Analysts Foresee Stronger Naira after Rate Cut Obinna Chima with agency report Following Tuesday’s 50 basis points cut in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria’s
(CBN) Monetary Policy Committee (MPC), from 14 per cent to 13.50 per cent, analysts have predicted that the naira will appreciate in the coming days. Analysts anticipated that
the naira would follow the trend that was seen in the Egyptian pound after the country’s central bank slashed interest rate earlier this year. While the naira closed at N306.95 to a dollar on
the official forex window yesterday, it closed at N360.80 to a dollar on the investors’ and exporters’ window. But Bloomberg in a report pointed out that for investors considering the fate of naira
after the central bank’s unexpected rate cut, Egypt may be a better guide than Ghana. Both Egypt’s and Ghana’s central banks had cut their main interest rates earlier this
year, surprising most analysts surveyed by Bloomberg. But their currencies reacted differently. The Egyptian pound has Continued on page 8
Senate Worried over Low Performance of 2018 Budget...
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PDP’s Fintiri Deposes APC’s Bindow in Adamawa Wins all 44 units in 14 LGAs, 29 RAs extra election held Daji Sani in Yola It was sweet victory for the Peoples Democratic Party (PDP) yesterday as its candidate in the Adamawa
State governorship tussle, Alhaji Ahmadu Fintiri, finally subdued the incumbent governor, Alhaji Jubrilla Bindow of the All Progressives Congress (APC), winning
all the 44 units in 14 local government areas and 29 registration areas where supplementary election was held in the state. The Returning Officer,
Professor Andrew Haruna, said Fintiri scored 376,552 votes to beat Bindow, who garnered 336,386 votes. “Ahmadu Fintiri of the PDP, having satisfied the
requirement of the law and scored the highest number of votes is hereby declared the winner and returned as elected governor of Adamawa State,” he said.
He said the governorship candidate of the African Democratic Congress (ADC), Senator Abdulazeez Nyako, Continued on page 10
Increase in VAT will Hurt Economy, Tinubu Warns FG
Says Nigeria requires bold reforms to survive looming economic crisis Omololu Ogunmade and Onyebuchi Ezigbo in Abuja Former Lagos State Governor, Senator Bola Tinubu, yesterday in Abuja warned the federal government against the planned move to increase Value Added Tax (VAT), saying doing so would reduce people's purchasing power and further slow down the economy. Tinubu gave this warning while making his closing remarks at the 11th Bola Tinubu Colloquium, in commemoration of his 67th
birthday at the International Conference Centre (ICC), with the theme: ‘Next Level, Work for the People.’ According to the former Lagos State governor, the timing of the proposed VAT increase is wrong, advising the government that instead of increasing VAT in this moment of economic upheavals, the government should rather broaden the scope of tax collection with a view to making more people pay and thus put paid to any planned Continued on page 8
Dickson Accuses IOCs of Causing SIXTY-SEVEN HEARTY CHEERS… Wife of the vice president, Mrs. Dolapo Osinbajo; Vice President Yemi Osinbajo; the celebrant, Senator Bola Tinubu; and High Infant Mortality Rate… Page 8 L-R: his wife, Senator Oluremi Tinubu, during Tinubu’s 67th birthday celebrations in Abuja...yesterday GODWIN OMOIGUI