Economic recession
is a period of general economic decline and is typically accompanied by
a drop in the stock market, an increase in unemployment, and a decline
in the housing market. Generally, a recession is less severe than a
depression. The blame for a recession generally falls on the federal
leadership, often either the president himself, the head of the Federal
Reserve, or the entire administration.
Factors that Cause Recessions
High interest rates are a cause of recession because they limit liquidity, or the amount of money available to invest.
Another factor is increased inflation. Inflation
refers to a general rise in the prices of goods and services over a
period of time. As inflation increases, the percentage of goods and
services that can be purchased with the same amount of money decreases. Reduced consumer confidence
is another factor that can cause a recession. If consumers believe the
economy is bad, they are less likely to spend money. Consumer confidence
is psychological but can have a real impact on any economy. Reduced real wages,
another factor, refers to wages that have been adjusted for inflation.
Falling real wages means that a worker's paycheck is not keeping up with
inflation. The worker might be making the same amount of money, but his
purchasing power has been reduced.
Recessions and Gross Domestic Product
An economic recession is typically defined as a decline in gross domestic product (GDP)
for two or more consecutive quarters. GDP is the market value of all
goods and services produced within a country in a given period of time.
An example of one type of GDP would be the value of all the automobiles
produced within the United States for one year. GDP only takes into
account new products that have been manufactured. Therefore, if a
pre-owned car lot were selling pre-owned cars, they would not be
included in the GDP calculation.
The Senate President, Dr. Bukola Saraki, is scheduled to appear on
Tuesday before a High Court of the Federal Capital Territory in Jabi,
Abuja for arraignment on charges of forgery.
Saraki will also appear before the Code of Conduct Tribunal for his
ongoing trial for alleged false and anticipatory asset declaration.
Both the FCT High Court and the CCT share a boundary in Jabi area of Abuja.
Sources from the Federal Ministry of Justice confirmed to our
correspondent on the telephone on Monday that Saraki alongside the
Deputy Senate President, Ike Ekweremadu and their co-accused will appear
before Justice Yusuf Halilu, for arraignment on two counts of forgery
and criminal conspiracy tomorrow.
Saraki, Ekweremadu, a former Clerk to the National Assembly, Salisu
Maikasu, and his deputy, Benedict Efeturi, were on June 10, charged
with criminal conspiracy and forgery of the Standing Rules used for the
leadership election of the presiding officers of the Senate in June
last year.
The Federal Government stated that the offence of conspiracy is
punishable under Section 97 (1) of the Penal Code Act; and offence of
forgery with “fraudulent intent” punishable under Section 364 of the
same law.
Meanwhile, the Code of Conduct Tribunal had on June 15 adjourned
the trial of the Senate President, Bukola Saraki, till June 21.
The tribunal adjourned for the hearing of a fresh motion filed by
Saraki seeking an order of the CCT disqualifying its Chairman, Danladi
Umar, from further presiding over the case.
Saraki filed his fresh application accusing Umar of bias based on
the remark made by the tribunal chairman at the last proceedings on June
7, 2016, while warning the defence against delay tactics.
Umar made the statement that was picked up while warning the
defence that their delay tactics would not “reduce the consequences the
defendant will meet in this tribunal at the end of the trial”.
Saraki, in his fresh application filed by his lawyer, Kanu Agabi
(SAN), alleged that Umar’s statement would prejudice the outcome of the
trial.
Saraki is being prosecuted by the Federal Government before the CCT
on 16 counts, including false and anticipatory asset declaration, which
he allegedly made between 2003 and 2011 when he served as the Governor
of Kwara State.
He is also accused of operating foreign accounts as a public
officer and of receiving governor’s salary or emoluments in addition to
his salary as a senator for some periods after completing his two terms
as governor and got elected as a senator.
A former Governor of the old Kaduna
State, Alhaji Balarabe Musa, says Buhari’s military background in
addressing ethnic agitations in the country was affecting his
performance.
Balarabe said the Buhari-led Federal
Government had not shown seriousness in using dialogue to resolve
agitations from different geopolitical zones of the country.
Speaking in an interview on Thursday, Balarabe said Buhari should show that he is
now a converted democrat by using dialogue to settle crises rocking the
country.
The former governor, who described
Buhari’s first year in office as a waste, said he doubted whether the
President would make the most of the remaining three years of his
tenure.
Balarabe said, “Buhari has not
demonstrated that he is serious about using dialogue to resolve the
various ethnic tension. This government does not care about dialogue.
The President’s military background and approach are affecting his
performance. Former President Musa Yar’Adua understood the importance of
dialogue which enabled him to put a halt to militancy in the Niger
Delta. But what do we have now? Tension and agitation in different parts
of the country.
