Treesun's Posts
Nairaland Forum › Treesun's Profile › Treesun's Posts
1 2 3 4 5 6 7 8 ... 73 74 75 76 77 78 79 80 81 (of 166 pages)
fergie001:Nigeria has turned Mexico and Somalia! |
Same world bank helping our leaders to loot! |
Nigeria is a great nation run by mediocres! |
sonature1:Some people still dont believe brother! |
Legacy of Buhari! Nlfpmod |
…says worsening economic environment leaving millions of Nigerians in poverty The World Bank says Nigeria’s constant fiscal deficit has worsened the nation’s public debt stock, with 96.3 per cent of government revenue spent on servicing debt in 2022. This was according to the Macro Poverty Outlook for Nigeria: April 2023 brief released by the bank. The report read in part, “The fiscal position deteriorated. In 2022, the cost of the petrol subsidy increased from 0.7 per cent to 2.3 per cent GDP. Low non-oil revenues and high-interest payments compounded fiscal pressures. The fiscal deficit was estimated at 5.0 per cent of GDP in 2022, breaching the stipulated limit for federal fiscal deficit of 3 per cent. This has kept the public debt stock at over 38 per cent of GDP and pushed the debt service to revenue ratio from 83.2 per cent in 2021 to 96.3 per cent in 2022.” The bank also said that the cash scarcity created by the CBN’s naira redesign policy hampered the country’s economic growth and poverty reduction efforts, adding that about 13 million Nigerians would become poor between 2019 and 2025. It noted, “Nigeria is in a more fragile position than before the late 2021 global oil price boom. Growth and poverty reduction have further been affected by cash scarcity in the context of the Naira redesign. The economy is projected to grow by an average of 2.9 per cent per year between 2023 and 2025, only slightly above the population growth rate of 2.4 per cent. Growth will be driven by services, trade, and manufacturing. Oil production is projected to remain subdued in part because of inefficiencies and insecurity. “With Nigeria’s population growth continuing to outpace poverty reduction and persistently high inflation, the number of Nigerians living below the national poverty line will rise by 13 million between 2019 and 2025 in the baseline projection.” The World Bank also said that the worsening economic environment in the country had pushed millions of Nigerians into poverty. The brief read, “Oil price booms have previously supported the Nigerian economy, but this has not been the case since 2021. Instead, macroeconomic stability has weakened amidst declining oil production, costly fuel subsidies, exchange rate distortions, and monetization of the fiscal deficit. The deteriorating economic environment is leaving millions of Nigerians in poverty. Risks are tilted to the downside given the lack of macro-fiscal reforms, the naira demonetization, and an uncertain external outlook.” The Washington-based bank further noted that macroeconomic stability has weakened considerably due to multiple FX rates, high and increasing inflation, rising fiscal pressures, and declining forex reserves. It noted that Nigeria’s fiscal position has deteriorated since 2015 due to declining oil revenues and rising expenditures, resulting in persistently high fiscal deficits. The bank also said that Nigeria’s chronically high inflation has been on the rise since 2019, especially for food items, eroding the purchasing power of poor and vulnerable Nigerians and increasing poverty. The lending institution said that inflation reached an annual average of 18.8 per cent in 2022, a 21-year high, with food inflation in 2022 estimated to have pushed five million Nigerians into poverty. It added that multiple FX windows, the central bank’s provision of development finance at subsidized rates, and monetization of the fiscal deficit compromise the effectiveness of monetary policy in the country. The brief also stated, “Persistent structural economic issues (volatile growth, low private investment, low and inefficient public spending, due to low revenue collection, and low social development outcomes leading to low productivity) have prevented any meaningful acceleration of growth. Insecurity remains widespread, with more violent conflict events occurring across the country, adversely impacting private investment and growth.” https://punchng.com/nigerias-96-revenue-used-to-service-debt-in-2022-world-bank/ |
Experts say financial and economic troubles tend to push many to the edge in Nigeria. Failure, frustrations here and there, and the inability to do things one’s heart truly desires, can lead to self-reproach, aggression, and the individual reacting to the society he believes is the source of his failure. According to the World Health Organization, 75% of global suicides occur in low and middle-income countries. There is a breakdown in the ability to deal with life stresses such as financial problems, relationship breakups, and chronic pain or illnesses during times of crisis. Life isn’t perfect for anyone, whether they are rich or poor, beautiful or ugly, sick or well. It is critical that we have the strength and resilience to face our fears. We must maintain hope and perhaps even optimism while maintaining faith in the face of adversity. Please listen to our podcast and share your thoughts. https://punchng.com/punch-panorama-when-suicidal-thoughts-loom/ |
Protest on going! |
France’s constitutional court on Friday approved the key elements of President Emmanuel Macron’s pension reform, paving the way for him to implement the unpopular changes that have sparked months of protests and strikes. The nine-member Constitutional Council ruled in favour of key provisions, including raising the retirement age to 64 from 62, judging the legislation to be in accordance with the law. Six minor proposals were rejected, including efforts to force large companies to publish data on how many people over 55 they employ, and a separate idea to create a special contract for older workers. The decision represents a victory for Macron, but analysts say it has come at a major personal cost for the 45-year-old while causing months of disruption for the country with sometimes violent protests that have left hundreds injured. The president’s personal ratings are close to their lowest-ever level, and many voters have been left outraged by his decision to ram the pensions law through the lower house of parliament without a vote. “Stay the course, that’s my motto,” Macron said on Friday as he inspected restoration efforts at the Notre-Dame cathedral, four years