Economy
2022 Revised Appropriation Passes 2nd Reading at Kwara Assembly
The 2022 Revised Appropriation of N187.5 billion on Wednesday passed ‘Second Reading’ at the Kwara House Assembly.
This followed a motion by the Deputy House Leader and member representing Lanwa/Ejidongara Constituency, Mr John Bello.
Leading the debate on the general principle of the bill, Bello said the Revised Appropriation 2022 Bill became necessary due to the global economy downturn affecting the country and Kwara in particular.
He thanked Gov.
AbdulRahman AbdulRazaq for being proactive, prudent with public funds and creating enabling environment that sustains the tempo.In his contribution, the Chairman of Finance and Appropriation Committee, Mr Ibrahim Ambali, noted that the year 2022 was a challenging one, but the state scaled through via the transparency of the governor and unrelent efforts of the 9th Assembly.
Other lawmakers who contributed on the bill also lauded the governor and his team, saying AbdulRazaq is in tune with the current global economy and current political terminology.
The parliamentarians opined that the revised budget was in line with the current economic reality.
Below are the breakdown of the Revised Appropriation as stated by the lawmakers:
The approved total revenue estimate – N87,847,167,508 billion.
New revenue – N91,867,781,723 billion
Revised recurrent expenditure – 84,168,114,390 billion
Transfer capital development fund – N33,679,053,118 billion
Total revenue level increased to N98,152, 429,791 billion
Total transfer to capital development fund – N33,679,053,111 billion to N26,858,500, 83 billion
Percentage increase of revised recurrent expenditure is 17 per cent (minimum wage)
Revised Capital Estimate
Approved total capital estimate N105,449,373,234 now 15 per cent decreased to N89,379,276,138 billion
Total budget size after review exercise – N187,531,705,929 billion
2022 approved estimate – 189,617,487,624 billion. 1 per cent decrease.
Revised Total Recurrent Expenditure
Recurrent debt – N16,547,065,938 billion
Recurrent non-debt – N81,605,363,853 billion
Revised total capital expenditure – N89,379,276,138 billion.
The Speaker, Mr Yakubu Danladi, therefore called on the Clerk to the House, Halimah Kperogi, to read the Bill the second time and passed second reading.
The speaker thereafter referred the bill to the committee on Budget and Appropriation for further legislative consideration. (NAN)
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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