All Posts in "Month: December 2021"

Buhari Signs N17.127trn Budget 

BREAKING: Buhari signs 2022 Appropriations Bill of N17.127trn into law - Vanguard News
President Muhammadu Buhari on Friday, signed into law the 2022 Appropriation Bill and the 2021 Finance Bill.
He signed the documents in the Presidential Villa in the presence of Senate President Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council.
He  said the 2022 Budget, which he had just signed into law, provides for aggregate expenditures of N17.127 trillion, an increase of N735.85 billion over the initial Executive Proposal for a total expenditure of N16.391 trillion.
He explained that N186.53 billion of the increase however came from additional critical expenditures that he had authorised the Minister of Finance, Budget and National Planning to forward to the National Assembly.
‘‘The Minister will provide the public with the details of the budget as passed by the National Assembly, and signed into law by me,’’ he said.
He directed Heads of Ministries, Departments and Agencies (MDAs) to cooperate with the Ministry of Finance, Budget and National Planning, more specifically with the Budget Office of the Federation, to realise this very important objective.
He  also expressed  reservations on the ‘‘worrisome changes’’ made by the National Assembly to the 2022 Executive Budget proposal.
He announced that he would revert to the National Assembly with a request for amendment as soon as the Assembly resumes to ensure that critical ongoing projects cardinal to this administration do not suffer a setback due to reduced funding.
He  recounted that during the presentation of the 2022 Appropriation Bill, he had stated that the fiscal year 2022 would be very crucial in his administration’s efforts to complete and put to use critical agenda projects, as well as improve the general living conditions of our people.
‘‘It is in this regard that I must express my reservations about many of the changes that the National Assembly has made to the 2022 Executive Budget proposal.
‘‘Some of the worrisome changes are as follows:‘‘Increase in projected FGN Independent Revenue by N400 billion, the justification for which is yet to be provided to the Executive;reduction in the provision for Sinking Fund to Retire Maturing Bonds by N22 billion without any explanation
Online Editor by — December 31, 2021 in News 0
Why FG May Not Remove Fuel Subsidy Next Year

NLC rejects proposed N5,000 stipend to replace petrol subsidy | The Guardian Nigeria News - Nigeria and World News — Nigeria — The Guardian Nigeria News – Nigeria and World News

The burden of petroleum subsidies on government finances may persist in 2022 despite the Petroleum Industry Bill,PIB,the Centre for the Promotion of Private Enterprise(CPPE),has said

The centre in its latest 2022 economic outlook,expressed doubt over the ability of the Federal Government  to exercise the political will to effect the removal of petroleum subsidy given the closeness of the timing to the 2023 elections. 

The Federal Government had hinted that it would yank off petroleum subsidy in the early part of next year.

But,the Chief Executive Officer of the centre,Dr.Muda Yussuf,said on account of political exigencies and push back by the ruling party and labour, the economy may have to bear the heavy fiscal burden of subsidy in 2022.   

 

He added:”This also signals delays in the full implementation of the PIA and reform of the downstream oil sector.  However, if the Dangote refinery comes on stream in 2022, the fiscal pressure may abate, but not completely eliminated”

 

He said pressure of debt service on government finances will persist in 2022 and beyond.  Total public debt as at 30thSeptember 2021 was N38 trillion or $92.6 billion, according to the Debt Management office.      The 2022 Budget provided for the sum of 3.88 trillion Naira as debt service. 

 

This is a substantial amount when compared with the capital budget provision of N5.46 trillion.  

He said the ambitious budget size of 17.1 trillion Naira and the unpredictable revenue outlook elevates the risk of higher fiscal deficit than projected.  

 

This,he said, has implications for macroeconomic outcomes of high fiscal deficits, a new round of monetisation of the deficit, pressures on the exchange rate and the general price level.

 

He said that the average oil price in 2022 will exceed the budgeted benchmark of sixty-two dollars ($62) per barrel, offering some fiscal headroom.

 

He added  this  would be powered by higher energy demand driven by the recovery of economic activities globally. 

