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Nigeria’s Economy Hits Lowest Ebb Ever, World Bank Warns

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From the World Bank came a frightening report, yesterday, that the Nigerian economy has sunk into its lowest level in the nation’s history as it recommended the deployment of sound fiscal and monetary policies to tow it out of the doldrums.
The gloomy picture, which was contained in global bank’s Development Updates on Nigeria, presented in Abuja, said inflation would push seven million more Nigerians into poverty by the end of 2022.
The report stated that petrol subsidies could cost Nigeria as much as N5.4trillion in 2022, much higher than “all of the resources allocated to health, education, and social protection together”.
It also projected that net oil/ gas revenue for 2022 will fall to N1.6trillion from N2.6trillion recorded in 2021.
The startling report was presented by the Lead Economist for Nigeria at the World Bank, Dr. Marco Hernandez, who attributed the economic nightmare to a plethora of policy distortions on the part of the Nigerian government and global shocks that have fuelled inflation.
He painted a particularly worrisome picture of the Nigerian situation, that it was not just the price of imported products that were skyrocketing, but includes locally-produced goods.
Hernandez noted that the high inflation has crashed the value of the national minimum wage of N30,000 ($82), which is now worth N22,000 ($37).
The fast-eroding minimum wage aside, the World Bank reckoned that most Nigerian families earn N15,000 monthly which was worsening the poverty situation in the country.
He further stated that there is a nexus between foreign exchange rate and inflation, adding that when the former’s rates go up at the parallel market, inflation rate follows automatically.
He said: “suboptimal exchange rate management is fuelling inflation due to FX supply constraints and lack of predictability, which is ultimately leading to a rise in the parallel exchange rate which is closely associated with inflation.
“Import and FX restrictions reduce the supply of food and key staples, increasing their prices and those of associated goods. The monetisation of fiscal deficits by the Central Bank of Nigeria (ways and means) and CBN’s subsidised lending to firms add to inflationary expectations”.
The report noted that despite that the rising price of crude in the international market due to the Russia-Ukraine war, Nigeria’s oil production and revenue have continued to slump because of several factors.
The bank said it was quite concerned about Nigeria’s fiscal side, emphasizing that Nigeria needs to address fiscal deficits most urgently.
Reacting to the report, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who spoke virtually noted that the huge amount spent on petrol subsidy has put the economy on ventilators and threatening its survival.
She passed the buck on subsidy removal to Nigerians.
“We really are at a crossroads and there are very difficult times. It is actually paradoxical. At a time when growth is accelerating there are so many other challenges that have gathered and are impacting the lives of the people.
“On our part, we are going to reduce the fiscal pressures caused by the increase in our deficit caused by increase in PMS subsidies. These PMS subsidies are costing us an additional N4trillion than was originally planned.

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Tiwa Becomes Ambassador Of Smart Phone Brand

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Afrobeats songstress, Tiwa Savage has been unveiled as latest brand ambassador for a popular smartphone brand.
Before her official unveiling, the smartphone had teased its followers to guess who their latest ambassador by sharing a foggy image of the singer.
Officially welcoming her to their fold via its Instagram, as their ambassador for ‘Camon19Launch’, Tecnomobileng wrote: “Queen of Afrobeats! Mama Africa! Multitalented singer! Superstar extraordinaire and confirming the news in the comment section, the “Koroba” singer wrote: “The sexiest phone ever.”
Taking to her social media pages, Tiwa announced to her fans that she is the newest brand ambassador for smartphones.
Sharing an advert snippet of the brand, Tiwa wrote: “This one is highly approved by the No1ABG, Your girl is on board with one of the coolest brands ever – TECNO!

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Jungle Justice: Police Order Portable To Report Himself

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The Nigeria Police has ordered a Nigerian singer, Habeeb Okikiola, popularly known as Portable, to report himself over a viral video.
The Tide source reveals that Portable was seen in a viral video accusing a young man of sending a message to his ‘wife’, asking her to advise him to stay away from his friends for they had no glory.
In the video, the ZaZu Zeh crooner asked the young man to name his friends whom he was accusing of having no glory.
Without allowing his victim to say a word, the singer asked his boys to beat the helpless guy.
As they pounced on the victim, Portable was heard in the Yoruba language, saying “e luu pa”, that is, “beat him to death.”
Reacting, the Portable was asked to report to the Ogun State command as the incident happened somewhere within the state.
The Ogun State police spokesperson, Abimbola Oyeyemi, while describing the act as unbecoming and barbaric, asked the singer to surrender himself or be declared wanted.
“The attention of Ogun State Police Command has been drawn to a video clip circulating on social media, where a popular hip hop musician, Habeeb Okikiola (a.k.a Portable, the Zazu crooner), was seen organising some youths to beat up a young man and inflict bodily injury on him. The incident was said to have taken place somewhere within Ogun State about two days ago.
“Such unruly and violent behaviour is not only barbaric, but unbecoming of somebody who is supposed to be a role model for the youths and therefore should not be tolerated.
“In view of this, the Command is using this medium to advise Okikiola Habeeb, a.k.a Portable, to report himself at the nearest police station in Ogun State, failure of which his arrest will be ordered.
“The flagrant display of impunity by Portable in the viral video is condemnable and if not checked, it will send a wrong signal to the youths who are looking up to him as a role model.
“Jungle justice has no place in our laws and whoever embarked on it must be made to feel the weight of the law, no matter the status of such person,” Oyeyemi said. statement on Monday.

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Davido Earns N144.5m From Boston, Toronto Ticket Sales

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Nigeria’s Afrobeat superstar, David Adeleke alias Davido, who is currently on a North American tour labelled: “We rise by lifting others”, which began on June 16, at Brooklyn, New York, has made N144.5 million from the sold out ticket sales from History-Toronto, and House of Blue in Boston.
Figures released by SeatGeek showed that the award-winning singer’s tour tickets were generally sold for as little as $41.00, with an average price of $74.00. Davido made $185,000 (N76.8m) and $162,800 (N67.6m), totalling N144.5m based on an average ticket sales rate of N415.37 and the capacities of History (2,500) and House of Blues (2,200), according to BusinessDay.
Reports indicate ticket purchasers would go online to search for ticket prices using sites such as SeatGeek’s Deal Score Function which ranks tickets by value and shows buyers how good a deal they are getting when purchasing tickets.
While speaking with Trevor Noah, the daily show on the tour, Davido stated that his main aim of the North American tour was to showcase Africa in its entirety and to carry everyone along, especially Africans.
Award winning Nigerian singer, Davido Adeleke, has offered full scholarship to Suleyman, a young boy who got parallel A1 in WAEC exams.
Despite getting such an impressive result, Suleyman has been sitting at home due to lack of funds to sponsor his education at the tertiary level.
Fortunately for him, Davido heard about his condition and has promised to sponsor him through school and also take care of his allowance and accomodation. Davido tweeted: “We have contacted Suleyman who lives in Ghana and he has been given a full 4/5 year scholarship to Adeleke university.. accommodation and allowance included ! God bless y’all ..”

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