Osinbajo: Nigeria to Make FX More Flexible, Conclude Eurobond End of Q1 Obinna Chima with agency report Nigeria hopes to conclude the sale of a $1 billion Eurobond by the end of the first quarter of 2017 and will seek to make its foreign exchange market
more flexible, Vice-President Yemi Osinbajo said yesterday. Nigeria is in its deepest recession in 25 years and needs to raise money to make up for shortfall in its budget. Its revenues from oil have plunged due to
low international prices and militant attacks in its crude-producing heartland, the Niger Delta, have cut its output. The government began the process of appointing banks for the sale of the Eurobond
in September and had said it wanted to issue the bond by the end of the year. It has yet to announce a lender to lead the sale, however. “At the very latest, between the end of the year and the first quarter of next year we
will begin to see all that process concluded,” Osinbajo told Reuters in an interview. The vice-president said the severe loss of petro-dollars had caused “serious” foreign exchange shortages and had been worsened by attacks on
its oil pipelines and export terminals. The government had wanted to issue the Eurobond to help plug a gap in its record N6.06 trillion ($19.9 Continued on page 6
Senate Increases N180bn Virement by N33bn…
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AGF: I Authorised DSS Raid on Judges, NJC Refused to Co-operate 55 Nigerians stole N1.35tn in seven years, presidential panel alleges Damilola Oyedele in Abuja and Eromosele Abiodun in Lagos The Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami (SAN), has disclosed that he authorised the raid on the homes of judges and their
subsequent arrest by the Department of State Services (DSS), following the refusal of the National Judicial Council (NJC) to act on the petitions sent to it on allegations of corrupt practices by the affected judges. Continued on page 6
PDP Crisis: Makarfi, Sheriff Factions Threaten Each Other with Jail Terms Onyebuchi Ezigbo in Abuja The two factions of the Peoples Democratic Party (PDP) were again at each other's throats yesterday, when the Senator Ahmed Makarfi-led National Caretaker Committee warned Senator Ali Modu Sheriff, the former national chairman of the party, to desist from parading himself in that
capacity or be ready to go to jail. But the former national vice chairman of the party who is now Sheriff’s deputy, Dr. Cairo Ojougboh, in response, said it is the members of the caretaker committee of the PDP that actually risk jail terms because they are Continued on page 6
Crude Oil Prices Tank 3% over LAGOS PRESENTS BIGGEST BUDGET BY NIGERIAN STATE Lagos State Governor, Mr. Akinwunmi Ambode (right), handing over the 2017 budget estimates of the Lagos State Disagreement on Output Cuts… Page 10 Government to the Speaker, State House of Assembly, Rt. Hon. Mudashiru Obasa, during the presentation of the N813 billion budget to the House at the assembly complex, Alausa, Ikeja… yesterday