Govt forces First Nation Airways to reverse self on operational suspension  

  First Nation Airways, one of the local airlines that announced winding down operations in Nigeria, due to economic meltdown, has made a u-turn saying it will now resume operations before September 15, 2016. The airline Monday morning in a statement signed by its Corporate Affairs head, Rasheed Yusuff, said the press misquoted management by concluding that the airline had wounded down it operations, indefinitely. But sources said First Nigeria management was summoned last week by the government immediately after the news break on the airline’s grounding of…

Nigerian Economy: Moody’s predicts further rise in inflation

Moody’s, the global rating agency, has predicted a further rise in the already historic high in the nation’s inflationary rate to 18 per cent. According to a Global Credit Research report released by the rating agency in Dubai, Moody’s said the depreciation implies a material loss in purchasing power given import-price inflation, adding that it…

As Nigeria Admits Sliding Into Recession

The Nigeria Bureau of Statistics ( NBS) during the week told us what we already know- that Nigeria is in recession. To me, Nigeria has always been in recession and they just stated the obvious. The years the locust has eaten has caught up with us. Failed policies, or rather inconsistent policies and kleptocracy of…

Inflation, Nigerians And The CBN: A Wrong Prescription

Prices have continued to rise and our ability to pay for basic and essential items has continued to fall, so are our wellbeing and our prosperity. Investment for the future by firms and individual households are on the decline. Every person on the street accepts that we are faced with inflation. So, the Central Bank…

Moody’s Predicts Inflation In Nigeria To Rise In December By 20%

Subdued growth in the economy for oil-rich Nigeria could be undermined if the country’s production levels don’t recover, Moody’s Investors Service said. The Nigerian Bureau of Statistics said last month the economy had slipped into recession. A member of the Organization of Petroleum Exporting Countries, the oil-sector contribution to total real gross domestic product for…

PDP TACKLES BUHARI ON NATION’S RECESSION

Nothing better showcases the absolute ineptitude and incompetence of the Muhammadu Buhari administration than the GDP, inflation and unemployment figures released by Nigerian Bureau of Statistics Peoples Democratic Party, PDP, has asked President Muhammadu Buhari to resign for the recession indicators in the economy as revealed by the National Bureau of Statistics, NBS, on Wednesday….

Resign for destroying our economy, PDP tells Buhari

The People Democratic Party (PDP), has reacted strongly to figures released on Wednesday by the National Bureau of Statistics (NBS), which showed that the Nigerian economy had entered the worst form of recession in 29 years. The party, in a statement issued by Deji Adeyanju, its Director of New Media, said the implication of this…

Nigeria slips deeper as inflation hits 17.1%, GDP declines by 2.06%

By Odunewu Segun Nigeria’s economy slipped deeper into recession as recent statistics released by the Nigerian Bureau of Statistics showed that inflation has continued to soar, rising from the previous 16.5 per cent recorded in June to 17.1 per cent in July. From the statistics, the onset of the harvest season is also yet to…

Altering economic policies under Buhari in order

The Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, has declared that there was nothing wrong in the administration of President Muhammadu Buhari changing any of its economic policies.   He spoke at the backdrop of alleged inconsistency in some of the government economic policies.   Speaking to newsmen, he said that…