UK To Suffer Worst Economic Recession In 300 Years —Govt

UK Chancellor of the Exchequer Rishi Sunak says the nation’s economy is forecast to contract 11.3% this year, the worst performance in more than three centuries. Sunak told parliament Wednesday that investment was vital to aid economic recovery. Britain has since unveiled plans for more massive state spending despite soaring debt on coronavirus fallout, including […]

BREAKING: Nigeria Slides Into Worst Economic Recession After 33 Years

Nigeria has officially slid into its worst economic recession in over three decades. According to gross domestic product numbers released by the National Bureau of Statistics on Saturday, the nation recorded a contraction of 3.62 percent in the third quarter of 2020. This is the second consecutive quarterly GDP decline since the recession of 2016. […]

CBN Opposes Removal Of Arabic Inscriptions On Naira Notes

The Central Bank of Nigeria has vehemently opposed a suit before the Federal High Court in Lagos praying that the Arabic inscriptions on naira notes be removed. A Lagos-based lawyer, Chief Malcolm Omirhobo, who filed the suit before Justice Mohammed Liman, contended that having Arabic inscriptions on the naira notes portrays Nigeria as an Islamic […]

“Nigeria Spent N10.4trn On Fuel Subsidy In 14 Years”- FG

The Federal Government, yesterday, disclosed that Nigeria spent a whooping N10.413 trillion on fuel subsidy between 2006 and 2019, a period of 14 years. Minister of Information and Culture, Alhaji Lai Mohammed, who made the disclosure at a media briefing in Abuja, said the quantum of fund spent subsidising petroleum products during that period translated […]

Scam Alert: Another Bank Fraud Using SIM Card Cloning

There are indications that bank customers are on the verge of losing confidence in electronic banking as frauds associated with the system threatens their life savings through a Subscriber Identity Module (SIM) card cloning. SIM cloning is the process in which a legitimate SIM card is duplicated by a fraudster and used in a different […]

UK Officially Enters Recession, Records 20.4% Contraction

The UK economy has suffered its worst slump on record between April and June 2020 as COVID-19 lockdown measures pushed the country officially into recession. The country’s economy experienced 20.4 percent contraction between the first and second quarter, the biggest since records began in 1955. Household spending tumbled as shops were ordered to close, while […]

Tanker Drivers’ Strike: Fuel Scarcity Imminent In South-West- IPMAN

The Independent Petroleum Marketers Association of Nigeria  has said the withdrawal of service by petroleum tanker drivers in Lagos State as from Monday, August 10, 2020 will cause fuel scarcity in the entire South-West and beyond. The Chairman of IPMAN, Ore Depot, Mr Shina Amoo, said this on Saturday in an interview with newsmen in […]