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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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Finance Ministry Padded our budget by N206b


Sadiya Farouk 


By Akinola Ajibade




The Finance Ministry has  padded the 2023 budget of the Ministry of Humanitarian Affairs,  Disaster Management and Social Development, with N206 billion, its Minister, Sadiya Umar Farouq, has said.

She disclosed this recently during her appearance before the Senate Panel on Special Duties to defend the 2023 budget..

According to her, the inistry requested for some projects for the North East Development Commission (NEDC) and National Social Safety Net Project in the 2022 budget, the funds were however not released to it by the finance ministry.

She expressed surprise that the funds found their way into the 2023 budget, only this time they were increased 10 times than the original request made.

She said:”Yes we made mention of the projects for 2022 which were not released and part of it was for the NEDC.The money was not released and now we have seen it recurring by almost 10 folds and we are also going to clarify from the ministry of finance to know why this increase despite the fact that the previous year, the money was not even released for the project.

“So we will get the details then send it to you on that.On upscaling of the National Social Safety Net Project. These projects under the national social safety nets, the conditional cash transfer, the updating of the national social register and the rapid response register as well to cushion the effect of inflation.

“This is all I can say for this. I cannot really give full details of how this amount is going to be utilised because it is something that was negotiated between the ministry of finance and world bank.”

Her reply was sequel to a request by a member of the Committee, Senator Elisha Abbo, for explanation about the N206 billion inserted in the budget.

The parliamentarian, who expressed shock by the Minister’s response said that the country can’t continue to borrow money and plunge itself into further debt, adding “This is serious. We cannot continue to borrow money and plunge this country into debt for our children to come and pay without investing in what they will see.”

The chairman of the committee, Senator Yusuf Yusuf,moved a motion to summon Minister of Finance, Zainab Ahmed to come and give explanation about the N206 billion inserted in the Ministry budget.

He said “I want to move a motion that the Minister of finance should appear before this committee to furnish this committee with details of what they intend to do with N206 billion in 2023 budget.Now that the minister has said that she is not in charge of negotiation, of course she is not, the minister of finance is.”

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