Economy
Gov. Lalong Signs 2021 Appropriation Bill of N147.6bn into Law
Gov. Simon Lalong of Plateau has signed into law the 2021 appropriation bill of more than N147.6 billion.
The governor, who assented to the bill on Thursday in Jos, thanked the members of the state House of Assembly for the speedy passage.
The governor presented the proposed budget estimate tagged “Budget of Economic Recovery and Consolidation of Inclusive Infrastructural Growth” to the assembly on Nov.
11.Lalong said that the speedy and successful passage or the bill would enable the government to settle down to vigorously implement it.
“This is a very significant event for the economic prosperity and peace of our state and I want to appreciate the speaker and the members of the House of Assembly for their commitment and diligence in passing the 2021 appropriation bill on time.
“This again demonstrates the unity and patriotism that is guiding the synergy between the two arms of government in delivering good governance to our people.
“The 2021 budget complies with the current economic realities, occasioned by COVID-19, which has made us to prioritise key areas that will impact our people,’’ he said.
The governor promised to support businesses to wax stronger in the state, adding that the tax that would accrue from those businesses would be utilised to develop the state and create employment opportunities.
“We hope to support businesses that will in turn pay taxes especially now that we have signed into law the new tax law for development.
“I want to appeal to all citizens to support us as we fulfill our goal of achieving sustainable economic rebirth and empowering our people,” Lalong stated.
Giving a brief breakdown of the budget, Mr Sylvester Wallanko, Commissioner for Budget and Economic Planning, said the lawmakers increased the budget size from N134.9 billion to N147.6 billion.
He said that the rationale for the increase was based on the inclusion of some projects and programmes that were not envisaged at the executive level of budget preparation.
He said the budget, passed by the House on Dece. 17, has N90.1 billion appropriated for recurrent expenditure, while capital expenditure would gulp N57.4 billion.
According to him, the recurrent and capital expenditures represent 61 per cent and 38 per cent respectively, adding that the budget would be implemented based on the three-pillar policy of the Lalong-led administration. (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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