Connect with us

Economy

We paid N1.64trn to States. LGs for salaries, pensions, others – FG

Published

on

  • Begs unrepentant Governors to liquidate unpaid salaries
  • As  Presidency announces Buhari’s 57 achievements

The Federal Government on Sunday said it released additional support of N1.64 trillion to states and local governments between 2015 and 2017 as part of measures to stabilize the polity.

President Muhammadu Buhari revealed this in a broadcast to commemorate Nigeria’s 57th Independence anniversary on Sunday in Abuja.

He said that the funds were released to enable the states and local governments to “pay outstanding salaries, pensions and small business suppliers who had been all but crippled over the years.

“N200 billion in 2015, N441 billion in 2016 and N1 trillion in 2017, altogether totaling N1.64 trillion.

“This was done to enable states to pay outstanding salaries, pensions and small business suppliers who had been all but crippled over the years.’’

The president disclosed that the Federal Government’s current N500 billion Special Intervention Programme targeted groups through the Home-Grown School Feeding Programme and the N-Power Programme as well as providing loans to small-scale traders and artisans.

He said that the intervention programme also covered the Conditional Cash Transfer, Family Homes Fund and Social Housing Scheme.

Civil servants and retirees in some states are however, still being owed by their governments, as backlog of unpaid salaries, pensions and other benefits culminating into strikes and work stoppages.

Buhari had on Sept. 11, appealed to state governors to pay all understanding salaries of their workers, and accumulated pensions of ex-workers from the additional funds provided to them by the Federal Government.

He made the appeal when he met with members of the National Council of Traditional Rulers at the new Banquet hall, Presidential Villa, Abuja.

He had frowned at the inability of the concerned state governments to pay retirement benefits and outstanding salaries of workers with their shares of Paris Club Loan Refunds paid to them.

“We have to digress this much because I would like to convince you that I’m living with the problems of this country day-by-day, and mostly those of the ordinary people.

“There are Nigerians that haven’t been paid for six months; there are Nigerians that have not been paid their retirement benefits for years.

“I’m appealing to the governors (that was why we voted money, we borrowed money), please make sure you pay anybody under you, pay them because most of them depend on that salary to pay rent, school fees,’’ he stated further.

In the meantime, the Presidency on Saturday released what it called the 57 achievements of the Muhammadu Buhari administration as the nation marks 57 years of Independence.

The list was released by the Vice President’s Office.

The achievements were listed under different categories that included security and related matters, economy, anti-graft war and others.

Topping the list of Buhari’s achievement under security, according to the document, is the release of 106 Chibok girls, as well as taking as captives over 16,000 Boko Haram members.

Other achievements under security are tackling insurgency, decimation of Boko Haram in the North East, recovering of 14 local governments and territories previously under Boko Haram’s control in the North East, rebuilding lives of citizens there, with about one million displaced persons in the region returning to their communities in two years of this administration.

The Presidency also listed curbing the incidence of kidnap across the country, including the arrest of kidnap kingpins and dismantling of kidnap cells across the country.

Others are restoring morale of the Nigerian military; re-organising and better equipping of the Nigerian Armed Forces; purchase of 12 Super-Tucano aircraft worth $600m to aid the Nigerian military’s current operations in the North East; ensuring continued peace in the Niger Delta through consistent funding of the FG amnesty programme for ex-militants; and the introduction of an improved mechanism for distribution of aid to IDPs in the North East through the establishment of the Special Intervention Programme of the Federal Government called door-to-door strategy.

On economy, the document listed the implementation of the National Economic Recovery and Growth Plan to aid economic recovery and taking the country out of her worst recession in 29 years, despite fall in oil prices.

It noted that N1.2trn was expended on capital/infrastructure projects nationwide, describing it as a milestone in the nation’s history.

It also mentioned the effective implementation of the Treasury Single Account, and increasing government revenue by over N3trn as well as entrenching transparency and accountability.

It cited the implementation of the Bank Verification Number, thus tackling corruption by plugging loopholes for siphoning of public funds and tracking of illicit funds through multiple accounts

On ease of doing business, it said the Federal Government signed into law two bills from the National Assembly (the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017) which has facilitated access to more affordable credit for Nigerians, fast tracked budget submissions and promotes Made-in-Nigeria products.

The establishment of the Presidential Quarterly Business Forum to enhance interaction and private sector participation in the development of the economy, as well as institutionalising E-governance setting the foundation for the creation of a truly digital economy were also mentioned.

On anti-graft war, the document mentioned prosecution of alleged corrupt public officers and recovering billions of naira of stolen public funds; the successful establishment of the whistle-blower policy; signing of Executive Order 004 – Voluntary Income Asset Declaration Scheme which aims to increase tax awareness and compliance, and reduce incidence of tax evasion.

