BY DANIEL IDONOR
ABUJA-The Federal Executive Council, FEC, presided over by President Goodluck Jonathan yesterday approved N7 billion as donation to poorer countries through the global oil cartel, Organisation of Petroleum Exporting Countries, OPEC.

Also, the Presidential Project Assessment Committee, PPAC, led by former Minister of the Federal Capital Territory, FCT, Alhaji Bunu Sheriff, has submitted a report on on-going power projects across the country, especially those under the National Integrated Power Project, NIPP, to FEC, with submission that all projects are 80 percent completed.

The FEC meeting also resolved that the payment of the contributory fund be staggered through 2013 to 2020, from the Federation Account.

Minister of Information, Mr Labaran Maku, who briefed newsmen disclosed that the fund is part of an International Development Fund, being packaged by OPEC to assist poorer nations that are trailing behind OPEC members.

He, however, explained that the money was the outstanding out of the $177.7million pledge made by the country to the Fund in 1976.

According to him, the Council had approved that the money should be paid in instalment between 2013 and 2020, adding that with the FEC approval, the Ministry of Finance was expected to build the money into subsequent Federal Government appropriation bills.

Maku justified Nigeria’s decision to pay the money at this time, saying that as a prime player in the international community, Nigeria wanted to enhance its influence by meeting up with its international obligations, especially among developing nations, as well as stabilize the market for its crude oil.

He said, “we received in council a memo by the Minister of Finance to seek approval to enable Nigeria pay its own counterpart funding of its contribution to the OPEC fund for international development.

The OPEC fund for international development was established in 1976 in Vienna. The purpose of this fund was to enable oil producing countries to put aside some money to assist countries that do not produce oil.

In 1976 Nigeria made a promise to contribute $177.7million to the fund and over this period the country has been making its own contribution, but earlier this year there was a meeting of the fund in Vienna and there was a need for all member countries to complete their own contribution”.

He said further that “Nigeria has a balance of $43.3million to pay to this fund, so today the Minister of Finance brought a memo which council approved to enable Nigeria pay this contribution to OPEC. The money will be paid

instalmentally between 2013 and 2020. This fund is very important because it has helped a number of developing countries particularly in the South to cope with some of the pressures they go through”.

A major issue that dominated FEC, he said, was the presentation of a report by the Presidential Project Assessment Committee, PPAC, led by former Minister of the Federal Capital Territory, FCT, Alhaji Bunu Sheriff, who gave the progress report on ongoing power projects across the country especially those under the National Integrated Power Project, NIPP.

The Minister revealed that the committee advised the federal government to tackle the issue of gas supply to power projects in the country to enable them to deliver electricity adding that the Minister of Power has assured that when the ongoing Gas Master Plan was completed, there would be enough gas to power the projects.

PPAC also recommended the completion of abandoned dam projects in parts of the country which it told FEC that when completed, they could help the government to achieve its target of providing stable electricity supply to the country.

“The PPAC set up by the president, on the power sector. The President had earlier insisted that because of the significance of the project assessment committee there was need for the FEC to listen to the report sector by sector, so that government will derive maximum benefit from the recommendations of the PPAC. The chairman and members of the committee in todayâ ™s

meeting therefore focused on the power sector projects that are going on in parts of the federation. They gave the us a rundown of their tour of power projects, the level of progress and issues in the field”.

He stated that “the report focused mainly on how government must do everything possible to ensure that power projects are delivered in good time so

that the major sector in which this nation is looking upon us will give results in the lifetime of this administration. They toured all the projects, the gas power projects, particularly the NIPP projects and the committee recommended that one of the issues that we should take time to address is gas supply”.

“The ministry of power and petroleum resources informed council that the gas master plan is already on ground and everything was being done to ensure that it is delivered, so that by the time power

projects are completed there will be gas to run them. The NIPP projects which will give this country over 4000mw electricity are at about 80% completion in the field.

Government was happy about the progress being made in the field but we said we must not rest on our oars. One key recommendation which the

committee made is that all over the country, there are uncompleted dams which could generate a lot of hydro electricity projects for the country”, he said.

