Nigeria Will Exit Recession Soon - Minister of Finance, Zainab Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said Nigeria will be out of the recession soon. Over the weekend, Nigeria slid into its worst economic recession in over three decades. Gross domestic product (GDP) numbers released by the National Bureau of Statistics on Saturday, November 21, indicates the nation recorded a contraction of 3.62 percent in the third quarter of 2020, causing it to slide into another recession. While speaking at the ongoing 26th Nigerian Economic Summit organized by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning, on Monday, November 23, the Minister of Finance said the country would emerge from the recession in the fourth quarter of 2020 or by the first quarter of 2021. She blamed the recession on the global Coronavirus pandemic which has forced other economies in other countries into recession. Ahmed said other countries also in recession, including the United Kingdom, the

"We Are Not Probing Kwankwaso"

The Economic and Financial, Crimes Commission (EFCC), Kano zone, has said a former Kano State governor, Dr Rabiu Musa Kwankwaso, was not being investigated by the commission, adding that it has not received any petition against him (Kwankwaso).

The commission also declared that it had secured 23 convictions of some fraudsters from respective courts.

According to the commission, a total sum of N54 billion, 622,200 US dollars, eight houses, nine plots of land, three.......
trucks and a car were also recovered from fraudsters and corrupt politicians.

Speaking with newsmen on Tuesday, in Kano, the EFCC zonal head of operations, North-West zone, Mr Nnaghe Obono Itam, said the recovered monies belonged to the Federal Government, corporations and individuals

“I consider it auspicious to brief you on the activities of the commission within the last 10 months, particularly relating to the achievements and unrelenting zeal of the personnel of the zone in the fight against economic and financial crimes including the albatross corruption,” he said.
According to Itam, the operations of the North-West zone cover Kano, Jigawa, Katsina, Kaduna Zamfara, Sokoto and Kebbi state, while commending the chairman of the Commission, Mr Ibrahim Magu for his exemplary leadership in driving the change mantra.
Itam disclosed that in June, the EFCC’s chairman directed the zone to look into the complaints about diversion and fraudulent schemes regarding the distribution of petroleum products during the last crisis in the country.
“Our investigation into the cyclical bridging and retail schemes yielded a refund of over N54, 393, 106, 143 to government by credit marketers who collected products but refused to remit the monies. This investigation covers the entire nation and we are driving it from the zone and is still ongoing.
“It is important to also state that government is still the most active driver of the Nigeria economy,” noting  that “our efforts are still largely concentrated in tackling fraud related to tax revenue within the business community in Kano.

“We have recovered million of naira for the Federal Inland Revenue and are participating to ensure value is derived by government through appropriate collection of taxes, rates and royalties.
While commenting on the former Kano State governor, the EFFC North-West boss said the commission had not received any petition against Dr Kwankwaso, saying  the agency was therefore,  not probing him over any financial fraud.