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Thursday, March 5, 2015
/newtelegraph
Vol. 2 No. 379
@newtelegraph1 www.newtelegraphonline.com
Okonjo-Iweala: Fuel scarcity ends Saturday
Weak Naira: FG mulls cut in growth forecast
Ayodele Aminu
T
he fall in oil prices at the international market that has weakened the naira has also taken a toll on Nigeria’s Gross Domestic Prod-
uct (GDP), as the Federal Government plans a cut in its growth forecast. Prices of oil, which have fallen 50 per cent since last June at the international market, have weakened the naira,
which has also depreciated by over 20 per cent in the past three months. Oil, from which Nigeria earns about 80 per cent of its revenue and 90 per cent of foreign exchange earnings, has inflicted a hole
into the nation’s budget, making policy makers to go back to the drawing board to review downwards, four times, the oil benchmark. The naira that has been devalued twice in the last
four months and which initially exchanged at N168 per dollar at the official market last November currently trades at N199.90. Oil, which also traded at about $100 dolCONTINUED ON PAGE 6
N150
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23 days to go... Nigeria Nigeria votes votes
2015
15 20}14 & 15
PDP plots to set up Jega, says APC lAlleges plans to credit INEC chair's bank account using Tinubu's name }2 lRuling party, Department of State Service dismiss allegations
Quick Read TWO UNUSAL SCENES: L-R: Ogun State Governor, Senator Ibikunle Amosun; former President Olusegun Obasanjo and Deacon Victor Durodola during a novelty match to mark Obasanjo's 78th birthday in Abeokuta...yesterday.
Travel Advisory
Your guide to local and international flights }4
Rivers State Governor, Mr. Chibuike Amaechi, plaiting the hair of a woman during a door-to-door campaign by the All Progressives Congress (APC) in Bonny Island, Rivers State...yesterday.
15 parties join PDP to oppose card readers
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Editorial
Baby Sheriffdeen must not die! }19
Stalemate in Senate over Obanikoro’s screening }7