Index to Nigerian Newspapers

The financial stress index is rising due to rising political tension and the 2022 budget, which was grudgingly signed into law by President Muhammadu Buhari. The spending outlay was raised by a whopping N735 billion, with a near 40 per cent fiscal deficit stuffed into the budget. Last year, the gross domestic product (GDP) broke a six-year record as it jumped by 5.01 per cent year-on-year, consolidating the positive growth that started in the fourth quarter of 2020. This leg-up performance came two quarters after the country exited one of the deepest recessions in its history. The growth rate in Q3 of 2021 moderated to 4.03%, reflecting the effect of the gradual reopening of the economy in the comparative quarter in 2020. The sectoral performances, as contained in last year's growth data and other recent ones, underscore an economy that is not only bleeding but also deeply flawed by many contradictions.