“Nigerians may need to work harder to settle indebtedness, pay bills to foreigners and sustain production and employment overseas. Accordingly, the costs to devaluation would appear to overwhelm the benefits contemporaneously.” Instead, Amah advised the monetary authorities to consider other alternatives, such as adopting an exchange rate targeting approach through the use of a managed float system, which does not rely on the moves of speculators in determining exchange rate.

Lagos—Governor Akinwunmi Ambode Lagos State, yesterday, assured of his administration’s readiness to improve the welfare of pilgrims from the state while on spiritual journey to the holy land.

The wide gap between electricity demand and supply adds greatly to the cost of operations by forced reliance on diesel generators at four times the cost of normal grid power as well as major lost work-time. From a personal standpoint, there is a universal reduction in quality of life due to the lack of dependable electricity to homes and places of work.

Tragedy struck yesterday in Lagos as a sudden explosion at Golden Penny Flour Mill, Eric Moore Road, Surulere, left two people dead.

The Federal Government, yesterday, attributed the delay in moving against the Nigerian National Petroleum Corporation, NNPC, to efforts being made to establish the magnitude of fraud and inefficiencies in the corporation and in the oil and gas industry over the last couple of years.