NEWS AGENCY OF NIGERIA
Economy/Business

NNPC records ₦28.38bn trading surplus in Sept.  – Report

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By Edith Ike-Eboh

The Nigerian National Petroleum Corporation (NNPC) says it recorded a trading surplus of ₦28.38 billion in September 2020.

The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of September, released in Abuja, on Sunday.

It said that the amount was slightly lower than the ₦29.60 billion surplus in August 2020.

The marginal reduction in surplus, according to the report, was as a result of lower contribution from the Nigerian Petroleum Development Company (NPDC) which recorded zero crude oil lifting from the Okono Okpoho facility during the month under review

The situation, it further attributed to ongoing repairs in the facility.

“However, other NNPC subsidiaries namely the Integrated Data Services Limited (IDSL), National Engineering and Technical Company Limited (NETCO), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC) and NNPC Retail posted impressive trading results.

“They recorded 268, 234, 21, 422 and 41 per cent trading surpluses respectively over their previous month’s performance.

The report further noted that the corporation also recorded a total export revenue for crude oil and gas valued at 120.49 million dollars for the month of September.

“The 120.49 million dollars crude oil and gas export revenue is a 16.28 per cent improvement on the 100.88 million dollars posted in August 2020.

“Out of the figure, proceeds from crude oil amounted to 85.40 million dollars while gas and miscellaneous receipts stood at 25.31 million dollars and 9.78 million dollars respectively,” it revealed.

In the gas sector, a total of 223.82billion cubic feet (bcf) of natural gas was produced in the month under review translating to an average daily production of 7,460.80million standard cubic feet per day (mmscfd).

For the period September 2019 to September 2020, a total of 3,039.05bcf of gas was produced representing an average daily production of 7,730.35mmscfd during the period.

“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.10, 20.29 and 10.61 per cent respectively to the total national gas production.

“Out of the 221.91bcf of gas supplied in September 2020, a total of 140.45bcf was commercialised, consisting of 36.37bcf and 104.08bcf for the domestic and export markets respectively,” it said .

It further noted that the supply translated to a total supply of 1,212.17mmscfd of gas to the domestic market and 3,469.45mmscfd of gas supplied to the export market for the month.

This, it said, implied that 63.29 per cent of the average daily gas produced was commercialised while the balance of 36.71 per cent was re-injected, used as upstream fuel gas or flared.

It noted that gas flare rate was 6.66 per cent for the month under review (i.e. 492.93mmscfd compared with average gas flare rate of 5.84% i.e. 439.90 mmscfd for the period of September 2019 to September 2020).

To ensure effective supply and distribution of Premium Motor Spirit (PMS) across the country, a total of 0.59bn litres of PMS translating to 19.59mn liters/day was supplied for the month in the downstream sector.

During the period under review, 21 pipeline points were vandalised representing about 43 per cent decrease from the 37 points recorded in August 2020.

Of this figure, it said that Mosimi Area accounted for 90 per cent of the vandalised points, while Port Harcourt Area accounted for the remaining 10 per cent.

It assured that the NNPC, in collaboration with the local communities and other stakeholders, continuously strive to reduce and eventually eliminate this menace. (NAN)

Economy/Business , Food Security

Kwara Gov. inaugurates 10-year agricultural transformation plan

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By Olubukola Aiyedogbon

The Kwara Governor, Malam AbdulRahman AbdulRazaq has launched a 10-year Agricultural Transformation Plan, designed to make Kwara food sufficient  by 2030.

“The essence of this document is to ensure food security, attract investments to the sector, create jobs, reduce poverty, and create inclusive growth by giving equal opportunities for women and girls to also benefit from everything that this plan has to offer.

“This week is one of the most exciting weeks, because I met the French Ambassador to Nigeria who has agreed to send a team to Kwara state. He is particularly interested in the agricultural sector, most especially the livestock sector”, he said at the inauguration  in Ilorin.

AbdulRazaq said that the plan was hinged on six pillars: crop production, finance, livestock, access to market, value chain, and cross-cutting programmes, in addition to detailed monitoring and evaluation mechanisms, to constantly interrogate the journey, while attention is also paid to sustainability.

The Governor said: “the document comes with measurable milestones to ensure faithful implementations by all the stakeholders.

“It is a 10-year plan which is based on verifiable data gathered from field research and extensive consultations with various stakeholders and experts in the sector.

“The plan spells out the opportunities and challenges in the agricultural sector in the state, and identifies the six pillars that are critical to the success of the plan”.

The Governor also said that he was working on an agreement with the Lagos state government on food production, adding that Kwara will invest N2bn in the agricultural sector, in partnership with the New Partnership for Africa’s Development (NEPAD).

“This will be anchored by a department at Kwara State University, Malette, which will be at Ilesha Baruba. This administration will conclude the construction of the campus.

“The campus has extensive land which I have visited, so NEPAD is investing in Kwara. I am also the chairman of the programme’s steering committee. It will make Kwara’s agriculture programme a huge success.

“I thank all the stakeholders, our partners and our team, for the success of this work. However, the most challenging part is ensuring successful implementation of the plan to make Kwara food sufficient by 2030.

“This is achievable if everyone plays their part. As an administration, we will mobilise every resource in support of this dream”, AbdulRazaq said.

Speaker of the Kwara State House of Assembly, Yakubu Salihu noted that the state administration was making efforts to improve rural road infrastructure, for easy movement of farm produce.

“This plan, if well implemented, will improve the state’s internally generated revenue, which is very important. With the Rural Access and Agricultural Marketing Project (RAAMP), about 700kms will be taken care of and the agricultural transformation plan will be a plus to us all in the state”, he said.

The Technical Assistant to the Governor on Agriculture, AbdulQowiy Olododo, explained that the plan was unique and comprehensive, as it captured both the enormous potentials in the sector as well as the actionable steps needed to harness such potentials and turn them into tangible benefits for all.

“In line with the vision of the Governor, this transformation plan has been designed to deliver unending benefits to the people of Kwara.

“The benefits include, but are not limited to, massive decent job creation for women and youths, improved nutrition, availability and affordability of quality food, rural infrastructure development, improved standard of living and economic growth”, he said.

The state Chairman of the All Farmers Association of Nigeria (AFAN), Mr Muhammad Aboki, commended the AbdulRazaq-led administration for consulting and involving farmers in the plan and for developing the sector to attain food security.

“The governor’s words can be taken to the bank. We have absolute confidence in your leadership because of what you have demonstrated, not only in agriculture but in all spheres of economy in the state.

“All farmers in Kwara are following the trend of events and are very happy with your laudable programmes and projects”, the chairman said. (NAN)

Business , Economy/Business

FMDQ admits Total, Valency Agro, Mixta Real Estate CPs

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By Chinyere Joel-Nwokeoma

FMDQ Securities Exchange Ltd., resumed 2021 with the quotation of Total Nigeria Plc., N2.25 billion Series 1 and N12.75 billion Series 2 Commercial Papers (CP) under its N30 billion CP Issuance Programme.

The company said in a statement in Lagos that its Board Listings and Market Committee also approved the quotation of Mixta Real Estate Plc., N2 billion Series 32, CP under its N20 billion CP Issuance Programme.

Similarly, the company approved the registration of Valency Agro Nigeria Ltd., N20 billion CP programme on its platform.

The debut issuance of Total Nigeria’s CP, following a volatile period for the oil and gas industry as disrupted by the COVID-19 pandemic demonstrated innovation and confidence in the Nigerian debt capital market (DCM).

This was aimed at supporting the vibrancy of the sector and in turn the reactivation of the Nigerian economy.

FMDQ said the issue attracted significant demand from a wide range of investors, resulting in a subscription level of over four times the initial issue size – a demonstration of investor confidence in the company.

Commenting on the quotation of the issue, the Managing Director of Total Nigeria, Mr Imrane Barry, explained that “the programme was set up to enable the company further broaden its sources of capital by accessing funding from the Nigerian debt capital markets, while also reducing its overall funding costs”.

Barry who thanked investors for supporting the company’s debut issue commended the financial advisers, Stanbic IBTC Capital Ltd., and FBNQuest Merchant Bank Ltd., for ensuring the success of the issue in spite the challenging environment.

Also commenting on the quotation, Tokunbo Aturamu, Head of Debt Capital Markets, Stanbic IBTC Capital, expressed his delight that Total Nigeria had joined the growing list of blue-chip corporate who have embraced CP issuances in the Nigerian debt capital markets as a means of funding their working capital requirements.

Aturamu also appreciated the Board and Management of Total Nigeria for the opportunity given to Stanbic IBTC Capital to act as Sole Arranger, as well as Joint Dealer alongside FBNQuest Merchant Bank, to the N15 billion debut, CP issuance under the programme.

In his remarks, the Managing Director, Valency International Pte Ltd., Mr Sunil Dhanuka, said “we are glad for the successful registration of Valency Agro’s, N20 billion CP Issuance Programme.”

Dhanuka also commended FMDQ for the seamless process in spite of the COVID-19 pandemic and the various restrictions.