He said:”This trajectory is expected to impact on our foreign reserve and strengthen the capacity of the Central Bank of Nigeria (CBN) to support the foreign exchange market”.

According to him,the service sector of the Nigerian economy will continue to outpace the real sector in 2022. 

 

In the third quarter of 2021, service sector contribution to GDP was 50% and the growth of the sector was 8.41%.  oil sector contribution to GDP was 7.5%; while the non-oil sector contribution was 92.5%. while the industrial sector growth contracted by 1.63% agriculture grew by 1.2%.

He maintained that  the activation of the Petroleum Industry Act (PIA) in 2022 is expected to impact positively on the economic outlook. 

 

“We expect to see positive outcomes as investor sentiments in the oil and gas sector improves on account of the reforms anchored on the PIA. This will however depend on the political will deployed to drive the implementation of the provisions of the Act. 

It is also expected that the coming on stream of the Dangote refinery in 2022 will also impact positively on the downstream sector of the economy”, he added.

 

 

He expressed optimism that  the economy will continue to present huge opportunities for investors across all sectors despite the downside risk.

This,he said,is due to the resourcefulness of the Nigerian people, especially the entrepreneurs.  

 

He added:”The economy will continue to draw its resilience from the activities and creativity of the SMEs and the informal sector of the economy.  The reality is that the policy, structural and regulatory weaknesses will persist in 2022.  But investors have a responsibility to construct their business and corporate strategies to manage the inherent risks”

 
Online Editor by — December 31, 2021 in Oil&Gas 0
 Researchers Declare Bishop Ajayi Crowther National Hero

130 years after, Nigerian researchers declare Bishop Ajayi Crowther national hero
Some Nigerian researchers have advocated the need to declare Late Samuel Ajayi Crowther, Nigeria’s foremost cleric, to be  declared a national hero.
Crowther,who was born at Osogun in present-day Ibarapa East Local Government Area of Oyo State around 1807 and died in Lagos on Dec. 31, 1891,was reputed to have translated the Holy Bible into Yoruba language.
Slave traders captured him alongside members of his family when he was 12 years old. He was later returned to Sierra Leone.
Speaking in Lagos,Pelumi Awofeso ,one of the researchers,said was imperative to look into the life and times of the Crowther  130 years after his departure.
He said:“I started the research about Bishop Crowther after I stumbled on a tweet that talked about his death.Looking at the date at which he died, I realised that it is a milestone to celebrate him and dig out more research about him and his activities as a priest, educator, linguist, nationalist and a peacemaker.
“I thought it wise that something should be done in terms of having a documentary about him.I do not know the plans of the Anglican Communion, a church where he served as a bishop”.
He maintained that  what Mr Crowther stood for has not been fully appreciated adding that his life transcended the Bible translation to his nationalistic movement.
He added:“Bishop Crowther did not translate the entire Bible in one fell swoop, when he was in Badagry as he moved from place to place on other assignments.It took him about 40 years to complete the translation.All that he did would be exposed in the documentary and how he created national consciousness among the people he met and his impact as an evangelist,’’ he said.
According to him,the team of researchers has been able to unravel more about Mr Crowther after visiting 12 states.
He said the team found that there are more than a thousand things he did which are not in the peoples’ consciousness.
“Bishop Crowther could be described as a man of passion who translated the Bible when there was no formal alphabetical order, no electricity, technology or other luxury that we enjoy these days.
“The man was able to keep his sanity in spite of the harsh conditions around him; he was also a linguist of repute who could be regarded as a Professor Emeritus of languages in our time,’’ he added.
“Bishop Crowther’s character and comportment had a lot to teach us in this 21st century. We have it on record that he was able to speak and teach 13 languages both foreign and local.
“He was a self-taught linguist in Latin, Nupe, Igbo, Hausa and other languages. He was always keeping the journals of his travels across the globe.
“Bishop Crowther also authored the Yoruba Primer and other books used in the Anglican Communion.
“He was a man that appreciated western education and always made sure that he built schools anywhere he went to evangelise.
“Many did not know his profession as a carpenter aside from his ministerial work as a priest and also had a lot of empowerment programmes for the people,’’ he stressed.
Mr Awofeso solicited support  for the project from Nigerians, noting that the documentary was a self- funded adventure running into millions of Naira.
Another  researcher, Sesede Simeon, also said  that Mr Crowther was well grounded educationally and had his education at the highest levels during his time.
She said:“After Bishop Crowther was resettled in Sierra Leone, he was schooled at the famous Fourah Bay College and later he studied Latin and Greek and other things he could learn.He lived in different cities such as Ota, Abeokuta, Lokoja, Bonny Island, Freetown, Asaba and many more. He was also awarded an honorary Doctoral Degree at Oxford University.
“I think the sage had been grossly undervalued and underappreciated in the scheme of things.It takes a lot before a Blackman could rise to the level of a Bishop in a White-dominated setting.We need to attach the requisite honour to this man because he was a hero by all standards”
Online Editor by — December 31, 2021 in News 0
Lagos:Two New Varsities To Kick Off Next Year

