Economy
N/Assembly Passes Buhari’s Revised 2022 Budget
.Approves N4trn for Fuel Subsidy
.N182bn Increment to Police Salary
.N7.35trn deficit. $73 Per Barrel Oil Benchmark
![the 9th National Assembly](https://dailyasset.ng/wp-content/uploads/2019/06/9th-nigeria-national-assembly.jpg)
By Ubong Ukpong, Abuja
The Senate and the House of Representatives approved the sum of N4 trillion for petrol subsidy in the 2022 supplementary budget.
The approval followed President Muhammadu Buhari’s request to the National Assembly, to approve a “Bill for an Act to amend the Appropriation Act, 2022 in order to provide for Premium Motor Spirit Subsidy and make Adjustments on the Schedule; and for Related Matters.
The House also approved N182 billion Increment to Police Salary, N7. 35 trillion deficit as well as okayed US$73 per barrel oil benchmark.
These followed the consideration and adoption of the report of the House Committee on Finance on the request by the President for revision of the 2022 Fiscal Framework and passage of a bill for an Act to amend the Appropriation Act, 2022.
Buhari in a letter requested the review of the 2022 MTEF to make some adjustments to accommodate present realities such as oil production and price as well as suspension of the removal fuel subsidy.
Going by this, the House approved an increase in the oil benchmark to $73 per barrel and a daily oil production volume of 1.6 million barrels per day.
Other approvals included a cut in the provision for federally-funded upstream projects being implemented by N200 billion from N352.80 billion; increase in the projection for Federal Government independent revenue by N400 billion.
Also approved was domestic debt service provision of N76.13 billion, and net reductions in Statutory Transfers by N66.07 billion, as follows:
“Niger Delta Development Commission (NDDC), by N13.46 billion from N102.78 billion to N89.32 billion; North East Development Commission (NEDC), by N6.30 billion from N48.08 billion to N41.78 billion; and Universal Basic Education (UBEC), by N23.16 billion from N112.29 billion to N89.13billion.
“Basic Health Care Fund, by N11.58 billion from N56.14 billion to N44.56 billion; and that NASENI, by N11.58 billion from N56.14 billion to N44.56 billion.”
The President had also requested for an increase in the estimated provision for petrol subsidy for 2022 by N3.557 trillion, from N442.72 billion to N4.00 trillion.
Briefing House of Representatives correspondents on the passed revised budget, Chairman House Committee on Appropriation Hon Mukhtar Betara expressed satisfaction with the passage by House, saying it would help the President to achieve his policy.
He said people should take it easy with the criticism of the military over its heavy budgets, stressing that the large chunk of military budgets often went for recurrent and salaries of personnel, with meagre capital and overhead allocations.
Betara said with the present approved increment for the police, its budget would also become huge in recurrent and salaries.
Senate approves Buhari’s revised 2022 fiscal framework
The Senate also approved President Buhari’s request for adjustments to the 2022 Fiscal Framework. The approval followed the consideration of a report by the Senate Committee on Finance. The report was laid and presented by the Chairman of the Committee, Sen. Olamilekan Adeola(APC Lagos).
Senate accordingly approved the $73 dollars per barrel proposed by President Muhammadu Buhari, including approving oil production volume of 1.600 million per day, a Petroleum Motor Spirit (PMS) subsidy of N4trilion; and a cut in the provision for Federally funded upstream projects being implemented by N200 billion from N352.80.
While approving an increase in the Federal Government Independent Revenue of N400 billion, Senate gave its approval for an additional provision of N182.4 billion to cater to the needs of the Nigeria Police Force. It approved debt service provision of N76.13 billion, and net reductions in Statutory Transfers by N66.07 billion. A breakdown of the net reductions are as follows: NDDC, by N13.46 billion from N102.78 billion to N89.32 billion; NEDC, by N6.30 billion from N48.08 billion to N41.78 billion; and UBEC, by N23.16 billion from N112.29 billion to N89.13 billion.
Others are Basic Health Care Fund, by N11.58 billion from N56.14 billion to N44.56 billion; and NASENI, by N11.58 billion from N56.14 billion to N44.56 billion. The chamber also approved a fiscal deficit of N7.35 trillion.
