Economy
Nasarawa Assembly summons 2 Commissioners, AG over State Finances
The Nasarawa State House of Assembly has summoned two commissioners and state Accountant General to account for some state finances, newsmen reports.
The invited commissioners are those for Local Government, Community Development and Chieftaincy Affairs, Alhaji Yusuf Turaki; and Finance, Mr Daniel Agyeno, as well as the Accountant General, Mr Zakka Yakubu.
They are to appear before the legislature on Tuesday (Sept.
27) at 10 a. m. at the assembly chamber.This, the lawmakers said, was to enable the invitees explain how the State Financial, Transparency, Accountability and Sustainability (SFTAS) Funds, Ecological funds, State Internal Generated Revenue (IGR) and Paris Club fund were recieved and disbursed between the state and local government councils in the state.
Alhaji Ibrahim Abdullahi, the Speaker of the House, invited the government officials after Alhaji Agah Muluku, the Chief Whip of the assembly, moved a motion to that effect under Matters of Urgent Public Importance, at plenary in Lafia on Monday.
Abdullahi said that inviting the government officials was not a witch hunt exercise but to enable them explain vividly how the funds are being used between the state and local governments.
The speaker said that their appearance was also to ensure that the right things are done in order to ensure speedy development at the grassroots.
“I want to appreciate Hon. Muluku and all of you for your positive contributions on this subject matter.
“I have said it severally, that we are all elected to represent our people well at this state assembly.
“The people we are representing will judge us, posterity will judge us and God will judge us based on our actions and inactions, these are judgements that await us.
“In the process of discharging our duties, we will receive condemnations and insults from people who do not understand legislative work and activities.
“We are doing our best to protect the system and let them say what they want to say.
“But how can we allow something that was for local governments to be diverted somewhere, we have to investigate that.
“It is in view of this that we invite the State Commissioner for Local Government, Community Development and Chieftaincy Affairs; the Commissioner for Finance; and Accountant General to appear before us on Sept. 27, by 10 a.m at the chamber,” he said.
Abdullahi said that the assembly has passed a law on how state finances should be disbursed amongst the tiers of government in the state, especially the LG law and “we will not sit and watch the abuse of the laws passed by this Honourable House”.
The speaker assured the state government of continued partnership for the good of the state and people, stressing that the House in doing that will not support what will be detrimental to the development and the lives of the people of the state especially those at the grassroots.
In their contributions, Messers Mohammed Okpoku, Daniel Ogazi and David Maiyaki lamented on how lack of finances at the local government level has affected development at the grassroots.
They said that, if urgent steps are not taken, the aim of establishing local government would be defeated.
They also decried how chairmen of local government councils and Overseers of development areas cannot execute projects and perform their duties effectively due to lack of funds at their disposal.
Earlier, the Chief Whip of the House raised the issue for lack of physical development at the local government level under matters of public interest.
He said that there was the need for those involved in managing government funds to explain how State Financial, Transparency, Accountability and Sustainability (SFTAS) Funds, Ecological fund, Internally Generated Revenue (IGR) and Paris Club were received and utilised by the tiers of government in the state.
“What I want to raise has to do with lack of development in the local government and development areas in the state.
“There is no development at the local government level. FAAC is being received every month, there is State Financial, Transparency, Accountability and Sustainability (SFTAS) Funds,
“We have over N400 million Ecological fund, but as I am talking no kobo was given to the local government to address ecological problems in their areas.
“The state government by law is supposed to give local governments 10 per cent of its IGR but we learnt that they are not giving.
“How can local government develop without finances, if actually, we want development at the local government there is the need to invite those involved in managing government resources and activities to appear before us to explain why there is no development at the grassroots,” Muluku said. (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)