“Dialogue is the only way to resolve the
Biafra agitation in the South-East, the Niger Delta Avengers and the
Boko Haram violence. The APC does not deserve a second term. The PDP is
not also a better option. We need another credible alternative.”
Balarabe, however, said if the President
adopted a revolutionary approach, he could reverse the mistakes he made
in his first year in power.
He added, “ Buhari created enemies for
his government when he excluded the South-East from his kitchen cabinet.
The kitchen cabinet is the closest to the President. The cabinet is
even more superior to the main cabinet which comprises the ministers.
The exclusion of the South-East from his cabinet gave rise to the
agitation for Biafra.
“The solution is the return to a
state-economy rather than a privatised economy which is not helping the
country. There is unemployment, poor power supply, tension across the
geopolitical zones and poverty. The country needs a better alternative
that would restore peace, ensure the rule of law and revive the economy.
The APC and the PDP lack the capacity to achieve this.”
Arsene Wenger says his side will go into Sunday's game against
Chelsea as they would any other with a trophy at stake – with eyes
transfixed on the prize. FA Cup winners Arsenal meet the Premier League
champions in The FA Community Shield, and the Gunners boss says
kicking-off the season with a trophy is top of the agenda.
The Gunners won all four of their preparation fixtures, scoring 14 times and conceding just once in the process.
And the boss says the positive results will stand them in good stead to
hit the ground running on Sunday. Meanwhile Diego Costa is a doubt for
Sunday's Community Shield against Arsenal after suffering another
hamstring injury scare.
Costa was taken off early in the second
half of Chelsea's game against Barcelona in Washington and manager Jose
Mourinho is facing an anxious wait to discover if he will be fit for
this weekend.
Gary Cahill has also suffered a suspected broken
nose and could play in a specially fitted mask in the Wembley date with
Arsenal this weekend.
QUESTION: Can Arsenal take advantage of Costa's absence and defeat Chelsea?
The
seven members of the Ekiti House of Assembly, who are PDP members, have
impeached the Speaker of the assembly, Dr Adewale Omirin.
The
impeachment of Omirin was carried out on Thursday in the same manner the
seven lawmakers sat in controversial circumstances, and heavy police
presence on Monday to approve the commissioner nominees and local
government caretaker committees sent to the House by Governor Ayodele
Fayose.
In
Omirin’s place, the lawmakers elected Dele Olugbemi as the new speaker.
Olugbemi was also appointed as the Protem Speaker on Monday.
There is
pandemonium at the National Assembly as policemen and SSS operatives
stopped the speaker of the House of Representatives, Mr. Aminu Tambuwal,
from entering the premises. Amid a hail of tear-gas, Tambuwal was
forcibly taken into the complex by angry lawmakers protesting the action
of the security personnel.
The
speaker trekked from the gates to the main complex, a distance of over
500 metres. Senate president, David Mark and several senators and many
reps were also delayed for hours at the gate before they finally entered
the assembly. Confusion is still ongoing…
After each round of Premier League fixtures, ESPN FC brings you its
Team of the Weekend. Our panel of experts carefully selects 11 star
performers, along with a manager.
Do you agree or disagree? You can have your say on those picked or
overlooked in the comments section at the foot of the article or on
Twitter using the hashtag #TOTW. Plus, tune in to Monday's "ESPN FC"
(5:30 p.m. ET, ESPN2) for more reaction.
ESPN FC's Team of the Weekend.
Goalkeeper: "Are we sure Brad Guzan
only has two hands," asks Steve Nicol in response to a towering
performance from Aston Villa's stopper at Upton Park on Saturday. The
American had a few nervy moments in the opening half but came into his
own as the Hammers laid siege to his goal in the closing stages, keeping
out a late barrage from fit-again battering ram Andy Carroll. It was
from a Carroll header that Guzan made the finest in a sparkling
collection of saves, as he tipped a firm header over the bar in the
dying moments. Paul Mariner was dazzled with the American's positioning,
while Gab Marcotti reflects West Ham's growing status by saying Guzan's
heroics earned his side a creditable away point. Right-back: We have deadlock when it comes to our
right-back berth, and it lines up like this: Mariner and Nicol vs.
Marcotti and Murphy. The first pair is adamant that Nathaniel Clyne
deserves the (hypothetical) No. 2 shirt for another excellent afternoon
in Southampton's unlikely title tilt. Nicol wants Clyne starting for
England, while Mariner thinks the 23-year-old is "doing it all." But
Marcotti and I are united in praise for Daryl Janmaat.
The Dutchman has had a baptism of fire in the Premier League but is
fully up to speed now. He set up both goals in Newcastle's 2-0 win at
West Brom. Marcotti says while Janmaat is "not always the most refined
full-back, he can run all day and pick his spots." Sorry, lads, but the
"M's" have it.