In line with our vision to grow within the agricultural value chain in Nigeria, Valency Agro is committed to ensuring the growth of the agriculture sector through our deep involvement in Cashew, Sesame, Cocoa and other produce.

“Proceeds from this CP Programme will be used toward meeting the midterm working capital requirements of the various agricultural produce and on value addition prior to export,” he said. (NAN)

Business , Economy/Business

Vitafoam turnover rises to N23.44bn in 2020 – GMD

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By Itohan Abara-Laserian

Vitafoam Nigeria Plc has attributed its turnover increase of 5.2 per cent from N22.28 billion in 2019 to N23.44 billion in 2020 among other impressive performances to innovation and expansion.

Mr Taiwo Adeniyi, Group Managing Director and Chief Executive Officer, Vitafoam, made the disclosure this in a statement made available to the News Agency of Nigeria (NAN)  in Lagos.

Adeniyi said that the company’s investment in its subsidiaries as a growth strategy was beginning to pay off as the growth in total sales was up by 5.2 per cent.

“As a matter of corporate policy, we do continuous improvement on our products. We sell high margin products.

“We are highly connected with our customers. We know their different needs and as such our products always gain acceptance in the market. Our foams and other products meet specific needs.

“Last year, we launched Buy Rights when our research revealed that different weights require different types of foams. We do not just sell to customers, we offer health counseling to advise on the specific foam for individual customers,,” he said.

“This has greatly endeared us to our customers. Vitafoam is not just about only rigid foams. We have strong footing in furniture and other household equipment such as Sandwich Panels, Insulation Board and Spray Foam.

“Quality product is our second name. Our current performance was not driven by sales due to COVID-19. The margin from this is insignificant and we even donated foams to Lagos State Government as our corporate support.”

The Vitafoam boss added: “Our investment in the subsidiaries as a growth strategy is beginning to pay off. All of them have turned profitable.

“We are not insulated from the tough operating environment as all the indices that should drive growth in the manufacturing sector are weak.

“But due to our innovative efforts, trust on the part of our customers and of course divine grace, our balance sheet today is one of the strongest in the industry.

“We have capacity to sustain the trajectory and we shall continue to reward our shareholders accordingly.”

Adeniyi said tha in spite of the adverse impact of COVID-19 pandemic, the company’s turnover rose by 5.2 per cent to N23.44 billion in 2020 from N22.28 billion in 2019.

“Cost of sales dropped by 8.1 per cent from N13.52 billion to N12.43 billion. Gross profit thus rose by 25.7 per cent to N11.01 billion from N8.76 billion.

“Non-core business income rose by 52 per cent from N491 million to N745 million. Interest expenses reduced by 11.4 per cent from N1.05 billion to N930 million. Profit before tax soared by 61.5 per cent to N5.6 billion from N3.5 billion,” he added.

Meanwhile, the manufacturing giant announced that its 5.2 per cent increase in total sales, 8.1 per cent drop in cost of sales, while the 11.4 per cent reduction in finance were rewards for internal cost efficiency.

Specifically, after taxes, net profit soared by 72 per cent from N2.39 billion to N4.11 billion; basic earnings per share increased to N3.05 from N1.82 and net assets per share hit N7.25 in 2020, 54.3 per cent above N4.70 recorded in 2019.

On the strength of the company’s outstanding performance, the board has recommended a cash dividend of N979.4 million for 2020, 64.5 per cent above N595.4 million paid in 2019.

The current dividend translates into 70 kobo per share as against 42 kobo paid in the preceding year.

Mr Oluropo Dada, Managing Director and Chief Executive Officer, Network Capital, said that shareholders would get higher dividends, while the performance translated into higher valuations of investment for analysts and traders.

“It is a remarkable improvement on all the quantitative and qualitative parameters of the company which expectedly translated to better results with bountiful rewards to all the stakeholders.

“Shareholders are going home with higher dividends, while the performance translates into higher valuations of investment for analysts and traders,” Dada said.

The announcement of the results has attracted investors to Vitafoam shares on the Nigerian Stock Exchange (NSE) and positioned it as one of the most stable stocks, with its current net assets per share of N7.25.

Market watchers believe that Vitafoam’s share price is due for re-pricing on the capital market. (NAN)

Economy/Business

Buhari, 9 other presidents, receive AfCFTA awards

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By Temitope Ponle

President Muhammadu Buhari, nine other African Heads of State and Dr Akinwumi Adesina, President, African Development Bank (AfDB) have received awards for their contributions to the kick-off of the African Continental Free Trade Agreement (AfCFTA).

The award ceremony was organised virtually by the African Union (AU) with the private sector in the AU headquarters at Addis Ababa, Ethiopia on Friday.

