievement. “Their immense support,” he declared, “was instrumental in turning this path to success into a reality.”

Extending his appreciation further, Mr. Amo-Kodieh spoke on behalf of all awardees at the (WAEC) Excellence Awards. “We are incredibly grateful,” he emphasized, “to the government, the GES, the Ministry of Education, the WAEC, and especially our families. Each of you played an indispensable part in shaping our education.”

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MOVIES

Onyeka Onwenu Set To Chronicle Her Music Journey In Upcoming Film

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Onyeka Onwenu To Chronicle Her Music Journey In Film | Fab.ng

Nigerian veteran musician Onyeka Onwenu is making a movie about her long music career! She recently told the News Agency of Nigeria that the film will cover her decades of experience in the music industry. Onwenu is known as the “elegant stallion.” She started her career in the 1970s and is excited to share her perspective on how Nigerian music has changed over the years.

Onwenu said,

“I am currently working on a film that will chronicle my experiences in the music industry from the 70s to the present day. Having been a part of this narrative for decades, I have a wealth of stories to share.”

Onyeka Onwenu also has another exciting project in the works! She plans to release a compilation of her classic songs with a fresh twist—collaborations with up-and-coming artists. This means fans can look forward to both a movie and a new music collection from her later this year.

“I am rebranding my old songs and collaborating with new talents. My aim is to offer listeners a fresh perspective on timeless classics,” she explained.

Onyeka Onwenu is a woman of many talents! Besides working on the movie and music project, she recently released a new single called “Abu Otito” (Songs of Praise). This song has a special meaning: Onwenu is donating the money earned from streams of the song to the Rose of Sharon Foundation, which helps widows.

“I am passionate about using music to address social issues. From supporting widows to promoting education among rural children, I strive to make a positive impact through my art.”

Onyeka Onwenu’s generosity extends beyond music. She’s passionate about helping others, especially children. Onwenu has already set up programmes to provide educational opportunities for underprivileged kids in Abia State. And she’s not stopping there; she plans to expand these initiatives to Imo State as well.

“We not only pay school fees directly to schools but also offer civic education to instill a sense of cultural identity. These efforts represent my dedication to empowering future generations,” the musician noted.

Onyeka Onwenu also has some advice for other musicians. She says they need to be persistent and take charge of their careers, especially during tough economic times.

“Hang in there and create opportunities for yourselves,” she urged, highlighting the need for proactive approaches in navigating the ever-evolving music industry landscape.

Onyeka Onwenu’s work in music, film, philanthropy, and education makes her a true role model for future generations.

“I have been part of the story right from time, and I am still moving forward, so I have a lot of stories to tell,” she remarked.

Onyeka Onwenu is giving her fans a double treat this year! Besides working on a new movie, she’s also releasing a collection of her classic hits with a modern twist—collaborations with up-and-coming artists.

Onwenu’s music has always been about more than entertainment. She’s used her powerful voice to promote Nigerian culture and social issues. Remember the evergreen duet “Wait for Me” with King Sunny Ade? It tackled population control, a relevant message even today.

Another one of her classics, “African Woman,” celebrates the strength and beauty of African women facing challenges. Songs like “Sodom and Gomorrah” explore biblical themes, while others like “Iyogogo,” “One Love,” “Dancing in the Sun,” and “Choices” cover a range of topics that continue to resonate with fans.

Check out more news updates here.

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MOVIES

Zack Orji Is Alive – AGN President Shuts Death Rumours

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Zack Orji: AGN President Confirms He Is Alive | Fab.ng

Rumours are going around that Nollywood actor Zack Orji has passed away. But that’s not true. The president of the Actors Guild of Nigeria, Emeka Rollas, said on his Instagram page on Tuesday, March 26th, 2024, that these rumours are false. He asked people to stop spreading this misinformation.

His post read,

“Mr Zack Orji is alive 💯💯💯💯💯💯Please ignore mischief makers who enjoy circulating fake news. This is to show how wicked some people can be. It is totally unacceptable. He will not die but live to declare the good works of God in Jesus’ name.”

 

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A post shared by Emeka Rollas Ejezie (@emekarollas)

A concerned commenter said,

“Thanks a lot for the update sir. I don’t know why some people prefer to disseminate unconfirmed information. May he not die. Wish him a quick recovery.” 

In December 2023, the public learned about the actor’s health struggles, leading to concern among his fans. On December 31st, he collapsed in his home’s toilet and was quickly taken to the hospital.

He was admitted to the Intensive Care Unit (ICU) for further treatment due to the severity of his condition. Reports indicated that he couldn’t speak or walk at that time. Fans became even more worried when a video surfaced showing the actor in a hospital bed.

During his recovery, he received visits from prominent figures including the First Lady Oluremi Tinubu, the Vice President’s wife Hajia Nana Shettima, the Minister of Women Affairs and Social Development, Uju Kennedy-Ohanenye, the wife of the Minister for Works, Rachael Umahi, and the wife of the Minister of State for Defence, Bello Matawalle, among others.

In January 2024, there was relief among Nigerians as reports confirmed the actor’s recovery at a private hospital in Abuja following brain surgery.

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