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It’s Doubtful Nigeria Has Exited Recession – Atiku
Former Nigerian Vice President, Atiku Abubakar, last Friday said it was doubtful whether Nigeria has indeed exited recession.
Mr. Abubakar made this known in his keynote address while picking the Silverbird’s 2017 Man of the Year Award in Lagos.
“Last year,” Mr. Abubakar said, “we celebrated the fact that we exited our first recession in 25 years. To me, that celebration was premature.
“After contracting for five consecutive quarters, Nigeria came out of recession in the second quarter of 2017 with a GDP growth rate of 0.55 per cent. In the third quarter, we fared better with 1.40 per cent.
“While this looks somewhat like we exited the recession, the reality is that when you factor in our population growth rate of 2.3 per cent, which is one of the highest in the world, have we really exited a recession? Technically, yes, but in reality, it is doubtful.”
The former vice president remarked that Nigeria is going through a lot of challenges in the area of unity, economy and security.
“These challenges are actually symptoms. They are not the ailment. And as any doctor will tell you, you cannot get genuine long-lasting relief if you treat symptoms. You have to target and treat the root cause of the disease.
“What is happening in Nigeria is that as a nation, we are caught up in a modern-day Malthusian Trap. For years, our population has been growing faster than our Gross Domestic Product, bringing us to a point where we have an ever-increasing population competing for resources that are not keeping pace with population growth.
“It may sound simplistic, but if Nigeria can assemble a leadership focused on getting us out of this Malthusian Trap by gradually reversing the trend where population growth exceeds GDP growth, many of these challenges we are currently facing will slowly but surely fade away,”
In February 2018, he said, Nigeria has just overtaken India as the world’s capital of extreme poverty according to the World Poverty Clock. He argued that there are more extremely poor people in Nigeria than there are in India, a country that has six times Nigeria’s population.
“When people do not have jobs and the means to start a business are beyond their reach, they are incrementally much more likely to engage in criminal behaviours like terrorism, kidnapping, militancy and armed robbery,” he noted.
“According to the African Development Bank, in 2017, 18 African countries grew their Gross Domestic Product above 5%. Nigeria, which was number one in 2014, was not amongst these nations. We must figure out what has happened in the intervening years between 2014 and 2018 and fix what went wrong.
“What happened to brilliant initiatives like the YouWIN programme which gave Nigerian youths the training and funding to start their own businesses?”
The former vice president also argued that Nigeria needs to be restructured, in order to fix “Nigeria’s broken systems and not just a campaign gimmick that we fish out of our magic hats and deny after we have gotten what we want.”
“Let me say this: The Restructuring that I, Atiku Abubakar, envisions, will see no state receive less money from the federation account than it currently does. I hope that will ease the anxieties of some who oppose restructuring. Restructuring will not cheat you. It will free you.
“When I was in government, we reduced recurrent expenditure by introducing the monetisation policy and by privatising many government enterprises, especially those that were consuming resources without generating revenue. Those policies have been bastardized today and we have seen a ballooning of our recurrent expenditure and shrinkage of our capital expenditure. We must return to the basics.”
Mr. Atiku noted that the nation cannot spend 70 per cent of its budget on recurrent expenditure at a time Nigeria has more unemployed or underemployed people than the entire population of the Republic of Cameroon.
He said, “Many of you in the audience and those of you watching from home may be surprised to know that when I was a teenager, the Saudi Royal Family came to Nigeria for medical tourism and precisely to the University College Hospital, Ibadan.
“Can you imagine how I feel that now that I am an adult, Nigerians, and especially our leaders, are Africa’s number one medical tourists.
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Tinubu Orders Fresh Push To Crash Food Prices

President Bola Tinubu has ordered a Federal Executive Council committee to move swiftly on measures to further reduce food prices across the country.
The Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, disclosed this in Abuja, on Wednesday.
According to him, the directive focuses on ensuring safe passage of farm produce across transport routes to cut logistics costs.
“The President has given a matching order with a Federal Executive Council committee already handling it on how we are going to promote safe passage of agricultural foods and commodities across our various routes in the country,” Abdullahi said at a capacity-building workshop for Senate correspondents.
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Nigeria, Africa’s most populous nation, has faced worsening food insecurity since the removal of fuel subsidy, high transport costs, and insecurity on major highways disrupted the movement of goods.
Despite government interventions, food remains largely unaffordable for millions.
The minister said the plan is tied to Tinubu’s broader vision of food sovereignty—beyond availability to ensure affordability, accessibility, and nutrition on a sustainable basis.
To back this up, he revealed that government is set to roll out a Farmer Soil Health Scheme to boost productivity and a revamped cooperative reform initiative to mobilise resources and empower rural farmers.
“Mr. President has shown tremendous interest in the cooperative sector as a veritable tool for resource mobilisation, for economic activity generation, and to improve the livelihood of members,” Abdullahi added.
The event, with the theme, “Parliamentary Reporting: Issues, Challenges and Responsibilities,” also featured Senate Media Committee Chairman, Senator Yemi Adaramodu; ex-presidential aide, Senator Ita Solomon Enang; and NILDS DG, Prof. Abubakar Sulaiman.
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Umahi Threatens Defaulting Contractors With EFCC Arrest

