Bloomberg News

Nigerian President Approves $1 Billion Transfer From Oil Savings

January 30, 2013

Nigerian President Goodluck Jonathan approved the transfer of $1 billion from oil-revenue savings to be shared by the country’s 36 states and the federal government.

The funds will be used to implement “people-oriented projects” and “deliver more democracy dividends,” Rivers state Governor Rotimi Amaechi and chairman of the Nigerian Governors Forum, said today in an e-mailed statement from the capital, Abuja.

Nigeria, Africa’s largest oil producer, relies on crude exports for about 95 percent of its foreign-currency earnings and 80 percent of government revenue, according to the Finance Ministry. The West African country with more than 160 million people saves oil revenue above the budgeted price to meet spending shortfalls. The account currently has $9.2 billion, Amaechi said.

Nigerian state governors in December asked for $1 billion from the oil savings to help them complete projects under way.

To contact the reporters on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


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