THURSDAY 28TH JULY 2022

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Over 80 Senators, Majority House Members Move to Impeach Buhari over Insecurity Using opposition lawmakers to speak, legislators threaten to impeach Lawan if he fails to cooperate Senate President: Security agencies must do more to stop terrorists Presidency: Your action is babyish as FG promises to bring situation under control Deji Elumoye and Sunday Aborisade in Abuja Rising above partisan politics or personal relationships, over 80

senators across political parties and a majority of House of Representatives members, yesterday, agreed to impeach President Muhammadu Buhari, if the growing insecurity

across the nation persisted beyond six weeks, being the ultimatum handed the government before the legislature shut down till September 20. The decision was taken after their

respective closed-sessions before the commencement of plenary, presided over by the Senate President, Ahmad Lawan, who also charged the security agencies to do more in order to

stop the terrorists and the Deputy Speaker, Hon. Idris Wase But the presidency last night reacted to the reported move by the Senate to commence impeachment

moves against President Buhari, and advised the senators to stop playing to the gallery like their Continued on page 12

Universities’ Closure: Labour Protest Grounds Activities in Abuja... Page 8 Thursday 28 July, 2022 Vol 27. No 9970. Price: N250

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Terrorists Continue Attacks in Kaduna Communities as Police Deny Shooting on Dantata Bridge, Ministers' Hill... Page 34

FG Responds to THISDAY’s Report, Explains ECA Depletion Ndubuisi Francis in Abuja The federal government yesterday responded to yesterday’s report by THISDAY on the depletion of the Excess Crude Account (ECA). The THISDAY report titled, "Nigeria’s Excess Crude Account

Shrinks from $35.37m to $376,655," revealed that the balance in Nigeria’s ECA had depleted significantly. A communiqué issued at the end of the Tuesday meeting of the Federation Account Allocation Committee (FAAC) for July 2022, indicated that there was a balance

of $376,655.09 in the ECA, but did not explain why it was drawn down from the previous balance of $35.7 million. However, responding to the THISDAY report, the federal government said the funds were used as advance payment for the

purchase of patrol vehicles for the Nigerian Navy. In its Twitter handle, @NigeriaGov, the federal government stated: "The $35 million disbursement from the Excess Crude Account is from June 2022 and is an advance payment for the purchase of brand

new Offshore Patrol Vessels (OPVs) for the #NigerianNavy, as part of efforts to consolidate on maritime security gains recorded in the Gulf of Guinea. "Earlier this year, Nigeria exited the International Maritime Bureau (IMB) Piracy List.

"Most recently, the IMB noted that there were zero actual/attempted piracy and ship-armed-robbery incidents in Nigerian waters in the first half of 2022." Quoting the Chief of Naval Staff, Continued on page 12

Oil Theft, Petrol Subsidy, Push Nigeria’s Currency to N700/$1 in Parallel Market FG at wits end as borrowing grows, Eurobond approaches junk status Navy unwilling to halt oil theft menace as attacks reduce in gulf Nigeria’s economy to shrink further as petrol subsidy exceeds revenues from oil sales TNP, Nigeria’s 180,000 bpd pipeline dries up, worsens oil production woes Emmanuel Addeh, Sunday Aborisade in Abuja and Nume Ekeghe in Lagos The inability of Nigeria to take advantage of rising international oil prices due to massive oil theft, skyrocketing petrol subsidy which remains a drain on the economy as well foreign exchange (FX) speculation by currency traders, among others have combined to push the naira to a record low of N710/$1 on the parallel market. The development comes against the backdrop of seemingly unbridled borrowing and rising debt service cost which exceeded the country’s revenues by as much as N310 billion in the first quarter (Q1) of 2022 and still continues to rise. The naira depreciated to N710$1 on the parallel market yesterday, compared with the N670 to a dollar Continued on page 12

IN SOLIDARITY WITH UNIVERSITIES’ WORKERS...

President, Nigeria Labour Congress, Ayuba Wabba leading other union members to protest the ongoing strike by ASUU at the gate of National Assembly in Abuja...yesterday

PHOTO: ENOCK REUBEN


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THURSDAY 28TH JULY 2022 by THISDAY Newspapers Ltd - Issuu