Daybreak, Politics, Entertainment, Sport

Category: Economy

  • Infrastructure Deficit: States, FG May Borrow N2trn From Pension Funds Administrators

    Infrastructure Deficit: States, FG May Borrow N2trn From Pension Funds Administrators

    Williams Anuku, Abuja

    Efforts to address deficits in the 2020 budget may see the Federal and state governments borrowing over N2 trillion from dormant funds in the pensions scheme.

    A better part of the funds would go into investments in road infrastructures among other critical sectors begging for attention.

    Kebbi state governor, Atiku Bagudu gave this indication on Thursday, shortly after the National Economic Council (NEC) meeting chaired by Vice President Yemi Osinbajo.

    Besides the borrowing plan which will be managed by the Nigerian Sovereign Investment Authority, there is a plot by states to also review the ownership structure of electricity distribution companies.

    NEC came to the conclusion to leverage on the funds after it undertook a study of how South Africa and Saudi Arabia drive development.

    Bagudu said, “you will recall that at the 99th NEC meeting, the NEC set up a sub committee to see how Pension funds can be used for infrastructure development as provided for by the Pensions Reform Act, because we realised that up to 20 percent of the pensions funds under the current law can be used for infrastructure.

    “At last NEC meeting, there was a review of the performance of the Nigerian Sovereign Investment Authority and we are all impressed about the experience they had gained in the last few years and their performance and it was decided that a committee be set up to see how we can leverage on that performance to create a platform where pension funds can be used for infrastructure development in a safe manner, so that it will earn long term returns for the pension funds while also helping to build Nigeria’s infrastructure.

    “So today, the sub-committee presented and interim report where they advise on some of the issues that came up while deliberating. Of particular note was that other countries have been using the same mechanism – South Africa, Saudi Arabia and others have been using their pension funds and sovereign wealth authorities investment process to create platform for development.

    “So, the committee reported and identified potential road infrastructure, infrastructure in the power, rail sectors that can be funded through this mechanism.

    “They noted that this year’s budget for example has N169 billion for roads across the federation and is grossly inadequate but with this mechanism maybe up to N2 trillion can be accessed and leverage upon.

    “The NEC commended the committee for the interim report and the subcommittee promised that early next year there will be final report for the NEC to consider.

    “Secondly, the NEC also received the interim report of the sub-committee to consider the ownership structure of Electricity Power Distribution Company as far as state ownership is concerned.

    “You will recall also that at the 99th NEC meeting, NEC discussed that since the privatization of Electricity Power Distribution Company that at least 40 percent that was meant to be for the states government and federal government have not been so distributed.

    “Therefore, a committee was set up to review the status/ownership of those shares that have not been distributed and report back to NEC. The committee is charged by the governor of Kaduna State, Nasir El-Rufai with six other governors, some ministers including the minister of finance and some agencies”.

  • Apapa LG disburses N16m to 160 small business owners

    Apapa LG disburses N16m to 160 small business owners

    The Chairman of Apapa Local Government, Mr Owolabi Adele, on Wednesday disbursed N16 million to 160 small business owners, as part of the empowerment programmes of the council.

    Adele made this known while presenting cheques to the beneficiaries and distributing equipment to the graduating students of the 7th Skill Acquisition Programme of the council in Lagos.

    According to him, today’s event is remarkable in the sense that we are empowering 160 small business owners in our local government and also graduating 48 students who learnt various skills.

    “The purpose of this is to make you self-reliant and self-sufficient.

    “We advise you not to do party but rather to invest in profitable venture.

    “When this is done, you will be able to contribute your own quota by paying your levies, rate and taxes to the government,’’ Adele said.

    He said that 30 of the beneficiaries were dropped according to the committee due to non-genuine business names, while 160 people qualified for the grants.

    Adele also noted that that the council would empower another 48 graduating  students of the Skill Acquisition programme with different equipment of hair dressing, fashion design, cosmetics, hats and beads, and textiles, so that they would be independent.

    He said that the council also had to introduce special welfare package for staff by given a grant of N1 million to 30 staff members in a month to improve their livelihood and increase their attitude to work.

    He said that the council engaged in free medical check-up of its staff as well as extending such gesture to all residents in all the five wards in Apapa.

    Adele said that over 33 companies had refused to pay their tax, saying that the council would arraign them before the court on Thursday to achieve its revenue target for 2019.

    He said that the council was presently sponsoring over 70 students within the area in higher institutions.

