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2016 Budget: 2.2m Barrel Per Day Oil Production Not Feasible – Expert



Udoma Udo Udoma-Yemi OsinbajoAn economic expert, Uche Uwaleke, on Wednesday expressed concern over the proposed oil production of 2.2 million barrels per day in 2016, saying the projection might not be feasible.

Mr. Uwaleke, a professor, said in an interview with the News Agency of Nigeria (NAN) in Abuja that the country might not be able to meet the production target.

“So for the output, we would have gone for something that is a little bit lower”, he said.

On the government’s plans to spend more on capital projects, the expert said it was necessary, considering the state of the country’s economy.

“As a developing country, we need to spend more on capital projects because that is the only way we can grow the economy, so it is a welcomed idea”, Mr. Uwaleke said.

He praised the pledge by the Federal Inland Revenue Service, FIRS, and the Nigeria Customs Service to generate up to N4 trillion for the economy.

According to him, if this is achieved, the government would be able to generate its fund from the non-oil sector as proposed in the 2016 budget.

He further commended the efforts by the ministry of Budget and National Planning to provide a workable budget proposal for the country.

Mr. Uwaleke said the proposed N6 trillion budget for 2016 by the Federal Government was commendable and very realistic.

“The decision is in order and the amount will go a long way at resolving most of the issues in the country”, he added.

He said the oil bench mark of 38 dollar per barrel was the least the country had had so far, adding that there was every indication that it could be achieved.

“It has been well analysed that oil will not drop further, that is below 38 dollar per barrel in the near future.

“I believe the proposal is realistic. Right now it is about 40 dollar per barrel, the supplementary bench mark was 48 dollar, so I think a low reference is realistic”, he said.

The Minister of Budget and National Planning, Udoma Udoma, had said the federal government was proposing a budget of N6trillion with a 38 dollars oil benchmark.

The minister said the proposal was contained in the Medium Term Expenditure Framework, MTEF, approved by the Federal Executive Council.

Mr. Udoma said the funding for the budget would come from earnings from the non-oil sector and most of the increases would be spent on capital projects.



Metro News

Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff



 Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

Ondo on map

Kidnappers on Friday abducted the wife of Olugbenga Ale, Chief of Staff to Ondo State Governor, Rotimi Akeredolu.

According to reports, she was kidnapped around Owena after the Joseph Ayo Babalola University while on her way back to Ondo from Lagos State.

Also Read: Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

The police spokesman in the state, ASP Tee-Leo Ikoro, confirmed the news to Channels Television on Friday.

This development is coming about twenty-four hours after a first-class traditional ruler in Ondo State, the Olufon of Ifon in Ose local government, Oba Isreal Adeusi, was murdered by suspected kidnappers.


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Tech News

TECNO Stormed Computer Village with BBNaija’s OZO to Wrap up its Black Friday Sales Activities



The month of November is always known for its intense sales activities because the best deals of the year come
during the Black Friday Period. For TECNO, Africa Number One mobile brand, it was the time to reward its
customers with massive discounts and various gift items while also unveiling some of its new devices.

The brand in collaboration with SLOT stormed computer village as part of the events to wrap up its black Friday
sale activities, hosted BBNaija’s Ozoemena Chukwu to a hangout at SLOT Ikeja.

Fans and customers had a fun time interacting with the handsome celebrity while enjoying discount offers on
TECNO devices. Different deals and gift items were up for grabs as customers who made purchases at the store
enjoyed 50% discounts on Spark 5, Camon 16 Series and 100% cashback on the Spark 5 Pro.

The major highlight of the event was the presentation prizes to lucky winners. Customers who participated in
the spin the wheel game won gifts items such as Bluetooth Speaker; Power Bank and kettle while those who
participated in the Scratch and Win Promo won for themselves different deals ranging from 50% to 100%

TECNO also introduced two latest devices-the Spark GO 2020-powered by Google Android 10 Go Edition and a
TECNO POVA. POVA means ‘Powering Optimal Value and Ambitions’ is a rebrand of the popular battery series
formerly known as Pouvoir was inspired by the zeal to deliver budget-friendly smartphones with superior
gaming experience.

The first of its kind 6.8-inch TECNO POVA, is powered by Mediatek Helio G80 octa-core processor and hyper-
engine game technology that transforms gameplay experience giving ultimate stability and a high refresh rate.
Additionally, users will benefit from the “Game Space,” “Game Mode,” and “Game Assistant 2.0” features,
allowing them to switch to the “do not disturb” function, a much-anticipated experience all gamers will
absolutely enjoy.

The TECNO POVA is also equipped with a power-packed multitasking effect ramped up by 6GB RAM and 128GB
of internal memory. The device also has a 6000mAh super big battery, 18W Dual IC Flash charger, a standby
time of 30 days and the ability to play music for 8 days straight, on just a single charge. It’s the perfect
smartphone offering a way to worry less about low battery.

The new devices are available for purchase this November and for the rest of November, customers will enjoy
amazing discounts, instant and mega prizes on TECNO devices.

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Metro News

BREAKING: Court Jails Rep Member For Lying



BREAKING: Court Jails Rep Member For Lying


A member of the House of Representatives, Victor Mela has been sentenced to one-month imprisonment by a Magistrate Court in Wuse, Zone 6.

The lawmaker who represents Billiri/Balanga federal constituency was, however, given an option of fine.

Also Read: North Is The Worst Place To Live In Nigeria -Sultan of Sokoto

Recall that on November 10 that a magistrate court found the lawmaker guilty of lying under oath while filling the CD001 INEC form prior to the 2019 elections.

The magistrate had, however, set a different date for sentencing of the lawmaker after his lawyer pleaded for leniency.

Mr Mela swore to an affidavit thrice, denying citizenship of another country whereas he has a British passport.


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