A Review of the Nigerian Energy Industry

Nigeria reaches agreement on subscription to SWF

17 November 2011, Sweetcrude, Port-Harcourt – The Minister of Finance Dr. Ngozi Okonjo-Iweala have declared that both the Federal and state governments had agreed on the Sovereign Wealth Funds launch, stating that the disagreement had been put behind the governments.

In a keynote address at the maiden Rivers State Investors’ Forum tagged: “Change That Works,” in Port Harcourt, Rivers State she said  “We are all united now, in the launch of the Sovereign Wealth Funds.

We are using the $1 billion, we won’t go beyond that. Sometimes in Nigeria, dialogue is missing but dialogue has been applied to the SWF”.

Budget of fiscal consolidation is being embarked upon and we have been spending above our means. President Jonathan is keen on the budget of fiscal consolidation and the budget will be based on $70 per barrel of crude oil. 70 per cent of the budget is spent by the states and local governments.

States and LGs too must have fiscal responsibility, to give holistic picture of the economy and leakages must be blocked one by one, in the various sectors of the economy.”

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