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Economy

Dickson Repays N104bn Bond Inherited From Sylva Administration

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Honourable Henry Seriake Dickson
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Bayelsa State Government on Friday, said it has completely  defrayed the N104 billion bond loan inherited from the Timipre Sylva administration.

The state Commissioner for Finance, Mr. Maxwell Ebibai disclosed this during the monthly transparency briefing for the Months of June and July, 2019 in Yenagoa.

Ebibai explained that the state government painstakingly undertook the repayment of the debt in spite of numerous financial obligations.

The Finance Commissioner who noted that the Governor Dickson-led administration is not against deficit financing, but emphasized that borrowed funds must be utilized for development purposes.

“The state government has concluded the payment of bond that was taken by the previous administration.

 

“And as a government, our concern is that it carries the assets and liabilities of every government. We have taken on that responsibility painfully and we are done with it.

“There is nothing wrong with a government deciding to do deficit financing but what is important is what we are using it for and we have put it behind us as a state, he said.”

Presenting the revenues and expenditures for the month of July, Ebibai said in the month of June, it recorded an internally generated revenue of N1.5 billion as against N910m in May.

He noted that the gross income from the Federation Account Allocation Committee (FAAC), stood at N11.6 billion, while total FAAC deductions amounted to N1.1 billion.

According to him, the statutory allocation for the month of July was N3.4 billion, derivation, N7 billion, Value Added Tax, N928 million and exchange gain differential of N23 million.

Mr. Ebibai further explained that total funds available for spending was N13.4 billion, consisting of a net FAAC inflow of N10.4 billion in addition to total other receipts of N3 billion.

 On outflows, the Finance Commissioner said government spent N2.4 billion on bank loans, civil servants and political appointees salaries came up to N3.5billion, grants to higher institutions N695 million among other items.

The Commissioner who announced N701.5 million as balance brought forward from the month of June, put funds available as at the end of July as N399 million.

Mr. Ebibai also said recurrent and capital payments gulped a total of N6.4 billion.

Earlier in his remarks, the Commissioner for Information and Orientation, Hon. Daniel Iworiso-Markson had expressed expectation that the transparency and accountability policy would be sustained as it is backed by law.

Hon. Iworiso-Markson who was full of gratitude to Bayelsans for their support to the Dickson administration, urged the people to maintain the peace and ensure a smooth and hitch-free transition programme.

He also called on media practitioners to sustain their cooperation with the present administration to enable it bequeath a new culture of peace and stability particularly in a transition period.

Business News

DMO Offers N150bn Sukuk Bond for Subscription at N1, 000 Per Unit

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The Debt Management Office (DMO) on Tuesday offered for subscription, Ijarah Sukuk valued at N150 billion.

According to a statement by the DMO, the Sukuk is issued by Federal Government of Nigeria (FGN) Roads Sukuk Company PLC, on behalf of the Federal Government.

It said that the Sukuk were offered at N1,000 per unit, subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.

“Rental payment is made half-yearly, and bullet repayment is done on the date of maturity.

“Proceeds will be used solely for the construction and rehabilitation of key road projects and bridges across the six geopolitical zones of the country,” the DMO said.

It added that the Ijarah Sukuk was backed by the full faith and credit of the Federal Government.

“It qualifies as securities in which trustees can invest under the Trustee Investment Act.

“Qualifies as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors.

“To be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited, ” it said.

It added that the Ijarah Sukuk was classified as liquid asset by the Central Bank of Nigeria (CBN) and certified by the Financial Regulation Advisory Council of Experts of the CBN.

The News Agency of Nigeria (NAN) reports that the Sukuk is a Sharia-compliant instrument that represents the interests of the owner in an asset or pool of assets.

It ensures that every financial activity is backed by real economic activity, is usually linked to specific infrastructure projects.(NAN)

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Economy

Umahi congratulates Mbah, urges opposition parties to stop distraction in Enugu

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…..Umahi congratulates Mbah

Minister of Works, Chief Dave Umahi, has congratulated Gov. Peter Mbah on his victory at the Enugu State Governorship Election Petition Tribunal, even as he called on opposition parties to stop distracting the governor.

Umahi, who is an All Progressives Congress (APC) stalwart, said it was not about party affiliation but about the quality of the individual chosen by the people of the state to lead them.

The minister, who said this when he inspected the collapsed bridge at the Enugu end of the Enugu-Port Harcourt expressway, advised the opposition in the state not to waste their time contesting Mbah’s ‘divine and people’s mandate’.

He also said that Mbah’s initiative to commence the reconstruction and dualisation of Enugu-Abakaliki road up to the Ebonyi boundary was another display of people-driven leadership by a private sector person in governance.

“I am happy that you came from the private sector. There is a high hope, especially with the steps you have taken so far.

“They are in tandem with President Bola Tinubu’s steps and I pledge to support you. There must be a change; we must reset the country.

“I want to publicly say, while congratulating you on the tribunal victory, that whoever is taking you to court must stop wasting his time as you are clearly the people’s choice and for good reasons.

“So we will continue to support and pray for you and I urge whoever is distracting you that they should understand the steps of God and know that your emergence is divine and we are very proud of you.

“I know Gov. Mbah as a very successful private person and he is going to bring it to bear in the governance of this state.

“I also believe that what he is bringing to the table will rub off positively on Enugu State, the entire South-East states,” he said.

The minister also commended Mbah for ending sit-at-home in the state, describing it a major step forward for the Igbo nation.

“Let me also thank you for being able to courageously stop sit-at-home in Enugu State.

“It is a major thing you have done for the Igbo people and for the country,” he said. (NAN

…..Umahi congratulates Mbah

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FG Plans Full Production Capacity  Revamp  for DICON  – Matawalle

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By Tony Obiechina, Abuja 

The Minister of State for Defence, Dr Bello Muhammed Matawalle, has charged the staff and engineers of the Defence Industry Corporation of Nigeria (DICON) to improve on their performances as Federal Government plans to revamp and scale up the industry to a full production capacity.

In a statement by the Acting Director of Press and Public Relations of the Ministry, Attari Hope in Abuja on Saturday, Matawalle stated this during his maiden visit to DICON facilities in Kaduna State.

 

In an address to  staff of the industry, he said “as the technical personnel of this promising industry, your professionalism and dedication to work is paramount in sustaining the vision and growth of this industry.

We will ensure you get adequate funding to achieve this.”

The Director General of DICON, Maj Gen AE Edet, lauded the Minister of State for his words of encouragement and assured hm of DICON’s unwavering commitment to its vision and objective which it was set up.

As part of his maiden tour of DICON, the Minister of State visited the DICON’s Special Equipment Factory, Ballistic Helmet Production Unit, Tailoring Unit, amongst others.

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