Economy
Gov. Ugwuanyi Presents 2023 Budget Estimate of N166b to State Assembly
The Enugu State governor, Chief Ifeanyi Ugwuanyi, on Thursday presented a budget proposal of N166 billion to the State House of Assembly.
Presenting the 2023 budget, tagged “Budget of Consolidation and Transition”, on Thursday in Enugu, Gov. Ugwuanyi said the amount presented for the 2023 is 10.
73 per cent lower than the N186 billion presented in 2022.The governor revealed that the recurrent expenditure was N81 billion, representing 49 per cent of the total budget while the capital expenditure is pegged at N84 billion, representing 51 per cent of the 2023 budget.
He explained that the expected revenue for the budget would come from different sources, including N30 billion from Internally Generated Revenue (IGR), N4 billion from Excess Crude while N6.
6 billion would be from aids and grants.The governor added that a sum of N37 billion would be borrowed internally and externally to fund the budget.
According to him, his administration intends to complete all ongoing projects scattered across the state before his administration ends on May 29, 2023.
Gov. Ugwuanyi said the state government would, aside delivering infrastructural projects to the citizens of the state, ensure adequate protection of lives and properties in the state.
Some projects contained in the 2023 budget, according to the governor, include construction of rural roads, rehabilitation of Oji water scheme, construction, reconstruction and furnishing of classrooms and extension of power to rural communities.
On the 2022 budget performance, Gov. Ugwuanyi disclosed that the previous budget as of the third quarter of 2022, has achieved only 38 per cent performance.
The governor said the enlisting of Enugu state among the oil-producing states was the greatest achievement of his administration.
While commending the House for the cordial relationship he had with legislators in the last seven years, he stressed that the 2023 budget was the last one he would present as the governor of the state.
Responding, the Speaker of the House, Chief Edward Ubosi, commended the governor for prudent allocation of resources to key ministries, departments and agencies, stressing that it had translated to the development of the state.
Ubosi gave the assurance that the assembly would give accelerated hearing to the budget, stressing that the lawmakers would pass the budget before the end of the year.
He, therefore, called on ministries, departments and agencies to come forward for their defence to enable the House pass the budget at record time.(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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