Best of Premier League Week 11 Ratings and Reaction
Centre-back: Newcastle's captain fantastic Fabricio
Coloccini is a "North East institution" after seven years at St James',
says Marcotti, but even after a rare goal for the Magpies in the win at
West Brom, he is outvoted in favour of West Ham's James Collins.
Just like the Argentine, Collins is enjoying a bump in form, putting
every ounce of his experience to good use. Nicol thinks the 31-year-old
deserves more credit for West Ham's lofty league position, while Mariner
says the Welshman has been their "star man" in defence this season.
Marcotti makes it a full house. Centre-back: For a time at Anfield on Saturday, it seemed as if the entire footballing universe was orbiting around Gary Cahill.
The Chelsea man was involved in absolutely everything of note in the
first half against Liverpool, Nicol notes -- even the Reds' opener, as
Emre Can's shot flicked off him and past Thibaut Courtois. But it took
the England centre-back just five minutes to make amends, stabbing home
an equaliser after a scramble in the box. As Mariner remarks, Cahill is a
"rock" at the back for Jose Mourinho and provides a clear and present
danger to opposition back lines whenever he saunters forward for set
pieces.
Gary Cahill celebrates his goal with TOTW teammate Nemanja Matic.
Left-back: There is a slightly easier choice at left-back, where Cesar Azpilicueta
downs Luke Shaw by three votes to one. Much like Janmaat, Shaw is
finding his feet and form after a tentative start to life at Old
Trafford, but his Spanish counterpart has been consistently excellent
for an extended spell. Nicol ponders whether there is a more consistent
left-back in the top flight while Mariner hailed the 25-year-old's
"tremendous" display at Anfield and lauded his contribution for the
winning goal as he got the better of Philippe Coutinho down the left and
crossed for Diego Costa to pocket the clincher. Midfield: There is unanimity in our midfield choices this week, the first being Southampton's Victor Wanyama,
who has fully established himself as the "engine of the team,"
according to Marcotti. Mariner's praise is equally fulsome, saying the
Kenyan's ability to dominate the centre of the park allows Saints
full-backs Clyne and Ryan Bertrand to bomb on. Wanyama can also do the
silkier things well, as last week's winner at Hull and this weekend's
through-ball for Shane Long's second proved. Nicol is also entranced. Midfield:Nemanja Matic is the one
player to get our panel purring on a consistent basis this season. It
almost seems inconceivable to imagine a Chelsea midfield without him
these days, such has been his impact since returning to the club. So
much so, it makes you wonder why on earth they ever got rid of him.
"Matic is priceless," says Marcotti, while Mariner says he is the
"blueprint player for the holding position in the Premier League. The
protection he provides is top notch." To make it a full house, Nicol
says Matic's prowess makes it virtually impossible to break Chelsea
down. A genuine topflight colossus. Midfield: It is days like this and performances like the one Jefferson Montero
turned in for Swansea that will convince Arsenal fans that Calum
Chambers still has a way to go. The Ecuadorian was electric against the
Gunners, consistently driving to the byline and delivering quality into
the box. It was one of these bursts that presented the winning goal for
Bafetimbi Gomis as the Swans lit up the Liberty Stadium in the midst of a
monsoon. As Marcotti points out, Montero's "quickness and intelligence
gave Arsenal fits," while Mariner trumpets his involvement in the winner
and says he "tortured Chambers all day long." Nicol makes it a clean
sweep. Striker: He might have to sit just behind our power-packed front pairing, but it would be criminal not to shoehorn Shane Long
into our TOTW. Southampton weren't exactly stuttering against Leicester
on Saturday, but they were operating without the usual attacking brio
we've come to expect. That all changed with the introduction of the
Irishman, who added a zip and sparkle to the Saints. His two goals were
expertly taken and helped him "prove a point," according to Mariner.
Nicol wonders if this action-packed cameo will earn him a new reputation
as a super sub.
Shane Long celebrates after scoring against Leicester.
Striker: "When it matters, he's there. And he scores." Marcotti is lauding the merits of Chelsea's deadly Diego Costa.
The beefy striker relished his running battle with Martin Skrtel and
made it quite clear early in the piece that he wouldn't be cowed in any
fashion by Liverpool's most menacing defender. When his big moment came
in the second half, after fine work from Azpilicueta, Costa smashed home
his 10th goal of the campaign. As Mariner details, "Big game, big
player. No one wants to play against this guy. He's physical, a handful,
and his hold-up play is fantastic. Match winner." Striker: Our panel is running out of superlatives for Sergio Aguero,
and I'm struggling as well. It's a good job the striker isn't moping in
a form trough like the rest of his teammates, who used to gobble up
sides like QPR for fun. It's a measure of how far the champions have
sunk that his two brilliant strikes, Bergkamp-esque in their execution,
were good enough only to rescue a point. Nicol says Aguero proved to be a
"man on a mission" on Saturday, and Mariner salutes his "world-class"
pedigree. Marcotti hailed Aguero's "gorgeous goals" and, quite rightly,
thinks we should all sit down for a moment and consider just where City
would be without him this season. Manager: Swansea's dramatic turnaround against
Arsenal earned a late nomination for Garry Monk, who, Marcotti points
out, has the gods smiling on him kindly again after a trying few weeks.
