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Obasanjo asks Tambuwal, Ihedioha, others to step down
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•‘PDP heading for collapse if zoning dies’
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VOL. 6, NO. 1834 WEDNESDAY, JULY 27, 2011
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CBN raises interest rate to 8.75% By Ayodele Aminu and Nduka Chiejina
F
OR the fourth time this year, the Central Bank of Nigeria (CBN) yesterday raised its benchmark interest rate – in a bid to cage inflation, which is expected to be triggered by rising wages and higher energy costs. The apex bank jacked up its rate (Monetary Policy Rate) by a bigger-than-expected 75 basis points to 8.75 per cent. The key borrowing and lending rates climbed by the same amount to 6.75 per cent and 10.75 per cent. Most analysts had expected the bank’s Monetary Policy Committee (MPC)to lift interest rates by 25-50 basis points, after hiking rates at its last three meetings. Continued on page 11
THE FIGURES •MPR 8.75% •Borrowing rate 6.75% •Lending rate 10.75% •Inflation 10.2% •External reserves $33.73b
•Obi of Onitsha Alfred Achebe (left) Sheu of Borno, Alhaji Abubakar Ibn Umar, Sultan of Sokoto. Alhaji Abubakar Saad, Minister of Interior Comrade Abba Ortom and Alayemore of Ido Osun, Oba Aderemi Adedapo, during the National Stakeholders Summit on Security and Public Awareness in Abuja ... yesterday. PHOTO: ABAYOMI FAYESE
Jonathan pushes one term for President, governors The President makes it clear that his push ... is not borne out of any personal interest. The proposed amendment will not have anything to do with him as a person. – Jonathan
A
•Dr Jonathan
BILL seeking a single term tenure for President and governors is on the way. President Goodluck Jonathan is sending the Bill, which will give legislators the opportunity for re election, to the National Assembly. But the proposal, if passed by the lawmakers, will be effective from 2015, ruling Dr Jonathan out of the beneficiaries. Presidential spokesman Dr Reuben Abati broke the news yesterday, saying in a statement that President’s action is intended to sanitise the nation’s politics.
WHO SAID WHAT What we need is true federalism. The centre is too power-loaded and power must devolve to the regions. There is need for restructuring. People are sharing a cake ... – Momoh
By Emmanuel Oladesu, Joseph Jibueze and Eric Ikhilae
But the statement did not state when the bill will be forwarded to the legislature or the number of years the single term will contain. “The envisaged Bill is part of the Jonathan administration’s transformation agenda aimed at sanitising the nation’s politics. The President believes that this single move, when actualised, will change the face of our politics and accelerate the overall development of our nation. If the proposed amendment is accepted by the National Assembly, the President as-
If there is no benefit to President Jonathan, I think it will give the bill more integrity. Whether we like it or not, we’re at a point where political maturity is not there ... – Agbakoba
sures that he will not in any way be a beneficiary,” the statement said. The statement added that the tenure of members of the National and State Assemblies “will be a little more than four years, and lawmakers will still be eligible for re-election as their constituencies may determine.” Abati said Jonathan’s commitment to a single term for head of the executive branches of government at the state and federal levels “is borne out of a patriotic zeal, after a painstaking study and belief that the constitutionally guaranteed two terms for Presidents and Governors is not helping
the focus of governance and institutionalisation of democracy at this stage of our development”. He added that while second term for the executive is not good for the polity, a longer term for lawmakers would on the other hand “help to stabilise the polity”. Abati said the President “is conContinued on page 2
•Is Jonathan eligible for a fresh tenure in 2015? ANALYSIS – PAGE 2
•ORUBEBE TO PRESIDENT: TRANSFER NDDC TO N/DELTA MINISTRY P54