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Osinbajo to Sign 2017 Budget Next Week, Says Dogara

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SPEAKER of the House of Representatives, Yakubu Dogara
  • Osinbajo to Sign 2017 Budget Next Week

The Speaker of the House of Representatives, Mr. Yakubu Dogara, on Friday said that Acting President Yemi Osinbajo would sign the 2017 budget into law “early next week.”

Dogara made this known during the second anniversary session of the 8th House of Representatives in Abuja.

Although the Speaker did not give much details as to the specific date when the budget signing would take place, his hint indicated that the Presidency might have communicated to him a decision to assent to the N7.441tn budget next week.

Meanwhile, as the session was going on, it was disrupted by some members of the National Association of Nigerian Students due to the leadership tussle rocking the association.

Dogara, while recognising the attendance of the students at the session, had mentioned Mr. Haruna Kadiri as the National President of NANS.

But, another factional NANS President, Mr. Chinedu Obasi, interrupted Dogara rudely by shouting that Kadiri was not the President.

Obasi’s supporters, who thronged the gallery of the House, also shouted that it was Obasi and not Kadiri that was the authentic President.

Amidst the confusion and uproar, Dogara was forced to halt his speech as security officials whisked Obasi out of the chambers.

Outside the chambers, Obasi, who almost had his clothes torn, insisted that he was the President, showing a letter of invitation sent to him by the House to attend the event.

Ironically, the House also sent the same letter to Kadiri, who was eventually recognised by Dogara.

Obasi stated, “We are disappointed by the action of the Speaker to have recognised someone not known to us as the national president of NANS. I am the duly elected national president of NANS.

“With me here is the letter of invitation to this event sent to me by the House leadership. I didn’t just come here. I was invited.”

But, one lawmaker and a former official of NANS, Mr. Tajudeen Yussuf, explained that the House invited both Obasi and Kadiri because of the confusion over who was the authentic NANS President.

“It was based on this reasoning that names were not contained in the invitation letters that were issued to the two leaders,” Yussuf added.

Meanwhile, the Chairman of the Editorial Board of ThisDay Newspapers, Mr. Olusegun Adeniyi, told the House that the National Assembly suffered negative image perception because of the jumbo pay of lawmakers and the unresolved controversies surrounding budget padding.

Adeniyi also said certificate scandals and the ostentatious lifestyle of senators and members of the House contributed to why Nigerians frequently questioned their relevance to the country.

Adeniyi was the guest speaker at the special session.

Speaking on the topic, “Image Perception of the Legislature: Causes and Possible Solutions,” he also observed that a House that could vote N3.6bn to buy exotic cars for its members in a period of recession did not appear to be sensitive to the plight of Nigerians.

He added that much as the House had passed many bills and motions in the last two years, the concern of Nigerians would be how the bills had impacted directly on their lives.

He said, “As far as the honourable members seated here this morning are concerned, you are serving the people.

“But where majority of Nigerians are concerned, you are all here serving only your own interest.

“Whether the populace is right or wrong is not the issue here. What is important is for the members to be aware that the people whose interest they claim to serve do not think highly of them.”

However, in his address, Dogara argued that while the current House would not assess itself for the work it had done, it had broken all the records of performance set since 1999.

The speaker said, “Statistics bear this out. The total number of bills introduced so far is 1,064, out of which Executive bills are 50; Senate bills transmitted to the House are 21; and Private Members’ bills are 993.

“A total of 126 bills have been passed by the House and the others are at various stages in the legislative mill. Twenty seven bills have received Presidential assent and a lot more are in the pipeline.

“Each of the achievements highlighted above is unsurpassed by any previous Assembly. The sheer volume of these bills attests to the vibrancy of the House in its attempt to legislate on key areas of our national life at a very trying time in our history.”

Dogara also stated that the House had kept its promise of not only to reform the budgeting process but had also published the details of the budget of the National Assembly this year.

Although, it was a special anniversary session, punch observed that about 200 out of the 360 members of the House were absent in the chambers.

Only 74 members were in attendance as at 10.27am when Dogara addressed the opening of the session. The number grew to 150 when it ended about 1.47pm.

However, the Leader of the House, Mr. Femi Gbajabiamila, told the session that there was a wrong notion of assessing legislators based on the number of times they sat in the chambers. According to him, while the plenary of the House might appear not to be full most of the times, legislators are busy performing other functions of oversight and committee assignments, “which are even more important than the plenary.”

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

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Economy

Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024

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Gas-Pipeline

The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

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Economy

IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%

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IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

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Economy

South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty

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South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

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