Friday 22nd July 2016

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Buhari Confirms FG in Talks with N’Delta Militants

Leave now, Avengers warns oil workers 2016 budget impacted by renewed attacks, warns NNPC

Tobi Soniyi, Senator Iroegbu, Chineme Okafor in Abuja and Sylvester Idowu in Warri

President Muhammadu Buhari

has finally confirmed that his administration is in talks with Niger Delta militants with the help of oil companies and law-enforcement agencies to find a lasting solution to

the insecurity in the region. But as he said this, the Niger Delta Avengers (NDA), the militant group that has claimed responsibility for the recent wave of attacks on oil assets

in the region, issued another threat to oil workers, asking all of them to vacate the oil fields and terminals because it was ready to wage a dirty war.

A statement issued in Abuja yesterday by the president’s media aide, Mr Garba Shehu, said Buhari spoke of the government’s engagement with the militants in the oil-

rich region when he met with the outgoing Ambassador to Germany, Mr. Michael Zinner, at the State House. Shehu also quoted the

Continued on page 8

Sex Scandal: No Concrete Evidence Against Lawmakers, Says Foreign Minister... Page 10 Friday 22 July, 2016 Vol 21. No 7756. Price: N250

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CBN to Fund $697m Forward Contracts Today, Naira Pressure to Ease Obinna Chima The Central Bank of Nigeria (CBN) will today fund the onemonth forward contracts of $697 million on the interbank FX market, effectively improving dollar liquidity in

the market, as the accounts of customers that hedged against the dollar through their banks last month will get their accounts credited. Sources in the CBN confirmed that there would be improved availability of dollars

today, thus easing pressure on the naira which fell to its lowest level yesterday since the guidelines were revised last month for trading on the interbank FX market. The naira closed at N310.43 to a dollar yesterday, compared to

N294.24 to a dollar from the day before. Financial market dealers attributed the development to scarcity of FX since the CBN decided to stop its intervention and all the currency to be truly market-determined.

But on the parallel market, the naira did not budge, as it remained unchanged at N375 to a dollar yesterday. Bank customers who bought the forward contracts will be expected to make a gain of more than N20 to the dollar,

given that at the time the bids for the forwards were made a month ago, the naira exchanged for about 282 to the dollar. On the first day of trading Continued on page 9

FG: Economy is in Recession, Will Turn the Corner by Sept Calls IMF’s forecast a ruse, to start foreign borrowings this quarter Savings in ECA rise to $3.93bn as FG, states share N559.032bn

Tobi Soniyi, Omololu and Ogunmade in Abuja It is now official, the Nigerian economy, which overtook South Africa to emerge as the largest in Africa in 2014, is now in recession, the federal government finally declared yesterday. The Minister of Finance, Mrs. Kemi Adeosun, who made this disclosure while briefing the Senate yesterday on the state of the nation’s economy, was however emphatic that the recession was technical and would be

short-lived. Buttressing the point, her counterpart in the Ministry of Budget and National Planning, Senator Udoma Udo Udoma, who briefed State House correspondents after the 69th meeting of the National Economic Council (NEC), said the economy was “technically in recession”, adding however that it would start to grow by the end of the third quarter of 2016. The recession, notwithstanding, Adeosun was Continued on page 8

Saraki Reshuffles C'ttees, Abdulmumim Calls for Dogara's ‘NO MORE FRIVOLOUS SPENDING, WE’RE IN RECESSION,’ VEEPEE TELLS GOVERNORS R-L: Vice-President Yemi Osinbajo; Ogun State Governor, Mr. Ibikunle Amosun; and Anambra State Governor, Mr. Willy Obiano, Resignation... Page 11 & Page 47 during the National Economic Council (NEC) meeting at the State House, Abuja... yesterday state house


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