External Reserves Chalk up $1.26bn as Shale Oil Threat Persists Obinna Chima The accretion of Nigeria’s foreign exchange (forex) reserves has continued, as figures released by the Central Bank of Nigeria (CBN) have shown that reserves had grown by $1.263 billion this
quarter to $31.551 billion as of August 16, compared with the $30.288 billion on June 30. This signified a steady improvement in the country’s current account balance, despite the threat from rising shale oil production in the United State of America.
The growth in reserves was also influenced by the drop in militancy in the Niger Delta and rising oil exports, which have led to an improvement in the country’s foreign exchange earnings. Improved crude earnings have also been reflected in the
amount of funds disbursed by the Federal Account Allocation Committee, which climbed to N3 trillion to the three tiers of government in the first six months of the year, figures compiled by THISDAY have shown. The amount shared by the
three tiers of government was significantly higher relative to the N2 trillion allocated to them in the first half of 2016. A breakdown of the disbursement gathered by THISDAY showed that the federal government got N1.216 trillion from the
Federation Account in the first half of 2017, higher than the N854 billion it was allocated in the comparable period in 2016, while the states received N798 billion in the first six months of 2017, higher Continued on page 12
NJC Rejects NBS Report on Judiciary as Second Most Corrupt Institution… Page 56 Monday 21 August, 2017 Vol 22. No 8159. Price: N250
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Buhari Passes the Buck on Restructuring to National Assembly, Council of State Says there are legitimate concerns but won’t allow irresponsible elements to trouble Nigeria Omololu Ogunmade in Abuja In his first reaction to the deafening clamour for the restructuring of the country, President Muhammadu Buhari this morning passed the buck on discussions on Nigeria’s future to the National Assembly and the National Council of State, saying
they are the “legitimate and appropriate bodies for national discourse”. Buhari, who by his statement effectively slammed the door against the report of the National Conference, for which he has never hidden his disdain in the past, also Continued on page 12
Investors Shun NNPC’s Planned Pipeline Project from Kaduna Refinery to Niger Republic Ejiofor Alike The plan by the Nigerian National Petroleum Corporation (NNPC) to build a crude oil pipeline from the Kaduna refinery to Niger Republic may have hit the rocks, as investors have shunned the project because it is commercially unviable, THISDAY has learnt.
As part of efforts to address frequent disruptions to the supply of crude oil to the Kaduna refinery, arising from the Niger Delta militancy, the Group Managing Director of NNPC, Dr. Maikanti Baru had after bilateral discussions with the Minister of Energy and Oil of the Republic of Niger, Hon. Continued on page 12
12 Dead, Scores Missing as Boat Capsizes in Lagos... Page 52
AREGBESOLA: LOOKING THE PART OF A COMMUNIST FARMER... L-R: Osun State Commissioner for Education, Mr Wasiu Omotunde-Young; Commandant, Osun Youth Empowerment Scheme (OYES), Col. Eni 'Ibukun Oyewole (rtd.); and Osun State Governor, Rauf Aregbesola, during the first harvest of hybrid farm produce cultivated by OYES volunteers at Ilesa, Osun State… weekend