Kachikwu: FG Mulls Saving Oil Revenue in SWF Chika Amanze-Nwachuku and Ugo Aliogo Minister for State for Petroleum Resources, Dr. Ibe Kachikwu, has said the Federal Government is considering plans to ‘lock up’ revenues
realised from the oil sector and save them in the Sovereign Wealth Fund (SWF). Kachikwu, who made the disclosure yesterday at the unveiling of Heyden Petroleum’s mega petrol station in VGC, Lagos, said efforts
were being made to convince President Muhammadu Buhari to buy into the idea in order to save for the future generation. “We will convince the president to lock up every kobo we have in this country and put it in the SWF and spend
something else, so that we can begin quite frankly. When I met with The Netherland Ambassador, he said, today, they have the highest sovereign wealth fund in the world and they have decided that whatever they have from oil,
they are not going to spend it; instead they will save every penny of it and rely on the interest and other sources.’’ The SWF was created to manage and invest funds on behalf of the government. The fund, which started operations in October 2012, was set up
with an initial $1 billion as seed capital, by the Nigeria Sovereign Investment Authority Act, which was signed in May 2011. Essentially, SWF was established to invest the savings gained on the difference between the Continued on page 6
THISDAY Style on The Best of 2016 to be Published Wednesday Sunday/Monday 25-26 December, 2016 Vol 21. No 7920.
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Buhari: B’Haram Effectively Defeated, Sambisa Falls Troops take over ‘Camp Zero’ President praises gallant soldiers
Tobi Soniyi and Omololu Ogunmade in Abuja The last stronghold of the Boko Haram terrorist sect, Sambisa forest, in Borno State, has finally fallen to the Nigerian troops. The area fell about 1.30pm on Thursday, when the terrorists’ heartland within the forest, also known
Search for Chibok girls continues
as “camp zero”, their last and most guarded base, was taken over by the soldiers. It was a great boost to the antiterrorism war. President Muhammadu Buhari sent a message to the military yesterday, praising them for their gallantry in the capture of the Sambisa terrorist Continued on page 6
…Seeks Prayers for Divine Guidance at Xmas Tobi Soniyi, Omololu Ogunmade and Damilola Oyedele in Abuja President Muhammadu Buhari has called on all Nigerians to pray for divine guidance to get over current challenges. In his Christmas message to Nigerians, the president said,
“There is no better time than now in our nation’s history to pray for divine guidance to get over our current challenges.” He said the immediate priority of his government was to alleviate the poverty of Continued on page 6
TO OUR READERS In line with our tradition, your favourite newspaper, THISDAY, will not be on the newsstands on Boxing Day, Monday, December 26, 2016, but will be back in circulation on Tuesday, December 27, 2016. We wish our esteemed readers Merry Christmas and a prosperous New Year. - Editor
Special Report on 2016… Pages 51–62
L-R: Managing Director/CEO, Heyden Petroleum Limited, Dapo Abiodun; Minister of State for Petroleum Resources, Dr. Ibe Kachikwu; and DG, Budget Office of the Federation, Ben Akabueze, during the opening of Heyden Mega Filling Station VGC, Lekki-Epe Expressway, Lagos… yesterday kunle ogunfuyi