Recession: Senate Applauds Improvements in Nation’s Economy

Hamilton Nwosa
Writer

Ad

Israel, Hamas Greenlight First Phase of Trump’s Peace Plan

By Abiola Olawale Israel and Hamas have inked their approval on the inaugural phase of the United States President Donald Trump's Gaza peace initiative. The agreement, announced on Wednesday amid high-stakes indirect talks in Egypt, paves the way for an immediate ceasefire, the release of hostages, and a surge in humanitarian aid. This development is…

Where Extreme Poverty Rates Are Highest in the World

Key Takeaways Africa is home to 23 of the top 30 countries with the highest rates of extreme poverty. Kosovo ranks in 19th globally in 2024, seeing the highest rates outside of Africa—a country that faces high unemployment rates and ongoing conflict. The Democratic Republic of Congo (DRC) produces roughly three-quarters of the world’s cobalt, it…

Oil Prices Drop as Israel and Hamas Agree to Ceasefire

Oil prices fell in early morning trade on Thursday in Asia as Israel and Hamas agreed to a pause in fighting and a hostages-for-prisoners exchange, under a framework advanced by the Trump administration. Under the agreement, Hamas will release as many as 20 living hostages this weekend, and Israel will pull back forces to a negotiated…

Ad

The Eighth Senate, on Tuesday, applauded the report by the National Bureau of Statistics (NBS) that showed Nigeria’s economy finally staging a comeback.

In a statement signed by Senator Aliyu Sabi Abdullahi, its spokesperson and Chairman of the Senate Committee on Media and Public Affairs, the Senate emphasized that it was truly commendable that after five consecutive quarters of contraction, the Nigerian economy grew by 0.55% in the second quarter of 2017.

Abdullahi also stated that the improved performance of the trade, manufacturing, agriculture and oil sectors, was an indication that with carefully aligned policy and legislative interventions, Nigeria’s economy could thrive beyond current forecasts and expectations.

“The Senate received Q2 NBS economic report with great excitement,” the Senate spokesperson said, “We are delighted that government’s response to the economic recession has began to yield tangible results.

“The public will recall that in the days following the announcement of the 2016 recession, the Senate initiated steps and tabled 21 recommendations that it submitted to the executive for immediate action. We also listed out economic priority Bills, many of which have now been passed, or at the final stage.

“We are also happy to note that many of the economic recommendations, specifically in the areas of retooling our agriculture and trade policies were adopted. This shows that the ‘all hands on deck’ approach was necessary from both branches on government”, he stated.

Abdullahi further noted that although the nation is now out of the recession, the Senate remains committed to seeing that the unemployment rate and high cost of living in the country is brought down.

“The rising unemployment in the country is an issue that is of much concern to all of us. Additionally, the rising cost of food prices and basic services in the country still affects millions of households. This is why we will continue to work on our laws, specifically in the areas of access to credit to promote more opportunities for small business owners; and opening up more sectors to private sector participation, so that there will be more competition in our markets — which will lead to lower prices.

“We will also continue to work with the executive to ensure that our policy and legislative objectives, specifically as they relate to the economy, are well-aligned,” the Senate spokesman said.

 

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp