Economy
Okowa Signs 2022 Appropriation Bill of N479bn
Delta State Governor, Ifeanyi Okowa, yesterday in Asaba assented to the state’s 2022 budget of N479 billion.
The governor also signed five other bills, including the Delta State House of Assembly Service Establishment Bill 2021 and the Delta State Registration of Community Development Associations Bill 2021.
Others are Delta State Debt Management Bill 2021, Delta State Erosion and Watershed Management Bill 2021 and Asaba Specialist Hospital Bill, 2021.
While assenting to the bills, Okowa assured that the state would strive to implement capital projects embedded in the 2022 budget as well as complete all ongoing projects before the end of his tenure.
He commended the House of Assembly for the speedy passage of the appropriation bill and said that his assenting to it before the end of December would avail the state government the opportunity to further plan towards its implementation in January 2022.
“You just witnessed the signing into law of six bills that were passed by the House of Assembly this last quarter of the year, 2021.
“We thank God for the good work the House has done; the very important one is the Delta State Appropriation Bill 2022, now signed into law.
“I must thank the House for giving speedy attention to the bill because with the signing into law today, it will help us to plan and to start early in 2022.
“I do know that it went through the full legislative process and I must thank the House for the great job that it did which enabled us to pass the bill on the 30th of November.
“I want to reassure the people that we will continue to do our best. We are very much aware that there are financial challenges in the country today, but we will continue to do our best within the limits of the resources available.
“We are very much hopeful that there will be a turnaround in 2022, and I hope that we will be able to execute the capital projects that are contained in our budget, both the new ones and the ongoing before the end of our tenure,” he said.
On the Delta State Erosion and Watershed Management Agency Bill, Okowa said that the law would enable the government to tackle erosion and flooding issues in the state head-on.
“I want to also appreciate you for the passage of the Delta State Erosion and Watershed Management Agency Bill, signed into law today.
“We are very much aware that there is a lot of devastation in the ecosystem in some parts of our state. This is following through the advice that was given to us by the World Bank.
“We can now actually focus more in dealing with flood and erosion challenges across the state,’’ he said.
According to him, the Delta State House of Assembly Service Commission Amendment Bill is very important for the smooth running of the service of the House of Assembly.
On the Asaba Specialist Hospital Bill, the governor said that the law was very key to the effective management of the hospital to enhance universal health coverage in the state.
He said Delta State Debt Management Law sought to regulate and manage the state’s borrowing and debt portfolio in line with international best practices, explaining that “It seeks to establish the Debt Management Department in the Ministry of Finance.
Presenting the bills, the Speaker of the House of Assembly, Chief Sherrif Oborevwori, said that they went through all legislative processes before being passed.
He said that with the timely presentation of the Appropriation Bill 2022 and its subsequent passage by the House, the state was on a good start for year 2022.
“I am confident that the budgetary provisions for 2022 will meet the yearnings of our people and the developmental needs of the state because it is indeed a realistic budget,” he said.
On the passage of Debt Management Bill, the speaker said the state had complied with the requirements of the World Bank’s State Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme and the World Bank Disbursement guidelines. (NAN)
The Securities and Exchange Commission (SEC) says it is organising a compliance summit for Chief Executive Officers (CEOs) and Compliance Officers to address Financial Action Task Force (FATF) and related issues.
The Director-General of SEC, Dr Emomotimi Agama, said this in a statement made available on Saturday in Lagos.
He said that the summit, with the theme, “Navigating regulatory challenges: Aligning with changes in FATF in the era of VASPS,” would be in Lagos on Oct.
21 and Oct. 22.According to him, SEC aims to equip capital market operators with the necessary tools and knowledge to thrive in a complex regulatory environment.
Agama said that the Nigerian Capital Market Institute (NCMI), a subsidiary of SEC, would hold the summit.
He noted that the summit would ultimately foster a culture of compliance and integrity in the operations of the participants.
“The aim is to equip capital market operators with essential insights and strategies to effectively navigate the evolving regulatory landscape.
“Attendees are to gain knowledge of understanding regulatory changes, clarity on the latest updates to FATF standards and how these impact Virtual Asset Service Providers (VASPs).
“They will also learn best practices for aligning their compliance programmes with new regulations, ensuring they meet international standards that enhance compliance frameworks in their organisations,” he said.
According to him, key objectives of the summit are regulatory compliance, understanding and implementing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
Others, he added, would include risk management, which encompasses identify, assess and mitigate risks associated with virtual assets and operational efficiency which would lead to enhanced internal controls, governance and compliance frameworks.
The director-general mentioned that the benefits of the summit include regulatory clarity, risk reduction, enhanced governance, competitive advantage and networking opportunities.
The welcome address at the summit is expected to be presented by Ms Frana Chukwuogor, Executive Commissioner, Legal and Enforcement, SEC Nigeria.
The opening remarks and overview of the summit will be delivered by Dr Agama while Ms Hafsat Bakari, Director, Nigeria Fraud Intelligence Unit(NFIU) will present a goodwill message.
Among the speakers expected at the event are, Mr Obinna Iwuno, Chairman, Stakeholders in BlockChain Association of Nigeria (SiBAN) and Certified Cryptocurrency Compliance Specialist and Investigator, Mr Ade Bajomo.
Also, Mr Zacch Adedeji, Executive Chairman, Federal Inland Revenue Service (FIRS), President, Fintech Association in Nigeria, Mr Peter Shodipo, and the President, Committee of Chief Compliance Officers of Capital Market Operators in Nigeria (CCCOCIN) among others.(NAN)
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
By David Torough, Abuja
The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.
This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.
It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.
President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.
Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.
He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.
In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.
He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.
On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.
He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.
In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.
Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.
The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.
Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.
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