    According to him, the council has been able to rehabilitate failed portions of our roads such as: Fatai Aromire, Ojora Oloye, Azare, Payne, Onire, Forcados, Arakan and Park Lane.

    One of the beneficiaries of N100,000, Mr Muhammed Dayyabu, a Tailor, commended the efforts of the council and promised not to divert the money to other things.

    Also Miss Mistura Sanni, one of the 48 graduating students, who learnt hair dressing, appreciated the council chairman on behalf of other students. (NAN).

  • Cowpea: Nigeria stands to gain N48bn annually -IAR

    Cowpea: Nigeria stands to gain N48bn annually -IAR

    Nigeria stands to gain N48 billion annually if one million hectares of the newly released Pod Borer Resistant (PBR) cowpea was grown.

    The Executive Director, Institute for Agricultural Research (IAR), Prof. Mohammed Ishiyaku, said this during a press briefing on Wednesday in Abuja.

    It would be recalled that the National Committee on Naming, Registration and Release of Crop Varieties in the country recently met in Ibadan and approved the PBR Cowpea for release to farmers after naming it SAMPEA 20-T.

    Ishiyaku said that the newly released variety does not differ in any way from already existing cowpeas (beans) other than the improvements made.

    He said both the on-station and on-farm trials demonstrated the superiority of SAMPEA 20-T relative to local, recently released cowpea varieties and improved breeding lines tested.

    The Acting Director General, National Biotechnology Development Agency (NABDA), Prof. Alex Akpa, said the PBR cowpea would address the demand deficit of about 500,000 tonnes and also improve the national productivity average of 350kg/hectare.

    Akpa said that Nigeria was the first country in Sub-Saharan Africa apart from South Africa to develop and release a GM food crop.

    “The newly registered SAMPEA 20-T is highly resistant to Maruca vitrata, an insect pest that causes up to 90 per cent yield loss in severe infestation cases.

    “The decision to release the variety means that farmers will have access to the seed that will help them significantly reduce the number of chemical spray they currently apply to their crop from 6 to 7 times to only 2 times per cropping season.

    “Globally, science and technology are what countries have used to leapfrog poverty, malnutrition, hunger and diseases, Nigeria is not different.

    “The Federal Government recognises this hence the establishment of necessary research institutions and regulatory agencies to ensure that the country take maximum advantages of the tools of science and technology for national development,’’ Akpa said.

    He said Nigeria as a country must encourage scientists to continue to work for the good of the country and the people.

    “We have over 16 research institutes all over the country with the mandate to improve various crops.

    “These institutes must be encouraged to carry out their mandates in order to ensure that the country attains self-sufficiency in quality food production.

    “Our primitive agricultural practices are facing various challenges and from what we are seeing all over the world, science and technology holds the keys to overcoming these challenges,’’ he said.

    Also speaking, PBR Cowpea Manager, African Agricultural Technology Foundation (AATF), Dr Issoufou Abdourhamane, urged farmers to embrace the new cowpea variety, adding that it does not have any negative impact on health.

    “Cowpea farming will now become attractive even to the younger generation as it has become less cumbersome with the effective management of Maruca,’’ he said. (NAN)

  • 2020 Budget: NECA commends FG on early passage, assent

    2020 Budget: NECA commends FG on early passage, assent

    The Nigeria Employers’ Consultative Association (NECA) has commended the Federal Government for early passage and assent to the 2020 Appropriation Act.

    It’s Director-General, Mr Timothy Olawale, on Wednesday in Lagos, commended the government for bringing the country back to the January to December budget cycle.

    President Muhammadu Buhari had on Dec. 17 signed into law the 2020 Appropriation Act of N10.594 trillion.

    It is the fourth time since 1999, but the earliest that the appropriation bill is signed in December, paving the way for the return of Nigeria to a January to December budget cycle.

    Olawale said that the feat was an indication that the executive and legislature were listening to the concerns of businesses in achieving the desired result of growing the economy.

    “For businesses, having a January to December fiscal year will aid in predicting the direction of the economy and help the private sector and other economic players in planning.

    “Past years’ budgets have been plagued by poor implementation, achieving about 50 per cent implementation rate, thus, not achieving the desired positive economic impact, ” he said.

    The Director-General, however, called for transparency and effective monitoring of the implementation of the 2020 budget.

    He urged the government to initiate the process of exploring other avenues to increase the revenue base of the country for sustained and robust growth.

