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FG to Release N100bn For Capital Projects

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Vice President Yemi Osinbajo

The Federal Government has disclosed plans to release N100bn for capital projects in a few days’ time, having earlier released N322bn for the same purpose.

Vice President Yemi Osinbajo disclosed this on Thursday in Lagos during the Presidential Policy Dialogue session organised by the Lagos Chamber of Commerce and Industry.

He said, “We have also pledged to keep capital budget spending to a minimum of 30 per cent. We have already made capital releases of N332bn which is more than the entire amount released last year, with another N100bn set to be released in the next few days.

“The funds are for power, works, housing, transportation, defence and agriculture. “

Osinbajo said the government had been able to save close to N1.4tn in fuel subsidy payment since May when it deregulated the downstream petroleum sector and pegged the pump price of petrol at N145 per litre.

The government officially ended fuel subsidy payment on May 11 when it increased the pump price of Premium Motor Spirit from N86.50 to N145 a litre, and asked whosoever had the means to import the product to do so, with foreign exchange sourced independently.

The decision, according to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, was taken at the end of a stakeholders’ meeting presided over by Osinbajo, and was aimed at increasing and stabilising the supply of the product, adding that the government expected that the policy would lead to improved supply and competition, and eventually drive down the pump price.

Although the policy has not led to a reduction in pump price of fuel three months after its implementation, the vice president said it had led to a reduction in the daily demand for petrol and a saving of N1.4tn during the period.

He said, “The deregulation of the downstream petroleum sector was an important decision of this government. This has reduced the daily demand for fuel from 1,600 trucks to 850 trucks, and resulted in savings of about N1.4tn on subsidy payment.

“Of course, the long term decision is to fix the refineries because one of the largest foreign exchange spending for us is on importation of petroleum products; and at the moment, our refineries are not producing enough.

“In addition to the Dangote refinery with its 650,000 barrels, we also intend to fix the existing refineries and expect that by the end of 2017, most of the refineries will function.”

He said in the area of financial management, the government was also able to save N8bn monthly from the Integrated Payroll and Personnel Information System embarked on by the Federal Government.

On his part, the President, Dangote Group, Alhaji Aliko Dangote, noted that the most vibrant private sector in Africa was still in Nigeria, adding that he did not believe the report making the rounds that South Africa had replaced Nigeria as the number one economy on the continent.

He said, “Last night, I was watching the news that Nigeria had been displaced by South Africa as the number one economy in Africa. I don’t believe that report; it was something that was just said to embarrass us.

“They said South Africa is $4bn above Nigeria and I said it depends on the exchange rate that they used. I am sure they must have used the wrong exchange rate. Be rest assured, we are still the number one economy in Africa.

“Nigerians are known for their drive, doggedness, tenacity, industry and creativity. These qualities are an embodiment of the Nigerian spirit and are on display in the private sector. All that the government needs to do is remove obstacles that stand in the way of a bigger and more productive private sector.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

EFCC Finally Arrests Okorocha After Hours of Siege, Gives Reason 

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Okorocha

The Economic and Financial Crimes Commission (EFCC) has finally arrested the All Progressives Congress’ presidential candidate and former governor of Imo State, Rochas Okorocha after laying siege on his residence for hours. 

Security operatives attached to the EFCC had surrounded the residence of the former governor earlier on Tuesday and before they finally arrested him late in the evening. 

Investors King can confirm that lots of gunshots and tear gas canisters were fired to disperse angry supporters of the lawmaker who tried to resist the arrest before he was finally arrested.

According to an official of the anti-graft agency, Okorocha will be taken to the headquarters of the commission where he will be until May 30 when he will be arraigned in court.

In an official statement obtained by Investors King, signed by the EFCC spokesperson, Wilson Uwujaren, “the move to arrest Okorocha was followed by the refusal of the former governor to honour invitations after jumping the administrative bail earlier granted him by the Commission.

EFCC had on January 24, 2022, filed a 17-count criminal charge bordering on diversion of public funds and properties to the tune of N2.9bn against Okorocha.

“The case was assigned to Honourable Justice Inyang Ekwo of the Federal High Court, Abuja but attempts to arraign Senator Okorocha was twice stalled owing to the absence of the ex-governor who evaded service of processes”.

EFCC added that at the last adjourned date, March 28th 2022, Justice Ekwo, before adjourning until May 30th, 2022, had warned that it was “the last adjournment I shall grant in this matter”.

