Economy
Minister Seeks Increased Revenue Allocation to FCT
Minister of Federal Capital Territory (FCT), Alhaji Mohammed Bello, on Tuesday, called for increased revenue allocation to the area to enhance accelerated development.
He made the call at the grand finale of the public hearing on review of the vertical revenue allocation formula, organised by Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) in Abuja.
Bello said that FCT, as the country’s capital, needed more fund to execute some development projects and complete the ongoing ones.
“More than 137 projects are ongoing. We have outstanding liabilities of N82 billion of work done but not paid for, and we need N800 billion to complete the projects, as at July.
“We are currently working on some massive bridges that need to be updated and will be completed in 2023.
“The budget for 2021 was over N300 billion and what we got was less than 25 per cent of it,” he said.
In his remarks, Secretary to the Government of the Federation (SGF), Boss Mustapha, said that the Federal Government was proposing an increase in revenue allocation to local governments from 20.60 per cent to 23.73 per cent.
He added that it was also being proposed that allocation to the federal government be reviewed from 52.68 per cent to 50.65 per cent and states from 26. 72 per cent to 25.62 per cent, with allocation for derivation remaining 13 per cent.
“Development needs to start getting to the local government for the nation to get fully developed,” he said.
Mustapha stated that the issue of revenue allocation should be handled constructively, especially in the face of dwindling revenue and the need for states to increase their internally-generated revenue (IGR).
“It is an important fact that this review should culminate in improved national development,” the SGF said, adding that the process would culminate in the enactment of an appropriate act by the National Assembly.
Chairman of RMAFC, Mr Elias Mbam, said that the commission had organised public hearing in the six geopolitical zones of the country, with that of the FCT capping it all.
He also said that there had been sensitisation tours to all the states and local governments to obtaining views, opinions and recommendations from stakeholders and other Nigerians from diverse backgrounds on the proposed revenue formula.
According to him, the 1999 Constitution (as amended) empowers the commission to periodically review the revenue allocation formula and the principles in operation to reflect changing realities.
“Consequent upon the constitutional mandate and the obvious changing realities in the nation’s socio-cultural, political and economic environments since 1992, the commission has commenced the process of reviewing the subsisting vertical revenue allocation formula.
“This is to ensure an all-inclusive participation. In the process, the commission invited memoranda from stakeholders by placing advertisement in both print and electronic media,” he said.
Mbam said that the commission had obtained data from relevant agencies for use in the review, adding that studies on fiscal matters relating to allocation of the federation’s revenue were being carried out. (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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