The Presidency seems to have taken umbrage against a report released by HSBC, In a series of tweets, Senior Special Adviser to the President on Media and Publicity, Garba Shehu, accused the bank of being complicit in money laundering for the Abacha regime.

What the report said

In the report titled Nigeria, Papering Over The Cracks, the bank stated that while higher oil prices had boosted Nigeria’s external position and provided a veneer of macro stability, the economy’s oil dependency and structural shortcomings are evident in a tepid pace of growth and fiscal fault.

A second term for President Muhammadu Buhari, however, raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing the reform of the exchange rate system or fiscal adjustments that diversify Government revenues away from oil.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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