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A Pessimist’s Guide To The World In 2015 | Zero Hedge
A Pessimist’s Guide To The World In 2015 | Zero Hedge.
Skirmishes in the South China Sea lead to full-scale naval confrontation. Israel bombs Iran, setting off an escalation of violence across the Middle East. Nigeria crumbles as oil prices fall and radicals gain strength. Bloomberg News asked foreign policy analysts, military experts, economists and investors to identify the possible worst-case scenarios, based on current global conflicts, that concern them most heading into 2015.
Nigeria Proposes Budget Cuts as Oil Plunge Depletes Revenue – Bloomberg
Nigeria Proposes Budget Cuts as Oil Plunge Depletes Revenue – Bloomberg.
Nigeria proposed cutting next year’s budget by 8 percent and lowered its growth estimate as falling global crude prices erode government revenue ahead of a Feb. 14 presidential election.
Expenditure was trimmed to 4.36 trillion naira ($23.3 billion) in 2015, while the economy will probably expand at a rate of 5.5 percent, about 1 percentage point lower than was originally projected, Finance Minister Ngozi Okonjo-Iweala told reporters today in the capital, Abuja. The plan is based on a benchmark oil price revised down to $65 a barrel from $77.5 in this year’s budget, with the fiscal deficit projected to be 0.79 percent of gross domestic product, from 1 percent projected this year.
Africa’s top oil producer earns about 70 of its income and 95 percent of foreign exchange from crude oil, the price of which has fallen 46 percent this year. The naira has declined 14 percent this year against the dollar, making it the second worst performer in Africa.
As Oil Prices Plunge, Nigeria Exclaims It Is Not Zimbabwe | Zero Hedge
As Oil Prices Plunge, Nigeria Exclaims It Is Not Zimbabwe | Zero Hedge.
Having already raised rates and devalued the Naira (and widened its trading bands), theNigerian currency continues to collapse to new record lows as crude crashes lower and lower. Having tumbled 11.5% since oil prices peaked, the Naira is holdinga round 184/USD – over 9% above the new peg and dramatically outside of the new trading bands of +/-5% as it seems capital flight is out of control. That is probably why, as Bloomberg reports, Finance Minister Ngozi Okonjo-Iweala has commented that Nigeria won’t resort to printing money or imprudent borrowing as it adjusts to lower prices of oil. “This is not the first time this country has gone through lower oil prices and it will not be the last,” she said – making it very clear that Nigeria is not Zimbabwe (yet).
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Nigerian parliamentarians scuffle with police – Africa – Al Jazeera English
Nigerian parliamentarians scuffle with police – Africa – Al Jazeera English.
The president of Nigeria’s Senate has suspended legislative proceedings in the National Assembly until Tuesday following a scuffle between parliamentarians and police.
David Mark announced the closure on Thursday after police fired tear gas inside the parliament building.
The target of the attack seemed to be Aminu Tambuwal, speaker of the House of Representatives, who defected to the opposition last month.
Tambuwal said police had prevented him from entering the building, but a police spokesman told Al Jazeera the speaker and his entourage had been behaving in a disorderly manner by breaking through barriers and assaulting police officers on duty.
“Following an intelligence report of a likely invasion of the House of Representatives by hoodlums and thugs, the Nigeria Police Force promptly deployed its personnel to the premises to prevent a breakdown of law and order,” a police statement said.
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Nigeria declared Ebola-free after containing virus | Reuters
Nigeria declared Ebola-free after containing virus | Reuters.
(Reuters) – The World Health Organization declared Nigeria free of the deadly Ebola virus on Monday after six weeks with no new cases, an achievement with lessons for countries still struggling to contain the deadly virus.
“This is a spectacular success story,” WHO representative Rui Gama Vaz told a news conference in the capital Abuja, where officials broke into applause when he announced that Nigeria had shaken off the disease.
“It shows that Ebola can be contained, but we must be clear that we have only won a battle, the war will only end when West Africa is also declared free of Ebola.”
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