NAIJ.com brings you major stories from mainstream newspapers on Thursday, April 6.
Punch reports that the Emir of Kano, Muhammadu Sanusi ll, on Wednesday, April faulted the present administration’s economic model, saying it would not work.
Sanusi, who spoke at the Kaduna State Economic Summit in Kaduna, the state capital, also berated northern leaders, saying the North-West and the North-East remained the poorest parts of the world.
The monarch, who spoke on the theme ‘Promoting investments in the midst of economic challenges’, said the North, as a region, constituted the highest of the nation’s population, but lacked the necessary indices for progress.
Newspaper review: Federal government's economic model can't work - Sanusi
READ ALSO: Sagay lashes at APC for cautioning him
Meanwhile, The Nation reports that President Muhammadu Buhari yesterday renewed his administration’s commitment to delivering on the electoral promises of the All Progressives Congress (APC), with the launch of the Economic Recovery and Growth Plan (ERGP).
He said the rolling plan (2017 – 2020), which was unveiled at the Council Chamber of the Presidential Villa in Abuja, will not only take Nigeria out of recession but place the economy on the path of growth.
Newspaper review: Federal government's economic model can't work - Sanusi
Nigeria's economic woes continue as Guardian reports that the challenge of defaulting credits, which has put the banking system under pressure, may not end soon as financial institutions’ top 50 debtors owe N5.59 trillion (34 per cent) of total industry credit exposure of N16.29 trillion.
But an adverse economic impact on the borrowers and their businesses, resulting in rising default, additional provisioning by banks and consequent reduction in banks’ Capital Adequacy Ratio (CAR), has been blamed for the default.
Newspaper review: Federal government's economic model can't work - Sanusi
READ ALSO: Emir Sanusi faults Buhari's economic plan
The N5.59 trillion represents 77 per cent of the nation’s 2017 federal budget proposal at N7.3 trillion, and would comfortably fund the non-debt recurrent expenditure at N2.98 trillion, as well as capital expenditure of N2.24 trillion.
The war between the Nigerian Senate and Professor Itse Sagay who referred to the senators as irresponsible continues as Vanguard reports that the national leadership of the All Progressives Congress, APC, has warned all appointees of President Muhammadu Buhari to desist from making inflammatory statements capable of stoking executive-legislature tension.
Newspaper review: Federal government's economic model can't work - Sanusi
The party specifically took exceptions to comments credited to the Chairman of the Presidential Advisory Committee against Corruption, PACAC, Prof. Itse Sagay, SAN; describing the lawmakers’ actions as childish and irresponsible and warned Sagay to exercise restraint and desist from attacking the Senate.
