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Reps Begin Consideration of 2021 Budget for 2nd Reading

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The House of Representatives has openned debate on the 2021 Appropriation bill of N13.8 trillion with the view to passing it for second reading.

The News Agency of Nigeria (NAN) recalls that President Muhammadu Buhari had on Thursday, Oct. 8, laid the bill before the house for consideration.

Leading the debate, the Majority Leader, Rep.

Ado Doguwa (APC-Kano), said that the Bill was for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation, the total sum of  N13.
8 trillion.

Doguwa said that N484.4 trillion is earmarked for Statutory Transfers, N3.3 trillion for Debt Service while N5.5 trillion is for Recurrent (Non-Debt) Expenditure.

The lawmaker said that the sum of N3.6 trillion is for contribution to the Development Fund for Capital Expenditure for the year ending Dec. 31, 2021.

Doguwa said that the budget which is tagged “budget of recovery and resilience” was to consolidate on the achievement of the 2020 budget and to deal with factors that militated against the full implementation of the 2020 budget.

He urged members to diligently consider the budget as the ball was now in the court of the legislators.

The leader said that members should collaborate with the Executive to pass the budget as failure in Executive was also failure in the Legislature.

Rep. Abdulrazak Namdas (APC-Adamawa) recommended a reduction in cost of governance to save funds for infrastructural development.

He also stressed the need to reduce foreign borrowing and recommending internal borrowing for the growth of the economy.

Rep. Thomas Ereyitomi (PDP-Delta) said that members must review the budget as proposed by the Executive with a view to diversifying the economy.

He said that if the budget was passed as presented, it would not meet the aspirations of constituents.

Rep. Olanrewaju Kunle from Ekiti said that there was need for the Executive and Legislature to interact before the budget was presented.

He said that there was little or nothing the members could do when the budget was presented given the time available.

According to him, the Ministries, Departments and Agencies (MDAs) while preparing the budget should interact with members of the legislature to know the needs of constituents.

Rep. Shehu Koko (APC-Kebbi) said that in addition to the difficulties caused by the COVID-19 pandemic, the people of Kebbi were suffering devastating impact of flood.

He said that roads and bridges had collapsed and the 2021 budget made no provision for intervention  in spite of the state’s contribution to national rice production.

Koko appealed to the lawmakers to consider making provisions for the welfare of victims of flood in Kebbi.

Also, Rep. Abdullahi Alims (APC-Kogi) made case for more funds for the mining sector of the economy.

Alims said that the sector had the capacity to provide jobs for the youth in the country and boost the economy.

NAN reports that the debate will continue on Wednesday, Oct. 14. (NAN)

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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