    “Efforts should be intensified to reduce wastages and leakages at all levels of government to enable the citizens maximally benefit from the new January to December budgeting year, ” Olawale said. (NAN)

  • 4 Side hustles that can boost your finances

    4 Side hustles that can boost your finances

    Are you an employee tired of the low net income? Are you a student trying to increase your monthly stipend? Are you a fresh graduate tired of job hunting? Are you looking for a way out of financial trouble? Then this is for you.
    Here are a few side hustle ideas that allow you to earn that little extra money that can help you achieve your financial goals faster, whether it is paying off a loan, extra cash for investing or saving for the future.
    Start A Blog
    Blogging is a difficult side hustle to monetize as quickly as possible but pays after getting your audience. This platform sets you up for life in earning a tremendous amount of active and passive income.
    A blog is something you can easily build within a few hours of work per week, but you need to stay consistent and post great content regularly.
    Driving
    One of the most widely available ways for making money in the year 2020 is to sign up as a driver on one of the cab-hailing app. The best part of this is that you can turn on and off your availability with the simple click of a button, effectively allowing you to make money irrespective of what time says.
    Want to earn some extra money at 2 am? This is the best side hustle for you.
    Photography
    Taking pictures has become one of the fast-rising and growing professions in the world. Here it is not necessary you get a shop to practice this work, you only need a digital camera and a beautiful project to speak for you, you earn cool cash by covering events on weekends and submitting pictures to online sites.
    Freelancing
    There are so many ways to make money by freelancing. If you can read, write, program, make videos or are open to learning a variety of skills, you can make money freelancing online or offline.
    No matter your industry, freelance work is great for anyone with extra time, looking to make some extra money while pursuing a passion. If you are creative, freelance work is a great way to network with professionals and build out your professional portfolios.

  • FG commends Dangote’s $30bn domestic revenue generation drive, road constructions

    FG commends Dangote’s $30bn domestic revenue generation drive, road constructions

    The Federal Government on Sunday  commended the Dangote Group for  its proposed  plan  to expand its domestic revenue generation drive from four  billion dollars to 30 billion dollars annually from 2021 to boost the nation’s economy.

     

    The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, gave the commendation during  an inspection of the Dangote Refinery, Petrochemicals, Fertilizer Projects and the Deep-water Jetty at  the Lekki Free Trade Zone in Lagos.

     

    She commended the foresight and tenacity of Alhaji Aliko Dangote, the  President of the Dangote Group for pursuing the huge projects despite various challenges.

     

    She  pledged the Federal Government’s continued support for local businesses to thrive and  attract investors.

     

    “Dangote Group is creating a large export industry that will help to bring in foreign exchange into the country reserves and as a business, he will be growing his revenue base from four billion dollars  to 30 billion US dollars.

     

    “We are very confident that once Dangote Refinery commences  operations,  it will save us over 10 billion dollars  that Nigeria was spending  on importing crude oil and it will  also help us  to build local capacity and create jobs,’’ she said.

     

    Ahmed said  that the savings  from such an investment would  strengthen Nigeria’s macro economy to attract more investors.

     

    The minister said that  the opportunities were good for  the Dangote Group but would be  better for Nigeria which would  enjoy several benefits .

     

    She said the the  Dangote Group had the capacity to fund the infrastructure needs of the ambitious projects and  would continue to enjoy government’s waivers available to other businesses in the nation.

     

    She added that the projects had begun to  create thousands of jobs and bringing several  specialisations and skills to Nigeria.

     

    Also  the President of the Dangote Group, Alhaji Aliko Dangote,  in his address  said that the firm had adopted measures that would help it to expand its revenue base from four billion dollars  to 30 billion dollars annually beginning from 2021.

     

    He said that the firm was ready to transform the nation’s domestic market by providing forex through expanded operations capacity of its group in the refinery, petrochemical, fertilizer and other supporting projects.

     

    “Our refinery can meet 100 percent of the Nigerian requirements of all liquid products such as:  gasoline, diesel, kerosene and aviation jet. It will also have surplus of each of these products for export,’’ he said.

     

    He added that the ongoing projects at the Lekki Free Trade Zone had the capacity to generate about 32,000 direct and indirect jobs during and after completion.

     

    “With the new areas of investments, we are doing just four billion dollars of revenue now.

