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Recession: FG Summons Emergency Session Over Economy

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10 years ago

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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.

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.

 

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

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12 hours ago

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April 24, 2026

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

 

 

 

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

 

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

 

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

 

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

 

Speaking on the collaboration, the Laffmattazz team stated:

 

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

 

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

 

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

 

⸻

 

About Laffmattazz

 

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

 

About First Bank of Nigeria Limited

 

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.

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Opinions divided over Pasuma Jaiye Kuti proposed wedding 

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1 day ago

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April 23, 2026

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Opinions divided over Pasuma Jaiye Kuti proposed wedding 

 

 

The current threading in *entertainment* world of speculated society marriage between oganla Fuji, Wasiu Alabi Pasuma with Nollywood icon, and widely acclaimed Queen of the tube jaiyeola Kuti has brought out different opinions amongst the fans and entertainment personnel.

 

What started as a rumour and mirage is gradually turning to reality and some fans are saying it’s not possible for Jaiye Kuti who is one of the scandal free Nollywood actress to be involved in such an unholy union with Pasuma

Most people who spoke with our correspondence, are of opinion that such a marriage can only happen in a mirage sessions and in Nollywood movies that apart Jaiye Kuti been responsible and married with children, Pasuma is someone who have vowed not to married and have a woman under his roof.

But to some also, it’s not impossible as artistes are known to be engaging and married to each other after denied and counter claims, which made and at the end they will go ahead and married . With this most people believe that truly there’s marriage in offspring for both celebrities While both parties refused to comment on the trend controversial issues about the whole issue , the world is anxiously waiting if this well circulated story of Pasuma getting married to Jaiye Kuti will come to pass or it will turn out to be a mirage.

Either way the die is cast as all eyes will be on Jaiye Kuti and Pasuma with searchlight on Nigeria entertainment industry once again

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PRESIDENT TINUBU CONGRATULATES OTEGA OGRA ON ELECTION TO WORLD FEDERATION OF ADVERTISERS EXECUTIVE COMMITTEE

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3 days ago

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April 21, 2026

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PRESIDENT TINUBU CONGRATULATES OTEGA OGRA ON ELECTION TO WORLD FEDERATION OF ADVERTISERS EXECUTIVE COMMITTEE

PRESIDENT TINUBU CONGRATULATES OTEGA OGRA ON ELECTION TO WORLD FEDERATION OF ADVERTISERS EXECUTIVE COMMITTEE

 

President Bola Ahmed Tinubu has congratulated his Senior Special Assistant on Digital Engagement, Strategy and New Media, Mr Otega Ogra, on his election to the Executive Committee of the World Federation of Advertisers (WFA).

 

The election took place today at the organisation’s Annual General Meeting, held during the Global Marketing Week Conference in Stockholm, Sweden.

PRESIDENT TINUBU CONGRATULATES OTEGA OGRA ON ELECTION TO WORLD FEDERATION OF ADVERTISERS EXECUTIVE COMMITTEE

President Tinubu described the development as a significant step for Nigeria’s growing influence in global communications.

 

He noted that Mr Ogra’s emergence as the only representative from West Africa and Sub-Saharan Africa on the Executive Committee reflects the depth of Nigerian expertise and the contribution of a new generation of young Nigerian professionals to global industry standards.

 

Mr Ogra was elected to the Executive Committee on the platform of the Advertisers Association of Nigeria (ADVAN), underscoring the role of Nigeria’s organised advertising and marketing industry in shaping representation at the global level.

 

The WFA is the leading global body for advertisers, representing over 150 multinational and Fortune 500 companies, alongside national advertiser associations across more than 60 countries, with a combined annual marketing spend running into hundreds of billions of dollars. Its Executive Committee is the organisation’s highest decision-making body, responsible for setting priorities and guiding global policy on responsible advertising, media transparency, sustainability, and the evolution of digital ecosystems.

 

President Tinubu noted that Mr Ogra’s election is both a personal distinction and a strategic opportunity for Nigeria and the African continent, placing them at the centre of global conversations on brand trust, platform accountability, innovation and the future of marketing and communications.

 

The President commended Mr Ogra, who also serves as Vice President of ADVAN, for his sustained contributions to strengthening Nigeria’s marketing and communications ecosystem, drawing on a career spanning leadership roles across the banking, manufacturing, and public sectors.

 

“Otega’s election reflects the growing recognition of Nigerian expertise and affirms our capacity to contribute meaningfully to the frameworks shaping global markets,” the President said.

 

President Tinubu added that the achievement aligns with his administration’s Renewed Hope Agenda, particularly in advancing the creative economy, strengthening digital governance, and positioning Nigeria as a competitive hub for innovation and enterprise.

 

Josh Faulks, CEO of the Australian advertiser association (AANA), and Simon Michaelides, Director General of the UK advertiser association (ISBA), also join the leadership team.

 

Current members of the executive committee, David Wheldon, President and Philip Myers, Deputy President, who is also the Chief Institutional Affairs and Corporate Communications Officer at Ferrero, continue in their current roles, as do all regional vice presidents.

 

 

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