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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.

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.

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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.

 

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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Theo Somolu And Folake Olowofoyeku To Star In Disney’s ‘Mufasa’

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Theo Somolu And Folake Olowofoyeku To Star In Disney’s 'Mufasa'

Theo Somolu And Folake Olowofoyeku To Star In Disney’s ‘Mufasa’

 

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Nigerian actors Theo Somolu and Folake Olowofoyeku will star in Disney’s Mufasa, a prequel to The Lion King that explores Mufasa’s rise to kingship.

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Nigerian actors, Theo Somolu and Folake Olowofoyeku have secured roles in Disney’s prequel to the classic, The Lion King, titled Mufasa, which delves into the origin story of Simba’s father, scheduled to hit cinemas on December 20, 2024.

The casting of Somolu and Olowofoyeku marks a significant milestone for Nigerian representation in Hollywood. Details regarding their character are yet to be revealed.

Olowofoyeku brings a wealth of experience to the project. She has captivated audiences in both movies and television series, including her role in the popular sitcom, Bob Hearts Abishola (2019), Death Race 2050 (2017), Female Fight Club (2016), and the epic adventure, 10,000 A.D.: The Legend of the Black Pearl (2008).

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In addition, Somolu contributes his knowledge from previous projects, such as the children’s television program Mighty Express (2020), and Baggio: The Divine Ponytail (2021).

Moonlight and If Beale Street Could Talk director, Barry Jenkins is the director.

An era before Simba’s problems with his jealous uncle Scar will be revisited by viewers through Mufasa. Through a detailed account of his early years, the prequel will trace Mufasa’s development from a helpless cub to a courageous king.

The movie will explore the circumstances that lead Taka down a dark road and the complicated nature of their relationship.

According to Disney, “Mufasa: The Lion King enlists Rafiki to relay the legend of Mufasa to young lion cub Kiara, daughter of Simba and Nala, with Timon and Pumbaa lending their signature schtick. Told in flashbacks, the story introduces Mufasa as an orphaned cub, lost and alone until he meets a sympathetic lion named Taka — the heir to a royal bloodline. The chance meeting sets in motion an expansive journey of an extraordinary group of misfits searching for their destiny — their bonds will be tested as they work together to evade a threatening and deadly foe.”

Starring in the film are Beyoncé, Donald Glover, Blue Ivy Carter, Kelvin Harrison Jr., John Kani, Billy Eichner, Aaron Pierre, and Seth Rogen.

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How Ajobiewe settled long-standing feud between movie stars Yinka Quadri, Ogogo

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How Ajobiewe settled long-standing feud between movie stars Yinka Quadri, Ogogo

How Ajobiewe settled long-standing feud between movie stars Yinka Quadri, Ogogo

 

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The internet was stirred up when a video of two veteran Nollywood actors, Yinka Quadri and his colleague, Taiwo Hassan, popularly known as Ogogo, surfaced on social media platforms on Wednesday evening.

 

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Although, PUNCH Online could not confirm when or how the disagreement started between the two actors, they were seen settling their differences in a now viral video.

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In the video, one of Nigeria’s legendary Esa Oriki Orile exponents, Sulaiman Ajilara, popularly called Ajobiewe, was seen begging the veteran actors to put aside their differences and sheath their swords.

 

 

Ajobiewe made the peace call on Wednesday night during the birthday of actor Yomi Fabiyi.

 

When Quadri approached the dance floor, Ajobiewe insisted he call on his friend, Ogogo.

Afterwards, Ogogo joined Quadri while the chanter pleaded with them to settle their misunderstandings with his lyrics.

He sang in Yoruba, “Where is your Ogogo? Why did you come here alone? Call him for me. Tell him to come to me. I beg you, it is impossible not to have misunderstandings but I am begging you in the name of God, to settle whatever it is.

 

“Please hug each other and let it end there. I do not want to hear anything about your misunderstandings anymore for God’s sake.”

