Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Endorsement of APC seen steering economic recovery

25 January 2016, 13:06Okoro Chinedu

Lagos - A local finance house is upbeat the President Muhammadu Buhari administration will eventually resuscitate the economy owing to its endorsement internationally.

“The Buhari presidency and the APC (All Progressives Congress) secured a strong popular mandate in elections in March 2015, and enjoy widespread international goodwill,” First Bank of Nigeria’s (FBN’s) Capital Markets entity said.

“Their agenda is to diversify the economy away from oil and replace the rentier model. Previous administrations have gone down this road and abandoned the journey in the face of opposition from vested interests.”

FBN noted the federal government sought to achieve its agenda fiscally, and did not expect to be rescued by a marked recovery in the oil price.

The financial firm noted government’s fiscal plans were expansionary to allow for higher capital spending, funded by sharply increased non-oil revenue collection.

“This will require sizeable efficiency gains, anti-fraud measures and the squeezing of unremitted dues from all taxpayers. We do not think the FGN is fiscally irresponsible, and expect it to trim spending in the event of revenue underperformance.”

Also Read: More Rivers PDP members deflect to the APC

FBN projected an “unexciting growth dividend” this year.

“We see a pick-up in GDP growth to 4,5 percent in 2016 on the back of fiscal expansion and sector-specific reforms. Over time, household consumption will recover, leading to acceleration in growth.”

The financial house meanwhile projected the devaluation of the local currency, which has lost power against major currencies amid the economic decline.

Central Bank of Nigeria has resisted such calls previously.

The Naira is trading at US$0,005.

FBN forecast the exchange rate to buckle under the pressure.

“Exchange-rate stability remains the objective of the CBN. Weak oil prices and therefore weak fx (foreign exchange) inflows point, however, to a devaluation in 2016.”

- CAJ News

Tags apc politics

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...