- Wike Budgets N470bn for 2017 Fiscal Year
Governor Nyesom Wike, yesterday, presented a budget of N470 billion for the 2017 fiscal year to the Rivers State House of Assembly for approval.
The budget tagged, “Golden Jubilee budget for accelerated development,” earmarked N329 billion for capital development and N141 billion for recurrent expenditure.
The governor explained that the administration would focus on achieving rapid development in all parts of the state, adding that the government would also tackle security challenges in the state to ensure that a conducive business climate was provided.
Wike also said his administration will give special attention to growth of education and the health sector, noting that it would also expand its internally generated revenue base in the coming year.
Ministry of Works got N77. 4 billion; Education, N30 billion and Health, N27 billion.
About N13 billion was earmarked for empowerment of women and youths. N14,160 billion went to the administrative sector, N115,245 bn to the economic sector and N125,630 to social sector.
Wike said funding will come from the Federal Allocation, the 13 percent derivation to oil producing states, Value added Tax, VAT, reimbursements and internally generated revenue.
“We are projecting an aggregate sum of N220 billion from FAAC, distributed as follows: N23bn from Statutory Allocation, N102bn from 13 percent mineral derivation fund, N16.6 bn naira from VAT, N8bn exchange gain, N70bn for Paris Club and other reimbursements, and N400m from capital receipts,” he said.
“We are also projecting to generate an aggregate sum of N168, 857,926,276, from IGR,” he said.
He said his administration had taken steps since it came on board to eliminate wastage of public funds, stressing that it will remain focused on delivering dividends of democracy to the state.
CBN Pays N14.35 Billion for 263,860 Meters to End Estimated Billings
The Central Bank of Nigeria (CBN) said it has disbursed a total sum of N14.35 billion to the Distribution Companies of Nigeria (DisCOs) for the payment of 263,860 meters under the National Mass Metering Programme (NMMP).
In November 2020, the Federal Government announced that it would make funds available for 1 million meters in the first phase of President Buhari Mass Metering Initiative at no cost to consumers.
Between November 2020 and January 2021, the Federal Government through the CBN has disbursed N14.35 billion.
However, according to the apex bank DisCOs must pay back the amount disbursed based on the previously agreed amortisation schedule.
“The facility disbursed is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule. The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs),” the CBN stated.
“The maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.”
A week ago, the Ibadan Electricity Distribution Company (IBEDC) announced it has commenced the distribution of 104,0000 free meters in Ibadan, Oyo State.
This, the IBEDC said was under the ongoing National Metering Scheme of president Muhammadu Buhari.
FG Borrows N2.36 Trillion from Capital Market in 2020
Mr. Oscar Onyema, the Chief Executive Officer, Nigerian Stock Exchange, said the Federal Government borrowed N2.36 trillion from the nation’s capital market in 2020.
The CEO disclosed this at the 2020 market recap/2021 outlook held on Tuesday.
He said the Federal Government issuances account for 92 percent of the total bond issued in the market in the year.
Onyema further explained that corporate organisations leveraged on low yield environment to expand and embark on debt refinancing, raising a total of N192 billion,
“Capital-raising activities in the fixed income market increased significantly in 2020. The NSE’s bond market capitalisation rose by 35.52 per cent from N12.92tn in 2019 to N17.50tn,” he said.
Onyema noted that “The year 2020 was indeed a historic one for global capital markets. Facing buffeting headwinds, world markets saw sharp swings and steep losses, but largely remained resilient and orderly amid rising uncertainty.
“For The Exchange, renewed investor optimism coupled with improved economic conditions and low fixed income yields, propelled a year end bull run. Of 93 global equity indices tracked by Bloomberg, the NSE All Share Index emerged the best-performing index in the world, surpassing the S&P 500 (+16.26 per cent), Dow Jones Industrial Index (+7.25 per cent) and other global and African market indexes, to post a one-year return of +50.03 per cent.”
Speaking on product results for the year, the CEO said, “The Nigerian equities market got off to a strong start in 2020, returning 10.4 per cent by the eighth trading session. By October, the equities market entered a much-awaited bull run.
“Buoyed by the formal declaration of the US president-elect, unattractive fixed income yields and better-than-expected corporate earnings, the NSE ASI recovered from Q1’20, to close the year at 40,270.72 (+50.03 per cent) and erase losses of -14.90 per cent recorded in 2019.
“During its remarkable year end run, the ASI gained 6.23 per cent in a single trading session which triggered a 30-minute halt of trading on all stocks for the first time since the NSE Circuit Breaker was introduced in 2016 to safeguard market integrity in periods of extraordinary volatility.
“At the close of the year, the NSE’s equity market capitalisation was up by 62.42 per cent, from N12.97tn in 2019 to N21.06tn in 2020 while market turnover saw an uptick of 7.25 per cent, from N0.96tn in 2019 to N1.03Tn in 2020.
“Although Initial Public Offering activity was mute, the value of supplementary issues increased dramatically from 2019, rising by 851.37 per cent to N1.42tn, from N148.77bn.
“Also noteworthy is that for the second consecutive year, equity market transactions were dominated by domestic investors who accounted for 65.28 per cent of market turnover by value (retail: 44.98 per cent; institutional: 55.02 per cent) while foreign portfolio investors accounted for 34.72 per cent.”
Airtel to Announce Financial Results for Nine Months Ended December 31, 2020 on 29 January 2021
Airtel Africa, one of the leading telecommunications companies in Africa, on Wednesday announced it will report its financial statements for the nine months ended December 31, 2020 on January 29, 2021.
The telecom giant disclosed in a statement signed by Simon O’Hara, Group Company Secretary.
The statement reads “Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, will announce its results for the nine months to 31 December 2020 on 29 January 2021.
“Management will host a conference call on the day of results for analysts and investors at 2:00pm GMT.
“Participants are requested to pre-register for the call by navigating to:
“Once registered, participants will receive a calendar invitation with the dial in details for the call.”
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