Economy
Ogun Assembly Passes N350.735bn Appropriation Bill
Kunle Idowu, Abeokuta
Ogun State House of Assembly yesterday passed the State Appropriation Billl for the 2020, presented to it by the state governor, Prince Dapo Abiodun.
The exact figure of N350,735,149,739.57 contained in the budget was passed with adjustments in some recurrent and or capital estimates of about 182 agencies.
The bill was titled: “H.
B. No. 075/OG/2021-Year 2022 Appropriation Law-A Bill for a Law for the Appropriation of the Sum of One Hundred and Seventy-Two Billion, Nine Hundred and Ninety-Seven Million, Three and Eighty Two Thousand, Two Hundred and Seventy-Five Naira, Twenty-One Kobo Only for Recurrent Expenditure, (Including the Sum of Nineteen Billion, Two Hundred and Twelve Million, Eight Hundred and Two Thousand, Four Hundred and Fifty-Seven Naira, Ninety-Nine Kobo Only For Servicing of Pensions and Gratuities) and One Hundred and Seventy-Seven Billion, Seven Hundred and Thirty-Seven Million, Seven Hundred and Sixty-Seven Thousand, Four Hundred and Sixty-Four Naira, Thirty-Six Kobo Only For Capital Expenditure For Service of Ogun State Government, Nigeria for the Financial Year Ending Thirty-First Day of December, Two Thousand And Twenty-Two”.The passage of the bill was consequent upon the presentation of the report of the House Committee on Finance and Appropriation Chairman, Hon. Olakunle Sobunkanla, who thereafter moved the motion for its adoption, seconded by his Vice, Ganiyu Oyedeji and supported by the whole House through a unanimous voice vote.
The Appropriation Bill was later read and adopted clause-by-clause by the Committee of the House presided by the Speaker, Rt. Hon. Olakunle Oluomo at a the plenary held at the Assembly Complex, Oke-Mosan, Abeokuta.
The assembly in the course of legislative process on the appropriation bill, carried out slight adjustments in the recurrent expenditures of about 144 agencies, just as the capital expenditures of 38 other agencies were equally adjusted.
The adjustments led to reduction in the total recurrent expenditure from the initial N172.997bn to N153.180bn resulting in N19.816bn decrease, while capital expenditure was increased from N177.737bn to N197.554bn giving an increment of N19.816bn
The motion for the third reading of the bill was moved by the Majority Leader, Yusuf Sheriff, seconded by Hon. Oludaisi Elemide and supported by the Whole House, while the Clerk/ Head of Legislative Service, Mr. ‘Deji Adeyemo did the third reading of the bill before the members.
Responding, Speaker Oluomo directed that the clean copy of the bill be transmitted to Governor Abiodun for his assent, while seizing the occasion to commend his colleague-lawmakers, management and staff of the Assembly for their unrelenting efforts towards promoting good governance through the passage of people-oriented legislations.
In another development, a bill titled HB. No. 077/ OG/2021- Ogun State Board of Internal Revenue Law, 2021 has scaled first and second readings on the floor of the State House of Assembly with an assurance from members that when operational, it would aid efficiency, promote accountability and transparency as well as boost revenue generation in the State.
The bill seeks for “a law to provide for the Establishment of the Ogun State Board of Internal Revenue, Service and Administration; and collection of revenue due to the Government of the State and for matters related”, according the lawmakers who spoke during the debate on the second reading of the bill, noting that that it was high time the State Revenue Board became autonomous to further strengthen its operations.
The Assemblymen spoke in unison after the motion for the second reading was moved by Majority Leader, Sheriff Yusuf, seconded by Isaac Adams and supported by the Whole House through a voice vote at a plenary presided over by the Speaker Oluomo.
In their submissions, Olakunle Sobukanla, Isaac Adams, Abdul Bashir Oladunjoye, Ganiyu Oyedeji and Kemi Oduwole said the bill, would promote accountability and transparency, improve fund generation, encourage high productivity on the part of staffers, as well as bring in more development opportunities to the State through increased revenue generation.
The speaker thanked his colleagues for their robust contributions.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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