Sunday 19th March 2017

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Fiscal, Monetary Authorities Meet Ahead of MPC Parley Monday Kunle Aderinokun Preparatory to the meeting of the Monetary Policy Committee of the Central Bank of Nigeria (CBN), which commences tomorrow, a retreat was held on Friday and Saturday for fiscal and monetary authorities, which included Minister of Finance,

Kemi Adeosun; Minister of Budget and National Planning, Senator Udoma Udo Udoma; and Minister of Industries, Trade and Investment, Dr. Okey Enelamah. The retreat also had in attendance members of the academia, which included professors of economics, senior bankers, and MPC members.

The purpose of the meeting was to widen the consultation of MPC on monetary policy initiatives and ensure harmonisation between the fiscal and monetary authorities. Their meeting, which started on Friday and continued on Saturday, will now inform what would be discussed at

the MPC meeting tomorrow. Meanwhile, when the MPC begins its two-day meeting tomorrow, analysts believe that adjustment to the policy rates is not likely to be on the card. This is because, while the current macroeconomic indicators are favourable, it is necessary to monitor the

trend in the coming months before taking a policy decision. Analysts, who pointed out that the reduced inflation rate and improvement in foreign exchange situation, (which has impacted the naira favourably), have helped in stabilising the markets and reducing pressures in the economy, advised the

MPC to tread cautiously and not be too hasty in making new monetary policy pronouncement. For the first time in 15 months, the consumer price index (CPI), which gauges inflation, reversed the rising Continued on page 8

Supreme Court Hears PDP Chairmanship Case Thursday ...Page 10 Sunday 19 March, 2017 Vol 22. No 8004

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Onyema: ‘Tiny Minority’ of Nigerians Affected by Xenophobic Attacks in S'Africa Says joint body of both countries imminent to address ‘trust deficit’

Damilola Oyedele and Kasim Sumaina in Abuja

Foreign Affairs Minister Geoffrey Onyema yesterday said only a

few Nigerians were affected by the racist attacks on foreigners, especially Africans, in South Africa, which is becoming a frequent occurrence in the former

apartheid country. Onyema, who spoke in Abuja when he appeared on Arise TV, a sister company to THISDAY, said the vast majority of Nigerians

Saraki: Attacks reveal lack of integration

in South Africa were living in peace and doing well in the country. His comments were a surprise to all who expected a more proactive response to the

incessant xenophobic attacks by South Africans that have often targeted Nigerians. Onyema identified communication gap between

Nigerians living in South Africa and that country’s authorities as a major damper on cordial Continued on page 8

Senate Forecloses Reconsideration of Ibrahim Magu as EFCC Boss Saraki writes president on his rejection

Omololu Ogunmade and Damilola Oyedele in Abuja Based on extant Senate rules, the upper legislative chamber will not reconsider Mr. Ibrahim Magu as the substantive Chairman of Economic and Financial Crimes Commission (EFCC) should he be renominated. Citing Senate Rules, Order 131, Senator Dino Melaye (Kogi West) said President Muhammadu Buhari could not validly re-nominate Magu for the job again as the provision would not allow members consider his nomination, having been rejected at a senate session. Order 131 of the Senate Rules states that, ”nominations neither confirmed nor rejected during the session or within 21 working days in the case of ministerial nominees shall be returned by the Clerk to the National

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Assembly to the President of the Federal Republic of Nigeria and shall not again be made to the Senate by the President of the Federal Republic of Nigeria". Magu was rejected by the Senate after he was screened on Wednesday – exactly three months after the parliament first rejected him at its December 15, 2016 closed-door session, citing damning corruption allegations against him by the Department of State Services (DSS). Buhari had on January 24, 2017, represented Magu for confirmation, noting he had been cleared of the allegations of corruption leveled against him. Magu was however considered for screening the second time because he had not been rejected at an open session. His rejection of December 15, 2016 was done at an executive session, a move which generated criticisms and apparently prompted Senate's decision Continued on page 8

UNITED AGAINST XENOPHOBIA

L-R: Nigeria High Commissioner to South Africa, Martin Cobham; Leader of the House of Representatives, Femi Gbajabiamila; former South African President, Thabo Mbeki; chairperson, House Committee on Foreign Affairs, Nnena Ukeje-Elendu, after the House delegation on Xenophobic attacks met with the former South African leader in Johannesburg ...weekend

Cross River CJ Dies at 63...Page 11


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