FEC Caps FG’s Oil Revenue Expenditure, Portion to be Moved to SWF Policy proposes NNPC exits JVs by end of 2017, conversion to PSCs Chineme Okafor in Abuja The Federal Executive Council (FEC) has approved a new National Petroleum Policy initiated by the Ministry of
Petroleum Resources, which would place a cap on the proportion of oil revenue that can be spent by the federal government. A statement from the
petroleum ministry said that the policy was approved at yesterday’s FEC meeting, held in Abuja. Key highlights of the policy showed that it seeks to limit
the amount of oil revenue that can be spent by the federal government, while a certain percentage would be swept into the Sovereign Wealth Fund (SWF) for future
generations and funding of key infrastructure projects. The policy also said the government may consider conversion of some oil Joint Venture (JV) operations to
Production Sharing Contracts (PSCs) as part of its plan to exit the JVs by the end of 2017. Continued on page 10
Why Osinbajo Swore-in Two New Ministers Without Portfolios… Page 10 Thursday 27 July, 2017 Vol 22. No 8134. Price: N250
www.thisdaylive.com TR
UT H
& RE A S O
N
BUHARI ON THE MEND, RECEIVES MORE VISITORS…
President Muhammadu Buhari (fourth right), flanked left to right by Governors Abiola Ajimobi of Oyo State, Dave Umahi of Ebonyi State, Kashim Shettima of Borno State, Abdulaziz Yari of Zamfara State, Udom Emmanuel of Akwa Ibom State, Abdullahi Ganduje of Kano State and Samuel Ortom of Benue State, when the seven governors visited the president, who is recuperating from a medical ailment, in London… yesterday
Restructuring Suffers Defeat in Senate Lawmakers back LG autonomy, new age floor for elective office, others Fear of resource control kills removal of Land Use Act from constitution Damilola Oyedele in Abuja In a major upset for the clamour for restructuring, the Senate yesterday rejected the constitution alteration bill seeking the devolution
of powers that would have moved some items from the bloated Exclusive List in the 1999 Constitution to the Concurrent List, which would have given more powers to the states.
The Land Use Act and affirmative action bills also suffered defeats in the upper legislative chamber during the electronic voting on the 33 bills presented to amend the 1999 Constitution.
Of the 33 bills, the lawmakers passed 29 and rejected four. They voted overwhelmingly in favour of bills seeking to reduce executive powers by removing the power of the executive arm of government
to make laws, and provided procedures for overriding a presidential veto, in the event the president withholds assent to a legislation. The devolution of powers bill, which sought to alter the
Second Schedule, Part I & II of the constitution, was defeated with 48 no votes. Forty-six senators voted for it, with one abstention. Continued on page 12
Abducted NNPC Contractors, Others Rescued from Boko Haram… Page 10