|Economy|
FEC Approves N100bn for FCT, Niger Delta Roads, NI.02bn for Water: The Federal Executive Council (FEC) on Wednesday approved N100.2bn for road projects in the Federal Capital Territory (FCT), as well as Niger Delta region. It includes funding for contracts  for the provision of potable water in some parts of Kwara State, and the completion of Abuja’s Millennium Towers and Cultural Centre. Supervising Minister of Information, Nurudeen Mohammed, made the disclosure at a joint press briefing with Ministers of FCT, Bala Mohammed, Niger Delta Affairs, Stephen Oru, and Water Resources, Sarah Ochekpe, after the weekly FEC meeting. The FCT minister told State House correspondents that there was N3.4bn upward review of the contract for the provision of engineering infrastructure at Wuye District which was approved by the FEC. Source: Thisday

Nigeria’s Total Debts Rise to N10.8tr: Nigeria’s appetite for borrowing continues unabated  as the country’s total debt now stands at N10.841 trillion as at the end of September this year. Of this figure, domestic debt stock (Federal Government only) accounts for N7.651 trillion, while the external debt stock (Federal Government and states) stands at N1.428 trillion. The Debt Management Office (DMO) indicates that  actual domestic  debt stock for 34 states and the Federal capital territory, as well as estimated stock for Ekiti and Bayelsa states as at the end  of December 2013 stood at N1.707 trillion. Source: Daily Independent

|Capital Market|
Oando, PZ, Others Raise NSE Index by 0.9%: Gains by Oando Plc and PZ Cussons Nigeria Plc and 34 other stocks on Wednesday helped the Nigerian Stock Exchange to close on a positive note, with the NSE All Share Index rising for the third straight session. Specifically, the NSE ASI rose by 296.73 basis points or 0.9 per cent from 33,670.75 basis points to 33,967.48 basis points. Similarly, the market capitalisation of the listed equities rose by 0.9 per cent or N98bn to close at N11.250tn; up from N11.152tn. Source: Punch

Flour Mills to Sell Stake in Unicem: Flour Mills of Nigeria Plc says it has decided to sell its holdings in United Cement Company of Nigeria to Nigeria Cement Holding. Flour Mills disclosed these in a statement by its Chief Executive Officer, Flour Mills, Mr. Paul Gbededo, which was made available to our correspondent on Wednesday. The statement read in part, “In pursuit of the company’s strategy and focus on the growth of our core food and agro-allied businesses, the Board of Directors of Flour Mills of Nigeria Plc has decided to divest its interests in United Cement Company of Nigeria Limited to its current partner, Nigeria Cement Holding BV, a 50 per cent affiliate of Lafarge Africa Plc.” It explained that the Flour Mills’ board approved a resolution to enter into a binding purchase agreement with NCE to dispose its 30 per cent equity investment in Unicem, held through its wholly-owned subsidiary, FMN Cement Industries Nigeria Limited. Source: Punch