Pressures
Nigeria’s inflation drops to 17.93 percent
The Consumer Price Index (CPI) which measures inflation dropped to 17.93 per cent (year-on-year) in May compared to 18.12 per cent in the preceding month, according to the National Bureau of Statistics (NBS). The 0.19 per cent decline in the headline index, makes it the second consecutive month that the rate had sustained its downward trajectory after 18 months of inflationary pressures on the economy. According to the CPI figures for May which was released by the statistical agency Tuesday, food inflation dropped to 22.28 per cent from 22.72 per cent in April. Price moderation was recorded in bread, cereals, milk, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats and vegetables. On month-on-month basis, the food sub-index declined to 1.05 per cent in May ...
Firm cautions Nigerian government over sale of national assets
Agusto Consulting has cautioned the federal government over its plan to relinquish national assets to private hands, saying, the risk involved is unquantifiable. Agusto Consulting, in a report titled “Rethinking Nigeria’s Models for Infrastructure Development,” noted that, the benefits of relinquishing control to the private sector are glaring, but remain difficult to implement. Noting that the federal government’s handing off certain critical assets of the country that have been dormant over the years will positively impact on the country’s budgetary allocation, but added that this decision has caveats and risks associated with operating models that involve private sector participation regardless of the levels of participation. “First is the high level of corruption in the country and the...
AKA: I’m not a suspect in my fiancée’s murder investigation
Superstar South African rapper, Kiernan Forbes, has stated that he is not a suspect in the ongoing investigation into the death of his fiancée, Nellie Tembe, by the South African Police. Fondly referred to as Anele, it was reported that the rapper’s fiancée fell from one of the upper floors of the hotel to the intersection of Loop and Bloom streets in the Cape Town central business districts. AKA and Anele had gotten engaged in February this year. In March, he paid ‘lobola’ to her family, describing her as ‘the love of his life’ when he announced their engagement on social media. The rap artiste revealed that some people whom he and his late fiancée trusted with their deepest troubles now use them as weapons against him. He said, “It is a sad day when I find myself having to speak to the n...
UN projects Nigeria’s GDP to expand by 1.5 percent
Nigeria’s gross domestic product (GDP) is projected to expand by 1.5 per cent this year, after a contraction of 3.5 per cent in 2020, a United Nations (UN) report said on Wednesday. In the latest World Economic Situation and Prospects report, the UN noted, that tighter foreign exchange (forex) liquidity, mounting inflationary pressures and subdued domestic demand clouded the medium-term outlook. Although last year, the global economy shrank by 4.3 per cent, this year’s projected recovery of 4.7 per cent will barely offset the losses of 2020, according to the report. The World Economic Situation and Prospects 2021 is a report produced by the UN Department of Economic and Social Affairs (DESA), in partnership with the UN Conference on Trade and Development (UNCTAD), and the five UN regional ...
Chelsea boss admits to facing ‘reality check’ after Manchester City drubbing
Chelsea manager Frank Lampard acknowledged that he was given a sharp jolt of reality as the Blues capitulated at home to Manchester City on Sunday. Lampard’s charges have been in torrid form since the start of December, following up a run of nine unbeaten Premier League games with four defeats in their last six outings. The latest, a 3-1 reverse at Stamford Bridge at the hands of City, was concerning not just for the result but also the subdued display offered by the hosts. Chelsea mustered just two shots on target to give debutant goalkeeper Zack Steffen a quiet afternoon between the posts, and only troubled the scorers late into injury time through Callum Hudson-Odoi when the game was already out of reach. And with the Blues having slipped down to eighth as a result of their recent woes,...
Pep Guardiola: No new striker for Manchester City due to coronavirus impact
Manchester City’s strikers will have to rediscover their scoring touch because reinforcements will not be signed in January, manager Pep Guardiola has said. Guardiola explained that even with the backing of their Abu Dhabi owners, City were subject to the same financial pressures as their rivals due to the impact of the coronavirus pandemic. City have scored only twice in their last three league games but hope to welcome back Brazilian striker Gabriel Jesus for Tuesday’s League Cup quarter-final with Arsenal. However, the League Cup holders’ record goalscorer Argentinian Sergio Aguero is sidelined by an undisclosed issue having had knee and illness problems already this season. Asked about the prospect of new blood coming to the club, Guardiola replied: “No I don’t think so because the eco...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
Ex-President Jonathan: I was judged harshly before 2015 elections because …
Former President Goodluck Jonathan on Tuesday said he was wrongly judged by some of his friends and political opponents before the 2015 presidential election because of his personal convictions and the vision he had for the country. He, however, insisted that he does not hold any grudge against his detractors for their harsh criticisms. It would be recalled that the ex-President was widely criticised, before the election, for his approach to alleged corruption in his administration, the perennial problem of insecurity, and the sacking of some top government functionaries within his administration including the former Central Bank Governor, Sanusi Lamido Sanusi, ex-Chief of Army Staff, Lt. Gen. Azubuike Ihejirika, among other. Speaking in Abuja during the public presentation of a book ‘Dear...