Saturday 21st April 2018

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Attack on Senate: Nigeria’s Security Structure Needs Review, Says Ekweremadu Ohanaeze: Breach of security in an otherwise most-secured environment in the country gives cause for suspicion Damilola Oyedele in Abuja and Christopher Isiguzo in Enugu Deputy Senate President, Ike Ekweremadu has lamented that the attack on the Senate on Wednesday had further revealed a need for the review of Nigeria's security

structure which he deemed faulty. This is as the Apex Igbo Sociocultural organisation, Ohanaeze Ndigbo expressed dismay over the invasion of the Senate by thugs, saying it had genuine concerns over the life and safety of Ekweremadu and other lawmakers and staff of

the National Assembly. Ekweremadu said yesterday when he received the leadership of the Nigerian Political Science Association (NPSA) who paid a solidarity visit to the Senate, that the incident was a national embarrassment.

The Senate Chamber was invaded last Wednesday by thugs led by suspended Senator Ovie Omo Agege, with the mace snatched and carted away before it was recovered on Thursday. Ekweremadu reiterated his condemnation of the attack.

“It shows a breakdown of security and it is a setback to Nigeria’s drive for foreign investment because no one would be ready to invest money in such a system. So, it is a lesson that we cannot keep doing the same thing with our security system and expect

a different result. “It is also an irony that the people involved would organise armed bandits to rob the Senate of its mace since they understand the implication of what they have Continued on page 6

Malnutrition: 88,000 Children at Risk of Death in North-east, Says UNICEF ...Page 6 Saturday 21 April, 2018 Vol 23. No 8402

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Forex: IMF Seeks Unified Exchange Rate Regime Welcomes CBN’s FX intervention measures Apex bank injects $396 to boost retail SMIS Kunle Aderinokun, Obinna Chima and Funke Olaode in Washington DC, Ndubuisi Francis in Abuja The International Monetary Fund (IMF) has welcomed the stability recorded in Nigeria’s foreign exchange market, just as it urged

the Central Bank of Nigeria (CBN) to continue to push for a unified exchange rate regime. In a related development, the Minister of Finance, Kemi Adeosun, yesterday said that at 20 per cent Debt to Gross Domestic Product (GDP), Nigeria's foreign debt level does not pose any risk to

its financial stability and economy. The Director of African Department, IMF, Mr. Abebe Aemro Selassie, spoke yesterday on Nigeria’s forex policy at a press briefing on developments in the region at the on-going IMFWorld Bank spring meetings in Washington DC.

Selassie noted that compared to where things were a year ago, inflation in Nigeria had continued to accelerate, dropping to 13.34 per cent as of March 2018, compared with about 19 per cent last year. “Of course, things have improved significantly in Nigeria,” he said while responding to a

THISDAY question. Selassie added: “This was due to the reforms that have been undertaken in the exchange rate regime as well as capital inflows due to the recovery in oil prices and the uncertainty ameliorating. “Inflation has also been decelerated. These are all welcome

trends, but I do think that there remains a need to move towards having a more simplified exchange rate regime moving forward. That would also be important for the conduct of monetary policy. Selassie also welcomed the Continued on page 6

…Adeosun: 20% Debt to GDP Not Toxic to Our Economy The Minister of Finance, Kemi Adeosun, has said that at 20 per cent Debt to Gross Domestic Product (GDP), Nigeria's foreign debt level does not pose any risk to its financial stability and economy. While admitting that the concerns raised by the International Monetary Fund (IMF) on the attendant risk of rising foreign debts to emerging economies was legitimate, she argued that Nigeria was not among the countries referred to by Bretton Woods institution. Adeosun, who fielded questions from journalists after the G-24 Finance Ministers and Central Bank Governors' Meeting, yesterday at the ongoing IMF-World Bank spring meetings in Washington DC, United

States, pointed out that the advice was actually directed at low income countries whose debts had risen to levels as high as 55 per cent of GDP. She clarified that Nigeria is a middle income country. According to her, "The concern which has been expressed, which is a correct one, is about debt levels in low income countries, LIC as we call it. Nigeria is actually a middle income country. The concern that has been expressed is a legitimate one; those debt levels are at 55 per cent of GDP which is very high. Nigeria is at less than 20 per cent, so we are not actually one of the countries they are expressing Continued on page 6

Trump Accuses OPEC of Keeping Crude Oil Prices 'Artificially' High ...Pg. 8

TAKING STOCK... L-R: Managing Director/CEO, Nigerian Breweries Plc. Mr. Jordi Borrut Bel; Chairman, Chief Kola Jamodu; and the Company Secretary/ Legal Adviser, Mr. Uaboy Agbebaku, at the 37th Annual General Meeting of Nigerian Breweries Plc. held at Muson Centre in Lagos SUNDAY ADIGUN yesterday

Police Commission Promotes Oshodi-Glover, Magu, Others … Page 55


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Saturday 21st April 2018 by THISDAY Newspapers Ltd - Issuu