Hope Rises for 2019 Budget, Oil Price Rebounds to $60 Ejiofor Alike with agency reports Hope for the implementation of the 2019 budget was rekindled yesterday as crude oil price climbed around three per cent to rebound to $60 per barrel.
This followed the extension of talks between the United States and China in Beijing, which raised hopes that the world’s two largest economies would resolve their trade standoff. The United States West
Texas Intermediate (WTI) traded at $51.36 per barrel, up $1.58, or 3.17 per cent, the first time this year that WTI has topped $50. Reuters reported that the international Brent crude rose by $1.63, or 2.78 per cent, at
$60.35 per barrel. Brent price hit last year’s high of $86 in October, a development that encouraged the federal government to predicate this year’s budget on oil price of $60, against the $50 per barrel oil price
benchmark proposed in the Economic Recovery Growth Plan (ERGP). The federal government also predicated the budget on the production of 2.3 million barrels per day of crude oil. Also N305 was proposed
as exchange rate to the dollar. But before the presentation of the budget to the National Assembly, oil price dropped to $48, raising fears on the capacity of the federal Continued on page 10
Gencos Accuse Discos of Inhibiting Higher Power Generation, Supply ... Page 10 Thursday 10 January, 2019
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Buhari Hints at Realignment of Salaries of FG Workers with Jumbo Pay Labour: We will resist any cut in wages Avoid delay, present minimum wage bill Tuesday, Senate advises president Omololu Ogunmade and Onyebuchi Ezigbo in Abuja Inaugurating the Technical Advisory Committee on National Minimum Wage yesterday, President Muhammadu Buhari put smiles on the faces of workers, stating that wage increase had become inevitable and non-negotiable.
"I want to make it clear that there is no question about whether the National Minimum Wage will be reviewed upwards. I am committed to a review of the Minimum Wage,� Buhari told the advisors at the State House, Abuja. Continued on page 6
Act within Electoral Law, INEC Tells Security Agencies Adedayo Akinwale in Abuja The Independent National Electoral Commission (INEC) has urged the Nigerian Police and other security agencies in the country to adhere strictly to the provisions of the Electoral Act, and avoid giving Nigerians the
impression that they have their separate security arrangements outside of those sanctioned by the commission. In his regular consultative meeting of the Inter-Agency Consultative Committee on Elections (ICCES) held yesterday Continued on page 10
Credit to Private Sector Falls Marginally to N23.083tn ‌ Page 6
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