BUSINESS
Make Short Term Plans to Balance Budgets, Economist Urges FG
An economist, Mr Tope Fasua, has urged the Federal Government to make short and medium term plans to balance the country’s annual budgets and even achieve budget surplus. Fasua, the Chief Executive Officer of an Abuja based consultancy firm gave the suggestion in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.
He commended the Federal Government for proposing the budget of N17.
1trillion, adding that it was a step to the right direction. “It is commendable that government is responding to suggestions that our annual budgets should be larger. Considering per capita, and in view of devaluation of the Naira, N17.1trillion is still not enough but it is a step towards the tight direction.“The government should be thinking of balancing the budget at some point and have surplus budget at some point,” he said. Fasua urged the Federal Government to take concrete steps to boost its revenue generation so as to reduce budget deficits.
He commended the idea of mandating revenue generating agencies to remit 50 per cent of every revenue generated to the federation account, adding that more of such initiatives would increase government revenue. “More of such initiatives will gradually reduce deficit budgeting and also reduce borrowings to fund the budget. We can also look at taxation. Nigerians pay the lowest taxes, like VAT relative to most other countries. We seem to be resisting every attempt of government to generate revenue.
“People who own buildings refuse to pay property tax, those who make capital gain on asset disposal refuse to pay capital gain tax. Nigerians pay some of the lowest amounts in alcohol taxes; in cigarette taxes and things like that. “The recently introduced tax on carbonated drinks is commendable but government should have been a bit more aggressive with it,” he said.
Meanwhile, a financial expert, Mr Okechukwu Unegbu, says the N17.1trillion 2022 budget was realistic considering the country’s population. Unegbu, a past President of the Chartered Institute of Bankers of Nigeria (CIBN), however, decried the huge deficit in the budget and the dependence on loans to fund it.
“Our debt servicing ratio is high; we are putting almost 70 per cent of our earnings on debt. This is worrisome,” he said. He urged the government to look inwards by encouraging production and value addition to the various natural resources in the country, reduce importation and encourage consumption of locally made products.(NAN)
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (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)
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