FEC, he said, “particularly noted the Dadinkowa dam, in Gombe state, which has the

capacity to deliver 34mw of electricity and there are several other dams stretching from Gombe, Osun, Kano and Katsina state that are also

simply waiting for turbines to be installed to generate electricity. Also the minister of power informed council, that already even ahead of this report they have already planned to ensure that the hydro electric components of this multipurpose dams are implemented in good time to generate additional power particularly in other parts of

the country to stabilize electricity supply. So if this is done in addition to the gas power projects that is on ground, it is expected that power will be delivered and it is expected that there will be some stability in power supply in the life span of this administration”.

Maku assured that “next week, we are expecting the PPAC to again address Council on projects in the works ministry, which we will also take like we did in the area of power. The president set up this committee because rather than allowing them go back to the field until government goes and hands off uncompleted projects it is wiser that we receive all the criticism that we can now

on our projects and wherever things are not working it will give us the opportunity to quickly act on them so that at least the past history of when projects are started and it takes decades to bedelivered will be mitigated”

ROFLMAO!

With all of our problems, he's dashing out money to countries that (in all probability) don't like Nigeria or Nigerians.

Na wa for this guy

jonathan is a nincompoop! Did he do his research to see the percentage of Nigerians living way below the poverty line With his pHD degree, but no common sense!

SMH

Wetin sef

People are still suffering from lack of structure

The niger bribge is still there

Refinies are still not done. Etc yet oga jona is giving money out so at the end of the day this same countries would insult Nigerians

Na wa o

When they cannot even assist themselves?

While citizens of a country of 6 million violate Nigerian women like dogs,

http://www.miamiherald.com/2011/09/07/2395392/african-women-say-rebels-violated.html

hmmm

What a country!

Can't some of that money be spent evacuating these women so the Libyan pigs don't rape them all??

Minister of Information, Mr Labaran Maku, who briefed newsmen disclosed that the fund is part of an International Development Fund, being packaged by OPEC to assist poorer nations that are trailing behind OPEC members.

It's more blessed to give than to receive 

Seriously, based on 2010 GDP numbers and the position we occupy among our OPEC counterparts in almost all indices of development. especially GDP. I fail to see the wisdom in this kind of spending.

The sad thing is that we have a shitty foreign policy which does not benefit us and our people, that's not how great countries do it.

You give money and support to get something back. I don't know what we got for supporting Libyan Rebels besides the killing and r.a:pi:n.g of our citizens, I'm not sure what we got for spending billions on anti-apartheid movements across Africa and for peace keeping since the 1970's. Definitely not RESPECT.

I hope they will tell us what we stand to gain from this.

Anyway here is a list of where we stand among our OPEC counterparts ---> LAST!! on GDP:

Algeria 
Capital: Algiers
Population: 33,769,700
GDP per capita:  $7,100

Angola
Capital: Luanda
Population: 12,531,400
GDP per capita:  $9,100

Ecuador 
Capital: Quito
Population: 13,927,600
GDP per capita:  $7,700

Indonesia
Capital: Jakarta
Population: 237,512,000
GDP per capita:  $3,900


Iran
Capital: Tehran
Population: 65,875,200
GDP per capita:  $13,100

Iraq 
Capital: Baghdad
Population: 28,221,200
GDP per capita:  $4,000

Kuwait
Capital: Kuwait
Population: 2,596,800
GDP per capita:  $60,800

Libya
Capital: Tripoli (Tarabulus)
Population: 6,173,580
GDP per capita:  $14,900

Nigeria
Capital: Abuja
Population: 146,255,000
GDP per capita:  $2,200.    <---- see as we carry LAST 

Qatar
Capital: Doha
Population: 824,789
GDP per capita:  $101,000

Saudi Arabia 
Capital: Riyadh
Population: 28,146,700
GDP per capita:  $21,300

United Arab Emirates 
Capital: Abu Dhabi
Population: 4,621,400
GDP per capita:  $40,400

Venezuela 
Capital: Caracas
Population: 26,414,800
GDP per capita:  $14,000

Algeria
Capital: Algiers
Population: 33,769,700
GDP per capita:  $7,100

Maybe it's actually better to give the $7Billion to starving Somalis than allow Bode George and Alamiesegha fill up their big tummy with it 

The sad thing is that the beneficiaries might attack Nigerians living in their country tomorrow and we will do nada about it.

I really feel sorry for future Nigerians.

