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Tag Archives: economic recession

Members of Nigeria’s Main Opposition Party Have Asked President Buhari to Resign Immediately

Peoples Democratic Party has called on President Muhammadu Buhari to leave resign from office without delay, dailypost.ng reports. The former ruling also asked Buhari to return the country to how he met it when he assumed office on May 29, 2015. Spokesperson and a member of the party’s National Caretaker Committee, Prince Dayo Adeyeye, stated this in a statement he ...

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Nigeria Needs Foreign Investors, But Where Are the Airlines to Fly Them in?

Nigeria is facing its worst recession in 29 years, and in dire need of foreign investors yet the country seems not to have airlines to fly them in. The country is currently facing a myriad of challenges in its airline operators, making it increasingly difficult for investors to come in. According to a report in Reuters, foreign airlines flying to ...

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Five Ways Nigerian Business Owners Can Survive the Recession

Recently, the National Bureau of Statistics revealed Nigeria’s Gross Domestic Product (GDP) figure which showed that the country’s economy contracted by 2.06 percent; Nigeria was now officially in a recession. Nigeria’s economic crisis was caused by the impact of the fall in oil prices, China’s economic slowdown and the US Fed hike. However, the main reason was due to the ...

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Take Note! Here’s A List of Staple Items Whose Prices Have Risen As Nigeria’s Inflation Rate Hits 17.1%

The National Bureau of Statistics (NBS) recently revealed that the Consumer Price Index (CPI) which measures inflation, increased by 17.1 percent (year-on-year), that is 0.6 percent higher than the rate recorded in June – 16.5 percent. This represents the highest rate in eleven years since October 2005, as the weak Naira keeps pushing up food prices. The inflation rate rose ...

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Salary Breakdown: How Nigerian Senators, Reps Earn N6.78bn Annually

At a time Nigerians are groaning under the yoke of recession, Members of the National Assembly (NASS) comprising the Senators and Members of House of Representatives have received a total sum of N6.78 billion as their official salaries and allowances in one year, investigation by Economic Confidential has revealed. The report obtained by Economic intelligence magazine showed the ‘legitimate’ remuneration ...

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Economic Downturn: We Will Not Owe Workers- FG Vows

The Federal Government on Thursday dismissed insinuation in some quarters that it would not be able to pay its workers’ monthly salaries from October due to current economic and financial challenges in the country. The Minister of Budget and National Planning, Mr Udoma Udo Udoma, stated this in Abuja while addressing State House correspondents after the monthly National Economic Council ...

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