No going back on Lagos creating two more universities, says Sanwo-Olu
The Lagos State Government has  announced plans to flag off two universities that were approved by the state House of Assembly and ensure they commence full academic activities from next year, 2022.
Special Adviser to governor on Education, Tokunbo Wahab, disclosed this in a statement,adding  the two new varieties to go into operation beginning from 2022 in the state were the Lagos State University of Education (LASUED) and Lagos State University of Science and Technology.
He said the establishment of the institutions  would increasing the number of state-owned universities and  the number of Lagos indigenous students’ enrolment annually.
He explained that through the schools,
 the state government aimed towards promoting the growth of innovation and invention technologies that could solve challenges across the state.
He said in order to expedite action on  the take-off of the two institutions, the state government would be upgrading the Lagos State Polytechnic (LASPOTECH) to Lagos State University of Science and Technology, while the Adeniran Ogunsanya College of Education (AOCOED), and Sir Michael Otedola College of Primary Education to LASUED.
He expressed  that the Babajide Sanwo-Olu administration was committed to the actualization of the project.
He commended the lawmakers for passing the bills establishing both institutions before the year runs out.
Wahab added that the house actions  indicated their  support for   Sanwo -Olu’s administration on quality education and technology with appropriate legislation indicating their passion for education development.
He emphasized the need for the citizens of the state  to support the take-off of the two universities the same manner they did during the public hearing.
.
He said: ‘’ This is giving democracy dividends to our people, our people have expressed the need for two additional universities to give our youths more access to varsity education and the House has done the needful by holding a public hearing on it, which truly reflected the wishes of the people.
“History is made again as the two Bills for the proposed State Universities have been passed and sent to Mr. Governor for his assent, we cannot thank you enough, the Hon. Mudashiru Ajayi Obasa led the house of Assembly to always be on the side of the masses with quality legislations. Definitely, history will be kind on you and your tenure as the Speaker of the State House of Assembly and various contributions you have made to the success of a new Lagos of our dream’’ Wahab  added.
Online Editor by — December 31, 2021 in News 0
Army Decorates NYSC Boss  With New Rank 

NYSC DG decorated with new rank of Major-General - Vanguard News
The Director-General of the National Youth Service Corps, Shuaibu Ibrahim has been decorated with the new rank of Major General.
The decoration was performed in Abuja on Thursday by the Minister of Defence, Major General Bashir Magashi (Rtd) who was joined by DG’s wife, Mrs Martina Ibrahim.
The tenure of Major General Shuaibu Ibrahim as Director-General of the 48th year old Scheme has witnessed national recognition and tremendous achievements such as robust welfare package for Corps Members, increased capacity building for Staff, expansion of the Skill Acquisition and Entrepreneurship Development Programme, strenghtened synergy with  stakeholders for improved productivity, utilization of Corps potentials for optimal benefits, resuscitation of NYSC Farms, establishment of NYSC Museum, establishment of NYSC National Troupe, unveiling of nine books on the Scheme, among others.
At a reception organised by the Director-General by his family and friends, the DG thanked President Muhammadu Buhari for finding him worthy to be appointed NYSC Director-General which brought out the potentials in him.
Online Editor by — December 31, 2021 in News 0
Delta Considers Act On Power Generation, Transmission, Distribution 

