Business
2018 Budget: Consolidate On Agricultural Gains, FRC Tells FG
Acting Chairman, Fiscal Responsibility Commission (FRC), Mr Victor Muruako has advised the Federal Government to consolidate on the gains in agricultural sector to realise its projections for the 2018 budget.
He gave the advice on Wednesday in Abuja while speaking with newsmen on the 2018 budget, put at N8.612 trillion.
The budget, tagged “Budget of Consolidation’’, which was presented to the joint session of the National Assembly by President Muhammadu Buhari on Tuesday is expected to reinforce and build on recent accomplishments of the government.
Its key parameters include a crude oil benchmark price of 45 dollar per barrel, oil production estimate of 2.3 million barrels per day and exchange rate of N305 per dollar.
The budget also has projected oil revenue of N2.442 trillion and non-oil projection of N4.165 trillion.
Muruako said though a lot of work had gone into the agriculture sector, the nation could go further by developing agriculture- related Small and Medium Enterprises (SMEs) to improve on agricultural produce.
He said this would ensure that the produce were converted into other consumables that were often imported, thereby reducing importation and increasing the nation’s export base.
“I am very happy about the sectoral allocation for agriculture, it is one area that will grow this economy, particularly if the right things are done and if SMEs are encouraged,’’ he said.
On the budget projections, Muruako said they were realistic and achievable, though aggressive.
He said that it was better to plan ambitiously than make plans that were below reasonable expectations.
“If you look at the projections, they are very aggressive efforts and good, because they are layouts and plans and it is better to plan and get close to your target than to not plan at all.
“Budget is like a financial plan and you have to be ambitious, this government has been ambitious and maybe that is why we have been able to exit recession quickly.
“These projections are achievable, particularly when you look at the steady decline of inflation.
“We may say it is not so dramatic yet, but I think that the projection rate for inflation of 12.8 per cent is achievable.’’
He also said the projected non-oil revenue was evidence that the administration was serious about diversification, adding that it showed that taxation would be a good revenue generator for the year.
Muruako commended Buhari for presenting the proposal to the National Assembly early enough, adding that it would be a very beautiful thing for the budget life to return to the January to December cycle.
He also said this would enable the nation run the fiscal year in the ideal way it should be run.
“It has not been easy all these years, the inconsistency in the budget cycle did not just start now, there had been numerous challenges but then there have also been a lot of improvement.
“We must first of all commend the President for presenting the budget at this time.
“Although statutorily, it is not the right time, but I think the time is reasonable enough, it is an improvement from what it used to be.’’
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
-
Oil & Energy3 days ago
Nigeria Hosts Global Confab On Oilfield Sustainability, Hydrocarbon Accounting
-
Sports3 days ago
Iheanacho, Dessers Applaud Finidi’s Tactics
-
Rivers3 days ago
Group Begins Massive Support Drive For Fubara
-
News1 day ago
Reps Member Pledges Support, Loyalty To Fubara, Joins SIMplified Movement
-
Maritime3 days ago
Illegal Migration: NIS, NIWA Move To Strengthen Partnership
-
News3 days ago
Insecurity: Arrest Gumi Within Seven Days, Group Tells FG
-
Rivers1 day ago
Bonny Ward 12 Endorses Council Boss For Second Term
-
News1 day ago
New Kalabari Monarch To Emerge Soon -Regent