FEC Trims 2020 Budget by N71bn to N10.523tn Slashes oil price benchmark to $25 per barrel Omololu Ogunmade in Abuja The Federal Executive Council (FEC) yesterday approved the revised Medium Term Expenditure Framework
(MTEF) and the 2020 budget, slashing the original budget signed into law from N10.594 trillion to N10.523 trillion, translating to a difference of N71.5 billion.
The council also approved N47.235 billion for the provision of additional power grid infrastructure to aid the supply of 40 megawatts of electricity and $80 million
Targets 1.94mbpd crude production
loan for Ebonyi State. In addition, it consented to a loan facility of $1.2 billion to finance the mechanisation of agriculture in 632 local government areas (LGAs)
nationwide. The revised budgetary estimates are based on a benchmark of $25 per barrel of crude oil, down from the original $57 per barrel and
at a production rate of 1.94 million barrels per day (bpd). The revision of the budget came against the backdrop of Continued on page 10
NLNG Signs $7bn Train 7 Contracts with Saipem, Chiyoda, Daewoo... Page 6 Thursday 14 May, 2020 Vol 25. No 9166. Price: N250
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COVID-19 Vaccine: No One Has Applied for Approval, Says NAFDAC FG sends fresh teams to Lagos, Kano 184 new cases, six deaths bring tally to 4,971 with 1,070 discharged, 164 dead Martins Ifijeh in Lagos, Onyebuchi Ezigbo, Alex Enumah in Abuja, and Victor Ogunje in Ado Ekiti The National Agency for Food
and Drug Administration and Control (NAFDAC) has said that despite Nigeria's earnest search for a cure for COVID-19, it is yet to receive any pharmaceutical
or herbal drugs for analysis of their efficacy as a prelude to their approval for treatment of the disease. The National Human Rights Commission (NHRC) has
also introduced measures to enhance the protection of the rights of patients of the pandemic. The virus, however, infected 184 and killed six more
persons yesterday, bringing the tally to 4,971 cases, 1,070 discharged and 164 deaths. Announcing this last night, the Nigeria Centre for Disease Control (NCDC) said Lagos
recorded 51 new cases, Jigawa 23, Bauchi and Katsina 16 each, Kano 10, Federal Capital Territory (FCT) and Continued on page 10
Buhari Upends Politics, Gambari Pledges Loyalty as New Chief of Staff Atiku, Saraki, Tinubu, APC, govs hail appointment Omololu Ogunmade, Deji Elumoye, Chuks Okocha, Adedayo Akinwale, Udora Orizu in Abuja and Hammed Shittu in Ilorin No one saw it coming. Not even the closest allies of President Muhammadu Buhari. In choosing Professor Ibrahim Gambari, Nigeria's former External Affairs Minister (1983 to 1985), former Permanent Representative to the United Nations and retiring as Under Secretary General to the United Nations, Professor Ibrahim Gambari was an unpredicted choice. A dyed in the wool bureaucrat, Gambari with his stiff upper lip is as good a mandarin as can be. Yesterday, he assumed duty as Chief of Staff to the president of the Federal Republic, promising loyalty to the president and telling everyone else that his duty is to the president and not the people. Saying in so many Continued on page 10
VIRTUAL CONTRACT... L-R: NCDMB Executive Secretary, Mr. Simbi Wabote; Tae-Won Jung; NLNG Director, Henry Bristol; Saipem’s Walter Paviani; NLNG Director, Mr. Faio Di Majo; NNPC GMD, Mele Kyari; Chairman, NLNG, Chief Long John; GM, External Relations & Sustainable Development, Mrs. Eyono Fatayi-Williams; Saipem’s Mr. Maurizio Coratella; Minister of State for Petroleum, Chief Timipre Sylva; NLNG Deputy MD, Mr. Sadeeq Mai-Bornu; NLNG MD, Mr. Tony Attah; Director, Mr. Marno de Jong; Daewoo’s Mr. Kwang-Ho Kim; and Train 7 Director, Mr. Ali Uwais, during the virtual signing of the EPC Contracts for NLNG’s Train 7 project…yesterday