Connect with us

Business

Gov. Gaidam proposes N91.6bn as 2019 budget

Published

on

Yobe Governor Ibrahim Gaidam

Yobe Governor Ibrahim Gaidam

The Yobe State Governor, Ibrahim Gaidam Thursday presented before the State House of Assembly the sum of N91,647,597,000 as appropriation bill for the 2019 fiscal year.

The budget showed a decreased of N534,739,000 from last year’s budget of N92,182,336,000 billion.

Governor Gaidam, while addressing the House of Assembly chaired by the speaker Adamu Dala Dogo, said the projected income to finance the 2019 budget is expected to be generated from the Treasury Opening Balance, Internally Generated Revenue (IGR), Statutory Allocation, Value Added Tax (VAT), Ecological Fund, Excess Crude oil/exchange rate differential and Stabilization Fund among other sources.

He said, “In our resolute and determination to achieve far reaching goals and objectives of the 2019 budget. We propose to spend N49,968,967,000 billion or 54.5% to carter for recurrent expenditure, N41,678,630,600 billion or 45.5% shall be devoted to cover capital expenditure programme.

“In this budget we intend to consolidate on the gains recorded so far by completing all the major legacy projects being executed by our administration before handing over to the incoming APC administration in the state come 29th May, 2019 Insha Allah.

“This will also give clear policy direction to the incoming administration to enable it continue with the laudable developmental programmes in keeping with the Yobe Socio-Economic Reform Agenda (YOSERA) to deliver service based for the budgeted expenditure items for the remaining period of the fiscal year.

“It is for these reasons that we tagged the 2019 budget as “Budget of Consolidation”. We intent to hand over to the incoming administration as government that is free from any loan, without any uncompleted capital project and government that has a robust civil service that will plan and implement any project.”

According to the Governor, in the implementation of the budget, his administration will continue to lay emphasis on the observance of the principles of probity, transparency, accountability, due process and budget discipline.

“The higher allocation for the economic sector is maintained to enable us achieve multiplier effect on provision of basic infrastructure as well as to promote productivity, employment and private sector investment. The net proposed spending provisions in the budget are as follows: Ministry of Agriculture and its Agencies N4,458,254,000, Finance and Economic Development N8,784,283,000, Budget and Economic Planning N594,514,000, Works, Transport and Energy N15,951,223,000 Commerce, Industry and Tourism N553,304,000,” he stated.

While highlighting the 2018 budget performance earlier, Gaidam said the overall budget performance for both recurrent and capital expenditure from January 2018 to 23rd November, 2018 was N56,367,130,078.88, representing 61.1% success, hence this percentage is expected to increase before the end of the year.

Responding, the Speaker of the House, Adamu Dala Dogo commended the Governor for executing laudable projects that have direct bearing on the lives of people of the state.

“I call on good people of Yobe state to rally round policies and programmes of the Governor Alhaji (Dr.) Ibrahim Gaidam for the betterment of all citizens of the state,” the Speaker appealed.

He assured the executive of speedy passage of the finance and appropriation to enable it execute people-oriented projects across the state.

Soon after the copy of the propose bill was laid before the House by the Governor, it passed first reading and the House adjourned its sitting to be reconvened on Tuesday, the 4th of December, 2018 for further legislative actions.

Facebook Comments

Receive Alerts On:
WhatsApp: +2347038749120, Facebook: facebook.com/MetroDailyNG

Share Your Stories With Us:
SMS: +2347038749120, WhatsApp: +2347038749120, Email: metrodailyng@gmail.com

Business

Global Trade Firm Says Removal of Trade Barriers, Panacea to Africa’s Economic Gloom

Published

on


By Eric Ojo, Abuja

DP World, a leading enabler of global trade and an integral part of the supply chain has said that the key to African economic emergence lies in removal of barriers, increased connectivity between nations and infrastructure development.

The company which operate multiple yet related businesses ranging from marine and inland terminals, maritime services, logistics and ancillary services to technology-driven trade solutions, noted that economic emergence of the continent is dependent on increasing inter African trade.

Chairman and Chief Executive Officer (CEO) of DP World, Sultan Ahmed Bin Sulayem, who made the observation while addressing African leaders and top executives at the Africa Emergence Conference 2019 in Dakar, Senegal, noted that the removal of trade barriers is very important in Africa.

