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[Published: Thursday June 19 2008]

Nigeria launches $10bn oil spree

Abuja, 20 June-(ANA)-The Nigerian government has raked in $10bn fromthe rising oil price, correspondents have reported.

Over $5bn will be spent fixing the country's woeful power supply which hasbecome the administration's priority, while rest will be shared among the 36state governments.

Critics say state governments are not trustworthy enough to spend the moneywisely, but Nigerians also want the money spent on vital infrastructure.

It is believed the total reserve is about $18bn, up from $5.1bn in 2004.

The announcement came after weeks of negotiation between the federalgovernment and state governors, finance ministry sources said.

Economists warn that a government spending spree could stoke inflation,currently at 8.2%.(ANA)

FA/ANA/20 June 2008---

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