According to Vanguard, federal Government said that Nigeria risks another recession if a strong third quarter economic performance in 2020 was not achieved.
Minister of State for Finance, Budget and National Planning, Clement Agba made the disclosure while speaking at an interactive session with the House of Representatives joint committees on Finance, Appropriation, Budget and Economic Development as well as Loans, Debt Management.
Representing the Minister for Finance, Budget and National Planning, Zainab Ahmed at the session attributed the possible slide to the challenges of COVID-19.
He said that the country was exposed to spikes in risk aversion in the global capital markets, fearing it will put pressure on the foreign exchange market as foreign portfolio investors exit the Nigerian market.
He said that crude all prices dropped sharply in the mild market with Bonny Light crude oil price dropping from a peak of US$72 pb on January 7, 2020 to below US$20 in April, 2020 as a result of which the US$57 crude oil price benchmark on which the 2020 budget predicated.
Agba said that the bid to arrest the situation made the review for the projections for Customs duty, Stamp Duty, Value Added Tax, and Company Income Tax revenues necessary.
He said further that over the past 5 years, actual revenue performance averaged 61.4%, adding that some government reforms had performed adding that “we believe we can do more to improve revenues, especially remittances from Government Owned Enterprises, possibly up to N1 trillion p.a.”
He stressed that “oil GDP growth rate has a strong positive correlation with real GDP growth in Nigeria. Consequently, changes in the underlying drivers of oil GDP will significantly affect real GDP performance.”
He said further that although Nigeria‘s total production capacity stands at about 2.5 mbpd, current crude production stands at about 1.4mbpd in compliance with the OPEC production quota), and an additional 300,000bpd of condensates, totaling about 1.7mbpd.
According to him, the World Bank has projected that crude oil prices will rise gradually from an average of US$42 pb in 2021 to $44.5 pb in 2022, and US$47 pb in 2023, while EIA expects Brent crude oil prices to average $41 pb during the secoBuhari f of 2020 and $50 pb during 2021, reaching $53 pb by the end of 2021.
5) CAN declares Aug 23 day of prayer against insecurity.
According to Premiumtimes, the Christian Association of Nigeria (CAN) has declared August 23 a day of collective intercessory prayer for Nigeria over the security situation in the country.
The General Secretary of CAN, Daramola Bade, made this announcement in a statement obtained by the News Agency of Nigeria (NAN) in Abuja.
Mr Bade, who announced the collective prayer session of 15 minutes for Nigeria on the 23rd August, noted that the aim was to tell God in one accord, to have His way and do His will in Nigeria.
The association stressed the need to pray to God for a lasting solution on the issue of security challenges in the country.
Meanwhile, in another statement, the Nigerian Inter-Religious Council (NIREC), under the leadership of the Co-Chairmen, the Sultan of Sokoto, Sa’ad Abubakar and the President, CAN, Rev Samson Ayokunle, called on the government to provide security for Nigerians.
According to the statement, NIREC has always condemned the terrorists’ attacks on innocent citizens in the North Eastern part of Nigeria and the various criminal activities in the various parts of the country.
4) 7 Family Members Die Of Food Poisoning In Zamfara.
According to Leadership, seven members of a family has died of food poisoning in Auki village of Bungidu local government area of Zamfara State.
The family, comprising two housewives and their five children died after taking their dinner which was made of tuwon dawa (guin-ea corn food).
Narrating the sad incident to journalists, an indigene of the area, Mohammed Mas,ud said that the family developed serious stomach disorders immediately after eating their dinner and three of them died instantly.
Other members of the family were rushed to General Hospital, Bun-gudu, where the remaining four also died.
The medical director of the hospital, Dr. Gambo Tsafe, confirmed that investigation conducted by the hospital showed that the deceased died of food poisoning as a result of consumption of contaminated food.
Gambo explained that the deceased were vomiting and passing diarrhoea when they were brought to the hospital and all efforts to save their lives proved abortive.
3) Cultists kill 30-year-old man in Delta community.
According to Punch, fear and tension has gripped the residents of Iyara area in the Warri South Local Government of Dela State following reports of the killing of 30-year-old, Sholaye Mesarawon.
The deceased was suspected to be killed by cultists.
The state police command said only Mesarawon was killed, and this is contrary to rumours that three persons died during the cult clash.
Sources said the incident, which caused pandemonium in the area, occurred around the Essi College gate.
It was not, however, clear whether the deceased was a member of any of the rival cults, which clashed in the area.
During the clash, weapons, including guns, were freely used by the cultists and in the process, the deceased was shot dead.
The Commissioner of Police in the state, Mr Hafiz Inuwa, confirmed the killing of one person in a text message sent to Punch's correspondent.
“Yes, only one Sholaye Timothy Mesarawon, 30, was reportedly attacked and killed by suspected cultists,” the CP wrote.
2) Miyetti Allah explodes over alleged killing of Fulanis, indicts ‘murderous gang’.
According to Dailypost, the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) has condemned the alleged killing of Fulani pastoralists in Zuru Sakaba, Fakai and Dango/Wasagu Local Government.
The LGs are all under Zuru Emirate Council in Kebbi State.
Baba Othman Ngelzarma, MACBAN National Secretary, in a statement said 68 people, including a one-year-old child, were killed.
He alleged that the Dakarkari “Yan Sa kai” carried out the murders between April 29 to August, 11 this year 2020.
Ngelzarma lamented that no one has been arrested till date.
MACBAN alerted that the “murderous gang is getting bolder and bolder by the day and if care is not taken the crises in these areas might snowball into a large conflict.”
Ngelzarma urged to the government of Kebbi State and security agencies to arrest and prosecute the culprits.
MACBAN appealed to its members to exercise restraint, “because we always believe two wrongs do not make a right.”
1) NCDC reveals why Nigeria’s COVID-19 cases are low.
According to Dailypost, The Nigeria Centre for Disease Control (NCDC) has disclosed that the low number of the COVID-19 cases in the country is due to the lesser amount of samples collected across the states.
Chikwe Ihekweazu, NCDC Director-General, stated this during the Presidential Task Force briefing on COVID-19 in Abuja on Thursday.
Ihekweazu, who was represented by Mrs. Elsie Ilori, NCDC Head of Surveillance and Epidemiology Department, stated that the testing labs were underutilized because the states were not collecting enough samples for the laboratory to test.
According to the Ihekweazu, we sometimes know when we look at stigmatization, people say they do not want to go to testing sites because they’ll be stigmatized.
These latest news are not too good for the hearing, please let our Government find an urgent way to tackle the issue of recession that's coming on it's way.
However, what step would you advice the Government to make sure we don't enter another recession? Also, how can we minimize the killings of innocent people in the country?
Note: Christians, please don't forget the date that was announced by CAN for prayers against insecurities.
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