“The Removal of trade barriers is very important. In Africa tariffs are 50 percent higher in than in Latin America and Asia. Intra regional trade in Africa is only 12 percent while in Europe, Asia and Latin America is over 50 percent, we need to improve this to prosper,” he said.

He added that his company which currently has a portfolio of 78 operating marine and inland terminals supported by over 50 related businesses in over 40 countries across six continents with a significant presence in both high-growth and mature markets, believes in the viability of investing in Africa..

“We be believe in the viability of Africa, we believe in investing in the continent during our investment in Senegal we improved efficiency and volumes 135 percent in 10 years”, he added.

Speaking on how private institutions can help support emergence in Africa in a panel session attended by the President Macky Sall of Senegal and Prime Minister Mahatir Mohammed of Malaysia, Bin Sulayan, noted that DP World is poised to support Africa in actualizing its economic goals.

He stated that as a smart trade enabler, DP World has the extensive expertise and know-how that can help African countries realise their trade and infrastructure goals, while assisting countries to address national ports and logistics infrastructure challenges.

He also reiterated the company’s commitment to supporting the economic growth of Senegal and developing Dakar into a major logistics hub and gateway for West Africa.

The DP World’s CEO also highlighted the importance of developing a logistics infrastructure reflecting DP World’s activities in Rwanda and Mali.

“We believe in connecting landlocked nations to the world and international markets. Our logistics park in Rwanda will reduce costs across the country and region. The Price of container moving from Shanghai to an East African port is anywhere between $500 to $1000, the price of same container from the port to Kigali is $5000,” he further explained.

Also in his address at the occasion, President Macky Sall of Senegal acknowledged that DP World has helped in the development of Senegal.

“What the CEO said is the truth, in Senegal we have experienced a change because DP World was present before I became President with a concession of 25 years at the Port of Dakar,” he said.

President Sall also disclosed that the government, has a consolidation of DP World’s presence and are working together finalise new port investments by the company in Senegal.

He further harped on the need to promote the culture of stability in terms of formulating policies that will attract foreign investments and enable the private sector to that participate more in the development of the country.

“Country stability is essential but also the stability of the contracts between the a state and the private sector to develop foreign investment. It is evident that the public investment cannot satisfy the basic needs of the population so we need to work with private sector,” he noted.

DP World has operations in Senegal, Egypt, Mozambique, Somaliland, Rwanda and Algeria and has recently signed an agreement with the Republic Mali to develop a logistics platform and the Democratic Republic of Congo (DRC) for the countries first deep-sea port.

Facebook Comments

Receive Alerts On:
WhatsApp: +2347038749120, Facebook: facebook.com/MetroDailyNG

Share Your Stories With Us:
SMS: +2347038749120, WhatsApp: +2347038749120, Email: metrodailyng@gmail.com

Continue Reading

Business

Dangote targets foreign markets in sales push

Published

on

Alhaji Aliko Dangote

Alhaji Aliko Dangote


Africa’s richest man, Aliko Dangote, said on Monday he expected to step up exports of cement and other commodities from Nigeria from this year as he focuses on foreign markets to boost sales and generate much-needed hard currency.

Dangote told Reuters he expected to have 8 million tonnes of cement to start exporting from July and was commissioning a 650,000 barrel per day (bpd) refinery near Lagos – set to be Africa’s biggest – next year.

The export drive would expand further from 2020.

“By next year we will start exporting more than 2 million tonnes of ammonia out of our 3 million tonnes’ capacity and we will export more than 35 percent of petroleum products and about 30 million tonnes of cement,” he said.

He did not identify which foreign markets he was targeting.

Availability of hard currency in Nigeria would not be an issue provided oil prices stayed relatively buoyant.

“If the price of oil stabilizes at $60, I don’t think we would have any problem,” said Dangote, who according to Forbes is currently worth $10.5 billion.

OPEC member Nigeria suffered severe dollar shortages after prices of crude, its top export and main source of foreign exchange, plunged in late 2014, prompting the introduction of capital controls in 2015.

It now has multiple exchange rates against the U.S. currency and has been selling the dollar on the interbank market to boost liquidity after floating the local naira currency for investors.

“We are looking forward and making sure that we supply more forex in the domestic market,” Dangote said.

