Read today's newspaper headlines [Wednesday, January 27, 2016]

Find out what is making headlines all over the country from the covers of The Punch, Vanguard, The Guardian and more.

For today, Wednesday, January 27, 2016:

VANGUARD NEWSPAPER

$2.1bn arms probe: Metuh, 77 others got paid for doing nothing – Witness

ABUJA—Trial of the embattled National Publicity Secretary of the Peoples Democratic Party, PDP, Chief Olisa Metuh continued, yesterday, as a senior official from the Office of the National Security Adviser, ONSA, Mr. Baleh Ndam, told the Federal High Court, Abuja, that Metuh’s firm, Destra Investments Limited, was among 78 beneficiaries of the alleged fraudulent payment from the ONSA without executing any contract.

FG, states, LGs share N387.8bn for December

ABUJA— The Minister of Finance, Mrs Kemi Adeosun, yesterday, in Abuja said N387.8 billion was shared among the federal, states and local governments as revenue for December, 2015. Adeosun, who was represented by the Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse, announced this while addressing newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting. READ MORE:

Naira: CBN to fine-tune exchange rate

ABUJA — The Central Bank of Nigeria (CBN), yesterday, said it would soon fine tune the exchange rate of the Naira, even as the nation’s currency depreciated further to N305 against the dollar in the parallel market. Addressing journalists at the end of the Monetary Policy Committee (MPC) meeting, yesterday, CBN Governor, Mr. Godwin Emefiele, said the CBN would soon come out with efforts to fine tune the exchange rate framework.

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THE PUNCH NEWSPAPER

Fayose visits Aregbesola, vows not to leave PDP

The Ekiti State Governor, Mr. Ayodele Fayose, has said he will never leave the Peoples Democratic Party for any other party despite the crisis within the PDP. Fayose said this in Osogbo on Tuesday when he visited Governor Rauf Aregbesola at the Government House, Osogbo in company with about 50 dignitaries including the Speaker of the Ekiti State House of Assembly, Mr. Kola Oluwawole. READ MORE:

FG seeks recovery of fresh $750m Abacha loot

The Attorney General of the Federation and Minster of Justice, Mr. Abubakar Malami, on Tuesday, disclosed plans by the Federal Government to engage acclaimed consultants in its bid to recover another $750m looted and stashed away by a former Head of State, the late Gen. Sani Abacha. He stated that another £6.9m loot, held by a former Governor of Delta State, Mr. James Ibori, would also be recovered. READ MORE:

Hard times ahead, CBN warns Nigerians…says low oil revenue to linger

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday warned Nigerians to brace for a longer period of low revenue from oil sources, which would necessitate hard and uncomfortable choices. The committee, in a communique issued at the end of its first meeting for the 2016 fiscal period in Abuja, observed that while the period of low oil prices, which occurred in 2005, lasted for a maximum of eight months, the current situation was expected to continue over a longer period of time.

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THE GUARDIAN

Hope dims on N170 billion Abuja-Kaduna rail project

ALTHOUGH a huge sum of $849,750,903.00 (about N170 billion) has been invested in the construction of a 186-kilometre standard gauge rail line from Abuja (Idu Station) to Kaduna, the project is far from completion. The amount was obtained by the Federal Government from the China Export and Import (EXIM) Bank as a loan facility.

MPC retains interest rate at 11 per cent

Bank cash reserve rates still 20 percent CONTRARY to an expectation of a likely upward review, the Monetary Policy Committee (MPC) yesterday retained headline interest rate at 11 per cent while holding bank reserve requirements at 20 per cent. It retained an asymmetric corridor of plus two per cent and minus seven per cent around the Monetary Policy Rate (MPR). READ MORE:

‘Why S’East govs forum is moribund’

NOT known in the past for much success in harnessing and aggregating issues of common interest to people of the zone as would have been expected, the South East Governors Forum has further slipped into limbo One of the reasons for this inertia may be the uncertainty over the outcome of election cases pending in courts for three of the five governors in the zone.

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THE NATION NEWSPAPER

Ex-IG Adewusi dies at 79

One–time Inspector General of Police (IGP) Sunday Adewusi is dead. He died last night at the National Hospital in Abuja, sources close to his family said. Adewusi, who was born in 1936 would have been 80 years old by December. The Ogbomoso, Oyo State born ex-IG headed the police during President Shehu Shagari’s tenure in the second republic between 1981 and 1983

FAAC shares N387.7b among federal, states, local govts

The three tiers of government yesterday shared N387.7 billion for the month of December last year at the end the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja. The amount shared represents an increase of N17.88 billion more than the N369.8 billion shared for the month of November. READ MORE:

More shocking corruption reports coming, says govt

Critics of the Muhammadu Buhari administration’s anti-corruption crusade yesterday got a reply – no intimidation or blackmail will stop the war. Minister of Information and Culture Lai Mohammed said Nigerians should be prepared for more mind boggling revelations in the 2014 and 2015 report, which is yet to be released. Mohammed raised the alarm that treasury looters had resorted to fighting back, using various means. READ MORE:

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Business Day

Analysts react negatively to MPC inaction on devaluation

Analysts are reacting negatively to yesterday’s inaction by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on moving the naira currency closer to equilibrium through a devaluation or increased exchange rate flexibility. READ MORE:

NEPC in push to raise non-oil exports to $30bn

The Nigeria Export Promotion Council,(NEPC) says it has mapped out strategies to grow the country’s non-oil exports from the current $2.7 billion to at least $30 bn within five years. Olusegun Awolowo,the Executive Secretary, NEPC said his agency has the capacity to build alternative revenue sources for the Federal Government,amid the revenue constraints coming from…

FG moves to recover $750m, £6.9m stolen funds

Abubakar Malami, Minister of Justice and Attorney General of the Federation (AGF) on Tuesday disclosed that efforts are underway to recover additional $750 million ‘Abacha loot’. Similar efforts have been put in place by the present administration towards the recovery of £6.9 million “Ibori loot” on behalf of Federal Government. READ MORE: