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Countries Risk Sliding Into Recession – Okonjo-Iweala

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Countries Risk Sliding Into Recession - Okonjo-Iweala

Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), issued a warning on Wednesday that several significant economies face a genuine risk of entering a recession.

According to Reuters, Okonjo-Iweala issued the warning as G20 summit leaders denounced Russia’s war against Ukraine in the midst of rising food and fuel prices as well as soaring inflation that was affecting the outlook for the world.

G20 leaders denounce the war in Russia/Ukraine because it has resulted in a lot of suffering.

“It may not happen everywhere, but several key countries risk sliding into recession,” Okonjo-Iweala said on the sidelines of the G20 leaders meeting in Bali, Indonesia.

“Of course, the impact of that can be quite significant for emerging markets and poor countries, which need external demand from the developed countries to recover.

“There are so many uncertainties and most of the risks are on the downside,” such as the fallout from the war in Ukraine and headwinds from inflation, she said.

NERC laments theft of 50% generated power

The former finance minister of Nigeria claims that there are disadvantages and uncertainties as a result of WTO predictions that global commerce will grow just 1.0% in 2023, significantly less than the projected 3.5% growth this year.

According to reports, US Vice President Joe Biden and Chinese President Xi Jinping had a meeting outside the G20 summit.

The goal of the meeting between the two presidents was to mend strained bilateral ties, which Okonjo-Iweala also raised as one of the concerns weighing on the prospects for a global recovery.

“One doesn’t want to read too much into it, but it’s always good when the two biggest economies in the world talk to each other,” Okonjo-Iweala said of the US-China meeting “Certainly with respect to trade, it’s very helpful.”

“The Americans are consulting actively with other members at an informal level,” she added.

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‘He Is Licensed To Lie’ — Onanuga Launches Fresh Attack On Peter Obi

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Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has launched another attack on former Anambra State Governor and Nigeria Democratic Congress presidential candidate, Peter Obi, accusing him of lying and double standards.

Onanuga made the remarks in a series of posts on X on Saturday titled “Deconstructing Peter Obi,” in which he shared excerpts from a recent response by the Anambra State Government to Obi.

In one of the posts, Onanuga wrote: “He is licensed to lie as he likes. His supporters love his lies.”

ALSO READ: ₦2.13bn Ecological Fund: Anambra Govt Releases Fresh Details on Peter Obi’s Claim

He quoted the Anambra Government as accusing Obi of benefiting from what it described as “hypocrisy and multiple standards” in public discourse, particularly in the way his supporters respond when his claims are challenged.

The statement attributed to the state government also alleged that Obi had consistently criticised his predecessors and successors in Anambra while his media supporters continued to promote his political image.

Onanuga further quoted the government as saying that those close to Obi should advise him to stop what it described as lying “as a habit” in order to avoid being confronted with “inconvenient facts and truth.”

The Presidency aide also highlighted the political disagreement between Obi and Governor Chukwuma Soludo, particularly over their respective choices of political candidates ahead of the 2027 general elections.

According to the statement he shared, Obi’s supporters accepted his decision to support candidates even when he was not on the ballot but criticised Soludo for exercising what the government described as the same political right.

Onanuga also turned his attention to Obi’s approach to governance, quoting the Anambra Government as arguing that “governance and development are different from trading.”

The statement criticised what it described as Obi’s emphasis on government savings and interest income, arguing that government performance should also be measured by improvements in security, welfare and the living conditions of citizens.

The latest comments come amid an escalating dispute between Obi and the Anambra State Government over the financial record of his administration between 2006 and 2014.

The state government has alleged that Obi left behind outstanding external loans and other liabilities.

The government said records from the Debt Management Office showed eight external facilities associated with projects undertaken during his tenure, with $92.35 million still outstanding as of June 30, 2026.

Obi has rejected the allegations, saying he neither borrowed nor issued a bond for Anambra during his tenure and disputing the characterisation of the external financing as debts left by his administration.

The former governor has also called for issue-based campaigns ahead of the 2027 election, urging the media to focus political discourse on governance, security, unity and prosperity rather than character attacks and name-calling.

 

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NEWS

₦2.13bn Ecological Fund: Anambra Govt Releases Fresh Details on Peter Obi’s Claim

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#NigeriaDecides: Obi Leads With 6 Of 8 LGs Declared In Plateau

The Anambra State Government has released fresh details challenging former Governor Peter Obi’s claim that he left more than ₦2.13 billion in an ecological fund account before handing over power in 2014.

The state government made the disclosure in a statement released on Saturday, September 26, 2026, titled “Peter Obi’s Debts and Lies: More Questions Than Answers.”

ALSO READ: ‘Obi Knows He Is Lying’ — Soludo Camp Releases Documents on ₦363m Workers’ Arrears Payment

According to the statement, the account number cited by Obi as containing the ecological fund was actually the Anambra State Government’s Internally Generated Revenue (IGR) Consolidated Account.

The government said First Bank, in a letter dated September 16, 2026, confirmed that account 2018779464 was an IGR account and not an ecological funds account.

It further claimed that as of March 17, 2014, the account balance was not close to ₦2 billion and that the account never recorded an inflow or balance of ₦2.13 billion throughout its active period between 2011 and 2018.

The state government consequently questioned the whereabouts of the money Obi said he left as an ecological fund.

The latest development follows Obi’s earlier defence of his administration’s financial record, in which he said the ₦2.13 billion was released for the Oko/Umuchiana erosion control project and was deliberately left for his successor to execute.

Obi had also maintained that the ecological fund was separate from the savings he said his administration left behind.

However, the Anambra Government also challenged Obi’s account of the state’s overall financial position at the time he left office.

It alleged that his handover document highlighted assets and savings while failing to adequately disclose outstanding liabilities.

The government claimed that the document included valuations for incomplete projects such as the Nnewi Shopping Mall, Onitsha Hotel and Agulu Lake Hotel.

It also alleged that a purported ₦10 billion Federal Government refund was included in the stated net balance even though the money had not been received before Obi left office.

On road infrastructure, the government said Obi’s administration had awarded and signed contracts for 101 roads covering 779 kilometres, with outstanding liabilities of about ₦127 billion at the time of handover.

The state government argued that such liabilities should be considered alongside the savings and assets attributed to the administration when assessing the financial position inherited by Obi’s successor.

The fresh statement has therefore reopened questions over the disputed ₦2.13 billion ecological fund and the broader financial position of Anambra State at the end of Obi’s administration.

While the Anambra Government says bank records support its latest position, Obi has continued to defend his administration’s financial record and his account of the ecological fund.

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ECOWAS: Shettima Calls For Stronger Unity, Engagement With Sahel Alliance

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Vice President Kashim Shettima has urged the new leadership of the Economic Community of West African States (ECOWAS) Commission to prioritise regional unity, integration and engagement with the Alliance of Sahel States (AES).

He made the call on Friday in New York, United States, while receiving the new ECOWAS Commission President, General Birame Diop (rtd), and his delegation on the sidelines of the 81st Session of the United Nations General Assembly.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, disclosed this in a statement issued on Saturday, September 26, 2026.

SEE ALSO: ‘A Nation Cannot Escape the Bill’ — Atiku Questions Tinubu’s Third UNGA Absence

Shettima urged the new ECOWAS leadership to prioritise regional integration and build stronger relationships among countries across West Africa.

“Beyond your administrative duties, your leadership of the commission must make deliberate efforts to build bridges of friendship across the sub-region. ECOWAS should be at the forefront of our engagement with emerging blocs in the area such as Alliance of Sahel States (AES).

“I urge ECOWAS under your leadership to champion the cause of regional integration and strengthen the bonds of unity and friendship among our people,” the Vice President said.

He also urged the commission to take private-sector participation seriously in the execution of the Lagos-Abidjan highway project.

Shettima congratulated Diop on his election, noting that he assumed office at a difficult time requiring greater synergy and cohesion among leaders and people of the sub-region.

The Vice President assured the new ECOWAS president of Nigeria’s continued cooperation and support, saying President Bola Ahmed Tinubu remained committed to efforts aimed at transforming the regional body.

“My boss, President Bola Ahmed Tinubu, is a man of honour and conviction who will always support efforts aimed at advancing the transformation of ECOWAS as a regional body, and the progress of the area in general,” Shettima said.

He added that Nigeria would continue to create an enabling environment for ECOWAS to succeed and contribute to the attainment of the vision and objectives set by its founding fathers.

Earlier, Diop commended Nigeria for its role in the establishment and sustenance of ECOWAS, as well as its sacrifices for the stability and prosperity of the sub-region.

He said the commission was facing challenges, including insecurity and lagging development, which required Nigeria’s intervention as a “big brother.”

The ECOWAS president described the organisation as a tool for regional stability that should be encouraged and supported, while urging other countries in the sub-region to cooperate with Nigeria towards achieving inclusive development and a better future for West Africans.

The meeting was attended by Foreign Affairs Minister Bianca Odumegwu-Ojukwu, Minister of Justice and Attorney General of the Federation Lateef Fagbemi (SAN), Nigeria’s Permanent Representative to the United Nations Jimoh Ibrahim and senior officials of the ECOWAS Commission.

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