Economy
FRC Charges Corps Members on Fiscal Prudence
The Fiscal Responsibility Commission (FRC) has charged members of the National Youth Service Corps (NYSC) to be prudent in the management of the nation’s resources.
FRC Chairman, Mr Victor Muruako, gave the charge at an inaugural sensitisation programme that took place simultaneously at the NYSC Orientation Camps in Kubwa, Abuja and Keffi, Nasarawa State.
A statement issued on Thursday in Abuja by Mr Bede Anyanwu, Head, Strategic Communications Directorate of the FRC, said Muruako was represented at the event by his Special Assistant, Mr Chris Uwadoka.
Muruako introduced the corps members to the tenets of fiscal responsibility, prudence in public finance management, the budgetary process and economic management generally.
He urged them to take advantage of the Fiscal Responsibility Act, 2007 (FRA) and ask legitimate questions where and when necessary as contained in Section 51 of the Act.
Muruako encouraged the corps members to take into account the good things going on in the country and come up with ways to make them better.
He also assured them that the commission would continue to awaken the citizens consciousness to the need for a transparent and accountable public expenditure management by catching them young.
“The NYSC programme which ultimately produces the bulk of the public servants in our country is obviously a cherished target.
“The struggle to up the ante to achieve our mandates as a commission is on and all hands must be on deck,” he said.
The NYSC Camp Directors at the two orientation camps said it was a good exercise that would make corps members to be conscious of fiscal responsibility in their daily dealings.
The sensitisation programmes are a result of a collaborative pact reached with the management of the NYSC during a courtesy visit by Muruako to the Director-General of NYSC, Brig.-Gen. Shuaibu Ibrahim, recently.
The collaboration between the commission and NYSC is to provide a platform for developing future leaders on the importance of fiscal responsibility and prudent management of the nation’s resources.
It is also part of efforts by the FRC to ensure that the FRA, 2007 is wholly implemented and popularised in the day-to-day delivery of public service and guarantee value for money for the benefit of citizens.
The FRC also said there were plans to take the sensitisation programme to institutions of higher learning in a bid to push for the adoption of fiscal responsibility in the school curriculum.
FRA which came into existence in 2007 is an Act to provide for prudent management of the nation’s resources and ensure long-term macro-economic stability of the national economy.
It also seeks to secure greater accountability and transparency in fiscal operations within a medium-term fiscal policy framework. (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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