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Ogun Assembly Passes N350.735bn Appropriation Bill

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Kunle  Idowu, Abeokuta

Ogun  State House of Assembly yesterday passed the State Appropriation Billl for the 2020, presented to it by the state governor, Prince Dapo Abiodun.

The  exact figure of N350,735,149,739.57 contained in the budget was passed with adjustments in some recurrent and or capital estimates of about 182 agencies.

  

The bill was titled: “H.

B.
No. 075/OG/2021-Year 2022 Appropriation Law-A Bill for a Law for the Appropriation of the Sum of One Hundred and Seventy-Two Billion, Nine Hundred and Ninety-Seven Million, Three and Eighty Two Thousand, Two Hundred and Seventy-Five Naira, Twenty-One Kobo Only for Recurrent Expenditure, (Including the Sum of Nineteen Billion, Two Hundred and Twelve Million, Eight Hundred and Two Thousand, Four Hundred and Fifty-Seven Naira, Ninety-Nine Kobo Only For Servicing of Pensions and Gratuities) and One Hundred and Seventy-Seven Billion, Seven Hundred and Thirty-Seven Million, Seven Hundred and Sixty-Seven Thousand, Four Hundred and Sixty-Four Naira, Thirty-Six Kobo Only For Capital Expenditure For Service of Ogun State Government, Nigeria for the Financial Year Ending Thirty-First Day of December, Two Thousand And Twenty-Two”.

The passage of the bill was consequent upon the presentation of the report of the House Committee on Finance and Appropriation Chairman, Hon. Olakunle Sobunkanla, who thereafter moved the motion for its adoption, seconded by his Vice, Ganiyu Oyedeji and supported by the whole House through a unanimous voice vote. 

The Appropriation Bill was later read and adopted clause-by-clause by the Committee of the House presided by the Speaker, Rt. Hon. Olakunle Oluomo at a the plenary held at the Assembly Complex, Oke-Mosan, Abeokuta.

The assembly in the course of legislative process on the appropriation bill, carried out slight adjustments in the recurrent expenditures of about 144 agencies, just as the capital expenditures of 38 other agencies were equally adjusted. 

The adjustments led to reduction in the total recurrent expenditure from the initial N172.997bn to N153.180bn resulting in N19.816bn decrease, while capital expenditure was increased from N177.737bn to N197.554bn giving an increment of N19.816bn   

The motion for the third reading of the bill was moved by the Majority Leader, Yusuf Sheriff, seconded by Hon. Oludaisi Elemide and supported by the Whole House, while the Clerk/ Head of Legislative Service, Mr. ‘Deji Adeyemo did the third reading of the bill before the members.

Responding, Speaker Oluomo directed that the clean copy of the bill be transmitted to Governor Abiodun for his assent, while seizing the occasion to commend his colleague-lawmakers, management and staff of the Assembly for their unrelenting efforts towards promoting good governance through the passage of people-oriented legislations.

In another development, a bill titled HB. No. 077/ OG/2021- Ogun State Board of Internal Revenue Law, 2021 has scaled first and second readings on the floor of the State House of Assembly with an assurance from members that when operational, it would aid  efficiency, promote accountability and transparency as well as boost revenue generation in the State.

The bill seeks for “a law to provide for the Establishment of the Ogun State Board of Internal Revenue, Service and Administration; and collection of revenue due to the Government of the State and for matters related”, according the lawmakers who spoke during the debate on the second reading of the bill, noting that that it was high time the State Revenue Board became autonomous to further strengthen its operations.

The Assemblymen spoke in unison after the motion for the second reading was moved by Majority Leader, Sheriff Yusuf, seconded by Isaac Adams and supported by the Whole House through a voice vote at a plenary presided over by the Speaker Oluomo.

In their submissions, Olakunle Sobukanla, Isaac Adams, Abdul Bashir Oladunjoye, Ganiyu Oyedeji and Kemi Oduwole said the bill, would promote accountability and transparency, improve fund generation, encourage high productivity on the part of staffers, as well as bring in more development opportunities to the State through increased revenue generation.

The speaker thanked his colleagues for their robust contributions.

Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

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The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

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