Nigeria Lost #1.12 Trillion to Holidays

By admin on

Share on facebook Yahoo mail icon Gmail icon

Views: 839


According to expert analysis obtained by New Telegraph, Nigeria lost about N1.12 trillion ($4 billion) of her total Gross Domestic Product (GDP) to the additional one-day holiday declared by the Federal Government to mark the Eid-el- Fitr holiday.

The Federal Government extended the holidays to Thursday because the moon was not sighted last Tuesday, after earlier declaring Tuesdayand Wednesday as public holidays to mark the Muslim festival, the

Commenting on this development, frontline economist and Managing Director of Financial Derivatives Limited, Mr. Bismarck Rewane, put the estimated cost of the additional holiday at 1.5 per cent of Nigeria’s GDP. Currently, the nation’s GDP is $500 billion and it represents 0.79 per cent of the world economy.

He, however, noted that the one day extension cannot be regarded as a total shut down of Nigeria’s economy, stressing that it is assumed that half of the working class would work today. The GDP, which measures of national income and output for a given country’s economy, is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. Similarly, the Organised Private Sector (OPS) said the three-day public holidays had resulted in the economy losing billions of naira.

The OPS, which is the umbrella body of the private sector operators in the country, comprises of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Lagos Chamber of Commerce and Industry (LCCI), Manufacturers Association of Nigeria (MAN) and Nigerian Economic Consultative Association (NECA).

They berated the Federal Government for extending the public holiday, saying that the banking, manufacturing, Small and Medium scale Enterprises (SMEs), shipping, construction and service sectors were the biggest losers.

 

Posted on July, 7 2016

Share on facebook Yahoo mail icon Gmail icon


You may also like...
Buhari extends Umoru ibrahim's tenure as NDIC CEO...

Isuikwuato gully erosion: Abia govt seeks intervention

Ooni donates vocational centre to destitute in Abia...

North and Nigerians will vote Buhari even on...

Buhari’s visit to south-east has given hope to...

Crisis over Delta PDP primary

President Buhari fires SSS DG, Ita Ekpenyong, appoints...

Be Part of Developing Your Communities, Gov. Ikpeazu...

Senate invasion, sign that Buhari’s govt is broken...

Tinubu Plays host to Heavyweight Champion, Evander Holyfield...

Does Buhari belong to nobody?

Husband kills wife of 71yrs in murder-suicide following...
News Abia Election Special (3) Abia Supplementary Polls Update (18) Abia Supplementary Result update (22) Appointments (8) Breaking News (196) Business (42) Campus News (3) Crime (124) Economy (112) Education (127) Entertainment (148) Fashion and Style (3) General (830) Health (109) Inside Africa (40) International News (303) Interviews (28) National (1944) Politics (969) Press Releases (116) Religion (9) Security (127) Sports (431) Technology (24) World News (87)

 

 

Advertisement

 

Latest News Buhari approves Adamu as acting IG as Idris bows out today I’m also hungry, Amaechi tells Nigerians at campaign rally Management of Abia Bailout funds and Paris Club refunds; Oshiomhole is confused CJN's Trial is illegal, it’ll end in prosecutorial misadventure –Falana Saraki says FG’s haste to arraign CJN shows corruption war is compromised CJN’s trial: N’Delta militants threaten to shut down oil wells Ignore CCT summons, South-South govs tell CJN Wanted Orji Kalu seen at APC rally in Umuahia OPINION: Acho Obioma; Resist the temptation, No free money for criticizing Ikpeazu No Celebrity is a saint, don't push yourself to be friends with them - Actress Georgina Onuoha

 

Most Read Islamic agenda for Nigeria – Pastor Bosun (24,086 views) The show of shame that sealed Justice Uzokwe’s fate (17,580 views) 47 YEARS AFTER, HIS EXCELLENCY, COMMODORE EBITU UKIWE (Rtd) MAKES THE “OFO NDI IGBO” RECIPIENTS LIST (17,195 views) Breaking News : Dr Okezie Ikpeazu resigns from Abia State Environmental Sanitation Agency (ASEPA). (7,745 views) Lawyers accuse Lagos Police of working for PDP (7,387 views) Radio Biafra delivers AM Transmitter (7,162 views) ‘Why fuel scarcity persists’ (6,187 views) Abiriba Kingdom Celebrates as Eze Kalu Kalu Ogbu (IV) marks 14th year on the throne (5,844 views) Nurse Justina Obi Ejelonu, one of the nurses that contracted Ebola virus is dead!!! (5,799 views) Breaking News : 2015 - Abaribe withdraws from Abia guber race, backs Ikpeazu (5,575 views)