Economy
Nasarawa Revised Budget to Prioritize Food Security, Health
From Beauty John, Lafia
Nasarawa state government said on Tuesday that It had decided to throw its weight behind food security and the health sector of the state, hence the revision of the 2020 budget.
The State Commissioner for Finance, Haruna Adamu, who led the state Accountant General, directors of the ministry and some governor’s aides to defend the budget before the State House of Assembly Committee on Finance and Appropriation, explained that the revised budget presented to the House of Assembly by governor Abdullahi Sule on Monday, was N62.
96 billion as against the initial N108.4 billion passed on December 23,2019.Adamu said that the state government revised budget had prioritized food security, health and personnel cost due to the effects of the pandemic on the economy.
The Commissioner explained that the revised budget was based on certain economic assumptions and realities such as fall in the oil benchmark per barrel and inflationary rate among other effects occasioned by COVID – 19.
“The initial oil benchmark was $57 per barrel but now due to Coronavirus pandemic ravaging the World, we revised the 2020 budget oil benchmark to $ 25 per barrel,” he said.
” And we prioritized food security, health and personnel cost in the revised budget,” he added.
While shading more light on the budget, Mr Zakka Yakubu, the state Accountant General, said that COVID-19 pandemic ravaging the world had affected the revenue generation of the state.
He disclosed that with the relaxation of the lock down due to coronavirus, the revenue generation of the state is improving.
In his remark, Chairman, House Committee on Finance and Appropriation, Hon Aliyu Dogara, said that the purpose of inviting the commissioner was for him to brief the committee on the 2020 revised budget as the House had received 2020 revised budget of N62.96 from the governor on Monday.
Dogara, said that the committee will look at the draft of the revised budget and make amendments where necessary for consideration and passage by the House.
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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