Economy
Makinde Signs N310.4bn 2023 Budget in Saki
Gov. Seyi Makinde of Oyo State on Friday signed into law the state budget of N310.4 billion barely 24 hours after the state lawmakers passed it.
The News Agency of Nigeria (NAN) reports that the budget titled: “Budget of Sustainable Development” was signed on Friday at the headquarters of the Oyo State Agribusiness Development Agency,
(OYSADA) in Saki Town, in Oke-Ogun zone.
NAN reports that the state House of Assembly had on Thursday passed the state’s 2023 Appropriation Bill of N310.
4 billion after a clause-by-clause consideration of items in the financial proposal.The passed budget is about N432.5 million higher than the proposed N310 billion earlier sent to the lawmakers by Makinde on Nov.
3.While signing the bill, the governor lauded the support and cooperation of the state legislature for its timely passage.
He said the budget would aid the completion of some of the ongoing projects in the state.
“Some of the projects we started would be completed in 2023.
“So, this is a budget that has N155.7 billion for recurrent expenditure and N154.8 billion for capital expenditure.
“You will notice that recurrent is slightly higher than the capital expenditure and this is because we are going into a transitional period,” he said.
Makinde said that his
administration “has increased the internally generated revenue to over N3.8 billion.
“When we talk about budget performance, since we came in, we have always performed well above 50 per cent.
“The signing of this budget in Saki is a testimony to the fact that in Oyo State, our economy across all our zones, is indeed an integrated economy,” he said.
In his remarks, the state Commissioner for Budget and Planning, Prof. Misbau Babatunde, described the 2023 budget as “an inclusive one”, adding that the whole state made their inputs into it.
“We collated every input together and came up with a conclusion.
“We did not just allocate figures for the budget, it was a rigorous project that science, data and logic guided.
“The figure of the budget we are signing today is what will improve the welfare of the good people of Oyo State,” the commissioner said.
NAN recalls that the approved budget comprises a capital expenditure of N154.8 billion and a recurrent expenditure of N155.7 billion.
Prior to the approval, the House Committee on Public Accounts, Finance and Appropriation, had presented its report on the state’s 2023 Appropriation Bill to the lawmakers, which was also adopted.
The third reading, which was read at the plenary by the Chairman, House Committee on Appropriation, Hon. Mustapha Akeem, representing Kajola constituency, took a careful clause-by-clause consideration of the bill by the lawmakers.
The lawmakers, while deliberating on the proposed budget, suggested certain amendments and concluded that the sum of N154.5 billion be changed and amended to N154.8 billion as final amendment for capital expenditure.
NAN reports that highpoints of the budget, as allocated were: Office of the Governor (N400 million); Oyo State Investment, Public and Private Partnership (N800 million) and Oyo State House of Assembly (N8 million).
Others included: Bureau of Public Procurement (N100 million) and Rural Electrification Board (N64 million).
(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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