IMF Revises Nigeria’s GDP Contraction Forecast to 5.4% Country’s rating at risk as debt, financing gap rise, Fitch warns Nume Ekeghe with agency reports The International Monetary Fund (IMF) has predicted that the Nigerian economy
will contract by 5.4 per cent in 2020, lower than the 3.4 per cent negative growth it had estimated for the country in April. However, the fund
anticipates that by 2021, the country’s GDP will grow by 2.6 per cent. IMF’s Chief Economist and Director of the Research Department, Ms.
Gita Gopinath, gave the projection during an online press conference on the latest World Economic Outlook (WEO) released yesterday in Washington DC.
This is just as a Director at Fitch Ratings yesterday warned that a sharp rise in Nigeria’s sovereign debt and a ballooning financing gap could trigger a rating downgrade.
Speaking on the multilateral institution’s latest projection for Nigeria, Gopinath said: “Our projection for sub Saharan Continued on page 10
Rising COVID-19 Cases at Oilfields Threaten Nigeria’s Output... Page 5 Thursday 25 June, 2020 Vol 25. No 9208. Price: N250
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Rivers Court Clears Ways for Obaseki to Participate in PDP Primary Ogbeide-Ihama bows to pressure, withdraws suit 2,229 delegates to choose between Gov, Imasuagbon Chuks Okocha in Abuja, Ernest Chinwo in Port Harcourt, Emma Okonji, Nosa Alekhuogie in Lagos and Adibe Emenyonu in Benin City Reprieve came yesterday
for Edo State Governor, Mr. Godwin Obaseki, as the Federal High Court, sitting in Port Harcourt, cleared the way for him to participate in the governorship primary of the Peoples Democratic Party (PDP) holding today in Benin
City. The court struck out a suit filed by the leading aspirant of the party before Obaseki's last-minute entry into the race, Hon. Omoregie OgbeideIhama, seeking to bar the governor from participating
in the shadow poll. Justice Emmanuel Obile struck out the matter after D.C Demwigwe (SAN), counsel to Ogbeide-Ihama, withdrew the case following an out-of-court settlement. The out-of-court settlement
was the product of tough negotiations by party leaders who had importuned Ogbeide-Ihama, hitherto regarded as the candidate to beat, to withdraw the suit and support Obaseki. The Chairman of PDP
Governors' Forum (PGF) and Sokoto State Governor, Hon. Aminu Tambuwal and his Delta State counterpart, Dr. Ifeanyi Okowa, late on Tuesday, steered the last round Continued on page 41
More Trouble for APC NEC as Govs, NWC, State Chairmen May Boycott Oshiomhole's loyalists write president, says he was misled Most say gathering unconstitutional, illegal INEC rejects party’s notification for Ondo gov primary Davidson Iriekpen in Lagos, Omololu Ogunmade, Chuks Okocha and Adedayo Akinwale in Abuja Loyalists of the suspended National Chairman of the ruling All Progressives Congress (APC), Mr. Adams Oshiomhole, seemed to have drawn a battle line with President Muhammadu Buhari over his endorsement yesterday of a meeting of the party's National Executive Committee (NEC), slated for today at the State House, Abuja. But despite the endorsement of the NEC meeting by Buhari, the National Secretary of APC, Mr. Waziri Bulama, has described the NEC meeting as illegal.
The Oshiomhole loyalists, comprising no fewer than nine governors, about 15 members of the party's National Working Committee (NWC) and chairmen of the party in the 36 states of the federation and the Federal Capital Territory (FCT), have vowed to boycott the meeting. The NEC meeting was convened by the courtinstalled acting National Chairman of the party, Chief Victor Giadom, whom many members of the party's National Working Committee (NWC) members have insisted lacks the power to proclaim such a gathering because he has been suspended from the party and is no longer a NWC Continued on page 10
FEC Approves N2.3tn Package to Stimulate Economic Growth... Page 6
FOR YOUR EARS ONLY... L-R: Vice President Yemi Osinbajo and the National Security Adviser, Major General Babagana Mongonu (rtd), during the virtual Federal Executive Council meeting, at the State House, Abuja... yesterday