Finance Minister says Nigeria faces economic recession

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In this edition of #BusinessNigeria, we examine the impact of the coronavirus pandemic on Nigeria’s economic stability as finance minister hints on possible economic recession.

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Nigeria heading towards economy recession – Finance Minister

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In this segment, Chris Kehinde Nwandu, CEO, CKN News, dissects major headlines on Friday edtion of national dailies.

#NewspaperReview #Recession #TVCBreakfast

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Nigeria Is Heading Towards Recession – Finance Minister

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The Nigerian economy may slide into recession. It’s expected with the global pandemic – Coronavirus and the drop in oil price globally.

Minister of Finance, Budget and National Planning, Zainab Ahmed disclosed during a press briefing after the first virtual meeting of the National Economic Council (NEC), which was chaired by Vice President, Yemi Osinbajo.

The minister said that the ravaging coronavirus pandemic is not only affecting the country economically, but also affecting the health sector, as the resources to fight this appear inadequate.

She admitted that the crash in crude oil prices would negatively affect the country’s revenue and foreign exchange earnings.

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Low oil prices, coronavirus pandemic raise Nigeria’s recession risks

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#oil prices #coronavirus #pandemic #recession

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Low oil prices, coronavirus pandemic raise Nigeria’s recession risks

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#oil prices #coronavirus #pandemic #recession

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Workers In Nigeria Shouldn’t Be Paid Monthly Salaries

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Research has shown that, one of the major reasons why people are badly affected by Recession, Depression, Economic downturn, even the current economic implications caused by Coronavirus is the lack of Financial Intelligence Principles notably money management, Planning and Implementation. On #YourViewTVC this morning, Seasoned Finance Expert, Renowed author, Pastor Olumide Emmanuel

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This content was originally published here.

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Workers In Nigeria Shouldn’t Be Paid Monthly Salaries

person tie

Research has shown that, one of the major reasons why people are badly affected by Recession, Depression, Economic downturn, even the current economic implications caused by Coronavirus is the lack of Financial Intelligence Principles notably money management, Planning and Implementation. On #YourViewTVC this morning, Seasoned Finance Expert, Renowed author, Pastor Olumide Emmanuel

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‘You Should Ask Mr. Soleimani’: Pompeo Drops Mic When Asked if Impeachment Makes Trump Vulnerable (Video) ⋆ Conservative Firing Line

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RUSH TRANSCRIPT:

It was a quick hit except they stayed for almost ten years. Let someone else fight over this long bloodstained sand.

>> Chris: But just this week, the U.S. Deployed 100 Marines to the U.S. Embassy in Baghdad, plus 752 the region and now another 3500. If the president pulling us out of endless wars in the Middle East or with his action this week did he take a big step back in?

>> Secretary Pompeo: Endless wars are the direct result of weakness and President Trump will never let that happen. We are going to get it right, we’re going to get the force posture right, we are going to get our facilities as hardened as we can possibly get them to defend against what Iran may potentially do, but make no mistake, America’s mission is to have our footprint in the Middle East reduced while still keeping America safe. Safe from rogue regimes like the Islamic Republic of Iran and from terrorist activity broadly throughout the region. Someone’s was it fair to say that while the big strategy is to pull the U.S. Out of endless wars, at least in the short term there could be more of a commitment?

>> Secretary Pompeo: The Obama Administration created an enormous risk to the American people in Iran. This administration is working to reduce that risk.

>> Chris: Some analysts suggest that the impeachment of President Trump has emboldened enemies like Iran and North Korea to think that they can confront him. Do you think that is misguided as it may be, that some of our enemies think that this president is more vulnerable because of the impeachment effort?

>> Secretary Pompeo: You should ask Mr. Soleimani.

>> Chris: I understand that, but he was going ahead before you killed him and the question is do you think that impeachment is emboldening our enemies?

>> Secretary Pompeo: I don’t. I think that our adversaries understand President Trump and our administration will do the right thing to protect the American people everyplace that we find risk.

>> Chris: Secretary Pompeo, thank you. Thanks for coming in on a very busy weekend.

>> Secretary Pompeo: Thank you.

>> Chris: When we come back, Democrats raised questions about the wisdom and legality of the president’s decision to take out Soleimani. We will talk with a top You have a brother in the second battalion? Yes sir. They’re walking into a trap. Your orders are to deliver a message calling off tomorrow’s attack. If you fail, we will lose sixteen hundred men. Your brother among them.