In his presentation, Adeola said that the total budget deficit was projected to increase by N965.42 billion to N7.35 trillion, representing 3.99 per cent of Gross Domestic Product (GDP). According to him, the incremental deficit would be financed by new borrowings from the domestic market.
Lawmakers, who made contributions on the report for the review of the 2022 fiscal framework, attributed the Nigeria’s economic downturn to crude oil theft. Sen. Olubunmi Adetunmbi (APC- Ekiti ), said the federal government and security agencies owed it a duty to stop the stealing of our common wealth. He decried that at a time when most countries of the world were reaping hugely from the increase in crude oil prices caused by the Russia-Ukrainian crisis, Nigeria was left out for its inability to meet its OPEC quota.
The Senate Leader, Yahaya Abdullahi, said the country should be in a state of mourning over its current experience, attributing the failure of security agencies to protect oil assets as a major reason for the decline of the economy. He expressed concern over rising cases of oil theft despite huge resources allocated to the military, police and other security agencies.
Other Senators, like Gabriel Suswam (PDP Benue ), Betty Apiafi (PDP Rivers), urged the Senate not to hastily approve the President’s request to adjust the 2022 fiscal framework until certain questions were answered.
While Suswam raised concerns on the widening gap in budget deficit and the federal government’s decision to resort to funding from the Capital Market, Apiafi, demanded answers from the NNPC and relevant agencies on solutions to curb crude oil theft. The Senate President, Ahmad Lawan, in his concluding remarks, called on the Federal Government to take “radical” steps towards stopping the theft of crude oil by economic saboteurs.
Senate passes N17.3trn Revised 2022 Budget
The Senate similarly passed the revised 2022 N17.3trillion budget. Its action followed the adoption of the report of Senate Committee on Appropriation at Thursday’s plenary.
Presenting the report, Senator Barau Jibrin, the Chairman of the committee said that the budget was made up of N7 trillion recurrent expenditure and N5 trillion capital expenditure, while N817 billion was for statutory transfers.
Jibrin said that N3 trillion of the budget was for debt service. “Also, the Senate approved the total sum of N3.55 trillion for PMS subsidy in 2022, forwarded in two separate requests by the President to the National Assembly for approval,” he said.
Economy
Stock Market Sustains Bullish Momentum, Gains N270bn
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Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalisation to a gain of N270 billion or 0.48 per cent.
Specifically, the market capitalisation, which opened at N55.708 trillion, closed at N55.
978 trillion.The All-Share Index also advanced by 0.
48 per cent, or 476 points, to settle at 98,592. 12, compared to 98,116.27 recorded on Thursday.As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.
Market breadth closed positive with 38 gainers and 18 losers.
On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.
80, N110 and N15.95 per share respectively.Mecure followed closely with 9.94 per cent to close at N8.52 per share.
On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.
Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.
A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.
Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion. (NAN)
Economy
Selloffs in Banking Stocks Dip Market Capitalisation by N68bn
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The Nigerian Exchange Ltd. (NGX) market capitalisation declined further on Wednesday by 0.12 per cent or N68 billion, following selloffs in Tier-one banking stocks.
The market capitalisation, which opened at N56.898 trillion, closed at N56.830 trillion.
The All-Share Index also shed 0.
12 per cent or 121 points to settle at 100,365. 17, compared to 100,486.12 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return declined to 34.
23 per cent.Sell pressure in FBN Holdings, Guaranty Trust Holding Company (GTCO), United Bank of Africa (UBA), Access Corporation, Fidelity, among other declined equities, were the main drivers of the negative performance.
Meanwhile, the market breadth closed negative with 21 losers and 18 gainers on the floor of the Exchange.
Secure Electronic Technology Plc led the losers’ chart by 9.43 per cent to close at 48k, RT Briscoe followed by 8.22 per cent to close at 67k per share.
UBA lost 5.07 per cent to close at N21.22, Livestock shed 4.56 per cent to close N2.30, United Capital dropped 4.27 per cent to close at N37 per share.
On the other hand, International Breweries and Sovereign Trust Insurance led the gainers’ chart by 10 per cent each to close at N4.07 and 55k per share respectively.
