MONDAY 5TH APRIL 2021

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Oil Price Uptick Boosts External Reserves’ Accretion by $404m Reserves rise to $34.8bn in two weeks

Obinna Chima

Nigeria’s external reserves have maintained a positive momentum in the past two weeks, rising by $404 million to $34.820 billion as of March

31, 2021. This, according to figures compiled from the Central Bank of Nigeria’s (CBN) website, represented an increase by 1.2 per cent, compared with the $34.417

billion it was as of March 18, 2021. The uptick was primarily due to a rise in the benchmark Brent crude oil price, which has remained around $60 per barrel. This is about $20

per barrel above the $40 per barrel which the federal government’s 2021 budget is predicated on. Nevertheless, Nigeria continues to face macroeconomic challenges, which

have seen foreign portfolio investors remain edgy. Fitch Ratings recently predicted that Nigeria’s external reserves would rise to $42 billion in 2021. In a report titled,

“Depreciatory Pressures on Key Sub-Saharan African Currencies to Lessen,” the global credit rating agency had hinged the forecast on Continued on page 10

Pantami, Emefiele Settle Banks, MTN’s Dispute over USSD... Page 8 Monday 5 April, 2021 Vol 26. No 9493. Price: N250

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Wreckage of Missing NAF Alpha Jet 475 Found in Bama Body of one pilot intact, other still lost Kingsley Nweze in Abuja The wreckage of the Nigerian Air Force fighter jet that went missing last week may have been found in Bama,

Borno State, an authoritative military source told THISDAY yesterday. The source said it was found with the body of one of the pilots intact. The pilot was

Flight Lieutenant Chapele Ebiakpo. He, however, said the body of the other pilot, Flight Lieutenant John Abolarinwa, is still being searched for, explaining that troops on the

ground have been asked to intensify their search. The Air Force had declared the Alpha Jet fighter aircraft, NAF 475, missing on March 31, saying a few days later

that it might have crashed. The terrorist group, Boko Haram, had claimed responsibility for the crash but the military refuted the claim.

THISDAY source said last night that the jet, which took off from Maiduguri Airport crashed five minutes after takeContinued on page 10

Obasanjo, Gumi Push for Special Courts to Try Bandits, Kidnappers Again, Kaduna rules out negotiation with bandits John Shiklam in Kaduna and Kayode Fasua in Abeokuta Former President Olusegun Obasanjo and a prominent Kaduna-based Islamic cleric, Sheikh Ahmad Gumi, have called on the federal government to set up special courts to try bandits, kidnappers and bearers of unlawful weapons. Besides, they urged the federal government to work for a regional solution to the seemingly intractable security challenges facing the country, by seeking the involvement of the Economic Community of West African States (ECOWAS). Also yesterday, the Kaduna State government, again, ruled out negotiations with bandits, warning that anyone caught engaging in such negotiations would be prosecuted. In a communiqué issued after a two-hour closed-

door meeting in Abeokuta between Obasanjo and some Northern elders, led by Gumi, they charged the federal government to rehabilitate, train in skills, and employ kidnappers and other criminals who are willing to repent. They, however, said the hardened ones should be smoked out and made to face the law. In the communiqué jointly signed by Obasanjo and Gumi, they said the federal government was being overwhelmed by the insecurity facing the country and urged it to seek the collaboration of ECOWAS, to contain the situation. "The federal government should take the issue up seriously within ECOWAS to work for a regional solution," they added. Continued on page 11

Consultants Overwhelmed as Resident Doctors’ Strike Persists... Page 5

SEARCHING FOR PEACE... L-R: Former President Olusegun Obasanjo; former Executive Secretary, National Health Insurance Scheme, Prof. Usman Yusuf; and Islamic cleric, Sheikh Ahmad Gumi, during a visit to the former president on insecurity in the country in Abeokuta…yesterday


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