Showing posts with label To Block Oil Wealth Fund. Show all posts
Showing posts with label To Block Oil Wealth Fund. Show all posts

Saturday, November 10, 2012

Nigerian State Governors To Block Oil Wealth Fund




Nigeria’s state governors vowed on Thursday to go to court to stop the government putting oil revenues into a sovereign wealth fund. Africa’s top crude producer has been moving closer to joining its OPEC partners in creating a sovereign wealth fund for long-term investment of its oil cash.

The governors, who enjoy luxurious lifestyles and wield huge patronage, had been opposed to the fund because they feared it would reduce their share of the oil money. Nigeria picks team for $1-billion fund Zambia launches record-breaking euro bond
Nigeria signs $23-million electricity deal with Canadian firm The country pumps more than two million barrels of oil a day but economists say revenue over the decades has been wasted on bloated government wages, a vast patronage network that gets costlier closer to election time, or plain embezzlement.

ST

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