Solomon Olamilekan
Senate invites finance, works ministers, others over road projects
The Senate committee on finance has invited the Minister of Finance, Zainab Ahmed, over the funding status of three federal government legacy road projects estimated to cost N2.7 trillion. Also to appear before the panel are the Minister of Works and Housing, Babatunde Fashola, Accountant General of the Federation, Ahmed Idris, and the Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Uche Orji. The chairman of the panel, Solomon Olamilekan, gave the directive during an interactive session with the NSIA boss on Tuesday. The legacy projects are the Abuja-Kano road, Lagos-Ibadan expressway and the Second Niger Bridge. They are funded and implemented through a tripartite agreement between the ministries of finance, works and the NSIA. Orji, who was invited for the same r...
Senate calls for quick diversification of economy, frowns against high cost of oil production
The upper chamber of the National Assembly has called on the federal government to quickly diversify the economy, following the high cost of oil production without commensurate result. Berating the Nigerian National Petroleum Corporation (NNPC) for the high cost, which resulted into marginal profit of just $3 per barrel for the country, the Senate noted that the high cost of oil production in the country is higher than other oil producing nations. This development was noted when when officials of NNPC appeared before the Senate Committee on Finance. The Senate also noted that the high cost of oil production which is $21.2 per barrel, almost equaling $25 per barrel oil price benchmark fixed for the N10.509 trillion 2020 revised budget. The upper chamber expressed its displeasure when the Ch...
