SATURDAY 24TH NOVEMBER 2018

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Oil Price Tumbles, Budget 2018 Faces New Challenge Chika Amanze-Nwachuku with agency report Nigeria’s economy may be heading for yet another trouble, as oil price plunged to a one-year low of $58.41 a barrel yesterday, down more than 22 percent, following

global oversupply. West Texas Intermediate, the U.S. benchmark, fell close to $50 a barrel. Oil prices reached an astonishing near all-time low of $28 a barrel in 2016, but hit $80 in September this year, raising the hopes

of Nigeria and other producing nations that still rely on oil exports, that they will generate adequate revenue from oil exports in 2018 and beyond. However, the reverse is now the case as Global benchmark, Brent crude settled down $3.80 per barrel, or 6.1 per cent at

$58.80, after the benchmark dropped to $58.41, the lowest since October 2017. The 2018 Appropriation Bill of N9.12 trillion expenditure was premised on oil price benchmark of $51 per barrel as against $45 proposed by the president.

Crude oil production was benchmarked at 2.3 million barrels per day and exchange rate of N305 to one dollar. The upward review in oil benchmark, increased allocations to the following critical sectors of the economy; security N46.72 billion; health

N57.15 billion; power, works and housing N106.50 billion. Budget deficit was also reduced by N50.88 billion. But with an oil price benchmark of $51, crude oil production of 2.3 million Continued on page 6

Abdulsalami to Nigerians: Stop Criticizing, Vote Out Incompetent Governments… Page 8 Saturday 24 November, 2018 Vol 23. No 8620

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Jonathan: Shettima Has a Lot of Questions to Answer on Boko Haram Tragedy Pressure mounts on governor over state allocation and IDP spending Charles Ajunwa and Benneth Oghifo Former President Goodluck Jonathan yesterday challenged the Borno State Governor,

Kashim Shettima to offer plausible explanations “for the ignoble roles he played in worsening the Boko Haram tragedy in his home state.” This is coming as some

concerned Borno State stakeholders are calling on Shettima to account for how he has been managing the state’s finances and the expenditure on Internally

Displaced Persons for almost eight years. In statement issued yesterday by his Media Adviser, Ikechukwu Eze, in response to criticism of his

book (My Transition Hours) by Shettima, the former president said in the past four years, the Borno governor had been living in denial, “towing an evasive path he has cleverly

beaten for himself. What he may not know is that he is only walking the path of a villain.” Continued on page 6

Killing of 44 Soldiers: Buhari Meets with Service Chiefs, Dispatches Defence Minister to Chad PDP: Service chiefs’ distractions led to killings Shola Oyeyipo and Adedayo Akinwale in Abuja Worried by the killing of 44 soldiers by Boko Haram last Sunday during an attack on a military base in Metele, Borno State, near the Nigeria – Chad boarder, President Muhammadu Buhari, yesterday, summoned an emergency meeting with the Service Chiefs. On the same day, the President dispatched the Minister of Defence, Brigadier General Mansur Dan Ali (Rtd) to neighbouring Republic of Chad for an urgent meeting with President Idris Derby and his defence counterpart. Also yesterday, the Peoples Democratic Party (PDP) alleged that the killing of 44 soldiers in Metele was as a result of the active involvement of the Service Chiefs in the re-election

activities of President Buhari, “instead of concentrating on their statutory duties.” Sources also told THISDAY last night that families of the latest victims of the Boko Haram attacks are being identified and contacted ahead an official government pronouncement. According to the military sources, this is responsible for the silence of the federal government over the incident. Reliable diplomatic sources in Abuja that hinted THISDAY of the development yesterday, strictly on condition of anonymity, said Ali's mission was to unearth what led to the increase in the activities of Boko Haram terrorists in the area and to find an immediate solution to it. According to the source, Continued on page 6

Magu Meets with UK National Crime Agency in Bid to Extradite Deziani... Page 6

WITH LOVE FROM BENUE... President Muhammadu Buhari with Senator George Akume, during a reception for a delegation of Benue State All Progressives Party’s stakeholders in the State House, Abuja…yesterday godwin omoigui


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