NIGERIA ECONOMY
https://proudstars.blogspot.com/2016/07/nigeria-economy.html
The governor of central bank of Nigeria ( CBN ), Mr Godwin Emefiele, on Tuesday 19/7/2016 told the Senate the nation's economy has entered in to deep crisis , as it remained recessive in the first and second quarters of the 2016 fiscal year. Emefiele who met with the apex legislative chamber in a close door session for two hour, also said that Nigerians has to pay more sacrifice because inflation would fourth skyrocket. This was as the apex chamber appreciated the enormous challenges facing the nation, commending and supporting the CBN for its policies so far to strengthen the ailing economy . A senator who attended the session disclosed to proudstars.blogspot.com that Emefiele had to own up to the true position of the economy because it appeared that the ruling all progressive Congress has lost hope of proffering solution to the worrisome situation. The senator who spoke under the condition of anonymity, noted that based on the briefing of the CBN boss, the federal government might not be able to sustain 70 per cent of salary payment
In the 2016 Budget implementation. The Lawmaker also expressed pessimism on the ability of the economy team of the president Muhammadu Buhari to come up with strategies the would use the agricultural sector to diversify the economy. The CBN Governor admitted that the economy is in trouble, and from the looks of things, it is not going to get better. Salaries may not get 70 per cent implementation when you see the level of budget implementation so far. The CBN admitted that the economy was in recession in the first and second quarters. In fact they may not get 50 per cent implementation. "Reflating the economy is what other economies in recession have done, but that is not happening here. The Economic team is not able to come up with strategies on how they can even use agricultural to diversify the economy. The source further said that Emefiele did not want to disclose certain critical issues raised by the senators because they were serious issues that got to do with the competence and the capability of the ruling party. However in a press statement issued by the leadership of the Senate at the end of the executive session, the apex chamber said that the governor of the CBN presented a comprehensive and lucid account of the performance of the Nigeria economy in the last one year.
In the 2016 Budget implementation. The Lawmaker also expressed pessimism on the ability of the economy team of the president Muhammadu Buhari to come up with strategies the would use the agricultural sector to diversify the economy. The CBN Governor admitted that the economy is in trouble, and from the looks of things, it is not going to get better. Salaries may not get 70 per cent implementation when you see the level of budget implementation so far. The CBN admitted that the economy was in recession in the first and second quarters. In fact they may not get 50 per cent implementation. "Reflating the economy is what other economies in recession have done, but that is not happening here. The Economic team is not able to come up with strategies on how they can even use agricultural to diversify the economy. The source further said that Emefiele did not want to disclose certain critical issues raised by the senators because they were serious issues that got to do with the competence and the capability of the ruling party. However in a press statement issued by the leadership of the Senate at the end of the executive session, the apex chamber said that the governor of the CBN presented a comprehensive and lucid account of the performance of the Nigeria economy in the last one year.
Posted by OKWUDIRI STRAIGHTMAN NWALI for PROUDSTARS.BLOGSPOT.COM.
