HoR approves another FG $973bn loan request despite rejection by Chinese bank
The House of Representatives (HoR) approved on Tuesday the Federal Government’s request to borrow the sum of $973,474,971.38 from the China Development Bank.
This request comes after its $22.8 billion loan request was rejected by the China-Exim Bank.
Abubakar Fulata, the Chairman of the House Committee on Rules and Business, moved a motion for the green chamber to amend its resolution granting approval for the failed loan deal.
In the motion, titled “Rescission of the 2016–2018 Federal Government External Borrowing (Rolling) Plan,” Fulata said, “The House notes that the 2016–2018 Federal Government External Borrowing (Rolling) Plan was approved by the Senate and the House of Representatives on March 5, 2020, and June 2, 2020, respectively.”
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Oil exploration in Nasarawa to increase Nigeria’s reserves—NNPC Ltd
The positive outcome of the Ebenyi-A Exploration Well will increase Nigeria’s hydrocarbon reserves from 37 billion barrels to 50 billion barrels according to the Nigerian National Petroleum Company Limited (NNPC Ltd).
Mele Kyari, the Group Chief Executive Officer, NNPC Ltd said the outcome of the campaign would contribute to meeting the objective of increasing Nigeria’s crude oil production to a target of three million barrels.
Kyari, made this known on Tuesday at the presidential spud-in ceremony of the Ebenyi-AExploration Well, located in the Middle Benue Trough in Obi Local Government Area of Nasarawa State.
He said it was a special occasion for the NNPC Ltd, NUPRC, Nasarawa people and Nigeria as spudded the first well in the Middle Benue Trough, while at the same time executing the President’s mandate for them to pursue exploration in the frontier inland Basins with vigour.
He added that the mandate no doubt targeted growth of hydrocarbon reserves in our country with the ultimate aim of enhancing national energy security and associated economic benefits to our people.
Nigeria can build climate-resilient economy – AfDB report
Nigeria can build a climate-resilient economy by adopting climate-smart agricultural practices, according to the African Development Bank (AfDB).
The bank made this known in its latest report, titled “Country Focus Report 2022. Nigeria: Supporting Climate Resilience and a Just Energy Transition,” made available on Tuesday.
In the report, it stated that some of these practices to be adopted to enable the country to reach this goal include low-cost but effective technologies such as water harvesting, small-scale irrigation techniques, land and water conservation, and management strategies.
The development bank also added that minimum- or zero-tillage agriculture with high net returns to farmers was part of the practice.
King Charles heads to Germany on first overseas trip as monarch
King Charles travels to Germany on Wednesday in his first state visit abroad since becoming British monarch, as part of efforts to turn the page on years of rocky relations between Britain and the European Union after its exit from the bloc.
Charles, who succeeded his mother Queen Elizabeth as the British monarch in September, had been due to travel first to France, but cancelled that part of the tour due to violent social unrest over President Emmanuel Macron’s new pension law.
During his three-day visit to Germany’s capital Berlin, the eastern state of Brandenburg and the northern port city of Hamburg, Charles will address issues facing both countries such as sustainability and the Ukraine crisis, as well as commemorate the past, according to Buckingham Palace. (Reuters)
Kurdish supply concerns drive oil gains for 3rd day, easing banking fears
Concerns about a tightening crude oil export from Iraqi Kurdistan drove crude oil price higher for a third day in early Asian trade on Wednesday, overshadowing fears of a banking crisis.
Brent crude futures rose 42 cents, or 0.5 percent, to $79.07 a barrel at 0046 GMT. West Texas Intermediate U.S. crude climbed 59 cents, or 0.8 percent, to $73.79 a barrel.
“Worries over reduced supply from Iraq’s Kurdistan region and a relief in financial markets worried about the banking sector turmoil continued to boost investors’ risk appetite,” said Satoru Yoshida, a commodity analyst with Rakuten Securities who spoke with Reuters.
“Expectations that the U.S. Federal Reserve will keep a cautious stance in raising interest rates because of banking stress also increased hopes for a stronger global economy and oil demand,” he said, predicting the bullish tone would continue this week.