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Commission to Assist Kebbi to Access N83.2bn to Boost Rice production 

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The Fiscal Efficiency and Budget Committee under Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has promised to assist the Kebbi State Government to access N83.2 billion Development of Natural Resources Fund to boost rice production in the state.

Alhaji Ahmed Idris, the Chief Press Secretary to the governor, announcdisced this in a statement made available to newsmen in Birnin Kebbi on Sunday.

Idris said the Committee Chairman, Alhaji Adamu Shettima-Dibal, made this known when he led members of the committee on a courtesy visit to Gov.

Nasir Idiris of Kebbi state at the Government House in Birnin Kebbi.

He said: “His committee will ensure fairness and equity in making sound recommendations of Kebbi state request to access the sum of N83,285,000,000 from the 1.

68 per cent Development of Natural Resources Fund, which the state will use to develop its agricultural sector, mineral resources and tourism.

“I want to use this medium to appreciate the efforts of the State Governor, Dr Nasir idirs, by coming up with blueprint to harness the abundant natural resources deposit in the state.”

Responding, the governor thanked them for the visit and expressed optimism that the committee would do justice to the request forwarded by the state.

The governor said the state executive council had decided to apply for the fund to develop its agricultural sector, which remained the main stay of the state, in addition to mining sector as well as people empowerment, particularly the youths. (NAN)

NEWS

Tinubu Mourns Ex-Minister, Ogbonnaya Onu

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President Bola Tinubu has extended his deepest condolences to the Onu family over the passing of Chief Ogbonnaya Onu, a former Minister of Science and Technology in the Buhari administration.

Chief Onu passed away on Thursday at the age of 72.

“The President mourns a luminous star in Nigeria’s political firmament.

The first civilian governor of Abia State; former minister of Science, Technology and Innovation, a principal draughtsman in the founding of the All Progressives Congress (APC), and a valiant partner in the victory of the party in the 2015 elections.
 

“Most importantly, the President celebrates the life of an accomplished scholar, first-class engineer; a man of proven integrity; defiant to indiscipline, but ever yielding to the highest standards of rectitude,” a statement by Chief Ajuri Ngelale, Presidential spokesman quoted the President to have said.

The statement said Tinubu affirmed that the late Onu epitomized Nigeria in concord; in wholeness, as the late statesman believed in and defended Nigeria’s unity, advocated peace, and promoted fellowship across the Niger.

The President also condoled with the friends and associates of Chief Onu, Ebonyi and Abia State Governments, and all Nigerians grieving this gaping loss.

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Business News

Geregu Power Earns N50.4bn From Electricity Sales, Capacity Charges 

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By Tony Obiechina, Abuja 

Geregu Power Plc has generated N50.4bn on electricity sales and capacity charges to Nigerians in the first quarter of 2024.

The power company which is the first listed power company of the Nigerian Exchange Ltd disclosed the performance in its Q1, 2024 financial statement.

The company grew its Q1 revenue by 225 per cent from N14.

2bn in 2023 to N50.
4bn in 2023.

A breakdown reveals that Geregu Power sold energy worth N31bn and received N19bn as revenue from capacity charge.

Recall that the power company posted an annual revenue of N82.9bn in the full year of 2023 but it has covered half of the amount in Q1.

The revenue was above the company’s forecast for Q1 2024 when it projected its revenue to rise to N31.24bn.

Geregu Power recorded a profit before tax of N21.9bn up from the N5.3bn recorded in Q1 of last year, reflecting 307.8 per cent growth.

During the period underreview, the company saw its profit after tax rose by 307.3 per cent to N14.46bn from N3.54bn recorded in Q1 of last year. In the full year 2023, the company made N16.1bn net profit.

The net profit was above the company projection of N5.5bn. 

Geregu Power took an income tax charge of N7.43bn, up from the N1.8bn in Q1 2023. The tax charges were higher than the N2.7bn projected for Q1 2024.

The company also spent N21.5bn on the cost of sales involving gas supply and transportation, up from the N6.6bn spent on gas supply and transportation in Q1 2023.

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Foreign News

U.S. not Expecting to be Drawn into War but Predicts Attack by Iran Against Israel

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The United States expects an attack by Iran against Israel but one that would not be big enough to draw Washington into war, a U.S. official said late on Thursday.

The White House said earlier that Washington did not want conflict to spread in the Middle East and the U.S. had told Iran it was not involved in an air strike against a top Iranian military commander in Damascus.

The White House added it warned Iran to not use that attack as a pretext to escalate further in the region.

Suspected Israeli warplanes bombed Iran’s embassy in Damascus on Monday in a strike for which Iran has vowed revenge and in which a top Iranian general and six other Iranian military officers were killed, ratcheting up tension in a region already strained by the Gaza war.

Iranian sources told Reuters that Tehran has signalled to Washington that it will respond to Israel’s attack on its Syrian embassy in a way that aims to avoid major escalation and it will not act hastily, as Tehran presses demands including a Gaza truce.

The United States has been on high alert about possible retaliatory strikes from Iran and U.S. envoys have been working to lower tensions.

Palestinian Islamist group Hamas attacked Israel on Oct. 7, killing 1,200, according to Israeli tallies.

Israel’s military assault on Hamas-governed Gaza has since killed more than 33,000 people according to the local health ministry, displaced nearly all of Gaza’s 2.3 million population, caused a humanitarian crisis, and led to genocide allegations that Israel denies.

Iran-backed groups have declared support for Palestinians, waging attacks from Lebanon, Yemen, and Iraq.

Tehran has avoided direct confrontation with Israel or the United States, while declaring support for its allies. (Reuters/NAN)

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