Economy
Sule Presents N20.2bn Supplementary Budget to Nasarawa Assembly
Nasarawa state Governor, Abdullahi Sule has presented a N20.2 billion supplementary budget to the State House of Assembly for its consideration and approval.
The Speaker of the assembly, Alhaji Ibrahim Balarabe-Abdullahi, disclosed this when the Majority Leader of the House, Alhaji Tanko Tunga, presented the Supplementary Appropriation Bill on behalf of the Governor during proceedings in Lafia on Wednesday.
Balarabe-Abdullahi assured the governor of the house’s readiness to do justice to the budget for the development of the state.
” A Bill for a Law to Issue out of the Consolidated Revenue Fund of the State ( Supplementary Appropriation Bill), the sum of N20, 203, 376, 300 only, for the Services of Nasarawa State Government for the period of two months, commencing 1st November 1, 2020 and ending December 31, 2020,scaled second reading.
” I will commit the bill to the House Committee on Finance and Appropriation to work on the bill and report back to the House on November 23, 2020,” the speaker said.
Earlier, Tunga, while moving a motion for the bill to scale first and second reading said that the supplementary budget was necessary due to the effects of the COVID-19 pandemic on the economy.
” We are all aware how the COVID-19 pandemic has affected the economy negatively, it has affected every aspect of life negatively, hence, the need for the supplementary budget,” he said.
He called on his colleagues to give the budget an accelerated passage.
Mr Luka Iliya-Zhekaba, the Deputy Minority Leader, seconded the motion for the supplementary Appropriation bill to pass first and second reading, respectively.
Also contributing, Alhaji Mohammmed Okpoku and Alhaji Mohammed Omadefu,called for the speedy passage of the bill, considering its significance to the development of the state.
The house unanimously passed the bill into first and second reading during the proceedings.
The News Agency of Nigeria ( NAN) reports that, Gov. Sule had on July 20,2020, presented a revised 2020 budget of N62.96billion to the State House of Assembly, for consideration and approval.
Sule, who tagged the budget as “Budget of Inclusive Development,” said that it was anchored on his administration’s policy of transparency, accountability and prudence, as necessitated by the effects of COVID-19 on the economy.
NAN also reports that on Dec. 4, 2019, the governor presented the 2020 budget proposal of N100.52 billion to the state House of Assembly, for consideration and approval.(NAN)
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)
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)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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