TUESDAY 25TH AUGUST 2020

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With 6.10% GDP Contraction, Analysts Seek Economic Stabilisation Measures James Emejo in Abuja and Nume Ekeghe in Lagos Analysts yesterday called on the federal government to urgently introduce measures to reflate the economy. The analysts, in separate interviews with THISDAY on

the heels of the report by the National Bureau of Statistics (NBS) that the country’s real Gross Domestic Product (GDP) figures contracted by 6.10 per cent year-on-year in the second quarter of the year (Q2 2020), also advised the government to boost investments in the

digital economy and scale up the various interventions programmes designed to spur economic recovery. With the 6.10 per cent contraction in the GDP for Q2 2020, compared to a growth rate of 1.87 per cent in the preceding quarter, analysts

said the government should prioritise investment in the digital economy due to the increasing activities in the digital space, which may not have been properly captured by telecommunications. According to the NBS report, the economic decline came

on the heels of significantly lower levels of both domestic and international economic activities during the quarter, which resulted from nationwide shutdown efforts by the government to contain the spread of the COVID-19 pandemic.

The report stated that during the review period, domestic efforts ranging from initial restrictions of human and vehicular movements implemented in only a few states to a nationwide Continued on page 8

Anxiety as S’Court Hears Kogi Election Petition Today... Page 6 Tuesday 25 August, 2020 Vol 25. No 9269. Price: N250

www.thisdaylive.com TR

TODAY'S WEATHER

ABUJA 25°C-33°C

MAIDUGURI 31°C-31°C

UT H

& RE A S O

ENUGU 25°C-28°C

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KANO 27°C-33°C

LAGOS 24C-27°C

PORT HARCOURT 20°C-30°C

In Major Coup, CBN Blocks Over-invoicing, FX Overpricing Introduces product price verification mechanism Elumelu praises measure Obinna Chima In a major policy coup, the Central Bank of Nigeria (CBN) yesterday moved to arrest the age-long practice of over-invoicing, which unscrupulous businesses have used to cart away the nation's forex, directing banks and other authorised dealers to desist from opening Forms

‘M’ whose payment are routed through a buying company, agent, or other third parties. In addition, the central bank announced the introduction of a product price verification mechanism, which is to help prevent overpricing or mispricing of imported goods and services. Continued on page 8

Against the Run of Play, Tambuwal Intensifies Presidential Run Southern leaders unhappy with bid

Chuks Okocha in Abuja Even as tongues have begun to wag over his reported presidential ambition more than two years to the starting block of the race, Sokoto State Governor, Hon. Aminu Tambuwal, is intensifying his efforts to realise his bid for the nation’s top job, laying out an elaborate plan for

wider consultations across the country. THISDAY had reported on Monday that Tambuwal had started to consult key political influencers, including former President Olusegun Obasanjo; former Minister of Defence, Lt. Gen. Theophilus Danjuma (rtd.); and former President Continued on page 8

PEACE AT LAST... L-R: Minister of Transportation, Hon. Rotimi Amaechi; Chairman, All Progressives Congress (APC) Caretaker/Extra-Ordinary National Convention Planning Committee, Governor Mai Mala Buni of Yobe State; and Minister of State for Petroleum Resources, Chief Timipre Sylva, after a reconciliation meeting at the party's National Secretariat in Abuja…yesterday

To Reposition APC in South-south, Buni Reconciles Amaechi, Sylva... Page 5


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