W’Bank Approves $2.1bn Project Support Loan for Nigeria CBN warns lowering interest rate may be counter-productive Obinna Chima in Lagos and Ndubuisi Francis in Abuja The World Bank yesterday announced its approval of $2.1 billion as project support
loan for Nigeria. The concessionary loan is to support the funding of seven projects in key sectors of the country. The cheering news coincided
with a warning by the Director, Monetary Policy, Central Bank of Nigeria (CBN), Mr. Moses Tule, that a reduction in the benchmark Monetary Policy Rate (MPR) at this time would
throw up a cocktail of fiscal challenges in the economy and create more inflationary pressure. But the World Bank in a statement listed the seven
projects its loan would support to include nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance
and national statistics and reducing vulnerability to soil erosion. The statement quoted World Continued on page 8
Nine Dead, 54 Vehicles Burnt as Petrol Tanker Explodes on Lagos Bridge… Page 10 Friday 29 June, 2018 Vol 23. No 8471. Price: N250
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TODAY'S WEATHER
ABUJA 25°C-33°C
MAIDUGURI 31°C-31°C
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NNPC Has Questions to Answer over Remittances to FAAC, Says NEC Backs FAAC’s rejection of May transfer Corporation blames governors for stalemate DPR indicates gas flare in Nigeria now down to 9% Omololu Ogunmade and Chineme Okafor in Abuja The National Economic Council (NEC) yesterday in Abuja threw its weight behind the Federation Account Allocation Committee’s (FAAC) decision to reject the remittance by the Nigeria National Petroleum
Corporation (NNPC) into the Federation Account in May. The Wednesday meeting of the committee had ended in a stalemate as the NNPC failed to show up after failing to respond to the request of the committee to be more forthcoming with Continued on page 8
Governors to Meet Security Chiefs over Herdsmen Attacks Presidency carpets PDP on Plateau massacre
Omololu Ogunmade in Abuja and Onyebuchi Ezigbo in Abuja Governors of the 36 states of the federation have resolved to engage the nation's security chiefs in a decisive talk to find solution to the spate of killings and destructions by criminal gangs masquerading
as herdsmen. In order to address the worrisome escalation in fuel subsidy deductions from the Federation Account, the governors said they have resolved to implement petrol supply and distribution monitoring system in each Continued on page 10
Swiss Envoy: We Have Returned All Abacha Loot... Page 12
STRATEGISING FOR BETTER ECONOMY... L-R: Delta State Governor, Dr. Ifeanyi Okowa; Lagos State Governor, Mr. Akinwunmi Ambode; and Gombe State Governor, Alhaji Ibrahim Dankwambo, during the National Economic Council meeting at the Presidential Villa, Abuja…yesterday godwin omoigui