Oil Price Nears Three-year High, Trades at $78.09 a Barrel Global supply disruptions aiding rise Emmanuel Addeh with agency report A bit of good news came in for the Dollar-strapped Nigerian economy yesterday with the price of Brent crude
rising to three-year high amid supply constraints and a drop in crude inventories of the United States, the world’s top oil consumer. The global output disruptions forced energy
companies to pull large amounts of crude out of inventories. The rally was slightly dampened by China's first public sale of state crude reserves.
Brent futures eventually sold at $78.09 a barrel, while U.S. West Texas Intermediate (WTI) crude sold at $73.98 yesterday evening. That was the highest close for Brent since October 2018
and for WTI since July 2021, both for a second day in a row. It was the third week of gains for Brent and the fifth for WTI mostly due to U.S. Gulf Coast output disruptions from Hurricane Ida in late
August. U.S. oil refiners were hunting to replace Gulf crude, turning to Iraqi and Canadian oil, traders said. Continued on page 5
Bitcoin Tumbles as China Declares Cryptocurrency Transactions Illegal… Page 8 Saturday 25 September, 2021 Vol 26. No 9665
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At UNGA, Buhari Says Boko Haram, Though Weakened, Still Preying on Soft Targets Laments debt burden, declares obligations gulping bulk of revenue Wants outright debt cancellation for severely impacted countries UN Scribe urges President to ensure stability of West Africa Deji Elumoye in Abuja President Muhammadu Buhari yesterday said Boko Haram terrorists, though weakened by the military, “are still active in the country, preying on soft targets,” promising that the scourge would soon come to an end. Buhari, who spoke in New
York, United States, while addressing world leaders, including the new President of the United Nations General Assembly (UNGA), Abdulla Shahid of Maldives, during the 76th session of the Assembly, called for the support of the world body to end the Boko Continued on page 5
Continue VAT Collection in all States, Finance Minister Directs FIRS Says FG’s agency remains overseer of VAT unless appellate court rules otherwise Bennett Oghifo The Minister of Finance, Budget and National Planning, Zainab Ahmed has directed the Federal Inland Revenue Service (FIRS) to continue the collection of value added tax (VAT) and advised all Nigerians to pay their VAT
to FIRS until the appellate court rules otherwise. The Rivers State Government had last month secured a major court victory over the federal government in the collection of VAT in the state, and had gone ahead, along with Lagos Continued on page 5
ADDRESSING THE WORLD... Secretary General of the United Nations, Antonio Guteres, with President Muhammadu Buhari, before the Nigerian President’s speech at the 76th United Nations General Assembly in New York... yesterday
Ahead of 61st Independence Anniversary, FG Issues Security Warning... Page 5