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Recession: FG Summons Emergency Session Over Economy

Published

10 years ago

September 15, 2016

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.

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.

LEADERSHIP recalls that president of the Senate, Dr Abubakar Bukola Saraki, on Tuesday, said that on resumption next week, the Senate would investigate the cause of the country’s receding economy and also pass emergency pieces of legislation to tackle it. He said the time for identifying the cause of the economic recession and those responsible for it was over and that all political leaders should start working together to find a solution.

Saraki also disclosed that the Red Chamber will make “tough” recommendations to President Buhari on the matter.

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.

Seek experts’ advice – Emir Sanusi

Meanwhile, the Emir of Kano, Muhammad Sanusi II, has called on the federal government to seek the advice of experts on economics in tackling the current economic crisis in the country.

Sanusi gave the advice during the traditional Sallah Durbar (Hawan Nasarawa) at Government House, Kano.

He said consulting the experts would help in bringing about proper solution to the crisis and reducing the hardship people are currently facing in the country.

The emir, a former governor of the Central Bank of Nigeria (CBN), also urged wealthy Nigerians to support the less-privileged in the society in order to alleviate their sufferings.

He also urged the people of Kano to remain law-abiding and be their brother’s keeper irrespective of religion or ethnic background, for all Nigerians to continue to pray for economic growth and development of the country.

The royal father appealed to the state government to empower the people with economic skills that would make them self-reliant.

Also, 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.

Leadership

celebrity radar - gossips

Powerful dignitaries, high net worth personalities storm Omorede Osifo’s diamond jubilee celebration in Marbella Spain

Published

2 days ago

May 13, 2026

Sahara Weekly

Powerful dignitaries, high net worth personalities storm Omorede Osifo’s diamond jubilee celebration in Marbella Spain

.. How she has attained so much professional, political heights at 60

The beautiful city of Marbella in Spain was thrown into a colorful and electrifying mood when one of Nigeria’s most celebrated, iconic political Lionesses, the debonair banker turned politician, Lady Omorede Osifo was serenaded with a sumptuous and deluxe 60th birthday gig.

The dynamic political empress and symbol of selfless service to humanity who served diligently and faithfully as the honourable Commissioner for Youth and Sports in Edo State was flabbergasted by the amazing love shown to her by friends, family and well-wishers who thronged the alluringly beautiful hall to give her an indelible birthday celebration. The event tagged @omorede_osifo is now the talk of town as high networth dignitaries, celebrities from all walks of life and different parts of the world all made their presence significant for the celebrant to ruminate over in many years to come.

Lady Omorede Osifo is a quintessential democrat who committed much of her time and energy in serving the people. The birthday babe whose special day fell on 8th of May has come, saw and conquered in the so-called murky waters of Nigerian politics. She served perfectly as State Commissioner, Deputy National Treasurer of the ruling All Progressives Congress (APC),

Special Adviser on Women Mobilization in Edo State and as a distinguished representative of her people.

As the celebration of the 60th birthday of this lady of glam, glitz and panache unfolded, it became clear that this gathering was not just a personal milestone for Hon. Lady Omorede Osifo but also a reaffirmation of commitment among political leaders to work together. The convergence of these key figures in the political arena serves as a reminder of the potential for collaborative efforts to foster progress and uplift the community.

Her birthday celebration was a testament to the strength of unity in political engagement, highlighting the significance of personal connections in the realm of governance.

As Hon. Lady Omorede Osifo embarks on another year, the expressions of support and solidarity from her fellow dignitaries promise a future filled with collaborative achievements and shared goals for the betterment of their constituents.

Hon. Lady Omorede Osifo is a fantastic leader who wants the best for her people. She is personally committed to the transformation of women and two girl child in Edo State and she has also been at the top echelon of her political party, the APC with her selfless efforts recognized and appreciated by His Excellency President Bola Ahmed Tinubu GCFR as well as her superb democratic contributions to the growth and development of Edo State under the leadership of His Excellency Governor Monday Okpebholo who has overtime shown appreciation to her for being a dedicated and patriotic loyal daughter of Edo State. Even the Oba of Benin Kingdom bestowed on her the Prestigious Royal Beads which is given to Chiefs in recognition of her deep passion for the historical city of Benin.