The two then hugged and smiled at each other.

Reacting to this, some Nigerians commended Ajobiewe for reuniting the actors, noting that it was good to see them back together.

Lanre Adeola, tweeting with the handle @lanreadeola said, “That’s lovely. An elder that doesn’t allow the baby’s neck to twist in the market.”

A tweep, Olanrewaju, who identifies as @olanrewaju wrote, “Agba o ni tan lori le…May God keep Ajobiewe for us for many years in good health. This is so nice.

Others expressed shock that the two were not on good terms. Sope, who tweets as @Dcsopetie wrote, “Wow! I never knew they were not talking to each other and how they hid it from the public is beyond me.

Meanwhile, Quadri, in a video shared by a YouTuber, Kilarigbo, earlier on Wednesday, confirmed their friendship, saying they are five and six.

 

He said though they are not biologically related, they are more like twins, adding that they have been friends since they met in 1985.

He, however, hinted that they have their issues, noting that they settle their misunderstandings without a third party.

He also warned the public to desist from spreading rumours of their fight, noting that they can never be separated by any force whatsoever.

However, PUNCH Online observed that both friends were hardly seen together in public in recent times.

Efforts to speak to Ogogo proved abortive as he didn’t pick calls or respond to text messages sent to his phone as of the time of filing this report.

Reacting, PUNCH’s style Editor, Tofarati Ige, said though the cause of their rift was unknown to the public, they started appearing less in public together.

He said, “Originally, Ogogo and Yinka Quadri were known to be close friends, as they often appeared at events together. In many films, they acted as friends, and their relationship continued off-screen. In some instances, they even wore outfits similar to those for public events.

 

“However, for some time, they started appearing less at public events together. Even when Ogogo’s daughter, Shakirat, got married, Yinka Quadri did not attend.

“Though the cause of their rift was not made known to the public, there were different rumours that they had fallen out, but neither of them acknowledged it publicly.

“However, the rift was well managed, as it was only known to insiders and privileged sources in the industry.”

Speaking further, he noted that when Quadri was approached about the issue, he declined to comment on it.

“Personally, when I heard of the rift about two years ago, I asked Yinka Quadri a question about it at an event, but he refused to comment on the issue.

“Till date, there are just speculations as to what actually caused the rift, I am not privy to what actually happened. As regards reconciliation, I am not aware of any elder that had tried to mediate between them.

“But, they are both close to elders in the industry, such as Jide Kosoko and Oga Bello, who are likely to have attempted to broker peace between them,” he added.

 

@PUNCHNG

 

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‘Pity men’, Williams Uchemba laments outfits women wear to the gym

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'Pity men', Williams Uchemba laments outfits women wear to the gym

‘Pity men’, Williams Uchemba laments outfits women wear to the gym

 

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Nollywood actor Williams Uchemba has lamented over the choice of outfit ladies wear to the gym.

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The movie star, in a video on his official Instagram account, lamented that women now wear revealing outfits to the gym, and the times he goes to the gym, he sees something he didn’t plan to see.

 

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'Pity men', Williams Uchemba laments outfits women wear to the gym

 

He also revealed that, due to this trend, he stopped going to public gym because of his desire to “make heaven.”

 

 

He said, “Ladies how far? Should all the men not come to the gym again? Because it’s getting out of hand and becoming appalling, I don tire. Make una try to dey wear beta cloth come gym nau, what is this?

 

 

“There are men that have made up their minds to make the heavenly race and na una dey plenty for gym. Whoever that sells these clothes to you people, their shop go burn down because what is going on? Every single time one comes to the gym, wetin you no plan see you must see am.

 

 

Una don make up una mind say no man in this Nigeria will make heaven but It won’t work because I’ve left the gym for una, I’ve set up a gym in my house because I cannot cope, I want to make heaven. You will have 20 people in the gym, 300 are women, doing exercises.

“Have conscience, men are people’s children too, I’m speaking for all the men and we need to make heaven.”

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