after a devastating fire there. Police expect up to 10,000 people to gather again in Paris on Friday night, with the presence of several hundred leftwing radicals raising fears of more vandalism and clashes that have marred recent rallies. Thousands of protesters gathered in front of Paris city hall and booed the court decision when it was announced on Friday evening. The offices of the Constitutional Council, a short walk from the Louvre museum, have been protected with barriers and dozens of riot police are on guard nearby. Prime Minister Elisabeth Borne said the court had “judged the reform, on the substance as well as procedure, to conform with the constitution.” “This evening, there are no winners or losers,” she wrote on Twitter. – Opponents – It remains to be seen if the months-long effort to block the changes by trade unions will continue, with support for strikes and protests waning. “The fight continues and must gather force,” wrote the leader of the hard-left France Unbowed (LFI) party, Jean-Luc Melenchon, on Twitter. Unions called on Macron not to sign the legislation into law, which the former investment banker is expected to do in the next 48 hours. Communist Party leader Fabien Roussel said signing the law “would not be pouring oil on the fire, but a jerrycan full of petrol.” “I fear an outpouring of anger,” he told the BFM channel. Last month, a strike by Paris garbage workers left the capital strewn with 10,000 tonnes of uncollected rubbish, while train services, oil refineries and schools have been affected by regular stoppages since January. Some 380,000 people took to the streets nationwide on Thursday in the latest day of union-led action, according to the interior ministry. But that was a fraction of the nearly 1.3 million who demonstrated at the height of the protests in March. In a second decision on Friday, the court rejected a bid from opposition lawmakers to force a referendum on an alternative pension law that would have kept the retirement age at 62. France currently lags behind most of its European neighbours, many of which have hiked the retirement age to 65 or above. Opponents of the reform say it penalises unskilled workers who started their careers early, while critics also say it undercuts the right of French people to a long retirement. Average life expectancy in France is 82. – ‘Necessary’ change? – Senior ruling party MP Eric Woerth spoke for many government supporters on Friday when he said he hoped the country would end up acknowledging the need for the change, but he admitted that “we have not convinced people.” Polls have consistently shown that two out of three French people are against working another two years. “Once the volcano has cooled down and people look at things with a bit more distance, maybe in the back of their minds they’ll say, ‘maybe they were right’… the French pension system needed unpopular decisions to conserve it,” he told Europe 1 radio. Macron has repeatedly called the change “necessary” to avoid annual pension deficits forecast to hit 13.5 billion euros by 2030, according to government figures. “I’m proud of the French social model, and I defend it, but if we want to make it sustainable we have to produce more,” he said Wednesday during a trip to the Netherlands. https://punchng.com/french-court-approves-macrons-pensions-reform/ |
Manchester City midfielder Kevin de Bruyne is expected to feature after he was substituted in the midweek win against Bayern Munich for "tactical" reasons. Phil Foden remains out as he continues to recover from appendicitis surgery. Leicester City's Harvey Barnes has been ruled out due to the hamstring injury sustained against Bournemouth. Ricardo Pereira will miss several weeks with a hamstring issue but Youri Tielemans is available. |
APC promised to build refineries, in eight years, no SINGLE refinery is working! |
rejoice4eva:Gbam! |
post=122459284:and bad news! Let them check the content of his bag, his ID may be there! |
How many people can fill up their tanks in the Buhari negative economy, So the consumption is over bloated and not really true. Some parts of Nigeria a litre goes for N400 alrleady,! |
Lai Mohammed, can say this Mynd44! |
Please what is subsidy! |
The price of Premium Motor Spirit popularly called petrol has risen by 81 per cent in the past three years, according to the National Bureau of Statistics reports analysed by our correspondent.https://punchng.com/fuel-price-soars-by-81-despite-n6tn-subsidy-payment-report/
|
0-0! |
Mynd44! |
Lia Mohammed! |
Nlfpmod! |
The Federal Government has challenged the presidential candidate of the Labour Party, Peter Obi, to clarify his position on a leaked audio of the conversation he allegedly had with the founder of Living Faith Church Worldwide, Bishop David Oyedepo.https://punchng.com/leaked-audio-clarify-position-fg-tells-peter-obi/
|
Bayern Munich vs Manchester City 19-04-2023 8pm |
Game on! |
slivertongue:All Problem clustered! |
Betanaija42moro:Confirmed! |
Nlpfmod! |
The candidate of the Peoples Democratic Party in the 2023 presidential election, Atiku Abubakar, has said that “we must not allow those who seek to divide us to pretend as if our problems are a result of another ethnic or religious group.” The former Vice President, who joined Nigerian leaders to celebrate Christians on this year’s Easter, stated that the commemoration was a time for deep reflection as it marked the sacrifice of Jesus Christ and his victory over death. “It is a time to reach out to our brothers and sisters in need. “It is also a time for all of us — regardless of faith or ethnicity — to come together to pray for the peace of our nation. We must all remain constant in our efforts to promote unity — across all lines — because united, our nation remains stronger, and we can thrive as a people,” Atiku said in a statement posted on his verified Facebook page on Saturday. “Our shared experiences bring us to the conclusion that no matter what the forces of evil can do, we, as Nigerians, united in doing good, can and shall prevail,” he added. He urged leaders at all levels to follow the virtues that defined this season – sacrifice, love, and charity – “and come together to help all Nigerians resolve the differences that divide us.” He said Nigerians must collectively own their problems and collectively find solutions to overcome them. https://punchng.com/nigerias-problem-not-ethnicity-religion-says-atiku/ |
This is serious! Nigeria has gone to the dogs! |
1 2 3 4 5 6 7 8 ... 73 74 75 76 77 78 79 80 81 (of 166 pages)