IMF: Nigeria’s Excess Crude Account Not Achieving Its Goals Justifies country’s poor ranking in Sovereign Fund usage Says fuel subsidy should target the poor Funke Olaode, Shola Oyeyipo and Martins Ifijeh in Washington DC The International Monetary Fund (IMF), yesterday in Washington DC, United States,
declared that Nigeria’s Excess Crude Account (ECA) was not achieving the goals for which it was set up. Speaking during a media briefing on “Regional Economic Outlook: sub-
Saharan Africa”, IMF's Director of the African Department (AFR), Abebe Selassie, said: “The concern that we have is about the ECA, because if you recall that the ECA economically was set up to
save resources when oil prices are high, and to be drawn on when oil prices are low. We do not think that the ECA has been doing effectively enough jobs that way. “Because you see, when oil
prices fell, the economy was very hard in the last couple of years, we feel like much better job could have been done, saving enough more in the ECA when oil prices were at $100 and $120 per
barrel.” The poor performance of the ECA, the IMF chief said, largely influenced IMF's decision to rank Nigeria Continued on page 6
Saraki Unmasks N'Assembly's N139.5bn Budget for 2018… Page 6 Saturday 13 April, 2019 Vol 24. No 8769
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Army Moves Deep into Zamfara Forest, Kills 35 Bandits The Nigerian Army yesterday
TARGETING ABIDJAN-LAGOS HIGHWAY... L-R: Minister of Power, Works and Housing/Chairman, Steering Committee, Abidjan - Lagos Corridor Highway Development Programme, Babatunde Fashola; Togolese Minister of Infrastructure and Transport, Zourehatou Kassah-Traore; Minister of Transport, Ghana, Kwasi Amoako-Attah and ECOWAS Commissioner for Infrastructure, Pathe Gueye after the 12th meeting of the Steering Committee in Lome, Togo…yesterday
said its troops had moved deep into the forest in Zamfara State, killing 35 bandits and rescuing 40 abducted people, including children and women in the state. In a statement by the Acting Force Information Officer of Operation Sharan Daji (OPSD), Major Clement Abiade, the military said it had engaged in operations designed to tackle banditry in Zamfara and other contiguous states. The News Agency of Nigeria, NAN, quotes Major Abiade as saying no fewer than 18 suspected bandits’ informants, rustlers, kidnappers and logistics suppliers were Continued on page 6
Atiku a Cameroonian, His Votes Invalid, APC Tells Election Tribunal He ought not to have taken part in Nigeria’s presidential election in the first instance It is idiotic, shameful and disrespectful, says Atiku Media
Alex Enumah in Abuja The All Progressives Congress (APC) has told the Presidential Election Petition Tribunal in Abuja that former vice president Atiku Abubakar cum the candidate of the
Peoples Democratic Party (PDP) in the February 23 presidential election is not a Nigerian. The allegation was made about three weeks after the former vice president got the nod of the Presidential Election
Petition Tribunal to serve his petition against the outcome of the presidential election on the All Progressives Congress (APC) and winner of the poll, President Muhammadu Buhari. The ruling APC in its formal
response to Atiku’s petition cited by THISDAY, declared that in the first instance, he (Atiku) was not eligible to contest the election on grounds of his nationality. In a swift reaction last night, Atiku, through his media
adviser, Mr. Paul Ibe, described APC’s response as idiotic, shameful and disrespectful to the office he once occupied as vice president of Nigeria. According to the APC, since the former vice president is a Cameroonian and not a
Nigerian citizen, his petition against Buhari, should therefore be dismissed for lacking in merit. Atiku and the PDP had on March 19, 2019, filed the Continued on page 6
Petrol Queues Resurface in Lagos, Abuja, NNPC Insists its Panic Buying … Page 54