{"id":10221,"date":"2016-07-20T18:24:34","date_gmt":"2016-07-20T18:24:34","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=10221"},"modified":"2016-07-20T18:24:34","modified_gmt":"2016-07-20T18:24:34","slug":"cbn-gov-confirms-imf-fears-nigeria-is-in-recession-fg-cant-pay-civil-servants-salaries-from-october","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=10221","title":{"rendered":"CBN Gov. confirms IMF fears, Nigeria is in recession, FG can&#8217;t pay civil servants salaries from October"},"content":{"rendered":"<p><code><script src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\" async=\"\"><\/script><br \/>\n <!-- www.deltanewsroom.com --><br \/>\n <ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\/\/ <![CDATA[\n(adsbygoogle = window.adsbygoogle || []).push({});\n\/\/ ]]><\/script><\/code><\/p>\n<p>Nigerians may need to brace up for harder times as the Governor of the Central Bank of Nigeria, Godwin Emefiele, may have made some gloomy revelations about the country\u2019s economy.<\/p>\n<p>The CBN governor, in a closed-door meeting with the Senate, disclosed that the Federal Government might not be able to pay its workers\u2019 salaries, effective from October this year if the current economy decline continues.<\/p>\n<p>Emefiele further stated that if the present situation in the country continued, Nigerians would be forced to pay general taxes, which would not exclude petroleum products.<\/p>\n<p>In the meeting, Emefiele presented a comprehensive account of the economy in the last one year which he said not in a good state.<\/p>\n<p>Yesterday, the IMF slashed its growth forecast for the Nigerian economy this year<a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/07\/Nigeria-map.png\" rel=\"attachment wp-att-9844\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-9844\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/07\/Nigeria-map-300x224.png\" alt=\"Nigeria map\" width=\"300\" height=\"224\" srcset=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/07\/Nigeria-map-300x224.png 300w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/07\/Nigeria-map.png 654w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>, saying a combination of plunging oil revenues and weakened investor confidence will push it into recession.<\/p>\n<p>The International Monetary Fund said it expects Africa\u2019s largest economy to contract by 1.8 percent this year, after having forecast in April a 2.3 percent expansion.<\/p>\n<p><code><script src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\" async=\"\"><\/script><br \/>\n <!-- www.deltanewsroom.com --><br \/>\n <ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\/\/ <![CDATA[\n(adsbygoogle = window.adsbygoogle || []).push({});\n\/\/ ]]><\/script><\/code><\/p>\n<p>Nigeria\u2019s stall, and sluggish activity in the number two economy, South Africa, is expected to pull down economic growth across sub-Saharan Africa, the IMF said, forecasting a \u201cdramatic implication.\u201d \u201cIn 2016, regional output growth will fall short of population growth, implying declining per capita incomes,\u201d it said.<\/p>\n<p>Nigeria\u2019s economy has been battered hard by the plunge in oil prices, the main source of the country\u2019s income, as well as prices of other key commodities.<\/p>\n<p>In addition, rebels in the southern oil region have forced crude production cutbacks, and internal unrest, especially attacks by the Boko Haram group in the north, has also hurt the economy.<\/p>\n<p>Inflation hit an 11-year high of 16.5 percent in June as prices of food and energy jumped after the government freed up the naira currency in April, allowing it to plummet against the US dollar.<\/p>\n<p>Also weighing on output have been electricity shortages due to rebels\u2019 sabotage of the gas pipelines that fire power plants.<\/p>\n<p><script src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\" async=\"\"><\/script><br \/>\n <!-- www.deltanewsroom.com --><br \/>\n <ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\/\/ <![CDATA[\n(adsbygoogle = window.adsbygoogle || []).push({});\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigerians may need to brace up for harder times as the Governor of the Central Bank of Nigeria, Godwin Emefiele, may have made some gloomy revelations about the country\u2019s economy. The CBN governor, in a closed-door meeting with the Senate, disclosed that the Federal Government might not be able to pay its workers\u2019 salaries, effective [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":9844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[584,1013,484,101],"class_list":["post-10221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-godwin-emefiele","tag-imf","tag-senate","tag-south-africa"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/07\/Nigeria-map.png","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-2ER","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/10221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10221"}],"version-history":[{"count":1,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/10221\/revisions"}],"predecessor-version":[{"id":10222,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/10221\/revisions\/10222"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/9844"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10221"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}