     

    ” By the time we finish and  beginning from  2021,  we will be having N30 billion dollars of revenue because we will by then have the refinery, petrochemical and fertilizer all coming on stream, also, over a million tons of rice.

     

    “We will have about 600,000 tons  of locally made sugar by that time  and our cement will  have gone further.

     

    “And beginning from January next year, eight million export facility of our cement  company to other Africa countries to generate foreign exchange will commence operations,’’ he said.

     

    Dangote said that the firm  was targeting to meet the nation’s forex needs through its huge investment by  turning around  the group’s entire 20 billion dollars’ investment.

     

    He said this would yield the annual 30 billion dollars domestic revenue.

     

    He said that the firm hsd been able to meet its energy needs and called on other private sector investors to partner government in power supply to have a meaningful GDP growth.

     

    “By the time we finished this refinery and other projects, for us as a company we are going to record a major change, we are looking at moving from 4 billion dollars revenue to 30 billion dollars revenue.

     

    “That will strengthen us to invest more money in our domestic economy.

     

    “We don’t want Nigeria to be an import base economy but rather  an export base economy.

     

    “We have tried that in cement and it has really worked in the sense that we are looking at exporting almost   500 million dollars worth of cement in the next one to two years,’’ he said.

     

    The minister later inspected the ongoing Apapa-Oshodi-Ojota-Oworonsoki Expressway project under  reconstruction .

     

    She commended the quality of rigid pavement being constructed.

     

    The minister said that 19 roads across the country were  being built under the tax credit scheme which Dangote Group leveraged on to take up the project.

     

    Ahmed called on other private sector investors to buy into the scheme to bridge road infrastructure gap in the nation.

     

    “This is the kind of standard that we want roads to have in Nigeria,“ she said. (NAN)

  • AfDB approves $124.2m loan for water sector reforms in Akure

    AfDB approves $124.2m loan for water sector reforms in Akure

    The Board of Directors of the African Development Bank (AfDB) has approved a 124.2 million dollars loan to finance the urban water sector reform and Akure water supply and sanitation projects in Nigeria.
    A statement issued by the bank on Friday said that the amount includes an African Growing Together Fund (AGTF) loan of 20 million dollars.
    It said that the overall project cost is 222.69 million dollars and would span through five years from 2020 to 2025.
    The statement added that the project was set to address bottlenecks in critical water supply services to households in the densely populated project area.
    Mr Ebrima Faal, Senior Director at the Bank’s Nigeria Regional Office, said that the project would strengthen Federal Government’s capacity to facilitate urban water supply and sanitation reforms.
    “It would provide residents of Akure city in Ondo State and its environs access to safe drinking water and sanitation.
    “The project will particularly contribute to improving the living conditions of the communities in the project area.
    “Involving these communities in the public awareness and marketing activities will increase the project’s ownership and ensure they pay for the water supply and sanitation services,’’ Faal said.
    The statement pointed out that the loan would also help to install sanitation infrastructure for schools, hospitals and markets.
    It said, “on completion, the project will benefit the 1.3 million residents of Akure city and vicinities.
    “At the federal level, the project’s Urban Water Reform component will establish a water and sanitation investment programme that would contribute to scaling up of the National WASH Action plan 2018 to 2030.
    “The project which combines “hard” water, sanitation and environmental protection infrastructure with “soft” analytical and institutional reform support, aligns with AfDB’s 10-year strategy and High 5s priority areas’’.
    AfDB pointed out that as at Dec. 13, 2019, the bank’s active portfolio in Nigeria comprised 61 operations, of which 54 were national and seven were regional.
    “The total commitment to these projects is 4.8 billion dollars and includes water and sanitation projects worth 606.0 million dollars.

  • FG reiterates commitment to give priority to development of textile industry

    FG reiterates commitment to give priority to development of textile industry

    The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, said that the Federal Government would give priority to development of the textile industry.

    The minister said this in a statement issued on Friday in Abuja by Mrs Oluwakemi Ogunmakinwa, the Assistant Director of Press in the ministry.

    The minister of state said that it was essential to make Nigeria an exporter of finished products.

    Katagum spoke when a delegation of investors from China led by the Treasurer of Kano State Chamber of Commerce, Industry, Mines and Agriculture, Alhaji Umar Ibrahim visited her in Abuja.

    She expressed delight with the Chinese investors who indicated interest to develop the textile industry in Kano.

    According to her, Kano is known to be a historic centre for the textile industry, particularly the traditional dying art technology that has been there for many decades.

