Oil Price Hits 30-month High on OPEC’s Demand Rally Forecast Nigeria’s July production pegged at 1.579m bpd Emmanuel Addeh in Abuja Crude oil prices yesterday climbed to the highest point in more than two-and-a-half years, after the Organisation of
Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ forecast a tightening global market. Brent crude, Nigeria’s oil benchmark, crossed the
much-awaited $70 mark, hitting $71.33 at a point. West Texas Intermediate (WTI) rose as much as 3.8 per cent to $68.87 a barrel, a level it has failed to hold for a sustained
period since 2018. However, the climbing oil price could worsen Nigeria’s fiscal crisis as it portends the federal government spending more to keep the pump price
of petrol stable at the current N162-N165 price band in view of the non-conclusion of talks with labour and other stakeholders on the need to float petrol cost in
conformity with the policy on the deregulation of the downstream sector. The new price levels were Continued on page 10
Emefiele: Revival of Cotton, Textile Industries Critical for Economic Recovery... Page 8 Wednesday 2 June, 2021 Vol 26. No 9550. Price: N250
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Federalism, LG Autonomy Top Demands at Constitution Review Hearings Sultan seeks immunity clause removal, role for monarchs Akeredolu wants Senate scrapped Segun James in Lagos, Christopher Isiguzo and Gideon Arinze in Enugu, Seriki Adinoyi in Jos, James Sowole in Akure and Segun Awofadeji in Bauchi The clamour for federalism, local government autonomy,
community policing and devolution of power dominated the nationwide public hearings conducted yesterday by the House of Representatives Committee on the Review of the 1999 Constitution. However, while the Sultan
of Sokoto and PresidentGeneral of the Nigeria Supreme Council for Islamic Affairs, Alhaji Sa’ad Abubakar, called for the removal of the immunity clause in the constitution, the Ondo State Governor, Mr. Rotimi Akeredolu , advocated the
scrapping of the Senate to make the federal legislature unicameral, as one of the ways of reducing the cost of governance. Plateau, Benue and Nasarawa states have also unanimously demanded devolution of power in a
manner that the states will be given more powers and finance considering their enormous responsibilities. At Akure, one of the two venues of the public hearing for the South-west zone, Akeredolu said devolution of powers, true federalism,
state police, among others, as presented last week to the Senate Committee on Constitutional Review were germane in restructuring the country. Akeredolu, who was Continued on page 10
Promoters of Insurrection Are in for a Rude Shock, Says Buhari Vows attacks on INEC’s assets won’t stop future elections Reassures Nigerians no third term ambition
Deji Elumoye in Abuja
President Muhammadu Buhari yesterday vowed to deal with those bent on destroying the nation through assaults on public buildings and institutions. He also assured Nigerians that despite security challenges facing the country, all future elections will be conducted as scheduled by the Independent National Electoral Commission (INEC). Buhari, while receiving a delegation of INEC, led by its National Chairman, Prof. Mahmood Yakubu, at the State
House, Abuja, committed his administration to providing adequate financial backing for the commission’s operations. The INEC delegation came to brief the president on the series of attacks on facilities of the electoral body nationwide. The deteriorating security situation in the country also engaged the attention of the National Assembly yesterday with the President of the Senate, Dr Ahmad Lawan, stressing the need for more legislative interventions to secure Nigerians. Continued on page 10
THE HEADQUARTERS HEIRS BUILT... Chairman, Heirs Holdings and Heirs Insurance Limited, Mr. Tony Elumelu (left) and Lagos State Governor, Mr. Babajide Sanwo-Olu, at the inauguration of Heirs Towers, in Lagos...yesterday
South-east Govs Charge Security Agencies to Unravel Gulak's Assassination...Page 5