This Jona guy is p.issing me off everyday

this country problem is beyond human. if they share that money N100,000 each to unemployed graduates it will go round with change left

I see no reason why we shouldnt give out to countries devastated by natural resources but with our ever looming suffering at home, its scares me where our priority lies most, our goverment for some foked up reason just wanna be recognise by the international community by force, while at home the only thing we know of our goverment is incompetence, embezzlement and mismanagement.

Before calling bluff, remember it is an 'international obligation' done to enhance 'global influence'. Naija cannot exist in isolation, we have to give in order to get.  My problem with most ppl here is that they are programmed to blame (unrepentant critics).

But, Nigeria is one of the poorest country in the world.
GEJ!

this our oga no dey try ohh, they are still many things to do in the country and the money can be pumped into different sectors and he is dashing money , very soon we go hear, doctors,teachers,ASUU,and breead producers are on strike

What are FEC doing? 'showing off' when they are suppose to cry for help, they are now d helper, (we abandon our own bruise,rather take care of others bruise)
Mr jona left his house unkept and now goes to keep other man's house,
bleeped!

good move.

I thought other countries should be promising us money and not we promising what we dont have.

[size=18pt]In my perception, the perfect description for the Nigerian youth is A bunch of young yet weak and cowardly people. Sometimes I even add sterile to the description. I can't believe the Youths read all these figures in the News yet nothing has ever been done! I remember the riots of  Babangida era, University students protested against any form of injustice or ineffectiveness in the part of the Government. Thats why they had better paying Jobs, against the cost of living back then back then. Because they had respect of the the government. As of now, they are just a bunch of  gutless wimps who cant even hold a peaceful protest.[/size]

i dun faint!!!

I guess the Phrase "Charity begins at home" is lost on our President

The helping is to themselves. How else is campaign money going to complete?

Calm down people - Every Nation whether rich or poor sets aside a gift aid fund - and it is mostly known as international development fund. Nobody denies the fact Nigeria has over whelming issues but you most understand that, poorer countries than Nigeria still requires assistance.

blacksta:

Calm down people  - Every Nation whether rich or poor sets aside a gift aid fund - and it is mostly known as international development fund.  Nobody denies the fact Nigeria has over whelming issues but you most understand that, poorer countries than Nigeria still requires assistance.

Dude, I can't believe your contribution!! For fncks sake even Mr C0rk was reasonable this time! Charity begins at home!!!!

Okay.

Lets take solace in fact that 'givers never lack'

BETTER TO GIVE THAN TO EMBEZZLE

[size=16pt]Grants towards poor countries should be pursued holistically like our current foreign policy. It should be geared towards gratuitous benefit to the Nigerian people. Perhaps Nigerian’s border communities and beyond the immediate Border areas should be the beneficiary of this largesse[/size]

[color=#990000][b]Some Projects that might fit the billing of this policy include[/[/b]color]



1. Fast Train connection between the Cities of Lagos – Accra, whereby poor countries like Togo and Benin would contribute a stipend while larger nations like Nigeria and Ghana whilst taken care and responsibility of their own sphere of influence would also contribute heavily towards making the project become a reality in Togo and Benin.


2. Since Nigeria has decided not build a functional refinery in her country, perhaps contributing towards the upgrade of the road between Sokoto and Zinder in Niger Republic would be a good project. Zinder has a refinery and the Nigerian Government recently announced to the world that she would be importing oil from that facility to take care of oil shortages in Northern Nigeria.


3. Lake Chad, a wonderful lake in the semi-arid region of NE Borno State could be dredge obviously with the collaboration of Niger, Chad and Nigeria and a first class Animal Sanctuary built there that would rival the Serengeti in Tanzania, already that place inhabit and supports a few animals, Giraffes, Lions, buffalo, Hippos we need to work with our neighbours towards establishing a first class facility that would employ most those poor folks that have enlisted into Boko Haram out of frustration. We must not forget that the Yardua Govemrnet spent $500 million dollars exploring for oil to non avail.


4. Bakassi, Nigeria should work with Cameroon in making sure the peninsula is developed into a tourist heaven that would benefit both countries.


5. We should not give out money willy-Nilly, there should be benefit to our nation for every grant given out.

Lets give because we dnt knw 2moro even USA wt the unemployment issues in their country are still granting immigrant visas to poor countries.