    Katagum further assured of the Federal Government’s commitment to support the Kano State Government and the Chinese investors for the development of the textile industry.

    She added that the support was in line with the current administration’s Economic Growth and Recovery Plan (ERGP) policy.

    Earlier, Ibrahim said the purpose of the visit was to seek collaboration with the ministry for the development of the country’s textile industry.

    He explained that Kano State Government in partnership with Dantata Group of Companies was working assiduously to ensure that Nigeria’s textile industry was developed to support the country’s economic diversification plan. (NAN)

  • NDIC commends media for being part of its 30 years success story

    NDIC commends media for being part of its 30 years success story

    The Nigeria Deposit Insurance Corporation (NDIC) has commended the media for being part of the corporation’s 30 years success story.

     

    The Managing Director of the corporation, Alhaji Umaru Ibrahim gave the commendation in a goodwill message at a workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) on Thursday in Yola.

     

    Ibrahim, represented by Mr Ibrahim Kudu, an Asst. Director said the workshop, was fostering the needed understanding and collaboration between the media and the corporation.

     

    He said that the topic for the workshop with title the  ‘Nigeria Banking System Stability-Tackling Emerging Issues’, was in recognition of what the future held for the banking industry.

     

    “With the recourse to technology and fintechs, the entire dynamics of banking has been altered to such an extent that it poses serious challenges for both operators and regulators.

     

    ‘“Let me at his point restate that the media is crucial to our success story in the past 30 years.

     

    “It is to this end that we will not rest on our oars towards sustaining the relevance of the workshop through the choice of robust and informed topics and highly qualified resource persons.

     

    “After all, the entire banking landscape has remarkably changed since the time the corporation was established,“ he said.

     

    The managing director urged the media to avail themselves of opportunities provided by the workshop to gain knowledge of contemporary issues in the financial industry. (NAN)

  • Economy!

    Economy!

    *Buhari rates self high
    *Promises to make it better through viable policies
    *Stresses need for economic stability in West African Region
    *Urges head of member countries to strive to surmount challenges facing the region

    President Muhammadu Buhari has said his administration will continue to implement policies that will make Nigeria’s economy, which is already looking good, better.

    He gave the assurance yesterday, in Abuja at an audience with Mr Jesper Kamp, the new Ambassador of the Kingdom of Denmark to Nigeria, President Buhari said Nigeria welcomes further strengthening of relations with countries, especially in the areas of agriculture and trade.

    President Buhari told the Danish Ambassador he was pleased that relations between Nigeria and Denmark have remained strong; noting that in the economic sphere there is still some more work to do.

    ‘‘The Nigerian economy is looking good and we look forward to making it better,’’ the President told the Danish Ambassador after receiving his Letter of Credence.

    President Buhari who also received Letters of Credence from Major General (Retd) Waqar Kingravi, the new High Commissioner of Pakistan to Nigeria, Mr. Babacar Ndiaye, the new Ambassador of Senegal to Nigeria and Mr. Vyacheslav Beskosky, the new Ambassador of Belarus to Nigeria, told them that Nigeria valued the existing cordial and friendly relations with their countries.

    The President described the long-standing military cooperation between Nigeria and Pakistan as very commendable and beneficial to both countries.

    ‘‘Given the vast experience of the Pakistani military, your commitment in assisting us to develop our military is commendable,’’ he told the Pakistani High Commissioner:

    The Nigerian leader recounted that as a former military officer, several of his colleagues who trained in Pakistan still have very fond memories of the country.

    Receiving the Senegalese Ambassador, President Buhari commended President Macky Sall of Senegal for his roles in the progress achieved in the political process in Guinea Bissau.

    Noting that he was aware of the economic progress taking place in Senegal, President Buhari stressed the need for stability in the West African region to ensure rapid socio-economic development, particularly in the key areas of education, health and infrastructure.

    ‘‘The bigger we are the bigger the problems, so we must continue to do our best to surmount our challenges in the region,’’ President Buhari, who is also the current Chair of the ECOWAS Authority of Heads of States and Government, told the Senegalese envoy.

    In his audience with the Belarus Ambassador, President Buhari harped on the need for improved economic ties, while commending the Eastern European country for accommodating international students from Nigeria in their tertiary institutions.

    The President wished the four Ambassadors very successful tenures, reiterating Nigeria’s commitment to continue to partner with their countries in areas of mutual concerns.