Reps Hinge Approval for $30bn Loan on Funding for Constituency Projects FG commits $500m of planned Eurobond Releases N2.5trn of budget’s N6.08trn Omololu Ogunmade and Damilola Oyedele in Abuja Members of the House of Representatives have hinged their approval for the $30 billion external borrowing plan request of the federal government and the Medium
Term Expenditure Framework (MTEF) on a firm commitment by the executive to the release of funds for their constituency projects.
President Muhammadu Buhari early this week had written to the National Assembly, seeking approval for the loan to address critical
infrastructure deficit, and for virement of N180 billion in the 2016 budget to fund capital and recurrent items. Even as the request for
external borrowing and MTEF is pending before the legislature, Reuters yesterday quoted the Minister of Finance, Mrs Kemi Adeosun, as saying
Power: Discos’ Revenue Remittances to Market Drop to 30%... Page 12
that the federal government already had commitments for $500 million of the planned $1 billion Eurobond. Her statement coincided with her Budget and National Planning counterpart, Senator Continued on page 9
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ExxonMobil Discovers One Billion Barrels of Oil in Nigeria...
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Buhari to Launch $10bn Niger Delta Reconstruction Fund Says Nigeria's survival still depends on oil Industry Kachikwu predicts Nigeria’s JV review will lead to oil investment boom
Tobi Soniyi and Chineme Okafor in Abuja The federal government under the watch of President Muhammadu Buhari plans a $10 billion infrastructure development fund for the oil-rich but restive Niger Delta, the Minister of State for
Petroleum, Dr. Ibe Kachikwu, said yesterday in Abuja. “We are launching $10 billion infrastructural rebirth investment programmes in the Niger Delta region. This is not money that is going to come strictly from the Continued on page 8
Senate Amends CCT/CCB Act, Transfers President’s Power to N'Assembly
Subjects CCT chair's appointment to Senate confirmation Again, Appeal Court dismisses Saraki’s appeal over tribunal trial Tobi Soniyi and Omololu Ogunmade in Abuja The Senate yesterday amended the Code of Conduct Bureau and Tribunal Act (CCB/CCT Act) tinkering with Section 18(1) & (2) of the extant law by transferring the president's regulatory power over the bureau and tribunal to the National Assembly.
The parliament also reintroduced a provision which authorises the CCB to invite anyone found culpable in asset declaration to make necessary correction as against being charged to the tribunal for trial. This provision had earlier been expunged from the extant law. Continued on page 8
GROWING NIGERIA'S OIL & GAS…
R-L : President Muhammadu Buhari; Minister of State for Petroleum, Dr Emmanuel Ibe Kachikwu; Chairman, Nigerian Governors Forum and Governor of Zamfara State, Alhaji Abdulaziz Yari; and Chairman, House Committee on Petroleum Upstream, Hon Victor Nwokolo; during the public presentation of the "7 big wins to grow Nigeria Oil and Gas Industry, 2015-2019" at the State House in Abuja…yesterday state house