Economy
Kwara Gov signs N137.6bn 2021 Appropriate Bill into Law
From Alfred Babs Ilorin
Kwara State Governor, AbdulRahman AbdulRazaq yesterday signed the 2021 Appropriation Bill into law, amid assurances that the administration will build on the ongoing infrastructural development and increased investments in social protection and youths empowerment.
He also assented to the bill repealing pension payments to former Governors and former Deputy Governors in the state, following widespread support from the public when the proposal came up for public hearings at the Kwara State House of Assembly.
The Governor had last November sought the repeal of the law, a fulfilment of his campaign promise and a response to public opposition to the pension package that many decry as unfair.
Speaker Yakubu Danladi, who led members of the House of Assembly to the brief budget signing ceremony, told the Governor that members of the public were unanimous about a need to repeal the law during the hearing.
Signing the N137.6bn appropriation bill into law, the Governor commended the House members for their hard work, adding: “This budget will build on the achievements of the previous years in the areas of education, health, and roads infrastructure.
We are also focusing on youth empowerment, job creation, and social investments which are very critical at this point of our national life.”
AbdulRazaq said social protection is most important at this time to prevent more people from falling into abject poverty, commending the conditional cash transfer (CCT) initiative of President Muhammadu Buhari which is already being replicated in Kwara State.
“I was pleasantly surprised that this initiative of Mr. President is being felt in the remotest parts of the country.
When I visited the communities where some women beneficiaries of the (CCT) used same to start the construction of schools, I was very happy and we thank Mr President for that. I have since refunded the money of those women and I have also approved the construction (completion) of the schools. So, we are going to continue to invest in social protection,” he said.
Yakubu-Danladi, for his part, said the budget would have huge impacts on the economy of the state especially with regards to job creation, youth empowerment, and welfare of workers.
He said the budget accommodated the minimum wage, recruitment of new teachers, and establishment of a garment factory, among other provisions, and commended the clear visions of the Governor to transform the state.
He said the passage and signing of the budget also met various requirements and deadlines of programmes that the state has keyed into, including the World Bank-assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS) programme which pegs budget signing deadline at not later than January 31 of the new fiscal year.
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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