Energy Commissioner, Ukodhiko Assumes Duty, Vows To Sustain Okowa's Stronger Delta Agenda – Blank NEWS Online
The Delta State government says it is working on a legislation that would empower it and private sectors to generate,transmit and distribute electricity to all parts of the state.
The Commissioner for Energy, Pastor Engr.Jonathan Ukodhiko,who disclosed this at Oleh, Isoko South Local Government Area of the state during the annual conference of the Isoko Development Union, IDU, said the state government has approved the establishment of three additional  independent power plants to be established  at Ozoro, Warri and Agbor in addition to the 8.5 Megawatts already in Asaba to boost electricity supply in the state.
He said the citizens of the state are suffering from almost total blackout which have put off many industries,
He said the goverment  is putting that bill together to be presented by  the governor,who will  send it to the House of Assembly for passage into law.
He said:“Let us try and encourage private individuals and companies that have the money to build power plants in various part of the state to generate,transmit and distribute to their area of operations.
“Our amiable governor, Senator Dr Ifeanyi Okowa has approved three more Independent Power Plants to be located in Ozoro, Warri and Owa Alero-Agbor.Presently, different companies have indicated interest. The government is not spending money to build those Plants,they will be built by private organizations and sell power to Goverment as the off takers.
“In fact government doesn’t have a business in doing business. We are not going to spend any money in building these power plants. The only thing that we are going to do is to buy all the power that is going to be produced, that is, we are going to stand as a guarantor that the power they will generate will be off take from them , that if these people are unable to pay for the power, we will pay for it,”being an off takers of the power in order for them to recoup their investment. Ukodhiko said.
He disclosed that over ten companies have expressed readiness to develop the three newly approved power plants, adding that the state government would ensure that only companies with the right competence and capacity would be engaged.
“As I am talking to you, more than 10 companies have indicated interest to build each of those locations. It is now left for us to choose which of the companies have the capacity and wherewithal to build the plants.
“Those are just only three places for now but we believe that as time goes on we should be able to spread it all over the state in order to support whatever the BEDC are doing to improve the light situations of the state because without adequate power we won’t be able to develop.This is to add the the smart agenda of our amiable Governor,Dr. Ifeayi Okowa.
“It is not only just to build those power plants but we also want to create energy hubs where we will set up an area where people will be able to Set up cottage Industris in order to generate employment for our people and to generate IGR for Govermemet to boost the economy of the state for sustainable  wealth creation.What are the energy hubs? The government will acquire about 5 to 10 hectares of land in each of those locations and about 30 percent of the energy that will be generated will be sent to those places for people to come and build cottage  industries.
“Once these industries are in place, they will be able to generate employment, they will be able to generate IGR for the state and they will be able to grow the economy of the state. That is how far we have gone and by God’s grace before the end of the tenure of this administration those three power plants will begin to run. That is why we are looking at companies that can deliver the projects within six months, so that it can work before we leave office.” Ukodhiko added.
Online Editor by — December 31, 2021 in Power 0
Okowa Fires Aide Over Insubordination, Reckless 

Delta Governor, Okowa Sacks Aide For Criticizing His Administration During Interview
Delta State Governor, Dr Ifeanyi Okowa has fired his Executive Assistant (Communication), Fred Latimore Oghenesivbe, over  recklessness and insubordination.
He conveyed the aide’s sack in  a statement released by Patrick Ukah, Secretary to State Government, who stated that Governor Okowa was ‘fed up with Oghenesivbe’.
He said:”I write to convey to you the displeasure of His Excellency, the Governor of Delta State, over your conduct with respect to the performance of your duties wherein there has been manifest recklessness and insubordination.As this trend can no longer be tolerated, I regret to inform you that your service as Executive Assistant, Communication, is no more required and your appointment is hereby terminated.
“Accordingly, I am to request that you take necessary steps to hand over all government properties in your possession to the Permanent Secretary, Directorate of Government House and Protocol forthwith”.
Online Editor by — December 31, 2021 in News 0
Buhari Justifies  Forensic Audit on NDDC 

