Health Care

Nigeria's recovery from recession is weak, feeble - PDP

Nigeria's recovery from recession is weak, feeble - PDP”

Ruling All Progressives Congress (APC) has reacted to the National Bureau of Statistics (NBS) and the Central Bank of Nigeria (CBN) reports to the effect that the country has exited recession after five consecutive quarters of contraction and the country's foreign reserve has hit $32 billion, the highest mark since January 2015.

Specifically, the PDP criticised Federal Government officials of for celebrating the news when there are several reasons why it should be concerned. "It is the culmination of months of hard work by the administration and fidelity to its well-articulated economic policies, especially the Strategic Implementation Economic Recovery (2016) and the Growth Plan that was launched on 5th April, 2017", he said. This growth falls way short of the 6.54% GDP growth in the corresponding quarter of 2014, which was our last full year in office.

"The non-oil sector grew by 0.45 per cent in Q2 2017, a second successive quarterly growth after growing 0.72 per cent in Q1 2017".

For the opposition party, Nigerians will continue to suffer until the inflation rate is brought down and the economy is further strengthened.

In a statement on Wednesday, Bolaji Abdullahi, spokesman of the APC, said the efforts of the Buhari administration to revive the economy has begun to "yield fruits".

More news: Will the Astros win a third straight vs. Mariners? MLB Predictions 9/6/17

Since the country slipped into recession, the PDP and APC have traded accusations over which of them is responsible for the country's economic challenges and ultimately, the recession.

It accused the administration of "incompetence, lack of economic direction and incoherent economic policies", insisting it led the country into recession "and then prolonged recession in the first place".

President Buhari had on Tuesday welcomed the news of the country's exit from recession.

"In this administration, I am the one that published that we are in recession, and I am also the one that is saying, we are now out of recession", he said.

He said the administration also made impacts through the National Home Grown School Feeding Programme, which feeds 3,065,000 pupils in 14 states and has employed 36,000 cooks across the country; the Conditional Cash Transfer that has seen about over 30,000 households benefit from the N5,000 monthly stipend; the Government Enterprise and Empowerment Programme under which about 120,000 people have benefited from the cooperative loans; and the N-power that has employed 200,000 people. Your outputs of goods and services in the economy are going down and the Gross Domestic Products (GDP) is an accumulation of 46 different economic activities in Nigeria and the overall number.



Like this

loading...
loading...

Latest


07 September 2017
CBI summons Lalu Yadav, son Tejashwi in railways hotel scam
By this time, the value of the Patna land had also spiralled to Rs 32.5 crore as per the circle rate, the CBI claimed. Tejashwi, who was Deputy Chief Minister, had refused to quit after the charges emerged.

07 September 2017
Copart Inc (NASDAQ:CPRT) Institutional Investor Sentiment Is 0.88
After $0.37 actual EPS reported by Copart, Inc. for the previous quarter, Wall Street now forecasts -16.22% negative EPS growth. Zacks Investment Research cut Copart from a "hold" rating to a "sell" rating in a research note on Wednesday, August 2nd.

07 September 2017
North Korea Says It Successfully Tested A Missile-Ready Nuclear Bomb
Background radiation in South Korea appeared not to have been affected by the test, it added. The escalating tension took a toll on South Korea's stock markets and currency.

07 September 2017
EN VIVO: El papa Francisco llega a Colombia
En Medellín, también sostendrá un encuentro con sacerdotes, religiosas, consagrados, seminaristas y sus familias en La Macarena . Viernes 8 de septiembre , Villavicencio .

07 September 2017
Six Ministers Including Rudy, Mishra Dropped In PM Modi's Cabinet Reshuffle
On Sunday, PM Modi not just inducted new faces in his Cabinet, but also promoted some with potential and talent to work. Both these ministries are facing huge challenge.

07 September 2017
Trump seeks tougher sanctions to prod North Korea into negotiations
The proposed resolution would add 42 items to a list of equipment, goods and technology that countries are banned from exporting to North Korea.

07 September 2017
Israeli jets target 'chemical site' in Syria
It was not immediately clear if the facility struck Thursday was used for the production or storage of chemical weapons .

07 September 2017
North Korea nuclear test provocative - Putin
China has not just influence but has numerous levers that are needed to change behaviour in North Korea", Fallon told BBC radio. The measure also would freeze all of the North's and Kim's foreign financial assets, and outlaw North Korean textiles exports.

07 September 2017
NY to file lawsuit to protect DACA recipients
What happens in six months? President Trump even Tweeted on Tuesday that he would revisit the issue if Congress can not act. And the voters are right: Our immigration laws and enforcement need to be fixed.

07 September 2017
A Look at the Health of EnPro Industries Inc (NPO)
The basic materials company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.04. Accern grades analysis of public companies ranging from negative 1 to +1, with ranks nearest to 1 is considered more positive.