2020 Budget: FG Retains $55 Benchmark Despite Oil Price Spike Buhari deplores attacks on Saudi oil refinery, pledges solidarity OPEC assesses impact of drone assaults on market Ejiofor Alike in Lagos, Omololu Ogunmade, Ndubuisi Francis and Chineme Okafor in Abuja with agency reports The
federal
government
yesterday ruled out revising upward the $55 per barrel oil price benchmark adopted for the 2020 budget despite a spike in value of the commodity in the global market in the aftermath of
Saturday’s drone attacks on Saudi Arabia oil facility that wiped out about five per cent of global supplies. Oil prices yesterday continued on the upward swing in the wake of the
attacks launched against Saudi Arabia facility by Iran-backed Houthis movement in Yemen; rallying at about $72 a barrel. At $72 per barrel, crude oil posted its biggest intra-day percentage gain since the Gulf
War in 1991, after the attack on Saturday shut more than five million barrels per day (bpd) of output, or over five per cent of global supply. Oil prices had hit a six-month high of $71. 95 a barrel by Sunday,
a day after the attack. Meanwhile, President Muhammadu Buhari has deplored the attacks on Saudi oil refinery and pledged Continued on page 6
Banks Intensify Drive to Meet 60% Loan-to-Deposit Target... Page 8 Tuesday 17 September, 2019 Vol 24. No 8926. Price: N250
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Buhari Replaces Economic Management Team with Advisory Council Names Salami, Soludo, Rewane, others as members Omololu Ogunmade in Abuja In what appears a major policy shift that shows his determination to take charge of the economy, President Muhammadu Buhari yesterday in Abuja constituted
an Economic Advisory Council (EAC) to replace the Economic Management Team (EMT) chaired by Vice President Yemi Osinbajo since 2015. The new council, according to a statement by the president’s Special Adviser
on Media and Publicity, Mr. Femi Adesina, would hold monthly technical sessions as well as quarterly meetings with Buhari who they would report to directly. The statement said a renowned economist, Prof.
To report directly to president
Doyin Salami, would chair the council, while Dr. Mohammed Sagagi would serve as his deputy. Adesina listed other members of the council to Continued on page 8 Salami
Soludo
Rewane
Xenophobia: Nigeria, South Africa Mend Fences as Ramaphosa Apologises Buhari promises more robust ties Obasanjo lists ways to end crisis
Omololu Ogunmade, Adedayo Akinwale in Abuja, Idowu Sowunmi and Chinedu Eze in Lagos
South Africa yesterday toed the path of rapprochement as it apologised to Nigeria over the killings of its nationals in xenophobic attacks in the rainbow nation. South Africa’s President, Mr. Cyril Ramaphosa, tendered his country's apology to Nigeria in Abuja, two weeks after the deadly xenophobic attacks, which forced Nigeria to evacuate some of its citizens. The special envoy Ramaphosa dispatched to Nigeria, Mr. Jeff Radebe, tendered the apology to President Muhammadu Buhari in the State House, Abuja. Buhari, who welcomed the
apology, promised a more robust relationship with South Africa. Special Adviser to the South African President on International Relations, Mr. Khulu Mbatha, accompanied Radebe to the State House to tender the apology. Nigeria's Minister of Foreign Affairs, Chief Geoffrey Onyeama, and Nigeria's High Commissioner to South Africa, Ambassador Kabiru Bala, attended the meeting. Radebe’s visit came a week after Nigeria’s Special Envoy, Mr. Ahmed Abubakar, returned to the country from South Africa, where he had met with Ramaphosa to convey Nigeria’s demands to the rainbow nation, including Continued on page 8
Despite Recent Kidnapping, WE ARE SORRY... African President Cyril Ramaphosa’s special envoy, Mr. Jeff. Radebe (left), and President Muhammadu Buhari during Abuja is Safe, Says IG... Page 6 South the envoy’s visit to deliver a special letter to the president in Abuja…yesterday godwin omoigui