Economy
Reps Berate FG for Borrowing to Fund Budget
By Ubong Ukpong, Abuja
The House of Representatives has advocated a sustained security of oil facilities, saying that the country had no reason to borrow to fund budgets with security of offshore oil facilities.
A high-powered delegation from the House on oversight function, however expressed delight over the existing partnership between Nigerian National Petroleum Corporation (NNPC) Limited and non-State actors towards ensuring security of oil facilities in the oil producing region of the country, which has resulted in increase in the volume of crude oil production.
The delegation commended the Federal Government, the navy and Tompolo’s company, Tantita Security Service Nigeria Ltd, stressing the need for government to look into offshore oil theft.
Deputy Majority Leader, Hon. Peter Akpatason, who led the high-powered delegation alongside the Chairman, House Committee on petroleum Resources (Upstream), Hon. made the observation during the 3-day oversight function to the Creeks/riverine areas of Delta State.
While acknowledging the successes recorded in the crude oil production sequel to the signing of the pipeline surveillance contract with Tantita Security Services Limited.
“Our mission is to evaluate the situation and also to be able to make contribution in legislative terms towards ameliorating the situation and in this case the Niger Delta in particular towards enhancing the capacity of this nation to produce and sell oil. To be able to fund the budget and to promote development of both human capital and infrastructure of this country.
“In the course of this journey, we have visited different sites, including oil production facilities, pipelines, well-heads and flow stations. As a result of the recent partnership between Tantita, your company and NNPC we have seen significant improvement in the ability of this country to produce hydrocarbon which basically is the major foreign earnings for this country.
“As concerned citizens, we believe whatever that can be done to ensure improvement in the nation’s capacity to earn income for funding development, and reducing borrowing which has become a thing of concerns to many Nigerians, that effort must be supported.
“And that is exactly what is happening just now and we felt in the cause of tour of the industry, we have to come here to appreciate you and urge you to step up and do even more. We have seen the improvement in the Creeks, in the land areas.
“But there is still more to be done if we can achieve currently what we are experiencing in this area, also in the offshore, Nigeria will have no reason to borrow money to fund budget and to borrow money to fund projects that we so dearly need as a nation.
“So, we appreciate you for that, and we have also seen how much work that is taking place in those areas that we have transverse in the cause of our journey to this place and our interactions with members of these communities, showed that they are currently enjoying a very reasonable amount of stability as a result of the improved security situation.
“Some of the community people told us how free they feel to go about their fishing activities. It tells us that when the local people are given the mandate to gather information and support the security forces, and also help combat crime in their locality, it goes a long way to solve the problem.
“Because of insecurity, a lot of people feel uncomfortable to go about their business activities. The oil companies complained about spending so much money to fix pipelines when they are vandalized and all of this add to the cost of production and reduces what gets to the Federal Government for development.
“So, every effort that has been made and being made towards ensuring improved security to us, is a thing that must be appreciated and must be supported. So in any which way that we can achieve this, we will continue to support,” he assured.
Hon. Akpatason also tasked the stakeholders on the need to desist from destruction of boats and other seized items, rather proposed that such seized items should be integrated into the government assets.
In his brief remarks, Chairman of Tantita Security Service Nigeria Ltd, High Chief Government Ekpemupolo, alias Tompolo, who briefed the delegation on the ongoing efforts to ensure security of oil facilities as well as harmony within the oil producing communities, urged the lawmakers to come up with necessary legislative instruments and policies that will sustain the gains recorded so far.
“The leader of the delegation and all the honourable members, I want to thank all of you very well for coming. I will not disappoint you. We will do our part and I still want all of you to do your own part over there,” he urged.
While giving insight to the oversight function, member representing Burutu Federal Constituency of Delta State, Hon. Julius Pondi expressed satisfaction over the results achieved so far in the oil producing communities across the Niger Delta region.
The 24 man delegation include: Hon. Mayowa Akinfolarin, Hon. Uzoma Nkem-Abonta, Hon. Julius Pondi, Hon. Sergius Ogun and Hon. Boma Goodhead among others.
Economy
Minister Says Upgrading MAN to Varsity will Unlock Maritime Opportunities
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
Economy
Investors Gain N183bn on NGX
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)
Economy
Yuan Weakens to 7.1870 Against Dollar
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)