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External Reserves Rise by $1bn in Three Days ( 8-05-2011 to 10-05 -2011), surprises in Nigeria!!
External Reserves Rise by $1bn in Three Days (11 May 2011) The rise in crude oil prices at the international market on Monday has impacted positively on Nigeria’s external reserves, which increased significantly by $1.093 billion within only three days, the reserves advanced by 3.35 per cent to $33.722 billion on Monday, from the $32.629 billion it stood last Thursday. The external reserves stood at $33.5 billion as at April, as against the $33.2 billion it recorded at the end of March after it rose to $36.4 billion by mid March. The reserves had grown by $3.1 billion in March. Foreign exchange dealers attributed the increase in the reserves to reduced pressure for dollars at the wholesale Dutch auction system (WDAS) since this month as well as soaring international oil prices. Oil price had risen by over four per cent on Monday (8-05-2011) as it gained 35 per cent from its figure a year ago after it dropped 15 per cent in the previous week in a biggest weekly loss since 2008. Reports...
$311million recovered Abacha loots, can it be spent in well?
Federal government had on Monday announced that it has received the funds from the United States and the Island of Jessey. Nigeria government listed the second Niger Bridge, the Lagos-Ibadan and Abuja-Kaduna-Kano expressways, as some of the ongoing projects that are benefiting from the fund, according to government, there would be creation of tens of thousands of construction jobs. According to Nigerian government, (some $311 million US Dollars) stolen from the Abacha regime were safely returned to the country from the United States. government also mentioned the ailing electricity sector in Nigeria which will also benefit from the funds. Monies previous monies returned last year from Switzerland ( some $320 million US dollars) are already being used for the government’s free school feeding scheme, a stipend for millions of disadvantaged citizens, and grain grants for those in severe food hardship, government also said,without these funds, the fight against Co...
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