Tuesday 2nd February 2017

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Foreign Capital Importation Dropped to Nine-year Low in 2016 UK, Netherlands, US accounted for largest inflows

James Emejo in Abuja with agency report Nigeria’s capital imports slumped to a nine-year low in 2016, as Africa’s biggest

economy battled a weaker currency and its first recession in 25 years. The National Bureau of Statistics (NBS) said yesterday that capital importation into

Nigeria fell 47 per cent last year to $5.12 billion, largely because the weak currency meant fewer dollars were required for the same naira investment. It said $9.64 billion

was imported in 2015, reported Reuters. “This was the lowest value since the (data) series started in 2007, which reflects the numerous economic challenges

that afflicted Nigeria in 2016,” the statistics office said. Equity investments from portfolio investors and direct investment rose sharply from 2012 to 2014, at a time when

Nigeria was one of the fastest growing economies in the world and a top destination for investment. Continued on page 9

Five UN Officials of International Boundary C'ttee Killed by Bandits in Cameroun ...

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Thursday 2 February, 2017 Vol 22. No 7959. Price: N250

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N420bn Illegal Crude, Diesel Seized by Nigerian Navy in 2016...

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FG Approves New Tax Policy, to Raise VAT on Luxury Goods Sets up task force on food security Approves procurement of new coaches for rail transport

Tobi Soniyi in Abuja In an effort to shore up the federal government’s revenue base, the Federal Executive Council (FEC) yesterday approved a new tax regime, just as it announced its intention to raise taxes on

luxury goods. Also yesterday, the council constituted a task force to device measures to force down the prices of food in the country. The council equally Continued on page 9

… TCN Gets Go Ahead on New Project Financing Model, Seeks Private Funding

Transmission company rocked by protest over appointment of new MD Power generation rises slightly to 3,528MW Chineme Okafor in Abuja with agency report The federal government has approved a new project financing model for the Transmission Company of Nigeria (TCN), through which private investors would be

invited to bid, procure and build sections of earmarked transmission projects of TCN, its Managing Director, Dr. Abubakar Atiku has disclosed. Atiku stated yesterday in Abuja during a briefing on Continued on page 9

Crude Oil Hits $56 as Russia Joins OPEC Cuts... Page 13

DIVERSITY IN GOVERNMENT... L-R: Minister of Environment and UN Deputy General-designate, Mrs. Amina Mohammed; Federal Commissioner, National Population Commission (NPC), Mrs. Yeye Seyi Aderinokun, and Minister of Finance, Mrs. Kemi Adeosun, during the swearing in of new federal commissioners of the NPC at the Presidential Villa, Abuja… yesterday godwin omoigui


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