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Nigeria’s Economy Hits Lowest Ebb Ever, World Bank Warns

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From the World Bank came a frightening report, yesterday, that the Nigerian economy has sunk into its lowest level in the nation’s history as it recommended the deployment of sound fiscal and monetary policies to tow it out of the doldrums.
The gloomy picture, which was contained in global bank’s Development Updates on Nigeria, presented in Abuja, said inflation would push seven million more Nigerians into poverty by the end of 2022.
The report stated that petrol subsidies could cost Nigeria as much as N5.4trillion in 2022, much higher than “all of the resources allocated to health, education, and social protection together”.
It also projected that net oil/ gas revenue for 2022 will fall to N1.6trillion from N2.6trillion recorded in 2021.
The startling report was presented by the Lead Economist for Nigeria at the World Bank, Dr. Marco Hernandez, who attributed the economic nightmare to a plethora of policy distortions on the part of the Nigerian government and global shocks that have fuelled inflation.
He painted a particularly worrisome picture of the Nigerian situation, that it was not just the price of imported products that were skyrocketing, but includes locally-produced goods.
Hernandez noted that the high inflation has crashed the value of the national minimum wage of N30,000 ($82), which is now worth N22,000 ($37).
The fast-eroding minimum wage aside, the World Bank reckoned that most Nigerian families earn N15,000 monthly which was worsening the poverty situation in the country.
He further stated that there is a nexus between foreign exchange rate and inflation, adding that when the former’s rates go up at the parallel market, inflation rate follows automatically.
He said: “suboptimal exchange rate management is fuelling inflation due to FX supply constraints and lack of predictability, which is ultimately leading to a rise in the parallel exchange rate which is closely associated with inflation.
“Import and FX restrictions reduce the supply of food and key staples, increasing their prices and those of associated goods. The monetisation of fiscal deficits by the Central Bank of Nigeria (ways and means) and CBN’s subsidised lending to firms add to inflationary expectations”.
The report noted that despite that the rising price of crude in the international market due to the Russia-Ukraine war, Nigeria’s oil production and revenue have continued to slump because of several factors.
The bank said it was quite concerned about Nigeria’s fiscal side, emphasizing that Nigeria needs to address fiscal deficits most urgently.
Reacting to the report, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who spoke virtually noted that the huge amount spent on petrol subsidy has put the economy on ventilators and threatening its survival.
She passed the buck on subsidy removal to Nigerians.
“We really are at a crossroads and there are very difficult times. It is actually paradoxical. At a time when growth is accelerating there are so many other challenges that have gathered and are impacting the lives of the people.
“On our part, we are going to reduce the fiscal pressures caused by the increase in our deficit caused by increase in PMS subsidies. These PMS subsidies are costing us an additional N4trillion than was originally planned.

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Valentine’s Day: Streaming Of Heartbreak Songs Increased Massively-Spotify

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Spotify yesterday revealed a significant surge in heartbreak song streams in Nigeria during the Valentine’s Day season, with a 626 percent increase between 2022 and 2024.
This was disclosed in a statement issued in Lagos, Nigeria by Spotify’s Head of Music, Sub-Saharan Africa Phiona Okumu.
Okumu said, “Spotify data reveals a surprising trend, a massive surge in heartbreak song streams.
“Nigerians are turning to their playlists to express their emotions, with a staggering 626 per cent overall growth in heartbreak streams from 2022 to 2024.
“This Valentine, the sound of love is accompanied by the sound of heartbreak, and the data shows it’s louder than ever before.”
She said on Valentine’s Day, most surprisingly, male listeners streamed heartbreak songs at a significantly higher rate than female listeners, with a 362 per cent increase compared to 169 per cent among women.
“This could suggest that men resonate with the feeling of heartbreak more and turn to music as a private outlet for processing emotions.
“Whatever the reason, one thing is clear, when love is in the air, so is heartbreak and Nigerian men are pressing play on their pain more than expected.
“While Valentine’s Day is often celebrated with grand gestures, heartbreak is a common theme on Valentine’s Day -more than what’s publicly shown,” she said.
Nigerians will join their counterparts across the world to mark the 2025 Valentine’s today.

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Tems Becomes Co-owner Of MLS Club

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Grammy-winning Nigerian singer Temilade Openiyi, popularly known as Tems, has joined MLS side San Diego FC’s ownership group as a club partner.
SDFC announced today that Tems joined the ownership group through her company, The Leading Vibe.
In the process, Tems became the first African woman to be involved in MLS ownership.
“We are delighted that Tems has joined San Diego FC as a club partner,” SDFC chairman Sir Mohamed Mansour said in a statement.
“Tems is a globally significant artist who will help us reach new audiences and spread the word about our unique project, which, of course, has its foundations in sub-Saharan Africa through the unique Right to Dream organisation.”
Reacting to her addition as the latest partner in SDFC’s ownership group, the singer said: “I am thrilled to join San Diego FC’s ownership group and to be part of a club that celebrates creativity, culture, and the power of community.

“Football has a unique way of bringing people together, and I am excited to help build something special in San Diego, a city that thrives on diversity and innovation.”

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Toyin Lawani Cries Out Over Side Effects Of Epidural

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Fashion and beauty entrepreneur, Toyin Lawani, has claimed she is enduring back pain and that her spine is degenerating.
Lawani revealed this in a video posted on social media last Tuesday.
In the clip, she opened up about her experience with epidural anesthesia, an injection administered to pregnant women in the spine to reduce pain during childbirth.
The mother of three claimed that since receiving the injection, she has not felt like herself.
She accused doctors of not fully informing women about the long-term side effects of epidurals.
According to Lawani, she received the anesthetic injection during the birth of her last two children.
She said, “When you hear ‘epidural,’ run. Doctors tell you about the side effects but do not tell you about the long-term effects on your body. I have about three friends having the same issues that I am having.
“Like, I am just 42, how did I end up with spine issues? I have a degenerating spine. I have implants in my spine. I go paralyzed. I can’t stand for a long time. I can’t even breathe properly sometimes because it affected so many things in my body when I had the surgery.
“They will not tell you because you just want the pain to go away. I have had two epidurals. I had my first as natural birth. The last two were epidural. The last one I had epidural because I had to undergo a surgery and I had no choice.
“See, the pain does not stop. My back is killing me and my spine is degenerating.”

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