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VOL. 7, NO. 2092 FRIDAY, APRIL 13, 2012
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Boko Haram boasts in video From Gbade Ogunwale, Assistant Editor, Abuja
T
HE Boko Haram sect leader, Abubakar Shekau, has told the Federal Government that it can never destroy the group blamed for hundreds of killings. He spoke on an online video posted yesterday. News of the video broke as Boko Haram killed five people in an attack on a Maiduguri market in Borno State. The 14-minute video on YouTube showed Shekau in a white robe, with gunmen holding Kalashnikov rifles around him. A heavy machine gun leaned against a wall as he spoke, first in Arabic and later in Hausa. Shekau said President Jonathan would be unable to stop the group’s attacks. “Jonathan, you the helpless, we heard that you intend and want to destroy us, but this talk is useless when it is said by an infidel because only God can destroy us,” Shekau said in Arabic. “Until now, nobody was able to do that (destroy us), and you too will not be able to do anything, with God’s help.” The North has been under increasing atContinued on page 4
•The crippling traffic on the Marina ... yesterday.
PHOTO: ADEJO DAVID
Traffic jam chokes Lagos as First Lady visits
H
OW do you know when the First Lady is in town? A massive traffic jam, sweating commuters and several manhours wasted. So it was in Lagos yesterday. Lagos Island was groan-
By Eric Ikhilae and Tajudeen Adebanjo
ing under a crippling traffic jam that paralysed business and sent many trekking. First Lady Patience Jonathan was visiting – to thank women for voting her husband in last year’s elec-
tion. Security operatives closed down some sections of roads in the nation’s business and financial capital. The resultant traffic jam extended beyond the Island to Mainland Lagos. It did not subside until early evening.
Dame Jonathan visited the Lagos monarch, Oba Rilwan Akiolu, at his palace on Wednesday. The traffic situation became more difficult in the afternoon as movement became difficult. From Ozumba Mbadiwe
Road, Ahmadu Bello Way (on Victoria Island) through Alfred Rewane Road (formerly Kingsway Road), Awolowo Road (in Ikoyi); Catholic Mission Street, through Igbosere Road and Continued on page 4
•Mrs Jonathan ... yesterday
Nigeria is going broke, says Okonjo-Iweala $3.6b left in excess crude account From Nduka Chiejina, Abuja
N •Dr Okonjo-Iweala
IGERIANS got yesterday a rare insight into this country’s financial health. But the news is not cheery. The country is going broke, with only $3.6 billion left in the excess crude account, Finance Minister Dr Ngozi
FACTS AND FIGURES total debt $40b •Nigeria’s profile as at Sept 2011 $34.4b •Domestic debt ratio to export -5% •Debt earnings borrowing $7b •Expected for major projects
$5.63b •External debt service 19.6% •Debt ratio to GDP debt service in N540b •Total 2002 reserves as $35.23b •External at March 2012
•Nigeria’s $40b total debt profile, which is 19.6 per cent of her Gross Domestic Product (GDP), is still sustainable given the fact that the global standard for all countries in Nigeria’s Peer Group is that total debt to GDP should be 40%
Okonjo-Iweala said. The Coordinating Minister for the Economy (CME) spoke when she
met with members of Civil Society Organisations (CSOs) in Abuja to discuss the government’s transforma-
tion agenda. In her view, governors’ insistence on sharing every revenue is unhealthy for the country. With just $3.6 billion left in the excess crude account after withdrawals to augment monthly allocations to the three tiers of government, Dr OkonjoIweala warned that “should the price of oil drop, we have no cushion”. “The $3.6 billion in the excess crude account is not enough to sustain Nigeria for any period of time,” she said. Following the governors’ determination to share everything that comes Continued on page 4
•AGRIC P17 •SPORTS P23 •PEOPLE P25 •BRAND P29 •POLITICS P43