Cross-posted with Mental Recession

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Interest rates: Powell tells Congress federal debt is ‘unsustainable’

Powell: U.S. debt is ‘on unsustainable path,’ crimping ability to respond to recession

Federal Reserve Chairman Jerome Powell warned lawmakers Wednesday that the ballooning federal debt could hamper Congress’ ability to support the economy in a downturn, urging them to put the budget “on a sustainable path.”

Powell suggested such fiscal aid could be vital after the Fed has cut its benchmark interest rate three times this year, leaving the central bank less room to lower rates further in case of a recession.

“The federal budget is on an unsustainable path, with high and rising debt,” Powell told the Joint Economic Committee. “Over time, this outlook could restrain fiscal policymakers’ willingness or ability to support economic activity during a downturn.”

Powell also reiterated that the Fed is likely done cutting rates unless the economy heads south.

“The outlook is still a positive one,” he said. “There’s no reason this expansion can’t continue.”

The testimony marks a more aggressive tone for Powell, who generally has steered clear of lecturing lawmakers on the hazards of the federal deficit. But after raising its key rate nine times since late 2015, the Fed has lowered it three times this year to head off the risk of recession posed by President Donald Trump’s trade war with China and a sluggish global economy.

Those developments have hurt manufacturing and business investment while consumer spending remains on solid footing.

The Fed’s benchmark rate is now at a range of 1.5% to 1.75%, above the near-zero level that persisted for years after the Great Recession of 2007-09 but below the 2.25% to 2.5% range early this year.

“Nonetheless, the current low-interest-rate environment may limit the ability of monetary policy to support the economy,” Powell said.

Noting the Fed has lowered its federal funds rate an average 5 percentage points in prior downturns, Powell said, “We don’t have that kind of room.” He added, “Fed policy will also be important, though,” if the nation enters a recession. Fed officials have said they still have ammunition to fight a slump, including lowering rates and resuming bond purchases.

Meanwhile, the federal budget deficit hit $984 billion in fiscal 2019, the highest in seven years, and it’s expected to top $1 trillion in fiscal 2020. The federal tax cuts and spending increases spearheaded by Trump have added to the red ink and are set to add at least $2 trillion to the federal debt over a decade. The national debt recently surpassed $23 trillion.

“The debt is growing faster than the economy and that is unsustainable,” Powell said.

He added that a high and rising federal debt also can “restrain private investment and, thereby, reduce productivity and overall economic growth.” That’s because swollen debt can push interest rates higher.

“Putting the federal budget on a sustainable path would aid in the long-term vigor of the U.S. economy and help ensure that policymakers have the space to use fiscal policy to assist in stabilizing the economy if it weakens,” Powell said.

He added, “How you do that and when you do that is up to you.”

Many economists are forecasting a recession next year, though the risks have eased now that the U.S. and China appear close to a partial settlement of their trade fight and the odds of a Brexit that doesn’t include a trade agreement between Britain and Europe have fallen.

Powell also said the Fed is unlikely to reduce interest rates further unless the economy weakens significantly – a message he delivered after the central bank trimmed its key rate for a third time late last month.

“We see the current stance of monetary policy as likely to remain appropriate” as long as the economy, labor market and inflation remain consistent with the Fed’s outlook, Powell said.

Since last month’s Fed meeting, the government has reported that employers added 128,000 jobs in October – a surprisingly strong showing in light of a General Motors strike and the layoffs of temporary 2020 census workers.

“There’s a lot to like about today’s labor market,” Powell said. He noted the 3.6% unemployment rate, near a 50-year low, is drawing Americans on the sidelines back into the workforce. And while average yearly wage growth has picked up to 3%, it’s lower than anticipated in light of the low jobless rate. Inflation, he said, remains below the Fed’s 2% target.

“Of course, if developments emerge that cause a material reassessment of our outlook, we would respond accordingly,” Powell said.

Sen. Ted Cruz, R-Texas, tried to coax the Fed chief into weighing in on the potential economic impact of “a massive tax increase,” which some analysts say could be required by several Democratic presidential candidates’ proposals for universal health care or free college tuition.

“I’m particularly reluctant to be pulled into the 2020 election,” said Powell, a Republican and Trump appointee who has been repeatedly attacked by the president for not cutting interest rates more sharply.

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