Connect with us

Business News

Ortom Presents N189.4bn 2020 Budget to Assembly

Published

on

Benue State Governor Ortom
Share

From Chris Gaga, Makurdi

Benue State Governor, Samuel Ortom has proposed a budget of N189.4billion  for the 2020 appropriation year.

Christened, “budget of Advancement, Growth and Development”,the N189.4billion for 2020 is over N10billion less than the budget for 2019 which was pegged at N199.

7billion.

Presenting the budget to the 9th Benue State House of Assembly, Tuesday, Governor Ortom said the “2020 proposed recurrent expenditure stands at One Hundred and Fourteen Billion, Sixty-Two Million, Five Hundred and Forty-Eight Million, Five Hundred and Twenty-Five Thousand, Eight Hundred and Eighty-Seven Naira (N 114,548,525,887) only.

According to him, the 2020 capital estimates stands at the sum of Seventy-Four Billion, Nine Hundred and Thirty-Four Million, Nine Hundred and Eighty-Five Thousand, One Hundred and Thirty-Eight Naira (N74,934,985,138).

The governor said out of the total amount for recurrent expenditure, the sum of Fifty Billion, Six Hundred and Thirty-Seven Million, Two Hundred and Fifty Thousand, Six Hundred and Forty-Six Naira (N 50,637,250,646) only will be for personnel cost, while the sum of Sixty-Three Billion, Nine Hundred and Eleven Million, Two Hundred and Seventy-Five Thousand, Two Hundred and Forty Naira (N 63,911,275,240) only will represent payment for overhead cost.

Ortom who blamed the poor performance of the 2019 budget on the effects of the farmer- herder conflict expressed confidence  that with the return of relative peace, he was better positioned to develop the state.

“Mr. Speaker, Honourable Members, the performance of this budget suffered from the impact of the recessional overhang of the preceding years and the effects of the herdsmen attacks of 2018, especially the internal displacement crisis that has continue to hamper our agricultural and economic activities in many LGAs,” Ortom said.

The governor was however not clear on the inclusion of the consequential minimum wage adjustment in the 2020 budget estimates.

“As you are all aware, there are pending negotiations with labour over the implementation of the new minimum  wage, and at the appropriate time this Honourable House will be notified of any changes to our personnel estimates,” Ortom said.

The governor explained that the 2020 budget was premised on an exchange rate of N305 to the dollar with crude oil production estimate of 2.18 million barrels per day and the crude oil price estimate of $55 per barrel.

He said the 2020 budget would be funded from resources including federal account allocation committee (FAAC), internally generated revenue(IGR) and value added tax(VAT).

“On that basis, we have proposed the sum of One Hundred and Eighty-Nine Billion, Four Hundred and Eighty-Three Million, Five Hundred and Eleven Thousand and Twenty-Five Naira(189,483,511,025).

“The State Government share of disbursements from the Federation Accounts Allocation Committee (FAAC) takes the lead with a proposed Forty-Two Billion, Seven Hundred and Sixty Million, Nine Hundred and Forty-Five Thousand, Nine Hundred and Forty Naira (N42,760,945,940) only from this source.

“This is followed by independent revenue of Thirty-One Billion, Eight Hundred and Eighty-Five Million, Six Hundred and Sixty-Five Thousand, Nine Hundred and Twenty-Nine Naira (N 31,885,665,929) only.

“And Value Added Tax (VAT) with a proposed figure of Thirteen Billion, Three Hundred and Thirty-Two Million, Forty-Nine Thousand, Five Hundred and Forty-Three Naira (N 13,332,049,543) only.

“There is also provision for deficit financing in the amount Ninety-Six Billion, Nine Hundred and Nineteen Million, Five Hundred and Twenty-Six Thousand, Five Hundred and Forty-Eight Naira (96,919,526,548) only,” Ortom said.

The governor said the budget will provide more funds for the development of the agricultural sector as well as provide relevant infrastructure that hinder that farmers and development partners from economic progress.

“The policy thrust of the draft 2020 Budget of Advancement, Growth and Development is to ensure adequate provision for implementation of programmes that can reflate the state economy and accelerate growth, as well as completion of on-going projects and the consistent payment of personnel emoluments.