President Muhammadu Buhari has shed more light on  why he ordered  forensic audit to be conducted on the Niger Delta Development Commission (NDDC).
He explained that it  was aimed at reviewing the whole process with a view to recovering every kobo that is recoverable, while those found culpable will face the law.
Buhari,who  spoke at the virtual commissioning of the NDDC Prototype Hostel at the University of Uyo, Akwa Ibom,expressed regrets that the special development fund of the entire region was squandered by a few for more than 20 years, leaving many in penury.
“The Niger Delta Development Commission needs to demonstrate that it can achieve the objectives it was conceived for and make its impact felt all over the Niger Delta Region. The lives of the people of the Niger Delta could be so much better, if the funding received by this commission since its inception, in billions of naira over the last 20 years, have been judiciously deployed in service of the people.
“The serial abuse, lack of delivery and what had become an entrenched institutional decay, was the reason why I called for the forensic audit.
“Therefore, going forward we shall ensure every recoverable kobo, is recovered for use in service of the people of this region and those found culpable shall face the Law.
“Consequently, I want to use the opportunity of this commissioning to direct all statutory contributors to the NDDC to remit all outstanding funds to the Commission, and to ensure this is done transparently and according to laid down procedure and process,” he said.
He  directed that all abandoned projects that directly impact the livelihood of the people should be revived and completed.
“When I directed the Minister of Niger Delta Affairs to institute a forensic audit of the Commission, after many representations by major stakeholders in the Niger Delta, I had also directed that all viable projects which had been abandoned, but which would impact positively on the lives and livelihoods of the people, be immediately revived and completed.”
President Buhari noted that the contract for the building of 1,050 capacity hostel for male and female students was awarded in 2004, and like many others, it was abandoned.
“This prototype university hostel consists of 1,050 bed spaces, 525 each for males and females, and is furnished to meet the needs of a university student. The complex also boasts of significant hard and soft infrastructure to ensure its sustainability and durability.
“The completion of this structure is equally in recognition of the importance government attaches to providing quality housing and improved education for all Nigerians.
“It is therefore another important proof that this administration is committed to satisfying the needs of the people, throughout Nigeria, and fulfilling their expectations. Government must continue in its efforts to serve the people, by providing amenities, as well as the enabling environment for scholarships, investments across all sectors, for sustenance of the environment, and overall growth of the economy.
“Significant part of this success story is that it could easily not have happened. The contract for this hostel was awarded as far back as 2004. It was one of many projects abandoned across the Niger Delta region, but which I directed the Minister of Niger Delta Affairs, Sen. Godswill Akpabio, to expeditiously complete and put to use,’’ the President added.
President Buhari said across many public universities and institutions of higher learning children face accommodation challenges, while private investors were taking advantage of the gap to provide accommodation, unfortunately tasking the resources of parents and guardians.
Online Editor by — December 31, 2021 in Uncategorized 0
Nigeria To Receive N249bn Oil Proceeds From Six Multinationals Next Month – NNPC

