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Finally, British economy enters recession

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Britain has entered recession after recording two successive quarters of negative economic growth in the second half of last year, official data showed on Thursday.

Gross domestic product shrank by 0.3 per cent in the fourth quarter of 2023 after contracting 0.1 per cent in the previous three months, the Office for National Statistics said in a statement, meeting the technical definition of a recession.

According to BBC, the UK is considered in recession if GDP falls for two successive three-month periods – or quarters.

The figures will be a blow to Prime Minister Rishi Sunak. Growing the economy was one of five pledges he made in January 2023.

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In 2020, Britain’s economy contracted by a record 20.4 per cent in the second quarter with the country in lockdown over the coronavirus pandemic, official data had shown.

It is clear that the UK is in the largest recession on record,” the Office for National Statistics said then.

Meanwhile, in December 2023, Britain’s economy unexpectedly shrank in the third quarter, official data showed, raising fears of a potential recession before an election due next year (2024).

Gross domestic product contracted 0.1 per cent between July and September, down from a prior estimate of zero growth, the Office for National Statistics said in a statement.

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Edo South Senatorial District: Massive endorsement of Ogbeide-Ihama as APC sole candidate for 2027 (Video)

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The coast is now clear as Edo South APC formally endorse seasoned lawmaker, Hon Omorgie Ogbeide-Ihama as sole candidate of the District in 2027.

The massive adoption was led by the Deputy Governor of Edo State, Hon Denis Idahosa confirming the fact that no room for any aspirant from the district.

Watch:

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Netizens ask World Bank to stop borrowing TInubu money over reported $1.25 bn Loan Plan

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Nigerians have taken to social media to express outrage and concern following reports of a proposed $1.25 billion loan linked to the administration of , sparking intense debate over the country’s rising debt profile and economic direction.

The reactions, which trended heavily on X, formerly known as Twitter, saw users storming the comment sections of the with mixed opinions on Nigeria’s continued borrowing and fiscal management.

Many commenters strongly opposed the reported loan move, arguing that additional borrowing would worsen economic hardship and deepen the country’s debt burden.

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Some of the reactions included:

@yengoblog9ja: “Don’t borrow Tinubu’s money again they want to finish Nigerians ooh”
@captbobyi01: “Please do not borrow @officialasiwajubat any loan, I repeat do not borrow Tinubu and his son any money.”
@realkingdavid: “Please 🙏 don’t borrow Tinubu’s loan again please he is using the money to kill us in the country 🇳🇬”
@pr_eci0us2291: “Please stop borrowing our president.”
Others criticised government spending priorities and questioned accountability in public finance management.

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@BIG_Mayana7: “They should not borrow his a s s any loans again, they are using the money to buy expensive vehicles for themselves.”
@Marjix_: “If we had responsible leaders… revenue from taxes and subsidy removal would develop the nation.”
Some users, however, argued that borrowing is a standard economic practice globally and should not automatically be condemned.

@GloryUyimse: “The world runs on DEBT and no bank wants you to repay your loans.”
@cossyb: “If they stop World Bank from borrowing… We’ll pay it ourselves for free… abeg make una allow them borrow o.”
Others blamed leadership failures and governance issues rather than the loans themselves.

@Shayolala: “Find out who they are na dem dem… yet they can’t hold their so-called failed leaders accountable.”
@NigIsland: “A man who refuses to mend his roof in the rain will not decide the weather by shouting at the clouds.”
The online reactions reflect growing public sensitivity over Nigeria’s debt situation amid ongoing economic reforms, inflationary pressures, and concerns over living costs under the current administration.

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Wike Hails Quality of Abuja Road Projects

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Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, has expressed satisfaction with the pace and quality of ongoing road projects across Abuja, saying residents can now “see governance in action.”

Wike spoke on Wednesday while inspecting ongoing infrastructure projects in Karu, Apo-Karshi and Gbazango, popularly known as Arab Road in Kubwa.

The minister commended contractors handling the various projects, particularly local construction firm Abdul Val and Zeberced, for delivering quality work within schedule.

“With what we have seen today, right from the roads in Karu down to Apo-Karshi and now to Gbazango, which is popularly called Arab Road in Kubwa, we are very satisfied with the level of work that has taken place,” Wike said.

He praised Abdul Val for the quality of work on the Karu road project, noting that the company had earlier delivered the Ushafa road project commissioned last year by President Bola Ahmed Tinubu through Vice President Kashim Shettima.

“I’m quite impressed. This is the second time. If you remember, the Ushafa road commissioned last year was also carried out by Abdul Val, and they are doing the one in Karu now. They are doing a good quality job,” he stated.

According to him, the Karu road project will be among projects slated for inauguration during President Tinubu’s third anniversary in office.

Speaking on the Apo-Karshi road being handled by SCC, Wike described it as a critical project frequently demanded by residents, expressing optimism that it would be completed before the end of the year.

He also commended Zeberced for the ongoing Gbazango road project, which he said would also be inaugurated during the President’s third anniversary celebrations.

“If you remember, this company handled the A2 to Pai road commissioned by Mr. President last year. They are also handling the Goma to Yangoji road, which will also be inaugurated during the third anniversary,” he said.

“You can see the quality of work. You can see how happy the residents are seeing us here. Without invitation, they came out to appreciate the fact that they can now see governance in action.”

Wike stressed that beyond quality delivery, meeting project timelines remained equally important.

“One thing is doing a quality job, another thing is keeping to timeline. I’m very happy. I think the President’s third anniversary will be full of activities,” he added.

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