The Nation Decmber 07, 2011

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Nigeria’s widest circulating newspaper

More varsities join ASUU strike

Boko Haram man jailed three years NEWS – Page 4

NEWS

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•National Assembly intervenes

•To serve term in SSS custody

www.thenationonlineng.net

VOL. 7, NO. 1967 WEDNESDAY, DECEMBER 7, 2011

TR UTH IN DEFENCE OF FREEDOM TRUTH

N150.00

Petrol may cost N120 Okonjo-Iweala defends proposal Parties keep Jonathan waiting

Salami’s suit hearing Feb. 9

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USTICE Donatus Okorowo of the Federal High Court sitting in Abuja yesterday fixed February 9 for hearing in the consolidated preliminary objection to the suit filed by suspended Appeal Court President Isa Ayo Salami against the National Judicial Council (NJC) and others. Others are former Chief Justice Aloysius Katsina-Alu, CJN ...

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From Yusuf Alli, Abuja HERE were hints yesterday that petrol (Premium Motor She said between 2006 and Spirit) may sell for about 2011, the nation spent N120 per litre, if fuel sub- N3,655.17 trillion to subsidise sidy is withdrawn. fuel. The cash is 30 per cent Finance Minister Mrs of the total expenditure, 118% Ngozi Okonjo-Iweala has of the capital expenditure said the removal of fuel sub- and 4.18% of the GDP. sidy next year is inevitable “Subsidy does not get to the – to keep the economy poor; the middle and upper afloat and rebuild infra- classes are the real beneficiastructure. ries. It is clearly unsustainThe hint on the new pump able,” said the Minister. price emanated from a fact“Subsidy in 2011 alone so sheet presented to select far is over N1.3trillion, which leaders of higher than our SEE ALSO is four political capital budget. Eviparties at a PAGES 2,3&57 dence shows that the Monday price of fuel in Nigenight meeting with Presi- ria is below both the African dent Goodluck Jonathan at and international average. the Presidential Villa, “Nigeria, with its large Abuja. population and small oil The document, which The base, is comparatively poor, Nation obtained last night, compared to other oil prostates that subsidy must go, ducers. in the interest of the nation’s “Compared to other oil profuture and the masses. ducing countries, Nigeria has Mrs Okonjo-Iweala, how- a significantly lower GDP per ever, unveiled some safety capita; substantially less oil nets being planned by the revenue per capita and government to ameliorate greater social. the effects of the withdrawal of the subsidy. Continued on page 4

News Page 4

‘Four goals unbelievable’

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IGERIAN striker Yakubu Aiyegbeni says scoring four goals for Blackb u r n was an ‘unbelievable’ feat. The 30-yearold forward claimed a quadruple in Rovers’ 4-2 win over Swansea City at the Ewood Park on Saturday and was quick to give himself a pat on the back. Sports Page 41

Subsidy removal divides Senate

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ENATORS got yesterday a taste of what may happen when the planned fuel subsidy removal comes up for debate. The hint came as the upper legislative chamber began debate on the 2012-2015 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Senators were sharply divided on fuel subsidy removal. Senate President David Mark was worried about

Reps, Union Bank disagree

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From Onyedi Ojiabor, Abuja

“obviously overbloated federal bureaucracy and the fact that the capital increase is just N170 billion from 2011 to 2012”. The MTEF and FSP are statutory documents which articulate the government’s revenue and spending plan as well as its fiscal policy objectives over a period to time. Continued on page 2

W: The widow of the Ikemba Nnewi, Chief Emeka Odumegu-Ojukwu, •AGONY OF A WIDO WIDOW Bianca, at her GRA, Enugu home shortly after arriving from London where her husband died on November 26 ... yesterday. Story on page 57. PHOTO: OBI CLETUS

HE House of Representatives Committee on Capital Market and Institutions yesterday asked the Securities and Exchange Commission (SEC) to stop the recapitalisation of Union Bank of Nigeria Plc, pending the conclusion of investigations to ascertain if the exercise conformed with due process. But a bank source insisted that due process was followed in its recapitalisation and that the shareholders were carried along. Business Page 11

•MONEY P17 •SPORT P24 •NEWS EXTRA P25 •LIFE P29 •POLITICS P45


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