Goldman Sachs: Naira Devaluation Not Sufficient Condition for Exchange Rates Unification, Wants Clarity on FX Restrictions Hails FX unification Says $12bn needed to clear FX backlog Currency unification jerks public debt to N82 trillion Naira depreciates further to N702/$1 on I&E FX window Rewane urges FG to drive institutional reforms Insists lower interest rate not possible with strong currency Nume Ekeghe, Kayode Tokede in Lagos and James Emejo in Abuja
Global investment and financial
institution, Goldman Sachs Group Inc., has said the devaluation of the
naira by the Central Bank of Nigeria (CBN), though necessary, was not
a sufficient condition for unifying the official and parallel market
exchange rates. Continued on page 5
Meet Tinubu's Advisers... Page34 Friday 16 June, 2023 Vol 28. No 10292. Price: N250
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Abdulkarim Chukkol Takes Over as Acting Chairman, EFCC... Page 14
Oil Marketers Demand Full Payment for Outstanding Petrol Equalisation Arrears Say price of 45,000-litre truck jumped from N7m to N25m Insist no funds for new stock without debt settlement Crude oil refiners back subsidy removal, seek CBN’s intervention for modular refineries Want transition to naira transactions, supply certainty Emmanuel Addeh in Abuja Petrol marketers, under the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), have demanded
full payment of arrears owed by the federal government under the now defunct Petroleum Equalisation Fund (PEF) arrangement. The demand came as Crude
Oil Refinery Owners Association of Nigeria (CORAN ), yesterday, urged the Central Bank of Nigeria (CBN) to create an intervention fund for modular refinery companies in
Nigeria, same way it did for the Dangote refinery. Speaking during a press briefing in Abuja, National President of NOGASA, Mr. Bennett Korie, noted
that without offsetting the huge debts running into billions of naira, it would be almost impossible for marketers to get new stock. Korie said with the new dynamics
in the downstream, members would need to spend as much as N25 million, for instance, to purchase a 45,000-litre Continued on page 5
Tinubu Lists Eight Priority Areas on Devt, Seeks Govs’ Support NEC proposes palliatives for workers, vulnerable groups over subsidy Mulls payment of N702bn to civil servants as cost of living allowance FG seeks World Bank funds to implement CNG President appoints Ribadu, Edun, Alake, five others special advisers Meets with Abdulsalami, Sanusi, Akande at State House Ex-head of state pleads for people's understanding over subsidy removal See story on page 5
INAUGURATION OF THE NATIONAL ECONOMIC COUNCIL... L-R: President Bola Ahmed Tinubu ; Governor Abdulrazaq Abdulrahman of Kwara state; Governor Lawal Dauda of Zamfara state; Governor Mai Mala Buni of Yobe state; Governor Kefas Agbu of Taraba state; Governor Ahmed Aliyu of Sokoto state; Governor Fubara Siminalayi of River state; Governor Mutfwang Caleb of Plateau state; Governor Seyi Makinde of Oyo state; Governor Ademola Adeleke of Osun state; deputy governor of Ondo state, GODWIN OMOIGUI Lucky Aiyedatiwa and Governor Dapo Abiodun at the Inauguration of the National Economic Council held at the council Chambers of the Presidential Villa, Abuja...yesterday