But it couldn't be anyone other than Sean Dyche, could
it? Yes, he may look like a cross between a bouncer and a stockbroker
and constantly refers to the Premier League as "this market," but no one
could begrudge him and Burnley their first win of the season in the
11th attempt. "Onwards and upwards," says Mariner, who salutes the huge
weight lifted from the club's shoulders, while Nicol is in full
agreement. Who knows, the Clarets may even stay in "this market" if they
carry on in a similar vein.
Sp
Chelsea Football Club is delighted to announce Oscar has today signed a new contract, keeping him at the club until 2019.
He said: ‘I am so happy because I love playing for Chelsea and living
in England. I have enjoyed playing here for two years, and now I have
five more, so I am very happy.’
The 23-year-old is in his third season at Stamford Bridge having moved from Internacional in the summer of 2012.
The second of two goals he scored on his first start for the club, in
a Champions League game against Juventus, earned him the club's Goal of
the Season award, and he ended his first campaign as a Chelsea player
with a Europa League winners' medal.
Oscar scored the opening goal in the first game of Jose Mourinho's
second spell at the club and featured regularly throughout last season
in which he was joint third-highest scorer with 11 goals.
The Brazil international has enjoyed an impressive start to the
current campaign, making 15 appearances and scoring four goals, bringing
his Chelsea career totals to 92 starts and 34 sub appearances, with 27
goals so far.
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82 foreigners has been repatriated over nefarious activities capable
of undermining the country’s security, the Federal government yesterday
said.
According to the Coordinator of the National Information Centre
(NIC), Mr. Mike Omeri, the foreigners repatriated, which include
Chadians, Nigerien and Senegalese were jobless.
Omeri made this known during a security briefing alongside the representatives of security forces in Abuja.
“We wish to inform the media of the recent repatriation from Jos of a
number of nationals of Chadian, Nigeriene and Senegalese origins for
nefarious activities that could undermine the security of Nigeria,” he
said.
Omeri also said that the Nigeria’s military had successfully executed
military operations from active intelligence on Boko Haram.
“As a result of the ongoing military training and a newly established
intelligence sharing mechanism, Nigeria’s military has executed
successful military operations from active intelligence on Boko Haram
positions and will continue to make these positive gains against the
group with new aerial equipment providing wide territorial coverage and
increased response capability,” he said.
He therefore called on those wishing to make political capital and
rubbish the image of Nigeria and her efforts in the fight against terror
to have a rethink.
“As it is Nigeria today, it could be the turn of another country
tomorrow, hence the need for collaboration and cooperation in whatever
capacity,” Omeri said.
While commending the efforts of the Military, local community militia
and other security forces for working together in the country’s fight
against terrorism, Omeri called on the public to report any suspicious
behaviour of persons to the nearest security office.
He also reassured Nigerians of the commitment of the government,
“with the support of other regional governments, to eradicate insurgency
and restore peace and normalcy in the country.
The Federal Government has put
the total number of Nigerians at the risk of Lassa Fever at 29 million,
while 26 states in the country are exposed to the deadly disease.
The government also explained that the recent outbreak of the disease
in the country was a signal that it had not received the expected
attention.
The Minister of State for Health, Dr. Khaliru Alhassan, sounded the warning on Friday
in Abuja during a press briefing to coincide with the National Lassa
Fever Day and public presentation of 5,000 safeguard soaps to the health
ministry by Procter & Gamble Nigeria.
According to him, in 2012 alone, the country recorded 1,944 cases,
with 207 deaths, adding that the majority of the deaths were recorded
among the health care providers.
Alhassan warned that every case should be well investigated to reduce
the fatality rate among health workers, which is put at about 50 to 80
per cent.
He emphasised the need for health workers to be protected while treating Lassa Fever patients.
The minister stated that protecting the health workers would go a long way in the campaign to halt the communicable disease.
Managing Director, Procter & Gamble Nigeria, Mr. George Nassar,
represented by the organisation’s Government Relations Director,
Sub-Saharan Africa, Ms. Temitope Iluyemi, said the donation was the
company’s partnership effort to support the Federal Ministry of Health
and hygiene campaign through hand washing, aimed at curbing the
transmission of communicable diseases.