Deap Capital Management and Trust Plc gained 9.80 per cent to close at 56k, The Initiative Plc rose by 7.50 per cent to close at N2.15.
FCMB appreciated by 5.26 per cent to close at eight Naira per share.
On market activities, trade turnover settled higher relative to the previous session, with the value of transactions up by 137.35 per cent.
A total of 497.84 million shares valued at N8.61 billion were exchanged in 8,412 deals, against, 280.92 million shares valued at N3.63 billion exchanged in 8,403 deals posted in the previous session.
First City Monument Bank(FCMB) led the activity chart in volume with 133.92 million shares valued at N1.4 billion, Access Corporation followed by 72.82 million shares worth N1.41 billion.
Zenith Bank sold 60.06 million shares worth N2.19 billion to lead the chart in value, UBA transacted 29.08 million shares valued at N639.55 million and Universal Insurance traded 22.92 million shares worth N7.68 million. (NAN)
Economy
Bankable Projects will Empower Youth, Women in Agriculture – Speaker
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The Speaker of the House of Representatives, Rep. Tajudeen Abbas, says Nigeria can empower youth and women in Agriculture with the development and implementation of bankable business proposals.
Abbas said this at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths and women in Agriculture on Monday in Abuja.
The Speaker, who was represented by his Deputy, Rep.
Benjamin Kalu, said youth and women are the most vital demographics in the society.The event was organised by the African Development Bank (AfDB) Group.
While acknowledging the bank and its partners for their contribution and interventions in the sector, Abbas said the need to diversify Nigeria’s economy could not be over emphasised.
According to him, our over-reliance on oil as primary resource has become neither sustainable nor profitable as the global community shifts towards greener, more sustainable energy sources.
“This reality makes it not just necessary, but urgent for us to explore and invest in alternative sectors.
“By focusing on developing and implementation of bankable business proposals, we can empower our youth and our women, to become key players in these sectors.
“Their active participation is not only essential for economic diversification, but also for ensuring food security and sustainable development through agriculture and technological advancements through high safety,” he said.
Abbas recognised AfDB’s hi-5 priorities to empower, feed, industrialise, integrate and improve the quality of life for the people of Africa.
He expressed the commitment of the legislators to support youth and women development through various projects and programmes.
He urged for more collaboration of the AfDB and other stakeholders to advance initiatives that could drive significant progress in the country and across the continent.
“Through this, we will certainly build a better, more resilient future for Nigeria and for the world,” he said.
Earlier, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said any workable concept on youth and women in agriculture would contribute to sustainable agricultural development across the continent.
Kyari said the country was committed to work closely with bilateral and multilateral development partners, in advancing the engagement of youth and women in agriculture.
“Notably, agriculture remains the singular sector with the highest potential for mass job creation.
Youth participation will further bridge the gap for aging farm population.
“It will take development back to the rural communities, cause a significant improvement in production and overall productivity and offer a veritable platform to accentuate the poverty reduction drive of government,” he said.
Kyari said President Bola Tinubu’s Renewed Hope Agenda for Food Security was poised to change the narrative of agriculture of a way of life.
“And agriculture as a wealth creating sector with sustainable, marketable, and bankable business prospects for youth and women engagement.’’
Similarly, the Minister of Youth Development, Dr Jamila Ibrahim, said it was crucial to build capacity of youth and women to see agricultural beyond subsistent but as an enterprise.
Ibrahim expressed the commitment of the ministry to work with stakeholders to co-create initiatives to support women and youth.
“We are open to working with partners to strengthen what we are doing. By doing so, we will build a brighter future for Nigeria,” she said.
For the Minister of Communications, innovation and Digital Economy, Dr Bosun Tijani, innovation is key to solve most challenges we face in Nigeria and the continent.
Tijani said that this innovation could not be done without including the young people including women, thus the need to invest in them.
Also speaking the Director-General, West Africa Region of AfDB, Mr Lamin Barrow, said the event was part of activities to celebrate the bank’s 60 years anniversary.
According to the director-general, Africa’s progress will be driven by young dynamic workforce, thus the importance to boost investment in them.(NAN)