Nigeria’s Imports Drop on Renewed Drive to Encourage Local Production IMF: Additional exchange rate depreciation could further worsen already high NPLs Rising exports slash trade deficit balance to N104bn Obinna Chima in Lagos and James Emejo in Abuja The
import
substitution
policies being driven by the Central Bank of Nigeria (CBN) and the federal government appear to be yielding results,
as a country assessment report on Nigeria by the International Monetary Fund (IMF) has indicated that a sharp decline
in imports contributed to a modest recovery in Nigeria’s external current account balance in the first half of 2016.
Although the report showed that Nigeria’s exports declined by 14 per cent in the first half of 2016, it revealed
that imports fell more than proportionately by 25 per Continued on page 8
Soyinka Fulfills Promise, Discards U.S. Green Card… Pa g e 9 Friday 2 December, 2016 Vol 21. No 7897. Price: N250
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FG Orders CBN, NPA, 15 Others to Refund N450bn Unremitted Revenue Defaulting agencies face prosecution Central bank says it has remitted operating surplus
Ndubuisi Francis in Abuja Seventeen revenue-generating agencies have been summoned for a meeting to tender proposals on how they intend to repay N450 billion unremitted operating surplus into the Consolidated
Revenue Fund (CRF). The federal government about two weeks ago announced the setting up of a committee to recover the unremitted operating surpluses from the agencies. Continued on page 8
Telcos Kick Against NCC’s Suspension of Data Tariff Hike Emma Okonji Te l e c o m m u n i c a t i o n s operators have kicked against the suspension of the new data tariff floor recently approved by the Nigerian Te l e c o m m u n i c a t i o n s Commission (NCC), which would have increased charges for data services offered by the firms had
NCC allowed its take off yesterday. Worried about the public outcry that greeted the planned tariff hike, NCC on Wednesday announced the suspension of the initial directive it gave to operators on the introduction of a new data tariff floor. Continued on page 8
Senate Resolves Lacuna on Successor OLANIWUN AJAYI… CELEBRATION OF A LIFE WELL SPENT Lagos State Governor, Mr. Akinwunmi Ambode, with Dr. Ola Ajayi and Prof. Kayinsola Ajayi (SAN), both sons of the late of Deceased Candidates… Page 12 L-R: Sir Olaniwun Ajayi, at the funeral service of their father at the Methodist Church, Isara-Remo, Ogun State… yesterday