NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS
Tuesday, October 21, 2014
Vol. 1 No. 245
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Experts fault $78 oil benchmark for 2015 budget Ayodele Aminu and Abdulwahab Isa
E
xperts have described the 2015 budget benchmarks released last week through the Medium Term Expenditure Framework (MTEF)
and Fiscal Strategy Paper (FSP), as unrealistic because of the prevailing challenges in the international oil market. In the framework, government pegged the 2015 N4.817.76 trillion proposed budget on an oil bench-
mark of $78 per barrel. It also proposed to spend N1.22 trillion on fuel subsidy. The figure includes N971.4 billion as subsidy on petrol and N250 billion on kerosene. The oil benchmark for 2014 budget is $75.5 per bar-
rel as against $ 77.5 per barrel earlier proposed by the executive to the National Assembly. The Federal Government, according to the MTEF and FSP also projected N7.286.89 trillion as total earnings from oil
and gas sales for 2015 with N3.716.82 billion being proposed as crude oil sales. However, the $78 per barrel oil benchmark for the 2015 budget has elicited criticisms from experts following the steep fall in CONTINUED ON PAGE 5
President Goodluck Jonathan
Obasanjo, worst leader lEx-Senate president tackles former president
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Quick Read Editorial Hope for the Chibok Girls }19 FG: Power generation drops by 1,000MW in }5 one week ‘Nigeria free of Ebola, but still }4 vulnerable’
L-R: Minister of Agriculture, Dr. Akinwunmi Adesina; Minister of State for Agriculture, Hajia Asebe Musa; Minister of Education, Mallam Ibrahim Shekarau; President, Dangote Group, Alhaji Aliko Dangote and President Goodluck Jonathan at the decoration of Dangote as Ambassador of National Schools Agriculture Programme (NSAP) in Abuja…yesterday
Troops kill 25 Boko Haram in Borno
Ahmed Miringa and Anule Emmanuel
T
roops from 195 Battalion of the Nigerian Army have killed over
25 insurgents who were among members of Boko Haram that launched an attack on Damboa, the headquarters of Damboa Local Government Area of Borno State.
A security source told reporters in Maiduguri on the phone that the troops were forced to ignore the ceasefire declared by the Federal Government with Boko Haram in self-
defence. “Though there is the issue of ceasefire, but we were forced to defend ourselves as we cannot fold our arms watching them killing us,” he stated.
Another report by Reuters quoted an army officer as saying that the militants tried to enter Damboa late on Sunday through Alagarno, a Boko CONTINUED ON PAGE 4