“In the circumstances, the Commission is left with no option but to effect the arrest of Senator Okorocha and bring him to trial”, the statement had read. 

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Russia Halts Supply of Gas to Finland, Disagrees on Payment Mode 

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Gas-Pipeline

Russia’s majority state-owned multinational energy corporation, PJSC Gazprom, on Saturday, halted gas exports to one of its neighbouring countries, Finland, in the latest escalation of an energy payments dispute with Western nations.

A statement released by Finland’s gas system operator, Gasgrid said: “Gas imports through Imatra entry point have been stopped.

“Starting from today, during the upcoming summer season, Gasum will supply natural gas to its customers from other sources through the Balticconnector pipeline”. 

Investors King gathered that majority of the European supply contracts are denominated in Euros or Dollars and Moscow already cut off gas to Bulgaria and Poland last month after they refused to comply with the new payment terms.

Imatra is the entry point for Russian gas into Finland and even though majority of the gas used in Finland comes from Russia, gas only accounts for about five per cent of its annual energy consumption.

Gazprom Export has requested that European countries pay for Russian gas supplies in Russian currency (roubles) because of sanctions imposed over Moscow’s invasion of Ukraine, but Finland refuses to do so.

Gazprom Export, on Friday, said: “flows would be cut because Gasum had not complied with the new Russian rules requiring settlement in roubles.”

Earlier on Friday, the Finnish state-owned gas wholesaler, Gasum had said the Russian Gazprom warned that flows would be halted from 04:00 GMT on Saturday morning.

The decision is coming at a time when Finland and Sweden announced that they were going to join the North Atlantic Treaty Organisation (NATO) military alliance, a decision inspired by Russia’s invasion of Ukraine.

Last week, the  Finish Prime minister, Sanna Marin had said: “When we look at Russia, we see a very different kind of Russia today than we saw just a few months ago.

“Everything changed when Russia attacked Ukraine. And I personally think that we cannot trust anymore that there will be a peaceful future next to Russia.”

Marin noted that joining NATO is “an act of peace [so] that there will never again be war in Finland in the future”.

According to Swedish leader Andersson, “to ensure the safety of Swedish people, the best way forward is to join NATO together with Finland”.

The announcements were met with support from leaders in almost all NATO nations.

US Secretary of State, Antony Blinken told reporters that the United States would strongly support the NATO application by either Sweden or Finland should they choose to formally apply to the alliance.

Investors King recalls that Russia had in April, announced the suspension of gas supply to Poland and Bulgaria on the same payment disputes. 

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Government

FG Resumes Conditional Cash Transfer Programme Across Six Local Govt. In Kebbi

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NAIRA - Investors King

The Federal Government has resumed the Conditional Cash Transfer (CCT) programme in Kebbi State, commencing with a payment of N9.24bn to 76,107 CCT beneficiaries.

The National Coordinator of the programme, Hajiya Halima Shehu, made the announcement during a state visit to Governor Atiku Bagudu in Birnin Kebbi.

“As at now, payment to CCT beneficiaries is ongoing in the state. A total number of 76,107 beneficiaries across six local government areas of Bagudu, Danko, Wasagu, Dandi, Jega, and Shanga, will be receiving the payment. The beneficiaries will be receiving 26 months of payment circles, starting from January to February 2020.

“The payment will be in two batches of those 60,000 beneficiaries for four payment cycles, using the virtual account. The second batch has 70,107 beneficiaries for nine payment cycles through the debit cards. The total amount for the two batches in the state, according to Shehu, was over N9.24 billion.

“The Federal Government of Nigeria, in partnership with the World Bank in 2016, designed and developed a safety net programme for Nigeria under the platform of National Social Safety Net Programme (NASSP).

“One of the components of NASSP is the national conditional cash transfer office responsible for implementing the household uplifting- conditional cash transfer to the poor and the vulnerable households across the country,” she said.

Shehu commended the governor for providing her an audience and the chance to update him on the commencement of payments and the state’s successful implementation of the program.

Responding, Gov. Bagudu, represented by his Deputy, Alhaji Samaila Yombe-Dabai, thanked the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, headed by Hajiya Sadiya Umar-Farouq, for actualising the programme in the state.

“I assure you that the state government will do all it takes to support the success of the programme in the state.

“We are looking forward to getting more local governments to be involved in the cash transfer programme,” Bagudu said.

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