Tuesday 5th September 2017

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Credit to Private Sector Rises to N22.2tn Obinna Chima

Banking sector credit to the private sector increased year-on-year to N22.172 trillion at the end of July 2017, compared with the N21.978 trillion it stood at

the end of June 2017. This was revealed by data gathered from the Central Bank of Nigeria's (CBN) money and credit statistics for July 2017, obtained from its website. Also, broad money (M2),

which generally is made up of demand deposits at commercial banks and monies held in easily accessible accounts climbed year-on-year to N22.200 trillion as at July, from N21.674 trillion at the end

of June. Similarly, narrow money (M1), which includes all physical monies such as coins and currency along with demand deposits and other assets held by the central bank edged higher year-on-

year to N10.325 trillion in the review month, as against the N9.883 trillion recorded the previous month. But currency-in-circulation dropped to N1.769 trillion at the end of July, compared with the N1.873 trillion

position it was the previous month. However, while Banks’ Reserves increased to N3.446 trillion as at July, from N3.266 trillion, Quasi Money, which are highly Continued on page 34

Nigeria Loses $1bn to Illegal Bunkering Annually as Oil Companies Patronise Illicit Market… Page 34 Tuesday 5 September, 2017 Vol 22. No 8174. Price: N250

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Patients Stranded as Doctors Ground FG Hospitals Ngige: Strike in bad faith

Martins Ifijeh in Lagos and Senator Iroegbu in Abuja Many Nigerians who reported sick at federal

government-owned medical facilities nationwide yesterday were stunned to find out that doctors had embarked on an indefinite strike, leaving

Return to work, Adewole pleads

them stranded and at the mercy of private hospitals. Their woes were compounded by their inability to access funds to

look elsewhere for medical care as banks were closed as a result of the Eid-Maulud holiday which began last Friday.

Medical doctors under the umbrella of the National Association of Resident Doctors (NARDS) had commenced an indefinite

nationwide strike in the early hours of yesterday following the rejection by its National Continued on page 8

Finally, Nigeria Exits Recession, Reports 0.55% GDP Growth in Q2 Foreign Exchange liquidity may have helped industries to grow Obinna Chima After contracting for five consecutive quarters, the Nigerian economy has finally exited the recession, as data on the country’s gross domestic product (GDP) growth rate to be released at 10 a.m. today by the National Bureau of Statistics (NBS) has shown that the economy grew at 0.55 per cent in the second quarter (Q2) of 2017. The preliminary Q2 2017 GDP results, which THISDAY had exclusively

obtained from presidency sources, had been embargoed by the NBS at the weekend until the official release of the report today. But THISDAY decided to go to press last night with the report because Reuters had flouted the embargo. The Q2 2017 growth rate of 0.55 per cent (year-on-year) was 2.04 per cent higher than the rate recorded in the corresponding quarter of Continued on page 34

Buhari Pledges to Reposition ROYAL HOMAGE… Muhammadu Buhari receives the Emir of Katsina, Alhaji Abdulmumini Usman, at his residence in Daura, Nigeria for Good… Page 34 President Katsina State… yesterday state house


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Tuesday 5th September 2017 by THISDAY Newspapers Ltd - Issuu