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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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BPE will fund the budget deficit with N206.18bn, says Buhari




President Muhammed Buhari yesterday said that the Bureau of Public Enterprises (BPE) will fund the 2023  country's budget deficit with  N206.18billion, being the proceeds from the privatisation of the power sector in 2004.
He said said this in Abuja, while presenting next year budget estimates totalling N20.51 trillion and tagged: Budget of Fiscal Consolidation and Transition to the joint session of the National Assembly.
According to him,  other sources of funding the budget estimates of N20.51 trillion include new burrowings totaling N8.80 trillion and N1.77 trillion drawdowns on bilateral/ multilateral loans secured for specific development projects/ programmes.
Recall that the N20.51 trillion budget proposed for 2023 expenditure comprises the followings: 
Statutory Transfers of N744.11 billion;  
Non-debt Recurrent Costs of N8.27 trillion;  
Personnel Costs of N4.99 trillion;  
Pensions, Gratuities and Retirees’ Benefits of N854.8 billion;  Overheads of N1.11 trillion;  
Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers;  
Debt Service of N6.31 trillion; and  
Sinking Fund of N247.73 billion to retire certain maturing bonds.  
The President further said that 0 his administration had in the last seven years transformed Nigeria’s challenging power sector, through bespoke interventions such as the Siemens Power Program, with the German government under which over 2 billion US Dollars will be invested in the Transmission Grid.  
Also, he said, the administration leveraged over billions of US dollars in concessional and other funds from Nigeria’s partners at the World Bank, International Finance Corporation, African Development Bank, JICA as well as through the Central Bank of Nigeria, working with the Finance Ministry, to support the power sector reforms.  
“The Central Bank has also been impactful in its interventions to roll out over a million meters to on-grid consumers, creating much needed jobs in assembly and installation. Our financing interventions have recently been complemented with the takeover of four electricity distribution companies and the constitution of the Board of the Nigeria Electricity Liability Management Company”, he added.  
On the generation side, he announced that his administration made significant investments in and incremental 4,000MW of power generating assets, including Zungeru Hydro, Kashimbila Hydro, Afam III Fast Power, Kudenda Kaduna Power Plant, the Okpai Phase 2 Plant, the Dangote Refinery Power Plant, and others.  

“Our generation efforts are making the transition from a reliance on oil and diesel, to gas as a transitional fuel, as well as environmentally friendly solar and hydro sources. Under the Energising Education Programme, we have commissioned solar and gas power solutions at Federal Universities and Teaching Hospitals at Kano, Ebonyi, Bauchi and Delta States. Similarly, our Energising Economies Programme have taken clean, sustainable power solutions to the Sabon-Gari Market in Kano, Ariaria Market in Aba, and Sura Shopping Complex in Lagos”, he stated.  
It would be recalled that BPE contributed N90.73Bn through Privatisation Proceeds to the 2022 Budget deficit.  
 

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