Recession: FG Unveils 10-Point Roadmap to Reset Economy Kunle Aderinokun in Lagos and Ndubuisi Francis in Abuja The federal government has unveiled a 10-point fiscal roadmap, designed to stimulate the economy and set it on the path of recovery and growth. Highlights of the roadmap
were rolled out by the Minister of Finance, Mrs. Kemi Adeosun, who represented the Vice President Yemi Osinbajo, at the annual dinner of the Lagos Business School. Adeosun itemised the fiscal policies and actions being taken to tackle the key barriers to economic growth. A major component of the
roadmap is to replace administrative measures on the list of 41 items with fiscal measures to reduce demand pressure on foreign exchange (forex) at the parallel market. The Central Bank of Nigeria (CBN), in its wisdom, had barred importers from assessing forex, particularly the United States dollars, for the 41 items via the
official window, a measure, which had generated intense controversy. Though the measure was applied in good faith by the monetary authority, it pushed importers to sourcing forex from the parallel market, which led to forex shortage and inadvertently affected the value of the naira and the economy.
But with the federal government’s decision to reconsider its policy on the 41 items, the expectation, according to the roadmap, is that there would be a reduction in the demand for US dollars to ramp up forex supply. Speaking at the session, which was attended by industry leaders across key sectors
of the economy including oil, banking and telecoms, Adeosun said, “The Federal Government’s Fiscal Roadmap is addressing barriers to growth that will drive productivity, generate jobs and broaden wealth creating opportunities to achieve inclusive growth.” Continued on page 8
EFCC: More Bank CEOs to Appear in Court for Money Laundering ...Page 11 Sunday 11 December, 2016 Vol 21. No 7906
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Gov Udom Escapes Death as over 50 Die in Church Building Collapse Madagali bomb blast death toll rises to 45
Okon Bassey in Uyo and Daji Sani in Yola
Akwa Ibom State Governor Udom Emmanuel came within a whisker of being killed yesterday in Uyo, the state capital, when a church building in which he was worshipping collapsed, killing more than 50 people. Emmanuel was among the top government officials and other dignitaries at the Reigners Bible Church along the Uyo village road when the tragedy occurred about 11am, leaving hundreds of worshippers
trapped inside the church. Meanwhile, the National Emergency Management Agency said yesterday that 45 people had now died and 52 others were injured following Friday’s twin bomb blast in Madagali, in Adamawa State. The state coordinator of NEMA, Saad Bello, confirmed the new figures. Bello said many of the wounded were being treated at the Michika General Hospital. A twin bomb blast had rocked Madagali market about 12 noon on Friday, reContinued on page 8
Rivers Rerun: 1 Killed in Ogoniland, as APC, PDP Trade Allegations Ernest Chinwo in Port Harcourt One person was killed yesterday in the rerun election in Rivers State after what started as a peaceful election degenerated into a violent exercise in Ogoni area of the South East Senatorial Zone. The police have however denied knowledge of violence while the Peoples Democratic Party (PDP) has called for the cancellation of the exercise in Khana Local Government Area, alleging connivance of the police in ballot snatching
and attacks on PDP chieftains. The legislative rerun elections in Rivers State had proceeded peacefully in most polling units across the state. Unlike the situation in the March 19 rerun, there were no incidents of gunshots or snatching of ballot boxes in most of the areas. Security was tight in most of the places where voting took place while there were road blocks in strategic areas of the state. It was also gathered that some officials of the IndepenContinued on page 8
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Scene of the collapsed Reigners Bible Church building in Uyo ...yesterday
Okon Bassey