Jonathan approves $1 bln disbursal from oil savings (http://www.businessdayonline.com/index.php/news/9226-jonathan-approves-1-bln-disbursal-from-oil-savings)
Nigeria's Acting President Goodluck Jonathan on Friday approved the disbursal of a further $1 billion from the country's windfall oil savings, leaving about $4.1 billion in the account, government officials said.The move brings to $3 billion the total amount of Nigerian oil savings that Jonathan has approved for disbursal to the country's 36 states and government agencies since he took over as acting leader just over a month ago.It also reduces the level of the OPEC member's windfall oil savings to less than a quarter of where they stood in 2007, when President Umaru Yar'Adua's administration took over at the helm of sub-Saharan Africa's second-biggest economy.Minister of State for Finance Remi Babalola told reporters the disbursal was meant to fund "urgent national development" projects, but gave no further details."The additional $1 billion was distributed today among the three tiers of government for some specific projects so these projects are executed before the rainy season," Babalola said after a meeting of the committee which allocates the funds.
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