Nigeria used to spend around $2.5 billion a year to import cement but with increased investment it has become a net exporter. Dangote said his firm, Dangote Cement, could earn about $600 to $700 million annually from cement export.

It has been expanding across the continent in recent years and already operates in 10 African countries, it has about 45 percent market share in sub-Sahara Africa with an annual production capacity of around 45 million tonnes.

Dangote Cement has been seeking to double that capacity. (Reuters)

Facebook Comments

Receive Alerts On:
WhatsApp: +2347038749120, Facebook: facebook.com/MetroDailyNG

Share Your Stories With Us:
SMS: +2347038749120, WhatsApp: +2347038749120, Email: metrodailyng@gmail.com

Continue Reading

Business

Zenith Bank board approves 2018 audited result

Published

on


Zenith Bank International Plc on Monday notified the Nigerian Stock Exchange (NSE) of the approval of its financial results for the financial year ended Dec. 31, 2018 just as trading ended on a negative trend.

The bank in a letter by Mr Michael Otu, its Company Secretary-General and Counsel, said that the result was approved on Jan. 18.

Otu said that the board of directors of the bank at its meeting of Jan. 18 approved among other things, the audited account for the year ended Dec. 31, 2018.

“Consequent upon the approval, the said audited accounts will be forwarded to the Central Bank of Nigeria (CBN) for approval in line with regulatory requirements after which the bank will notify the exchange of the results,’’ Otu said.

Meanwhile, trading resumed on the exchange with a loss of 0.88 per cent due to profit taking after about one week steady growth.

The All-Share Index shed 272.45 points or 0.88 per cent to close at 30,732.72 compared to 31,005.17 posted on Friday.

Also, the market capitalisation which opened at N11.562 trillion lost N102 billion or 0.88 per cent to close at N11.460 trillion.

Seplat topped the losers’ chart, dropping by N46 to close at N530 per share.

Mobil Oil trailed with a loss of N8 to close at N180, while Dangote Cement was down by N4.90 to close at N190 per share.

Lafarge Africa dipped 40k to close at N12.40, while Etranzact depreciated by 31k to close at N3.25 per share.

Conversely, Cement Company of Northern Nigeria led the gainers’ table during the day, appreciating by N1.80 to close at N26.90 per share.

NEM Insurance followed with a gain of 12k to close at N2.60, while FCMB Group appreciated by 7k to close at N1.83 per share.

Linkage Assurance added 5k to close at 61k, while United Bank for Africa grew by 5k to close at N7.35 per share.

Breakdown of the activity chart shows that Diamond Bank was the most active stock, exchanging 239.36 million shares worth N497.89 million.

Guaranty Trust Bank followed with an account of 119.35 million shares valued at N3.79 billion, while Zenith International Bank sold 26.11million shares worth N563.19 million.

NEM Insurance traded 21.16 million shares valued at N57.46 million, while FBN Holdings transacted 15.97 million shares worth N115.64 million.

In all, investors bought and sold 499.21 million shares valued at N5.53 billion in 3,874 deals.

This was against the 300.80 million shares worth N3.76 billion exchanged in 3,317 deals on Friday. (NAN)

Facebook Comments

Receive Alerts On:
WhatsApp: +2347038749120, Facebook: facebook.com/MetroDailyNG

Share Your Stories With Us:
SMS: +2347038749120, WhatsApp: +2347038749120, Email: metrodailyng@gmail.com

Continue Reading
Ad

Latest News

Presidential candidate of the PDP and former Vice President of Nigeria, Atiku Abubakar acknowledging cheers from the mammoth crowd Presidential candidate of the PDP and former Vice President of Nigeria, Atiku Abubakar acknowledging cheers from the mammoth crowd
News11 mins ago

APC reversed GDP growth from 6 to 2% – Atiku

The Presidential candidate of Peoples Democratic Party (PDP) Atiku Abubakar says the ruling All Progressives Congress (APC) has reversed all...

Kola Ologbondiyan Director, Media & Publicity PDP Presidential Campaign Organization Kola Ologbondiyan Director, Media & Publicity PDP Presidential Campaign Organization
News20 mins ago

Your war on corruption is a charade until you prosecute all APC leaders, PDP tells Buhari

The Peoples Democratic Party (PDP) charges President Muhammadu Buhari to go beyond the former Secretary to the Government of the...