This year, all road led to the serene city of Marbella, Spain for the celebration of her 60th birthday and a opportunity for her to appreciate her Creator, the Almighty God as well as every single individual that has played significant roles in her life.

Attaining the diamond age of 60 is never a child’s play, it’s a moment of sober reflection and commendation to God. We at Black Celebrity Magazine wish the indefatigable and indomitable Hon. Lady Omorede Osifo a very happy 60th birthday and many more years to live in perfect health and more success.

celebrity radar - gossips

Confusion, Panic As Reports Of Alexx Ekubo’s Death Rock Nollywood

Published

3 days ago

May 12, 2026

Sahara Weekly

Confusion, Panic As Reports Of Alexx Ekubo’s Death Rock Nollywood

The Nigerian entertainment industry was thrown into confusion and panic on Tuesday following viral reports alleging that popular Nollywood actor, Alexx Ekubo, had died at the age of 40.

The shocking claim, which spread rapidly across social media platforms and blogs, alleged that the actor died in Lagos after battling undisclosed health complications, sparking an outpouring of grief from stunned fans and colleagues.

As the rumours gained momentum online, several actors, movie producers and entertainment enthusiasts flooded Instagram and X with emotional reactions, describing the development as “heartbreaking,” “unbelievable” and “a dark day for Nollywood.”

Actor Godwin Nnadiekwe was among those who reacted emotionally, reportedly lamenting that the industry had lost “a rare soul” whose charisma and talent helped shape modern Nollywood.

Alexx Ekubo, widely admired for his stylish persona, romanti movie roles and strong social media influence, rose to prominence after emerging first runner-up at the 2010 Mr Nigeria competition before becoming one of Nollywood’s most sought-after actors.

The development also reignited conversations surrounding the actor’s prolonged absence from social media in recent months, which had earlier triggered concern among fans over his wellbeing.
Despite the widespread reports, confusion continued to trail the story as no official statement had been issued by the actor’s family, management or close associates confirming the alleged death as of press time.

The uncertainty surrounding the reports further fueled tension online, with many Nigerians demanding clarity while others urged the public against spreading unverified information.

celebrity radar - gossips

JOY AS SHEBABY SPARKS PREGNANCY SPECULATION YEARS AFTER MARRIAGE

Published

3 days ago

May 12, 2026

Sahara Weekly

JOY AS SHEBABY SPARKS PREGNANCY SPECULATION YEARS AFTER MARRIAGE

Popular Nigerian actress, singer and dancer, Seyi Ariyo, popularly known as Shebaby, has stirred reactions on social media following speculations that she is expecting a child years after getting married.

The development has generated excitement among fans and colleagues, especially on Instagram where many have continued to flood her page with congratulatory messages and prayers.

While some admirers celebrated the actress and prayed that her joy would be permanent, others pointed to a viral video currently making rounds online, where several entertainers, among them Oyita, a close friend, Tawa Ajisefinni, Seyi Ẹdun, Bukky Fagbuyi, and a host of others including Olú Maintain, were seen rejoicing and congratulating her.

Although Shebaby is already a mother with a grown daughter, the latest development has continued to attract attention within the entertainment industry and among her followers.

Before now, the London-based entertainer had built a strong reputation for herself in both music and acting. She has released several songs and also worked alongside notable Fuji star Wasiu Alabi Pasuma and other respected entertainers in the industry.

In the movie sector, Shebaby is also regarded as a household name. Sources close to the actress revealed that she is currently working on a new project titled Father Forgive Me.

Fans and colleagues have continued to pray for the actress, wishing her safe delivery and more happiness in her home.

#Shebaby #SeyiAriyo #EntertainmentNews #Nollywood #Pasuma #Olumaintain #CelebrityNews