Oil & Gas

Buhari’s budget riddled with errors puts graft war in doubt

Nigerian President Muhammadu Buhari’s 2016 budget proposals are riddled with errors and provisions that may undermine his anti-graft war, civic groups say. In some instances, the same purchase of vehicles, computers and furniture are replicated 24 times, totaling 46.5 billion naira ($234 million), 795 million naira is set aside to update the website of one ministry, while no purpose is assigned to a 10 billion naira provision in the education ministry’s spending plan, according to Oluseun Onigbinde, partner and co-founder of BudgIT, a Nigerian group that campaigns for transparency in public spending.


Nigeria puts burden of rebound on fiscal plan as Naira Peg stays

Nigeria’s government is set to carry the burden of boosting the economy as the central bank signaled it won’t ease currency controls that are hurting businesses. President Muhammadu Buhari is seeking to compensate for plunging oil revenue and the slowest growth in 16 years by boosting spending by a fifth to 6.1 trillion naira ($30.6 billion) this year. With Governor Godwin Emefiele on Tuesday resisting pressure to ease foreign-exchange restrictions and devalue the naira, fiscal stimulus may need to take the lead in sparking a rebound.


Seplat Petroleum boosts production for 2015

Seplat Petroleum has seen its working interest production for last year boosted by more than 40%. The Nigeria and London Stock exchanged firm said its current daily production interest was sitting at around 55,000boepd (barrels of oil equivalent per day) with both its oil and gas rates strong.


Nigeria plans to sell as much as $1bln of Eurobonds to help huge deficit

Nigeria plans to sell as much as $1 billion of Eurobonds to help fund a record budget deficit this year, Finance Minister Kemi Adeosun said. Officials from Africa’s biggest oil producer plan to hold non-deal roadshows to meet investors and explain the government’s policies to revive economic growth, Adeosun said Friday in an interview at the World Economic Forum in Davos, Switzerland.

Other News

Lagarde endorses Nigeria’s efforts to tackle corruption

The head of the International Monetary Fund (IMF) has endorsed Nigeria’s efforts to tackle corruption in the country. Christine Lagarde said the country needed to reduce its reliance on oil as a sharp drop in prices has already taken its toll on the economy.