Politics58 mins ago

2019 Polls: CSO Sets Threshold For Free,Fair and Credible Elections

BY SARAUNIYA G USMAN,ABUJA Ahead of 2019 Polls,Nigeria Civil Society Situation Room (Situation Room) has set thresholds towards a free,fair...

News1 hour ago

NABDA Set To Develop Sustainable Value Chain For Gum Arabic-DG

BY SARAUNIYA G USMAN, ABUJA The National Biotechnology Development Agency (NABDA) says the agency is poised to use biotechnology tools...

President Muhammadu Buhari President Muhammadu Buhari
News11 hours ago

Buhari speaks on INEC, elections, as details of meeting with EU observers emerge

President Muhammadu Buhari, Tuesday, in Abuja told the European Union Observer Mission (EOM) to Nigeria’s elections starting in February, that...

News12 hours ago

Housemaid exposed her boss for allegedly trying to use her for ritual

A housemaid, Mary Mulembe reported her madam a business woman named Bridget Banda and a single mother of one to...

Abdulrahman Dambazau Abdulrahman Dambazau
News12 hours ago

Dambazau Blasts Ex-Igp Idris, accuses him of severing Police-Interior Ministry relations …Makes case for community policing

Minister of Interior Lt-Gen Abdulrahman Dambazau (retd) has taken a swipe at the immediate past Inspector General of Police, IGP...

Cristiano Ronaldo Cristiano Ronaldo
Sport12 hours ago

Ronaldo accepts prison sentence and €18.8m fine for tax fraud

Cristiano Ronaldo has accepted a 23-month prison sentence and an €18.8million fine for tax fraud. The Juventus star attended a...

Access Bank Marathon Access Bank Marathon
Sport12 hours ago

2019 Access Lagos Marathon Expo begins

Hundreds of runners from all walks of life including important personalities from within and outside the sports industry on Tuesday...

Kei Nishikori Kei Nishikori
Sport12 hours ago

Battling Nishikori faces big test against Djokovic

Kei Nishikori’s fighting spirit could face the ultimate test at the Australian Open on Wednesday when he takes on world...

Manny Pacquiao Manny Pacquiao
Sport12 hours ago

Pacquiao allays fears eye injury could end career

Manny Pacquiao has played down concerns he has suffered a serious injury. The 40-year-old sustained an eye injury in his...

Cover12 hours ago

2019: I’m impressed with INEC’s readiness – Buhari tells EU election obsevers

President Muhammadu Buhari Tuesday in Abuja told the European Union Observer Mission (EOM) to Nigeria’s elections starting in February, that...

Justice Symbol Justice Symbol
Crime12 hours ago

Student sentenced for stealing N1.1m in Plateau

The Kasuwan Nama Upper Area Court, Jos, on Tuesday sentenced a 28-year-old student, Shamsudeen Suleiman, to one-year imprisonment for house...

Prof Jerry Gana Prof Jerry Gana
Politics13 hours ago

2019 presidential race: Save our party from destruction – Kogi SDP beg national leaders

The G19 Presidential Campaign Team of Prof. Jerry Gana of the Social Democratic Party (SDP) has called on credible leaders...

Onnoghen Onnoghen
News13 hours ago

Justice Onnoghen: CCT takes major decision on CJN trial

The Code of Conduct Tribunal, CCT, has rejected the request by the Chief Justice of Nigeria, CJN, Justice Walter Onnoghen...

Follow Us On Twitter

Metro Daily Nigeria
@MetroDailyNG

  • 2019 Polls: CSO Sets Threshold For Free,Fair and Credible Elections https://t.co/71RElMhQWr https://t.co/RsYn7TzbHI
    about 41 mins ago
  • New post: 2019 Polls: CSO Sets Threshold For Free,Fair and Credible Elections https://t.co/GLktZblIRR
    about 58 mins ago
  • NABDA Set To Develop Sustainable Value Chain For Gum Arabic-DG https://t.co/NFFgHa7EIy https://t.co/gjUgUqsxt3
    about 60 mins ago

Facebook

Advertisement

Trending

You're currently offline

var infolinks_pid = 3151764; var infolinks_wsid = 0;
%d bloggers like this: