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NIGER COUP: ECOWAS ultimatum not Nigeria s mandate —Tinubu
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NIGER: Tinubu, Buhari, Biden, UN, EU, AU, ECOWAS, France reject coup
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By Peter Egwuatu, Assistant Business Editor, Nkiru Nnorom, Tunde Oso & Nnamdi Ojiego
Following the financial crisis across the 36 states of the federation, economic experts have suggested measures to be taken for the sub-national governments to survive.
As of press time, many states of the federation appear cash-strapped following the fall in revenue accruable to the federation account.
This has resulted in the drop in the monthly allocation to states from the Federal Account Allocation Committee, FAAC.
According to the National Bureau of Statistics, NBS, the Internally Generated Revenue at state Level Q4 of 2020 including the Federal Capital Territory, FCT, decreased from N3.8 trillion in 2019 to N3.599 trillion in 2020.
WORSENING UNEMPLOYMENT: Why jobs are disappearing in Nigeria, by experts
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By Peter Egwuatu, Assistant Business Editor, Tunde Oso & Nkiru Nnorom
Unemployment rate in Nigeria rose from 27.1 percent to 33.3 percent from December to March 2021, according to the National Bureau of Statistics, NBS.
The NBS explained that the number of unemployed Nigerians rose to 23.19 million in the fourth quarter (Q4) of 2020 on the back of job losses occasioned by the outbreak of COVID-19 pandemic and its stifling impact on businesses during the period.
The Q4 unemployment rate report titled: ‘Labor Force Statistics: Unemployment and Underemployment Report’, showed that the number is 6.5 percent higher compared to 21.77 million.