EZEKWESILI THE ECONOMIST AND FORBES MAGAZINE LOOKS INTO NIGERIA ECONOMY UNDER PMB ADMINISTRATION

Ezekwesili, The Economist and Forbes all made the same point about Nigeria’s economy under Buhari

The former Presidential candidate of the Allied Congress Party of Nigeria (ACPN), Dr. Oby Ezekwesili, has criticized the performance of the Muhamadu Buhari administration, particularly with regards to economic and social growth.

Backstory: Ezekwesili opined in aChannels Television interview on Thursday that Nigerians have become poorer in the last four year

According to Ezekwesili:

• “The economy is a complete disaster. What has happened since this government came into office has been a decline.”

• “First, we went into recession and went into -1. 8% GDP growth. Then we came out of it at 0.8% growth, then we climbed into 2.38 (and) now we are at 2.01. So, what it means is that as these lower levels of GDP growth rate are going on and our population (growth) rates are steady at above 2% – almost 3%, we actually are getting poorer.”

• “We are in serious trouble. If we were to be a publicly quoted company, we would have been put up for a special team to undertake a rescue operation on us,” she said.

• “Do you understand what it means for us to have near 25 percent unemployment rate in the country; for more than 40 percent of our young people to be unemployed?”

She stressed the importance of having the right economic policies, saying:

• “Economic policy has to signal immediately to the market that we will be a government that enables and support the private sector to do what it must do, while we will invest in the most important area of human development, health and education because we need a productive citizenry.”

Supporting Ezekwesili’s argument: Her interview comes two days after Buhari appointment for a second term in office and just one day after The Economist magazine published an article in which it said the Nigerian economy “ it's stuck like a stranded truck” Average incomes have fallen for four years and will likely not rise for at least another six (years); unemployment has also increased for 15 consecutive quarters; up to 94 million people live on less than $1.90, etc. Forbesmagazine also published a piece titled, ‘Nigeria has become Africa money losing Machine‘ in which it pointed out – among other things – that “equity investment between 2013 and 2018 has fallen from around $2.9 billion in 2013 to just $139 million in 2018.”

SOURCE : https://thescoopng.com/2019/05/31/ezekwesili-the-economist-and-forbes-all-made-the-same-point-about-nigerias-economy-under-buhari/

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FG Proposes N24,000 As New Minimum Wage

The Minister of Labour stated that the Federal Government proposed to increase the minimum wage to N24,000, while state governments proposed N20,000.

Chris Ngige

Chris Ngige, Nigeria's Minister of Labour and Employment, has said the Federal Government has proposed N24,000 as the new minimum wage for civil servants in the country.  

Ngige revealed that the N6,000 addition to the existing N18,000 is coming after series of consultation with state governors.  

Briefing state house correspondents in Abuja on Wednesday, Ngige said the tripartite committee discussions on the new minimum wage is ongoing, and all parties have brought forward their proposed new wages.

"The organised labour came down to N30,000, while the organised private sector came down to N25,000," he said.

The Minister of Labour stated that the Federal Government proposed to increase the minimum wage to N24,000, while state governments proposed N20,000.

He, however, maintained that the committee is yet to agree on a unified amount but it would be done in subsequent meetings.

The organised labour union had said the labour act stipulated that the minimum wage should be reviewed every five years, but since inception, the President Muhammadu Buhari-led administration has not reviewed it.

The labour union is demanding N56,000 as new minimum wage for civil servants in the country.

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“This morning I formally commissioned the Abuja Light Rail System. The completion of this very important project is a dream come true, and clearly demonstrates our administration’s commitment to the realization of critical infrastructural projects," the President said.

I’m A Very Slow Reader Maybe Because I’m An Ex-Soldier, Says Buhari

“I was presented with the document; I am a very slow reader maybe because I am an ex-soldier. I didn’t read it fast enough before my officials saw that it was all right for signature. I kept it on my table. I will soon sign it.”