Connect with us

BUSINESS

FG to Spend N3.53trn on Human Capital Dev’t, Infrastructure in 2022 – Fin Minister

Published

on

Share

By Tony Obiechina, Abuja

The Federal government plans to spend about N2.11 trillion on human capital development and another N1.42 trillion on infrastructure in the 2022 fiscal year alone, Finance Minister, Budget and National Planning, Mrs Zainab Ahmed has disclosed.

The Minister who made the revelation at a Town Hall meeting on the achievements of her ministry held in Abuja on Tuesday, said this administration will continue to prioritize spending on infrastructure and human capital to catalyze rapid economic development.

She also disclosed that commencement of Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme in 2019, with the approval of the President, 19 Road Projects covering 769.

16 km and located in 11 states across the six geopolitical zones.

She said subsequently work commenced with the reconstruction of the Apapa-Oshodi-Oworonshoki-Ojota Road in Lagos State (34 km), re-construction of Obajana-Kabba road (43km) in Kogi state – both invested in and undertaken by Dangote Industries Limited, while the Nigerian Liquefied Natural Gas (NLNG) Limited undertook the construction of the Bodo-Bonny road and the bridges across the Opobo channel in Rivers state (40 km).

According to her, since the inception of the RITCS, the President has approved 14 additional roads, bringing the total to thirty-three (33) Road Projects, covering a total length of 1,564.95 km as of 2021, adding that,”these additional projects are in 19 States across the six (6) geo-political zones in the country”.

” In the last three years (2019 – 2021), about N78 billion worth of tax credits have been issued to investors under the RITCS.  In addition, the NNPC is to finance the construction of 21 roads across the country”, the Mrs Ahmed said.

In the healthcare sector, the Minister said, “we have completed three (3) infrastructure projects worth US$22.5 million, which include the NSIA-LUTH Oncology Centre, which has provided services to over 4,000 patients since its commissioning. The NSIA-FMCU and the NSIA-AKTH Diagnostic Centres – two (2) ultra-modern facilities located at Abia and Kano states. Furthermore, both diagnostic centres have provided services to over 47,000 clients.

“Through the Nigeria Mortgage Refinance Company (NMRC) and the Family Homes Funds (FMF), the Ministry has contributed to the housing infrastructure development in the country with the implementation of the mortgage-based affordable housing scheme. In the last three years (2019 – 2021), the Scheme has recorded a total of over 13,542 houses.

“Furthermore, through the NIF, there are ongoing projects such as the Presidential Infrastructure Development Fund (PIDF), which is a US$300 million NSIA investment, established to attract capital and accelerate the completion of key infrastructure projects, which includes the Lagos-Ibadan Expressway (LIE), Second Niger Bridge (2NB), and Abuja-Kano road (AKR). Some of the projects are approaching completion with LIE at 79%, 2NB at 83% and AKR at 27%”.

The stated that Nigeria’s economy and population remain the largest in Africa with over $400 billion in GDP and over 200 million people  pointing out that the country’s huge and growing population offer both an economic challenge and opportunity, in the light of constrained revenue proceeds brought on by several multi-dimensional factors, including the global pandemic and its impact on the domestic economy.

Ahmed said, “Against this backdrop of challenges, this Administration has successfully implemented a range of infrastructure programmes that have had a positive impact on the lives and livelihoods of the citizenry. During my presentation, I will highlight some of these programmes initiated by the Federal Ministry of Finance, Budget and National Planning, as well as those initiatives that the Ministry is helping to facilitate in other Ministries”.

Economy

Investors Gain N183bn on NGX

Published

on

Share

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)

Continue Reading

Economy

Yuan Weakens to 7.1870 Against Dollar

Published

on

Share

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)

Continue Reading

Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

Published

on

Share

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)

Continue Reading

Read Our ePaper

Top Stories

NEWS6 hours ago

Yuletide: Bode George Urges Tinubu to Reduce Petrol Price

ShareChief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to...

NEWS6 hours ago

Tinubu Set for Groundbreaking of Renewed Hope City in Lagos 

Share President Bola Tinubu, is set to perform the  groundbreaking of 2,000 housing units of the Renewed Hope City in...

NEWS6 hours ago

Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly 

ShareGov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House...

NEWS6 hours ago

Tax Bills: NASS will not Betray the Trust of Nigerians, says Akpabio

Share The President of the Senate, Sen. Godswill Akpabio, says the National Assembly will prioritise the interest of all Nigerians...

NEWS6 hours ago

Alia Has Demonstrated Capacity, Courage to Entrench Good Governance—Speaker 

Share The Speaker, Benue Assembly, Mr Hyacinth Dajo, has said that Gov. Hyacinth Alia has so far demonstrated capacity, courage,...

Economy6 hours ago

Investors Gain N183bn on NGX

Share The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion. Accordingly, the market capitalisation, which...

NEWS6 hours ago

Energy, Solid Minerals Top Priority, Tinubu Tells German Businessmen

Share President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors...

NEWS6 hours ago

Nigerian Who Wrote WASSCE 17 Times Bags Distinction from London School 

Share Dr Emmanuel Ahmadu, a Nigerian who wrote the West Africa School Senior Certificate Education 17 times, has earned a...

POLITICS6 hours ago

INEC Staff Welfare Association Warns Members Against Manipulating Election Results

Share The Abia Chapter of the INEC Staff Welfare Association (ISWA) has warned its members to uphold the integrity of...

NEWS6 hours ago

Bill for Compulsory Counselling, Training of Convicts Scales 2nd Reading

ShareA bill to amend the Corrupt Practices and Other Related Offences Act, 2000, has successfully passed its second reading in...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc