Economy
Gov. Lalong Seeks Assembly’s Approval of N99.9bn Reviewed 2020 Budget
Gov. Simon Lalong of Plateau, on Tuesday, wrote to the State House Assembly seeking for a downward review of 2020 budget from N177.3 billion to N99.9 billion.
Lalong in a letter read on the floor of the House by the Majority Leader, Mr Daniel Naanlong, said that the review became necessary due to the current realities caused by Coronavirus (COVID-19) pandemic.
The governor said that COVID-19 had adversely affected the sources of revenue of the state and the implementation of the budget.
“From the reviewed figure of N99.9 billion the sum of N76. 9 billion is meant for recurrent while N22.97 billion is for capital expenditure.
“I have forwarded 30 copies of the reviewed budget for your consideration and passage into law,” he said.
Mr Abok Ayuba, Speaker of the Assembly, said the house had earlier received a letter from the executive requesting the House Committee on Appropriation to join them in the review of the budget.
He said that there was need for quick passage of the bill considering the time of the year, adding that the House committee had made some inputs in the budget.
“Let us see reasons to speedily pass the budget as we are in serious situation that is ravaging the state.
“In this kind of situation, recurrent needs to be on the increase to save lives of the people before capital development.
“Having passed the second reading, the budget would be committed to Committee on Appropriation to look at the budget and report back to tomorrow being Wednesday,” he said.
Mr Yahaya Adamu, Chairman, House Committee on Appropriation said that the committee had discussed the issues in the budget at length with the executive considering the time frame.
“We have to hasten up since July is almost ending,” he said.
Mr Nanbol Daniel, (PDP- Langtang North Central) observed that in as much as the pandemic had ravaged the economy, things should be done properly.
Daniel, who is the House Committee Chairman on Health, said that the budget was out of track as the recurrent was far more than the capital expenditure.
“We are looking at a budget of N99.9 billion and only recurrent is taking over N76 billion.
“What are we planning for the future of our youths with this kind of budget,” he asked.
He said that key areas including health were not considered in the reviewed budget.
Mr Gwottson Fom, (PDP- Jos South State Constituency) corroborated Daniel’s position saying that the reviewed budget did not consider the future of children. (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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