Nigeria gives big bucks to Delta communities
Nigerian President Umaru Yar'Adua has approved $1.34 billion in federal funds to build roads, hospitals and schools in the oil-producing Niger Delta. This comes shortly after Nigerian authorities promised to share 10% of oil revenues with Delta residents and thousands of rebels laid down their arms under a presidential amnesty. The green light for funding is the latest effort to restore peace in an impoverished, but oil-rich region, where attacks on facilities have prevented Nigeria from pumping more than two-thirds of installed capacity. The initial money will come from a $2 billion national economic stimulus package. Read more: Reuters, Financial Times
Become an Insider