Economy
FCTA Disburses N2.6b to Area Councils, Stakeholders
The Federal Capital Territory Administration (FCTA) has disbursed a total sum of N2,660, 740, 632.40 billion to the six Area Councils in the FCT and other stakeholders as its share of statutory allocation for the month of June 2021,
The figure shows that there was a minimal drop of revenue from N2,724,546,444.
33 billion disbursed in the month of May to N2,660, 740, 632. 40 billion in the month of June.FCT Minister of State, Dr. Ramatu Tijjani Aliyu, who presided over the 155th Joint Account Allocation Committee (JAAC), meeting appealed to council chairmen and stakeholders to show understanding and make judicious use of the allocation.
The minister explained that the decline in the allocation was as a result of drop in the statutory revenue allocation from the federation account.
The figures released indicate that the sum of N773, 574, 574.28 million was made available for distribution to the six area councils, while the sum of N1,887, 166, 058.12 billion was made available to other stakeholders, bringing the total sum to N2,660,740,632.40 billion.
However, distribution to area councils show that the Abuja Municipal Area Council (AMAC), received N188,477,690.83 million, while Gwagwalada got N177,472,859.50 million and Kuje received N108, 501, 865.37 million.
Also, Bwari Area Council received N84,657,261.97 million, Abaji got N117, 435, 546.65 million and Kwali received N97, 029, 349.96 million bringing the total sum to N773,574,574.28 billion disbursed to the six area councils.
Furthermore, distribution to other stakeholders include: Primary Teachers which gulped N1, 526,230, 256.60 billion, 15 percent Pension Funds took N226,478,989.57 million, One percent Training Fund gulped N26, 607, 406.32 million, while 10 percent Employer Pension Contribution gulped N107,849, 405.63 million, bringing the total sum to N1,887, 166, 058.12 billion.
The minister said a tripartite meeting comprising the officials of FCT Administration, Area Council staff and the leadership of the Department of Outdoor Advertisement and Signage (DOAS) would be called with a view to upscaling the revenue generation in the territory.
She affirmed that the administration would not continue to work at cross purposes in the face of dwindling revenue generation in the nation’s capital.
Aliyu, who used the occasion to call on the FCT Primary Health Care Board and stakeholders to intensify campaign against the outbreak of cholera and other severe acute diarrhea diseases in the Federal Capital Territory, also described the spread as unacceptable.
While calling for more commitment on the part of all stakeholders, the minister however commended them for showing understanding in the distribution of monthly allocation to area councils and other stakeholders.
Those present at the 155th JAAC meeting include the FCTA Permanent Secretary, Mr. Olusade Adesola, Ag. Secretary Area Council Services Secretariat, Mrs. Omolola Olanipekun, Chairman of Abuja Municipal Area Council, Abaji Area Council, Bwari Area Council, Kuje Area Council, Vice Chairman of Gwagwalada Area Council and other critical stakeholders.
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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