“As agriculture continues to be the mainstay of economic life for our people, we have provided funding to develop the value chain so that it creates more employment opportunities for our youth. We are increasing our investment in agricultural production and marketing through the Rural Access and Agricultural Marketing Programme (RAAMP) being implemented in partnership with the African Development Bank.

“We have also adopted and adapted the National Livestock Transformation Programme (NLTP) to realise our huge potential in this important sub-sector.  

“Furthermore, deliberate policies are being introduced in the 2020 budget to speed up development at the grassroots. The launch of the District Economic Expansion and Development Strategy (DEEDS) is a bold and ambitious strategy to ensure greater impact at the grassroots level and accelerate progress towards the sustainable development goals (SDGs). This is a conscious effort to support our communities at the ward level to identify the most critical basic infrastructure projects which will be carefully planned and implemented in collaboration with the local governments and development partners.

“Our intention is to spur growth by removing the infrastructural barriers that prevent our farmers and entrepreneurs from actualising their economic potentials. The programme will take off with projects being initiated across all the 276 council wards of the state within the budget year.

“These projects will include electricity, feeder roads, boreholes and other mini water projects, market stalls, minor bridges as well as such other facilities that are needed to drive economic expansion and development at the grassroots level.

“This programme would also directly improve the economic status of our people at the grassroots because it would emphasise labour intensity and local content in the execution of projects, thereby providing income opportunities for a considerable number of people,” the governor said.

DAILY ASSET reports that governor Ortom also presented a  Seven Billion, Seventy-Five Million, Nine Hundred and Twelve Thousand, Two Hundred and Thirty-Three Naira(N7,075,912,233) supplementary budget to cover up the Pay as you earn (PAYE) funds returned to the state coffers recently. It is the first time the PAYE revenue collected from federal agencies operating in the state were paid to Benue states since 1999.

Meanwhile, the Speaker of the Benue State House of Assembly, Titus Uba while receiving the budget  estimates urged MDAs to make timely appearance before the relevant committees in defence of their budget so also to ensure its timely passage .

Business News

CBN Shakes Up Banking Sector: A Paradigm Shift Unveiled

Published

on

dailyasset-greetings
Share

By Ademola Oyetunji 

In a surprising turn of events on Wednesday, the Central Bank of Nigeria (CBN) dissolved the boards of three prominent commercial banks – Keystone, Polaris, and Union Bank. This move, although unanticipated, transpired despite the Central Bank’s recent endorsement of these banks’ financial soundness.

Governor Olayemi Cardoso, at his inaugural address during the Chartered Institute of Bankers of Nigeria (CIBN) annual dinner last year, had lauded Nigeria’s financial sector’s resilience in 2023.

Stress tests conducted on the banking industry indicated its strength under various economic scenarios. However, Cardoso highlighted the need for banks to reassess their responsible banking framework, a sentiment echoed by President Tinubu.

President Tinubu’s evident discontent with the Godwin Emefiele-led CBN triggered a comprehensive review of the financial system. A special investigator, Jim Obazee, was appointed to conduct a forensic investigation into Emefiele’s tenure, with damning revelations emerging. Recent developments suggest the initiation of a full-blown financial system reform.

The CBN’s dissolution announcement and the subsequent appointment of new executives for the affected banks, including Yetunde Oni, Mannir U. Ringim, Hassan Imam, Chioma A. Mang, Lawal M. Omokayode, and Chris Onyeka Ofikulu, might mark the beginning of implementing the investigation’s recommendations – a significant cleanup of the financial sector.

Allegations surfaced during the investigation, suggesting non-cooperation from some bank executives and Emefiele’s questionable acquisitions through proxies and cronies. Cardoso may have secured presidential approval for the CBN’s decisive action.

The CBN cited various infractions by the banks, including regulatory non-compliance, corporate governance failures, and activities threatening financial stability. Despite the challenges, the CBN assured the public of depositors’ fund safety and its commitment to upholding a safe, sound, and robust financial system.

The Special Investigator’s report revealed documents pointing to Emefiele’s involvement in Titan Trust Bank and Union Banks’ acquisitions with ill-gotten wealth. The CBN’s swift replacement of the ousted chief executives received widespread commendation, especially from high-net-worth stakeholders aiming to avert a crisis of confidence within the affected banks.

