JP Morgan: With $4.5bn Debt Service, Lower FX Position, Nigeria Requires Sustained Reforms to Attract Capital Inflows Expresses worry that Tinubu’s cabinet dominated by politicians ICAN: NNPCL’s $3bn loan insufficient to stabilise FX market without increased crude oil production, export James Emejo in Abuja and Dike Onwuamaeze in Lagos Nigeria’s high debt service rate amid
relatively low net foreign exchange position calls for continued reforms to attract foreign capital inflows, according to a report by global
ratings agency, JP Morgan. The global investment bank released its report, as the Institute of Chartered Accountants of Nigeria
(ICAN), yesterday, declared that the emergency $3 billion crude oil repayment loan facility provided by the Nigerian National Petroleum
Company Limited (NNPCL) to ease the liquidity in the foreign exchange market would be insufficient if Nigeria could not increase its
production and export of crude oil. According to JP Morgan, while Continued on page 10
Shettima Leaves for Johannesburg to Represent Nigeria at BRICS Summit... Page 10 Tuesday 22 August, 2023 Vol 28. No 10359. Price: N250
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Infrastructure Bank, FEMADEC Group Partner to Boost Gas-powered Transport System... Page 12
Ministers Assume Office, Set Agenda, Targets Ndubuisi Francis, Olawale Ajimotokan, Emmanuel Addeh, Onyebuchi Ezigbo, James Emejo, Michael Olugbode, Kasim Sumaina, Kuni Tyessi and Alex Enumah in Abuja
President Bola Tinubu’s ministers – 45 of them – yesterday, took their oaths of office, administered on them by the president and immediately, they began to set targets and agenda for their respective ministries shortly after reporting at their desks.
The ministers, who took over at their offices, some 85 days after the administration of Tinubu assumed power, all claimed to understand the weight of the assignment handed them and were determined to succeed.
While they largely thanked the president for considering them worthy for the task ahead, some of them had started to talk tough, saying the work at hand demanded such a tough start. They all gave an overview of
what their leadership might look like by design and in sync with the renewed hope agenda of the Tinubu administration at different engagements with journalists in their offices. The one common denomina-
tor, however, by practically all the ministers was that they all claimed the president gave them specific mandates, which formed the fulcrum of their agenda-setting, Continued on page 5
Tinubu to Cabinet: You Are Appointed to Serve Nigeria, Not Ethnic, Regional Interests Administers oath of office on 45 cabinet members Charges them to serve with dignity, integrity, competence Wike: PDP governors made 10 ministerial nominations Berates opposition party's members calling for his suspension
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THE PRESIDENT AND HIS CABINET... Some on front row: R-L Minister of Works, Dave Umahi; Minister of Sports Development, John Enoh, Minister of Defence, Mohammed Badaru; Minister of Federal Capital Territory, FCT, Nyesom Wike; Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu; Minister of Solid Minerals, Dele Alake; Chief of Staff to the President, Femi Gbajabiamila; Attorney General of the Federation and Minister of Justice, Lateef Fagbemi; President Bola Ahmed Tinubu; Vice President Kashim Shettima; SGF, George Akume, and others, in group photograph with President after administering the oath of office on them at the Presidential Villa in Abuja ... yesterday