|Economy|
FG Reviews Oil Benchmark to $65/bl, Resubmits MTEF: Barely two weeks after it revised the 2015 budget oil benchmark price from $78 to $73, the Federal Government has again resubmitted the 2015-2017 Medium Term Expenditure Framework (MTEF) with a revised oil benchmark of $65 a barrel, effectively slashing next year’s budget by another 12 percent, in the face of dwindling oil prices. The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who disclosed the second revision of the 2015 budget benchmark, explained that the new benchmark price of $65 per barrel had been approved by President Goodluck Jonathan and a revised expenditure framework for the next three years was resubmitted on Wednesday to the parliament for its approval. Source: Thisday
Germany Approves N34.6bn Credit For Nigeria’s Power Sector: The German Development Bank-KFW has earmarked about N34.6bn for the advancement of renewable energy, energy efficiency projects and technical assistance for the Nigerian power sector. Specifically, the German bank allocated $200m in form of Green Credit Line as support base for Small and Medium Enterprises to develop renewable energy and energy efficiency programmes. It also stated that another facility worth €5m (US$6.14bn) had been set aside for technical assistance through the KFW. Source: Punch
Foreign Reserves Fall To Six-month Low Of $36.7 Bn: Nigeria’s foreign reserves fell to a six-month low of $36.7 billion by December 1, down 4.5 percent from the previous month as the central bank stepped up its defence of the Naira, according to Foreign Reserves data on the CBN Website. The reserves stood at the same level in June this year and were down from $38.45 billion on Nov. 2, the data showed on Wednesday. The Naira has fallen 11.3 percent against the Dollar this year, including an 8 percent one-off devaluation by the central bank last week, as global oil prices plunged. Source: Businessday
FG Approves N430bn For 17 Roads Nationwide: The Federal Government yesterday approved over N430 billion for the construction and rehabilitation of 17 roads and bridges (Categories A and B) in the first batch of roads and bridges projects across the country. This is said to be in furtherance to the strategic Highways Investments for Transformation (SHIFT) embarked upon by the President Goodluck Jonathan administration since 2011. Minister of works, Mr Mike Onolememen, who gave the hint after the weekly Federal Executive Council (FEC) disclosed that, the 17 roads meant for construction/rehabilitation are spread across the country including Borno, Yobe, Gombe, Rivers, Bayelsa, Delta, Enugu, Nassarawa, Abia, Niger, Kogi, Cross River, Lagos and Kaduna States. Source: Leadership |