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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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House raises 2023 appropriation bill to N21.82trillion

House of Representatives 


By Akinola Ajibade


Nigeia will finance its 2023 appropriation bill  with N21.82 trillion, if the decision by the House of Representatives to increase it from N20.51 trillion to N21.82 is anything to go by.

By this, the lower chamber of the Senate has increased it by N1.31trillion in order to meet the Federal Government's expenditure for 2023.

Out of this, N967.48 billion is for statutory transfers, N6.55 trillion is for debt service, N8.32 trillion is for recurrent (non-debt) expenditure while the sum of N5.97 trillion is for contribution to the development fund for capital expenditure for the year ending on the 31st day of December 2023.

Meanwhile, the lawmakers have adjourned for the new year break and are expected to resume plenary  to January 14, 2023.

Also, the Senate, yesterday (Wednesday) approved President Muhammadu Buhari’s request of N819.54bn domestic loan meant to fix the infrastructure destroyed by floods across the country.

Buhari had through an executive communication last week, sought the approval of the National Assembly for N819.54bn supplementary budget.

The request, according to the President, would form part of the 2022 Appropriation Act.

Buhari in the letter read by President of the Senate, Ahmad Lawan, said the supplementary appropriation request was meant for the capital expenditure component of the 2022 budget. Meanwill,

The Senate on Wednesday approved President Muhammadu Buhari’s request of N819.54bn domestic loan meant to fix the infrastructure destroyed by floods across the country.

Buhari had through an executive communication last week, sought the approval of the National Assembly for N819.54bn supplementary budget.

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