Adewale Aderounmu, an industrialist, applauded the CBN for implementing effective policies under Olayemi Cardoso’s leadership, despite detractors’ actions against the Naira. Ayomide Deepak, an Abuja-based stockbroker, welcomed the action but emphasized the need for caution in handling revelations from the investigation to prevent further economic challenges.

As the CBN wields its regulatory hammer on these banks, the hope is that other bank executives and investors will learn valuable lessons for the sake of the economy. The CBN’s action is perceived as a strategic move aimed at revitalizing the economy and financial system, not a mere vendetta.

*Ademola Oyetunji writes from Ibadan.

Continue Reading

Business News

Firm Blazes The Trail To Revolutionise  Nigeria’s Transport Sector

Published

on

Share

Independent Capital, a visionary project finance firm has blazed the  trail in the country by championing green innovation and facilitating as well as  supporting green innovative projects in Nigeria.

This is coming on the heels of the plan by the Nigerian government to introduce gas-powered vehicles in the country as a fallout of the removal of fuel subsidies.

The Chief Executive Officer (CEO) of the firm, Dr.

George Nwangwu who announced this in a statement in Abuja on Tuesday, said it was aimed at  a transformative leap towards sustainable transportation in the country.

He said with the company’s fusion of financial expertise, a profound understanding of environmental and social impact, a commitment to reducing carbon emissions and  improving transportation quality, “the company aims to reshape the nation’s mobility landscape for a cleaner and more prosperous future”,adding that “it is charting new territories in the realm of sustainable finance by announcing ambitious plans that signify a paradigm shift in Nigeria’s approach to eco-friendly initiatives”.

Similarly, Nwangwu said, its strategic approach combines financial expertise with a profound understanding of environmental and social impact, positioning the firm as a catalyst for positive change in the country’s transportation sector.

He added that the  cornerstone of Independent Capital’s visionary plans involves the unbundling of its three-wheeler Electric Vehicle (e-trike) which signals a significant move towards eco-conscious mobility.

 The CEO further said that the company is committed  to establishing a robust network of solar-powered charging infrastructure to support the operations of its e-trike fleet as the  innovative strategy not only tackles the obstacles associated with adopting electric vehicles but  would also actively contribute to the establishment of a sustainable energy ecosystem.

“We are dedicated to reducing carbon emissions, alleviating congestion and improving the overall quality of transportation for the Nigerian population. Independent Capital aims to create a greener and more efficient transportation ecosystem that enhances the lives of individuals and contributes to a cleaner environment, “he noted.

According to the firm’s CEO, in response to the recent removal of fuel subsidies, the Nigerian market is experiencing a fundamental shift, creating an opportune moment for innovative solutions in the e-mobility sector which “Independent Capital is well-positioned to capitalize on this shift by introducing sustainable transportation alternatives that cater to the evolving needs of the market”.

Also, speaking, the Chief Finance Officer (CFO) of the company, Mr.Moses Saromi said “with the e-mobility sector undergoing significant developments, driven by environmental concerns, technological advancements and shifting government policies our firm is poised to play a pivotal role in shaping the future of transportation in Nigeria,”

He revealed that  the demand for e-mobility solutions in Nigeria is projected to grow exponentially by 15% CAGR and thus, Independent Capital stands at the forefront of providing sustainable alternatives to traditional vehicles and that with  a focus on e-trikes, the company strategically positions itself to capture a significant share of the expanding market to  meet the diverse needs of individual consumers and delivery services to the Nigerian society.

He added that in  the pursuit of a cleaner and more efficient transportation ecosystem, Independent Capital remains a driving force in the nation’s journey towards a greener future.

Continue Reading

Business News

Dangote Refinery Port Facility Receives Maiden Crude Cargo

Published

on

Share

Dangote Petroleum Refinery and Petrochemicals plant has purchased 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria as well as globally, trading over 8 million barrels of crude oil per day.

The STASCO cargo contained 1 million barrels from Agbami and sailed to Dangote Refinery’s Single Point Mooring (SPM) where it was discharged into the refinery’s crude oil tanks.

