Economy
Niger Gov Signs 2022 Budget of N211bn into Law
From Dan Amasingha, Minna
Governor Abubakar Sani Bello of Niger State has signed into law the state’s 2022 Appropriations Bill of over N211billion passed by the state Assembly.
Governor Bello signed the bill at the Council Chamber of the Government House, Minna shortly before the commencement of the weekly executive council meeting.
The governor who appreciated the efforts of the lawmakers in passing the bill in record time, maintained that his administration has being enjoying cordial relationship with the Legislative Arm of government.
The governor commended the doggedness of the lawmakers in ensuring that the right thing was done always, adding that their insistence in most cases have been of help to his administration.
“I have seen reasons in their stubbornness sometimes and I must confess I really appreciate it because most times they are right and that is how it should be. So when we have our differences we come back and we reconcile,” he said.
The governor said his administration was poised to fund the budget completely as it is the last full budget to be implemented by the present administration, stressing that the Board of Internal Revenue wasa also determined to improve the state Internally Generated Revenue in addition to the other sources of revenue to the state.
“On our part, we will try and see that we implement the budget but of course it is subject to availability of funds. As we are all aware the budget is just a statement, we hope that we are able to fund it 100 percent,” he said.
In his remarks, the Speaker Niger State House of Assembly, Abdullahi Bawa, said the responses from various Ministries, Departments and Agencies (MDAs) were encouraging during the budget screening process.
The Speaker however said the budget was adjusted to Carter for some MDAs that were hitherto not captured properly.
He assured that the State Assembly will through its oversight functions, ensure full implementation of the budget.
Governor Abubakar Sani Bello had on November 4, 2021presented a budget size of over N198 billion with the capital expenditure of N124 billion and recurrent of N74 billion.
The bill was however passed by the State Assembly on December 22, 2021 with an increase of N13billion.
The capital size of the budget signed is N131 billion representing 62% while recurrent budget size is now N80 billion representing 38%.
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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