Others are signing of agreements with a number of nations to provide Automatic Exchange of Information; signing of the Extradition Treaty between Nigeria and United Arab Emirates toward strengthening Nigeria’s anti-corruption campaign; and the establishmen of PACAC – a think-tank that has provided leadership, direction and also built capacity of personnel in the fight against corruption.

Under the last category, the Presidency mentioned the eradication of polio in the country and the introduction of the One Primary Health Centre per ward programme of the Federal Government.

Additional report from Punch

Economy

Selloffs In MTN, Others Drag Market N25bn Down

Published

on

Selloffs In MTN, Others Drag Market N25bn Down

…RT.BRISCOE, Tantalizer lead the losers’ table 

 The equity market on Wednesday lost N25 billion due to selloffs in MTN Nigeria, Dangote Sugar and Guaranty Trust Holding Company (GTCO), among other stocks.

Specifically, the market capitalisation, which opened at N56.670 trillion, shed N25 billion or 0.04 per cent to close at N56.645 trillion.

The All-Share Index also dropped 0.04 per cent, or 43.3 points, to close at 100,032.32, as against 100,075.59 recorded on Tuesday.

As a result, the Year-To-Date (YTD) return slipped to 33.78 per cent.

United Capital led 10 per cent to close at N36.30, Africa Prudential followed by 9.88 per cent to close at N8.90, and Cutix gained 9.86 per cent to close at N6.13 per share.

Oando rose by 5.63 per cent to close at N16.90, and Julius Berger advanced by 4.79 per cent to close at N87.50 per share.

Conversely, RTBRISCOE led the losers’ log with 5.71 per cent to close at 66k, and FTN Cocoa Processors trailed by 4.44 per cent to close at N1.72 per share.

Tantalizer declined by 4.26 per cent to close at 45K, Neimeth International Pharmaceuticals shed 3.53 per cent to close at N1.64 and Consolidated Hallmark Plc lost N3.45 to close at N1.40 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 35.71 per cent.

A total of 1.10 million shares valued at N10.08 billion were exchanged in 8,720 deals, compared to 368.39 million shares valued at N7.42 billion exchanged in 8,151 deals posted previously.

Jaiz Bank led the activity log-in volume with 528.49 million shares worth N1.15 billion, Cutix followed by 194.64 million shares worth N1.19 billion.

Zenith traded 77.75 million shares valued at N3.11 billion to lead the log-in value, Universal Insurance transacted 36.26 million shares worth N12.35 million and FCMB sold 33.88 million shares worth N257.09 million. 

Continue Reading

Economy

Stock Market Maintains Positive Trends, Up 0.11%

Published

on

Stock market maintains positive trends, up 0.11%

…Redstarex, Deap Capital lead the losers’ table 

 The Nigerian stock market maintained its positive trends on Tuesday, increasing the overall market index by 0.11 per cent.

Investors gained N62 billion or 0.11 per cent as the market capitalisation, which opened at N56.608 trillion closed at N56.670 trillion.

The All-Share Index also advanced by 0.11 per cent or 109.3 points to close at 100,075.59, compared to 99,966.28 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 33.84 per cent.

Sustained by interest in Tier-one banking tickers such as Zenith Bank, FBN Holdings, United Bank For Africa (UBA), and Access Corporation, alongside United Capital, UACN and other advanced equities drove the market’s positive performance.

Meanwhile, market breadth closed positive with 19 gainers and 15 losers on the floor of the Exchange.

On the gainers’ table, United Capital led by 10 per cent to close at N33, Cutix Plc followed by 9.84 per cent to close at N5.58 and Sunu Assurances gained 7.75 per cent to close at N1.39 per share.

Cornerstone Insurance rose by 7.69 per cent to close at N2.10 and UACN went up by 7.42 per cent to close at N15.20 per share.

On the other hand,  Redstarex led the losers’ table by 9.82 per cent to close at N3, and McNichols Plc trailed by 9.01 per cent to close at N1.01 per cent.

Deap Capital Management and Trust Plc lost 5.77 per cent to close at 49k, Eterna Plc declined by 4.44 per cent to close at N17.20 and Universal Insurance shed 2.78 per cent to close at 35k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 0.78 per cent.

A total of 368.39 million shares valued at N7.42 billion were exchanged in 8,151 deals, compared with 362.43 million shares valued at N7.37 billion exchanged in 8,405 deals posted previously.

Zenith Bank led the activity table in volume and value with 57.42 million shares worth N2.25 billion, and Access Corporation followed with 36.75 million shares valued at N707.17 million.

Guaranty Trust Holding Company(GTCO) also sold 29.16 million shares valued at N1.33 billion, Jaiz Bank traded 28.34 million shares worth N60.94 million and UBA transacted 20.31 million shares valued at N466.16 million.

Continue Reading

Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

Published

on

 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

Continue Reading
ADEBAYO SARUMI: Doyen of Maritime Industry Marks 80th Anniversary, Saturday 

Editor’s Pick

Politics