The maiden 1 million barrels, which represent the first phase of the 6 million barrels of crude oil to be supplied to Dangote Petroleum Refinery by a range of suppliers, should sustain the initial 350,000 barrels per day to be processed by the facility.

The next four cargoes will be supplied by the NNPC in two to three weeks and the final of the six cargoes will be supplied by ExxonMobil.

This supply will facilitate the initial run of the refinery as well as kick-start the production of diesel, aviation fuel, and LPG before subsequently progressing to the production of Premium Motor Spirit (PMS).

This latest development will play a pivotal role in alleviating the fuel supply challenges faced by Nigeria as well as the West African countries.

Designed for 100% Nigerian crude with the flexibility to process other crudes, the 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries.

Dangote Petroleum Refinery can meet 100% of the Nigeria’s requirement of all refined products, gasoline, diesel, kerosene, and aviation jet, and also have surplus of each of these products for export.

The refinery was built to take crude through its two SPMs located 25 kilometres from the shore and to discharge petroleum products through three separate SPMs. In addition, the refinery has the capacity to load 2,900 trucks a day at its truck loading gantries.

Dangote Refinery has a self-sufficient marine facility with the ability to handle the largest vessel globally available. In addition, all products from the refinery will conform to Euro V specifications.

The refinery is designed to comply with US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms as well as African Refiners and Distribution Association (ARDA) standards.

President of Dangote Group, Mr. Aliko Dangote stated: “We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. Our focus over the coming months is to ramp up the refinery to its full capacity. I look forward to the next significant milestone when we deliver the first batch of products to the Nigerian market.”

Country Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor stated: “We welcome the startup of a refinery that is designed to produce gasoline, diesel, and low-sulphur fuels for Nigeria and across West Africa and are happy to be enabling it.”

Continue Reading

Read Our ePaper

Top Stories

NEWS7 hours ago

FCT HOS: Why President Tinubu Extends Atang’s Tenure By 6 Months

ShareBy Laide Akinboade, AbujaPresident Bola Ahmed Tinubu, has approved the extension of Atang Udo Samuel, as the the Head of...

NEWS7 hours ago

FGGC Benin Emerges Winner of 2023 National Senior Secondary Schools’ Debate

ShareBy Tony Obiechina, AbujaThe Federal Government Girls College, Benin has emerged overall winner of the 2023 National Senior Secondary Schools’...

NEWS7 hours ago

We’re Meeting Our Targets on Airport -Kuje Road Construction – Wike

ShareBy Laide Akinboade, AbujaThe Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, haom Wednesday,  expressed satisfaction with the...

NEWS7 hours ago

Osun to Partner FG on Culture, Tourism Development

ShareFrom Kunle IdowuGovernor Ademola Adeleke has secured a partnership deal with the Ministry of Tourism on the development of tourism...

POLITICS8 hours ago

I Didn’t Call for Ganduje’s Resignation – Alia

ShareFrom Attah Ede, MakurdiGovernor Hyacinth Alia of Benue has denied calling for the resignation of Alhaji Abdullahi Ganduje, the All...

POLITICS8 hours ago

Mutfwang Meets PDP North Central Leadership Calls for Unity among Officials

ShareFrom Jude Dangwam, JosThe Executive Governor of Plateau State, Barrister Caleb Manasseh Mutfwang has called for unity a purpose among...

POLITICS8 hours ago

FG Seeks Swedish Govt Support on Technical Education

ShareBy Tony Obiechina, Abuja The Federal Government is seeking the support of the Swedish Government to help drive its ongoing...

Metro8 hours ago

FG Declares March 29, April 1, Public Holiday to Mark Easter Celebration

ShareThe Federal Government has declared Friday, March 29, and Monday, April 1, as public holidays to mark the Easter celebration.This...

NEWS8 hours ago

Nigeria Prepared to Expedite Sustainable Dev’t in Collaboration with Partners — Tinubu

SharePresident Bola Tinubu yesterday said his administration is committed to deepening democracy by ensuring adherence to the rule of law...

NEWS8 hours ago

Police Engage Bandits in Gun Battle, Kill two, Arrest One in Benue

ShareFrom Attah Ede, Makurdi Men of the Benue State Police Command yesterday engaged bandits in gun duel in Mba-Mtsar village,...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc