Economy
Kaduna State Ministry, House of Assembly Tango Over 2021 Budget
The Kaduna State Ministry of Human Services and Social Development and the House of Assembly have engaged themselves in a tango over the ministry’s capital budget for 2021.
While the ministry claims that the House removed votes for its capital projects in the approved 2021 budget, the legislature states that it did not do any such thing, but only worked on what the Executive presented to the House,
The ministry had proposed to spend N878.
5 million on various intervention projects in the incoming year.They include that for Vesico Vaginal Fistula intervention, N20 million; child protection services N83.2 million, and upgrading of a children and women centre, N23.
5 million.Others are support and assistance for the completion of 23 community self-help projects at N24.4 million; establishment of Kaduna State Youth Parliament, N21.9 million and intervention on Sexual Assault Referral Centres, N18.8 million.
There is also the N476.6 million being 1 per cent Internally Generated Revenue earmarked for Social Protection Programmes.
The commissioner in the ministry, Hajiya Hafsat Baba, who confirmed the removal of the capital vote, told the News Agency of Nigeria (NAN) that she did not know why the House moved the ministry’s capital budget to other ministries, departments and agencies that had no mandate on the intervention projects.
“I really do not know why the Assembly did that, but I learned that the members of the assembly have said that I am disrespecting them. This is not true.
“There was also the issue with the 774,000 Federal Government Public Works jobs, which I was accused of not giving the members additional slots, more than what I was directed to give them.
“The committee for the programme which I chaired, allocated 30 slots each to the Principal Officers of the House while each member got 25 slots,’’ she said.
The commissioner explained that the mandate of the ministry was to look after children, women, and youths and that removing its budget and spreading same to other agencies was irrational.
“I think they need to have a rethink and look at the issues objectively.
“If they have any grudge against me as an individual, it should not affect the good people of Kaduna State, particularly the vulnerable groups the ministry is catering for,’’ she added.
The Chairman, House Committee on Appropriation, Malam Ahmed Mohammed, however, refuted the commissioner’s claims.
Mohammed told NAN that what the Assembly did was to either increase or reduce a budgetary allocation and not move entire budgets to other Ministries, Departments and Agencies (MDAs).
“We will not deny any ministry the needed funds to execute its capital projects; that is not our job. The budget that was handed over to us by the Executive is what we worked on.
“There were no capital allocation for the ministry in the budget document that was handed over to us and we worked with what we were given.
“Besides, she was not even at the budget defence for us to look at her budget,’’ he said.
Mohammed also denied knowledge of any disagreement between the legislators and the commissioner over slots for Federal Government’s 774,000 Public Works programme.
He, however, accused the commissioner of being disrespectful to members of Assembly.
In her part remarks, Mrs Comfort Anwe, a member of the Assembly who chairs the committee overseeing the ministry, told NAN that she was not aware that the capital allocation of the ministry was moved to other MDAs.
Another stakeholder, Mr Emmanuel Bonet, Executive Director, Aid Foundation, a non-governmental agency, said in a statement issued on Thursday in Kaduna that the development was unfortunate.
Bonet, who is also Co-Chair, Open Budget, Open Government Partnership in the state, argued that some of the MDAs to where the allocation for the Human Services ministry were moved did not have the mandate to implement such interventions.
“This is a gross contravention of the law that the Kaduna State House of Assembly itself passed restricting MDAs to only their mandates and approved work-plans.
“I am afraid that this development will cause a serious setback in the implementation of the 2021 budget in Kaduna State.
“Could this be a typing or formatting error? I do not want to believe this is deliberate.
“One could assume it is deliberately done to sabotage government’s efforts or a personal vendetta being carried-out against the leadership of the ministry,’’ he said.
Confirming Bonet’s claim, the budget document obtained by NAN shows that the ministry’s capital allocations for 2021 have been moved to other MDAs.
The document showed that the N200 million Kaduna State Women Empowerment Fund, under the mandate of the ministry was moved to the Planning and Budget Commission.
It also showed that the N10 million earmarked for Creative Arts and Culture under the ministry was moved to the Ministry of Business, Innovation and Technology.
The approved budget document equally showed that all the remaining budgetary allocation for capital interventions in the ministry had been moved to the Kaduna State Community and Social Development Agency. (NAN)
Economy
Investors Gain N183bn on NGX
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)
Economy
Yuan Weakens to 7.1870 Against Dollar
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)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
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)