Wike: INEC Plotting to Release Results of Cancelled Elections to Favour APC Amaechi lost in Ikwerre, declare it or face crisis Ernest Chinwo , Onyebuchi Ezigbo iand Omon-Julius Onabu Rivers State Governor, Nyesom Wike has raised the alarm over an alleged plot by the Independent National Electoral
Commission (INEC) to release some of the results in the eight local government areas it earlier cancelled in the March 19 legislative re-run elections in the state. This is as the governor warned of imminent crisis if
No plan to declare results in places where electoral processes were inconclusive, says INEC
INEC dared to cancel results of Ikwerre Local Government, home of former Governor Chibuike Amaechi, he said the Peoples Democratic Party (PDP) candidates won. In a swift reaction, the electoral umpire said Wike’s al-
legations were not true and that it has no plan to declare results in places where the electoral processes were inconclusive. In an exclusive interview with THISDAY in Port Harcourt yesterday, Wike said he had information that INEC was
planning to release some of the results in the eight local government areas where the commission suspended elections. He said: “We are now hearing that INEC wants to release some of the results of the election they
cancelled in some of the eight local governments, obviously to help the APC. Don't forget the election was cancelled around 2pm before the election process was even concluded on the 19th, the very day of the election.
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Fayose Accuses Buhari of Wasting $50m on Foreign Trips ...Page 10 Saturday 2 April, 2016 Vol 21. No 7647 Price: N150
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Adeosun at G20 in Paris, Calls for Inclusive Growth for Africa
Ndubuisi Francis in Abuja
The Minister of Finance, Mrs. Kemi Adeosun has advocated for sustainable and inclusive growth for Africa while speaking at a high level G20 seminar of finance ministers in Paris, France Thursday night. At the G20 Summit, the
finance ministers met to discuss current challenges to the international financial architecture and ways of combating macroeconomic volatility. The high-level seminar also assessed volatility in capital flows and their impact on global economic conditions. Speaking at the opening
plenary session alongside Christine Lagarde, Managing Director of the IMF; François Villeroy de Galhau, Governor of the Banque de France; Valdis Dombrovkis, Vice President of the European Commission and Wolfgang Schauble, Minister of Finance, Germany, Adeosun acknowledged the progress that had been made
in the international financial architecture since the 2008 global financial crisis. She noted that the first line of defence was sound macroeconomic policies, which Africa in general and Nigeria specifically, is trying to tackle with a series of fiscal housekeeping initiatives. The Minister said that there
had been excessive focus on GDP as a measure of economic progress, which often concealed vulnerabilities, particularly inequalities. She called for a more holistic measure of economic growth. She highlighted the risks associated with international capital flows and warned that African economies needed to be
insulated from the disruptive effects of volatile short term portfolio flows. Africa can build the necessary resilience, she said, but there must be more careful management of capital flows and a move towards long term
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IMF Article IV: Nigerian Economy Facing Substantial Challenges Current account moves from 0.2% surplus to a deficit projected at 2.4% of GDP
Welcomes CBN's monetary policy tightening
Obinna Chima The International Monetary Fund (IMF) has pointed out that the Nigerian economy is currently facing substantial challenges, saying lower oil prices have significantly affected the country's fiscal and external accounts. The fund stated this in the conclusion of its 2016 Article IV Consultation with Nigeria, by its Executive Board. The document dated March 31, was posted on the multilateral agency's website yesterday. The IMF, however welcomed recent monetary policy tightening by the Central Bank of Nigeria (CBN), and recommended that the central bank targets price stability to maintain inflation within the target range. The Monetary Policy Committee (MPC) of the CBN in its meeting last week, raised the Monetary Policy Rate (MPR) otherwise known as the interest rate, to 12 per cent from 11 per cent. It had also increased bank’s Cash Reserve Ratio (CRR) to 22.5 per cent from 20 per cent, in a move aimed at tightening liquidity, which the central bank Continued on page 8
STANDING UP AGAINST NUCLEAR PROLIFERATION...
President Muhammadu Buhari (2nd from right) in second row, with other world leaders at the Nuclear Security Summit in Washington DC, United States …yesterday