The Federal Government has warned contractors, including foreign firms, that any breach of regulations in road projects awarded to them may lead to arrest by the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission.
The Minister of Works, David Umahi, issued the warning during an inspection of the ongoing dualisation of the East-West Road (Section IIIA) from Eleme Junction to Onne Port Junction in Rivers State.
The section is being executed by Reynolds Construction Company (Nigeria) Limited.
Responding to questions from journalists, Umahi commended the quality of work on the project but expressed displeasure over the slow pace, stressing that the December completion deadline remains sacrosanct.
On the project, he said:“The quality of the work is excellent, but the pace of work is totally unacceptable. Let me make it very clear to the contractor that this project will neither be reviewed nor varied in price or claims.
“I’m sure we have issued over 10 warning letters to them. If they fail to comply with the completion deadline of December 15, we will not extend it.”
He added that the ministry had already put measures in place to enforce compliance
“The comptroller has negative certificates to issue, and I will recover the money from any of their other projects. All those letters are on record, and when the time comes, they will be invoked. Any contractor who refuses to abide by regulations will have the EFCC and ICPC to contend with,” he said.
Umahi further disclosed that the Federal Government had directed that road projects valued below N20bn would no longer be awarded to expatriate companies, in line with its “Nigeria First” policy aimed at strengthening indigenous capacity in the construction sector.
“This is part of the Nigeria First policy of the Federal Government. Henceforth, no expatriate firm will be awarded any project valued below N20bn. Such projects must go to indigenous companies, while expatriates focus on higher-value projects requiring more technical capacity,” he said.
The minister also noted that the Federal Ministry of Works had adopted a funding prioritisation framework to sustain road projects initially financed by the Nigerian National Petroleum Company Limited under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.
He stressed that President Bola Tinubu had directed that none of such projects should be abandoned, adding that priority would be given to critical economic corridors.
Umahi also decried the indiscriminate parking of heavy-duty vehicles on highways, saying it was damaging the pavements of completed sections of the road.
He said letters would be sent to state governors and the Inspector-General of Police to enforce punitive measures against defaulters.
Earlier, the Federal Controller of Works in Rivers State, Mrs Enwereama Tarilade, said RCC had completed 15km of the right carriageway and commenced work on the left carriageway, with one kilometre already laid in Continuously Reinforced Concrete Pavement.
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We’ll Support Federal University Environment And Technology – Ibas

The Rivers State Government says it will ensure the smooth and successful takeoff of the newly established Federal University of Environment and Technology (FUET), in Ogoniland.
This commitment was made yesterday by the Administrator of Rivers State, Retired Admiral Ibok-Ete Ibas (Rtd), during a courtesy visit by the university’s Governing Council and Management team at the Government House, in Port Harcourt.
The high-level delegation was led by the Pro-Chancellor and Chairman of the Council, Professor Don Baridam and the Vice-Chancellor, Professor Chinedu Mmom.
In his address, Administrator Ibas warmly congratulated the pioneer council and management on their appointments, describing their task as both a recognition of individual accomplishment and a historic call to duty.
“This is not just a recognition of your personal achievements but also a call to history to shape an institution that will have a profound impact on Rivers State, the Niger Delta, and indeed our country,” he stated.
The Administrator commended President Bola Ahmed Tinubu for the establishment of the specialized university in Ogoniland, describing the initiative as “timely and strategic.”
He emphasized that the university’s presence offers a critical opportunity to drive research, innovation, and community-focused solutions to the region’s pressing environmental and developmental challenges.
He further noted that the university’s core focus aligns perfectly with the priorities of his administration.“We consider this university not merely as another institution of higher learning but as a strategic partner in our collective effort to rebuild Rivers State under the ongoing state of emergency and beyond,” he affirmed.
Responding to specific requests presented by the delegation, Administrator Ibas assured the university of immediate support in critical areas essential for the its commencement.
These include the provision of operational vehicles, key facilities, and the completion of the access road to the campus, adding that other vital needs, such as perimeter fencing, refuse disposal, and the issuance of a Certificate of Occupancy, would be addressed within the framework of the state’s broader infrastructure and support programmes.
To ensure swift action, the Administrator directed the Secretary to the State Government (SSG) to work closely with the university’s Governing Council to prioritize the sequence of requests, particularly those tied to the commencement of academic activities in September 2025.
“Let me assure you that Rivers State Government will stand as a dependable partner to the Federal University of Environment and Technology. We see this university as part of our long-term investment in knowledge, innovation, and the future of our youths,” he emphasized.
In his remarks, the Pro-Chancellor and Chairman of the Governing Council, Professor Don Baridam, reaffirmed the university’s commitment to academic excellence, innovation, and community development.
He disclosed that the Federal Government has directed the institution to formally commence its academic session in September 2025, adding that preparations are in full swing to ensure a smooth take-off with adequate infrastructure and resources in place.
“Today’s meeting marks the beginning of a strategic partnership between the Rivers State Government and FUET, envisioned to establish the university as a premier hub for research, innovation, and sustainable development in the Niger Delta”, he said.
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