Inflation Falls for Fifth Straight Month to 16.1% Ndubuisi Francis in Abuja For the fifth consecutive month, the inflation rate dropped further from 16.25 per cent in May to 16.10 per cent in June 2017, indicating a 0.15 per cent points decline.
The National Bureau of Statistics (NBS), in its latest report released yesterday, said the Consumer Price Index (CPI), which measures inflation, increased by 16.10 per cent (year-on-year). The fifth consecutive decline
in the rate of inflation since January 2017 showed that on a month-on-month basis, the headline index increased by 1.58 per cent in June 2017, 0.30 per cent points lower than the rate of 1.88 per cent recorded in May 2017.
Also, month-on-month, inflation has cumulatively risen by 9.28 per cent since January 2017. The food index increased by 19.91 per cent (year-on-year) in June 2017, down by 0.64 per cent points from the rate
recorded in May (19.27 per cent), indicating continued pressure on food prices. Price movements recorded by all items less farm produce or core sub-index rose by 12.50 per cent (year-on-year) in June, down by 0.50 per cent points
from the rate recorded in May (13 per cent). This represented the eight straight month of decline in the core index since November 2016. Continued on page 9
Makarfi: Only Miracle Can Stop PDP from Retaking Power in 2019… Page 10 Tuesday 18 July, 2017 Vol 22. No 8125. Price: N250
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NHIS Saga: More Officials Suspended as Security Personnel Besiege Agency’s Premises … Page 8
Power of Confirmation: Senate Unfazed by Presidency’s Decision to Head to S’Court Says Magu discredited by DSS, not legislature Damilola Oyedele in Abuja Senators remain unfazed by reports that the presidency may likely head to the Supreme Court to seek a judicial interpretation of Section 171 of the constitution, in a bid to resolve the impasse on the powers of the Senate to confirm the nominees of the president and by extension whether the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, can remain
in office despite his rejection by the upper legislative chamber. The executive arm and the Senate have been at loggerheads for months over the latter’s insistence that the executive must remove Magu, having been rejected twice during his confirmation process at the upper legislative chamber. The Senate’s rejection of Magu was based on a report from the Department Continued on page 8
Court Adjourns FG’s Suit Against Omokore, Aluko over $1.7bn Debt to Sept 29 Davidson Iriekpen Due to annual court recess, the Federal High Court in Lagos has fixed September 29 to decide whether or not to stay further proceeding in a suit filed by the federal government against Olajide Omokore and Kolawole Aluko, seeking an order to recover the sum of $1,762,338,184.40 billion from both men. The federal government, Nigerian Petroleum Development company Limited
(NPDC) and Nigeria National Petroleum Corporation (NNPC) had dragged the two businessmen and their companies – Atlantic Energy Drilling Concepts Nigeria Limited (AEDC) and Atlantic Energy Brass Development Limited (AEBD) – seeking an order restraining them from dissipating all their known assets directly or indirectly. The government had also prayed the court to restrain Continued on page 8
L-R: Minister of Finance, Mrs. Kemi Adeosun, who represented the Acting President, Prof. Yemi Osinbajo, and the host Minister of Information and Culture, Alhaji Lai Mohammed, at the opening of the two-day Creative Industry Financing Conference in Lagos... yesterday (See story on page 36)