Business
Senate Bars NNPC, Others From Spending Money
The Senate has directed the Nigerian National Petroleum Corporation (NNPC) and other revenue generating agencies to stop further capital expenditure until they comply with the Fiscal Responsibility Act.
It said that the agencies had violated the Act and gave them two weeks to submit their budgets in accordance with the provisions of Section 21 of the law.
The directive was sequel to a motion on “Non-submission of 2017 Budget by Public Corporations in Violation of the Fiscal Responsibility Act” moved by the Deputy Senate Leader, Bala Na’Allah, at Wednesday’s plenary.
He said that the Act stipulated that government’s revenue-generating agencies should submit to their supervising ministers, estimates of revenue and expenditure for three years ahead.
Na’Allah said that the submission of the estimates, as contained in the Act, should be done not later than six months from the commencement of the Act and for every three financial years thereafter.
“It should also not be done later than the end of the second quarter of every year’’.
He said that non-compliance with the provisions of the Act amounted to abuse of power and economic sabotage aimed at frustrating current economic measures being taken by the present administration to revive the economy.
He pointed out that the absence of penalties in the provisions of the Act had emboldened and encouraged the perpetration of infractions on it.
The legislator stated that the Fiscal Responsibility Commission was failing in its responsibility in executing of its mandate, owing to complacency.
In his contribution, Deputy President of the Senate, Mr Ike Ekweremadu, said “we are here talking about responsibility of governance, there cannot be any hard responsibility than Fiscal Responsibility because that is the beginning of all evils.
“We must begin to ensure that we live by the laws we make for ourselves.
“If we say that ministers are supposed to send the estimates of various agencies under them with the Appropriation Act of each year that has to be done.
“I recall in 2016, President Muhammadu Buhari sent to this National Assembly the Appropriation Act for that year together with those estimates.
“But, in 2017, the ministers find it impossible to accompany the same Appropriation Bill with those estimates of the agencies under them.
“We cannot be going forte and back. I believe that this is time for us to insist under Section 88 that gives us power of oversight that this has to be done.
“We make laws here for the good governance of this country and that is actually what we have to insist,” he said.
In his remarks, President of the Senate, Dr Bukola Saraki, said that the motion was at the heart of the fight against corruption.
“It is very important that some independent revenue agencies even exceed how much we get from oil revenue.
“So, this is a huge amount to our revenue line. We are talking about looking for money to fund projects, hospitals, education etc; this is where the source of the revenue is.
“And, I cannot see how we can continue in a society where we are fighting corruption, where people will be spending money without approval, without appropriation.
“It must stop; it will stop and is going to stop from now,” Saraki said.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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