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2017 Budget: N290 To Dollar Unrealistic – Experts

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Some financial experts have faulted the exchange rate of N290 to a dollar proposed for the nation’s 2017 budget.
They told newsmen in Lagos that the exchange rate was not realistic with the developments at the forex market. Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., Lagos, on Thursday said that the government needed to come up with strategies that would address exchange rate disparities in the country.
He said that N290 was not in tandem with what was obtainable in the parallel market.
According to Kurfi, more companies may close down in 2017 if government fails to address the foreign exchange gap in the country. ”The government needs to increase the amount of funds allotted to capital expenditure to boost economic activities for growth and development.
”Government needs to bring in more money into the capital expenditure to achieve growth by reducing the cost of governance,” Kurfi added. Alhaji Rasheed Yussuf, the Managing Director, Trust Yield Investment Ltd., Lagos, said that the government should go beyond budget outline and think of ways to ensure effective implementation. Yussuf said that outstanding issues that marred 2016 budget implementation should be sorted out before presenting the 2017 budget.
He stated that the government needed to sort out the Niger Delta Avengers’ issue and circumstances surrounding 2016 budget padding before presenting the budget.
Yussuf urged the government to intervene in the ongoing faceoff in the House of Representatives to avoid unnecessary budget delay. ”Budget outline is not the answer to the nation’s challenges but implementation details,” Yussuf said.
He urged Nigerians to patronise locally made goods and services to reduce foreign exchange pressure in line with Nigeria’s economic realities. Mr Harrison Owoh, the Managing Director, HJ Trust & Investment Ltd., Lagos, said that the government should boost internally generated revenue to achieve the budget target. ”Tax leakages and reduction in the cost of governance should be addressed to boost revenue.
”The nation needs not to panic over drop in oil prices, if other sectors of the economy are developed. ”The government should pay more attention to extractive industries and pay less emphasis on oil,” he said.
The Federal Government plans to spend an estimated N6.812 trillion in 2017. The figure is about 13.3 per cent higher than N6.06 trillion budgeted for 2016.
The details are contained in the 2017-2019 Medium-Term Expenditure Framework and Fiscal Strategy Paper forwarded by President Muhammadu Buhari to the National Assembly on Oct. 5.It also pegged oil benchmark at 42.50 dollars per barrel with a production of 2.2 million barrels per day.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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