The Nigerian National Petroleum Company Limited has said the sum of  N249.3bn for October 2021 domestic crude oil sales by six multinational oil companies operating in the upstream sector will be paid in January 2022.
The NNPC made this known in its latest report on Nigeria’s crude oil export and domestic crude oil sales in the month of October 2021.
It also said  it would also deduct N270.83bn from what would be shared by the three tiers of government during the Federal Accounts Allocation Committee meeting in January next year.
It said the N270.83bn was its November 2021 value shortfall.
On oil sales, it explained in the report that while the October 2021 crude oil exports of 50,000 barrels under Production Sharing Contract, valued at $4.18m was payable in November 2021, the October 2021 domestic crude oil payment expected in January 2022 from the six firms is N249.3bn.
It further noted that the October 2021 domestic crude oil payable in January 2022 by the NNPC was in line with the 90 days payment terms, adding that the six firms were its Joint Venture partners.
It outlined the firms from where the funds were being expected to include Chevron Nigeria Limited, Mobil Producing Nigeria, Shell Petroleum Development Company, MidWestern, Pillar and First Exploration and Production.
It said CNL would be paying for 2.268 million barrels of domestic crude valued at N73.85bn, while MPN would remit N123.22bn for 3.8 million barrels of domestic crude oil.
The SPDC and MidWestern would be paying for 828,556 and 100,000 barrels of domestic crude oil valued at N26.966bn and N3.25bn, respectively.
For Pillar and First E&P, the firms would pay for 20,000 and 649,677 barrels of domestic crude oil valued at N650.91m and N21.36bn, respectively.
The report put the total volume of domestic crude oil payable by the firms in January 2022 at 7.666 million barrels, while the value of the commodity was put at N249.3bn.
On the N270.83bn deduction from what would be shared by FAAC in January 2022, the NNPC stated that the amount was an estimate of its value shortfall in November this year.
It said, “The estimated value shortfall of N270,831,143,856.56 is to be recovered from the December, 2021 proceed due for sharing at the January 2022 FAAC meeting.
“This value shortfall consists of N220,110,853,427.56 for November and N50,720,290,429.00 deferred for recovery in December 2021 FAAC Report.”
Online Editor by — December 31, 2021 in Oil&Gas 0
FG Borrows N13.6tn Through Bonds In Six Months -Report

We'll toll roads to repay infrastructure debts – Emefiele
The Federal Government’s bond offer and allotment rose by N1.99tn in the first six months of this year to N13.66tn, from the N11.67tn recorded in the corresponding period of last year,a report has said.
The Financial Markets Department of the Central Bank of Nigeria disclosed this in its half-year activity report for 2021,saying the rise was due to government’s drive to fund fiscal deficit from the domestic market.
 The report stated that, “In the review period, FGN bonds worth N900bn was offered, while public subscription and sale stood at N1.73tn and N1.42tn, respectively. The amount offered comprised new issues and re-openings of FGN bonds.
“In the corresponding period of 2020, FGN bonds issue, subscription and allotment were N615bn, N2.45tn and N1.31tn, respectively. The increase in offer and allotment in the first half of 2021 was attributable to the government’s drive to fund fiscal deficit from the domestic market. Consequently, the total value of FGN bonds outstanding at end-June 2021 stood at N13.66tn, compared with N11.67tn at end-June 2020, indicating an increase of N1.99tn or 17.01 per cent.”
The report stated that in the first half of 2021, there was no new issue of the Federal Republic of Nigeria Treasury Bonds.
it added that the outstanding stock stood at N100.99bn, same as at end-June 2020.
A breakdown of the outstanding showed that the CBN held N18.01bn, while N82.98bn was held in the sinking fund.
In the corresponding period of 2020, it added, the CBN held N27.99bn, while N73bn was held in the sinking fund.
The report stated that during the first six months of 2020, “the total NTBs issued and allotted was N1.6tn apiece, indicating an increase of N149.94bn or 9.89 per cent above N1.52tn issued and allotted apiece, in the corresponding period of 2020.
“Total public subscriptions stood at N3.1tn, compared with N2.9tn in the corresponding period of 2020.
“The increase in public subscription was attributed to the increased yield on NTBs, which was market driven amidst investors’ demand for higher yields.”
It added that the holding structure of the instrument indicated that Deposit Money Banks took up N1.25tn or 75.31 per cent, while mandate and internal funds customers, including CBN branches accounted for the balance of N411.22bn or 24.69 per cent.
Online Editor by — December 30, 2021 in News 0