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Experts Advise FG On Monetary And Fiscal Policy Alignment

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Experts Advise FG On Monetary And Fiscal Policy Alignment

Some experts have advised the Federal Government to take steps to avoid the relapse of the economy into recession.

They gave the advice in Lagos on Tuesday while reviewing the state of the economy on the occasion of Nigeria’s 58th independence anniversary.

Dr Samuel Nzekwe, a former President of Association of National Accountants of Nigeria (ANAN), advised the Federal Government to align fiscal and monetary policies to attract investments into the country.

He said this became imperative since the Central Bank of Nigeria (CBN) had warned that the country might relapse into recession.

He said that that foreign investors would only invest in the economy if the business environment was conducive.

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The CBN Governor, Mr Godwin Emefiele, said after the Monetary Policy Committee (MPC) meeting on Sept. 25 that the economy might relapse into recession if certain steps were not taken.
Emefiele attributed this to the slow growth of the Gross Domestic Product (GDP).

An economy is said to be in recession after contracting for two consecutive quarters.The economy slipped into recession in 2016.

It declined to 1.5 per cent in the second quarter of 2018 from 1.95 per cent in the first quarter.
Nzekwe said that government should focus more on improving economic indices to attract foreign investors and boost public-private partnerships.

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He said that Nigerians needed to be constantly encouraged to consume locally produced and stop their preference for foreign goods.

“No country has ever created a great economy by depending on the industrial outputs of other nations.
“The task of rebuilding the economy is an assignment for all Nigerians,” he said.

Nzekwe said the last recession should have taught the country to come up with comprehensive inward-looking policies to boost local production.
He said that the government must enhance individual liquidity by spending wisely on agriculture, infrastructure and stimulating the manufacturing sector.

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Mr Titus Okurounm, a former Director in the Department of Statistics at the CBN, advised that both federal and state governments should borrow from the capital market to finance revenue-yielding capital projects
According to him, government is key to stopping recession and revert the economy to the path of growth.

He said the government should also ensure that the economy would not go into recession by checking inflation and boosting per capita income.

Okurounmu said that reducing per capita debt level, lowering interest rates and ensuring conducive atmosphere for business are key to avoiding recession.

Nigerian News

NIMC Extends Diaspora Enrolment Of Nigerians To UK, UAE

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NIMC Extends Diaspora Enrolment Of Nigerians To UK, UAE

The National Identity Management Commission (NIMC) has extended enrolment of Nigerians under the diaspora registration programme to the United Kingdom and United Arab Emirates.

Commission spokesperson, Loveday Ogbonna, said the commission has decided to extend the enrolment to these two countries after the huge success in South Africa.

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Ogbonna says the extension is in line with NIMC’s mandate to ensure all Nigerian citizens at home and abroad, as well as legal residents in Nigeria, were enrolled into the national identity database and issued the unique national identification number.

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Ogbonna said DEFCON systems limited, DSL, and the National Authentication Limited (NEAL) are the two Nigerian companies licensed by NIMC to handle the enrolment services across the globe to ensure best-in-class services and inclusivity.

He said the enrolment will involve demographic & biometric data capture of all Nigerian citizens residing in the two countries.

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The UAE programme is scheduled to take off today, while the UK programme kicks off on Friday.

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Nigerian News

Offa Robbery: Court Grants Defence Request To Examine Gunshot Injuries

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Offa Robbery: Court Grants Defence Request To Examine Gunshot Injuries

A Kwara State High Court sitting in Ilorin has ruled in favor of the defence counsel who asked for an independent examination of the alleged gunshot injuries sustained by three accused persons alleged to have participated in last year’s robbery incident in Offa.

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Thirty-three persons, including nine policemen, were killed during the robbery, while five accused persons are standing trial.

But the court refused a post-mortem examination on the corpse of the principal suspect in the robbery incident, Michael Adikwu, whom the accused persons claimed, was deliberately killed by a police inspector while in custody at the force headquarters in Abuja.

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Earlier, the 5th accused person (Niyi Ogundiran), had narrated to the court how the police extracted confessional statements from him under duress.

The case has been adjourned till early April.

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Nigerian News

There Are Plans To Revisit And Deliver The National Carrier Project – Aviation Minister

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There Are Plans To Revisit And Deliver The National Carrier Project - Aviation Minister

Minister of State for Aviation, Hadi Sirika, has revealed that there are plans to deliver the national carrier project during president Buhari’s administration.

Sirika says the federal government will revisit the project which he describes as the brain-child of the president.  He said the president would not let it die.

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The minister said this while defending the ministry’s budget before the senate committee on aviation in Abuja.

He said the ministry only suspended the project to put adequate measures in place.  He also expressed concern that Nigeria is not able to boast of a national carrier, despite being a huge aviation market.

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The minister says the national carrier project is a Public Private Partnership (PPP). The private sector will lead and deliver, while the government will play its role.

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He said the process would be transparent and would be done through local and international fora and media.

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