Crude Oil Rises to Highest Since mid-2015 on Saudi Purge, Tighter Markets High Brent price forces Asians to reduce imports by 11% Ejiofor Alike with agency report Crude oil prices hit their highest since July 2015 yesterday as Saudi Arabia’s
crown prince cemented his power over the weekend with an anti-corruption crackdown, while markets continued to tighten. This came as imports of
West African crude by Asian countries were expected set to fall by 11 per cent in November, compared to October arising from soaring Brent prices, high freight
rates and some Chinese independent refiners hitting their import quotas. Brent crude futures traded 47 cents higher at $62.54 a barrel, after hitting a session
peak of $62.90, a 28-month high. U.S. West Texas Intermediate (WTI) crude rose 34 cents to $55.98 a barrel, having broken $56 for the first time since
July 2015. Saudi Crown Prince Mohammed bin Salman at the weekend reportedly Continued on page 6
Paradise Papers: Saraki Denies Hiding Assets, Violating Laws… Page 10 Tuesday 7 November, 2017 Vol 22. No 8237. Price: N250
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FG, Delta State Appeal to Avengers for Patience Suspected militants kill British hostage, release three others Tompolo, splinter group engage in recriminations Navy says it’s ready to thwart threat Omololu Ogunmade in Abuja, Emmanuel Addeh in Yenagoa, Omon-Julius Onabu in Asaba and Idowu Sylvester in Warri with agency report
The federal and the Delta state government yesterday appealed to the Niger Delta Avengers (NDA) to put paid to its threat at the weekend to resume hostilities in oil-rich
region, admitting that their demands were in tandem with the development plans for the region. Making this appeal at the State House, Abuja, after
a meeting with President Muhammadu Buhari, the Minister of Niger Delta, Mr. Usani Uguru, said the federal government was committed to the development of the region,
citing a recent presidential directive for the take off of the Maritime University, Okerenkoko, with N5 billion as one of such commitments. His appeal came just as
the British Foreign and Commonwealth Office (FCO) confirmed yesterday that one of the British hostages, Mr. Ian Continued on page 6
NON-FUNDING OF CONSTITUENCY PROJECTS...
Buhari Faces Disenchanted Lawmakers During Budget Presentation Today N’Assembly leadership lobbies for calm Damilola Oyedele in Abuja The delay by the executive arm of government in releasing the N100 billion earmarked for the funding of constituency projects in the 2017 budget is currently strengthening a plot by lawmakers to convey their displeasure to President Muhammadu Buhari when he presents the 2018 budget to a joint session of the National Assembly today. Since the passage of the 2017 budget five months age, not a dime has been released for the
constituency projects dear to the hearts of the lawmakers. The constituency projects were captured under the N2.6 trillion capital spending plan for 2017, but the executive arm of government has so far released only N436 billion for what it termed priority capital projects. The president is billed to address the members of the National Assembly at 2 p.m. today to present the N8.6 trillion Appropriation Bill Continued on page 6
Lagos Bridges to be Demolished for New Railway Lines... Page 10
ON THE LECTURE CIRCUIT... Rivers State Governor, Mr. Nyesom Ezenwo Wike, chatting with the former British High Commissioner to Nigeria, Ambassador Richard Gozney, after the governor delivered a lecture at Chatham House, London… yesterday