Awards were also given to heads of institutions for their roles in the enforcement of the AfCFTA.

The presidents given the awards were Muhammadu Buhari of Nigeria, Akufo-Addo of Ghana; Felix Tshekedi of Congo; Ahmed Fattah Al-Sisi of Egypt and Mahamadou Issoufou of Niger.

Others were, Presidents Alpha Conde of Guinea; Cyril Ramaphosa of South Africa and Chairperson of the AU; and Paul Kagame of Rwanda.

Other country leaders who also received awards were, King Mswati III, Ngwenyama of Eswatini and Prime Minister Abiy Ahmed of Ethiopia.

Two former heads of states,  Mr Hailemariam Desalegn, former Prime Minister of Ethiopia and Mr Olusegun Obasanjo, former President of Nigeria were presented with awards.

The President,  Africa Business Council (AfBC), Ms Amany Asfour, was also presented with an award for her role in that respect.

Some heads of African institutions and other prominent individuals were also awarded for their exceptional contributions to the AfCFTA process.

The awards were received by the various countries’ ambassadors and representatives of institutions present.

The organisers also promised to send the others through courier services to the recipients.

One of the award recipients, Ms Amany Asfour said the ceremony showed the commitment of the private sector towards the implementation of the AU Agenda 2063.

“We need an architecture where the organised private sector would cater for the implementation of the AfCFTA and it is such a pleasure now it has been constituted by the efforts of the AU Commission,” she said.

Asfour also urged the players in the private sector to ensure the implementation of the policies regarding the agreement.

“We need the legislation that will make it happen with the AfCFTA, the policies can be on paper but the implementation is our role as the private sector.

“It is a must to empower our Small and Medium Enterprises, youths and women. We are the richest continent in the world but we need to manage our own resources,” she said.

In her remarks, Mrs Saratu Aliyu, President, Federation of West Africa Chambers of Commerce, Industries, Mines and Agriculture (FEWACCI) appreciated governments, private sector players and contributors to the success of the AfCFTA implementation.

Aliyu expressed optimism that the agreement would promote e-commerce and e-business infrastructure and develop a roadmap for the development of a digital economy to support the growth in member states.

She further reiterated the support of FEWACCI to achieving economic development and growth in Africa.

Economy/Business

False document: CAC says erring lawyers liable to 2 years imprisonment

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By Emmanuella Anokam

The Corporate Affairs Commission (CAC) says any accredited lawyers found culpable for filing false document in the course of company registration will be liable to two years imprisonment.

Registrar-General of the Commission, Alhaji Garba Abubakar, made the declaration in a forum with the Commerce and Industry Correspondents Association of Nigeria (CICAN) on Friday in Abuja.

The News Agency of Nigeria (NAN) reports that the commission commenced implementation of the new Companies and Allied Matters Act, 2020 (CAMA 2020) on Jan. 1 and had equally launched a new self-service portal to promote Ease of Doing Business (EoDB).

NAN also reports that the portal allows for end-to-end electronic submission by customers.

Abubakar said once a document is submitted by accredited lawyers or certified secretaries (customers) on behalf of a company, the commission presumes that those documents are regular and the person that submitted had authority.

“If anybody makes any mistake or false declaration or submit any information that is false that person will be liable to two years imprisonment upon conviction.

“We advise our customers to ensure they had proper authority to make filings on behalf of companies that engage them. If there is any wrong information or any misstatement in the document submitted they will be held responsible,’’ he said.

Abubakar, however, stated that the new system has placed a lot of responsibilities on the persons submitting documents on behalf of the companies.

He explained that this became necessary because the strict requirements of the past where its officers had to compare signatures and looked at other documents to validate the new filling has been relaxed.

He added that the commission had embarked on various initiatives towards repositioning the commission to be a world class company registry in line with the EODB of the government.

Abubakar said the agency had come up with regulations to support the implementations of the new CAMA, 2020.

He added that under the new law there were a lot of changes to what was obtainable, both in terms of registration requirements and in terms of number of legal entities that could now be registered.

According to him, a draft regulation to support the implementation was approved by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo in December 2020.

He said this had various forms to be used in filling applications for new and post-registration, fees to be charged for various services as well as new set of model articles of association.

NAN reports that President Muhammadu Buhari signed into law the CAMA 2020 in August 2020, which repeals and replaces the CAMA 1990.

NAN also reports that CAC had given registered companies until April 1 to revalidate their various information and accounts or face sanctions. (NAN)

Economy/Business

CPI rises by 0.86% in December- NBS

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By Folasade Akpan

The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI) rate in Dec. 2020 rose by 0.86 per cent to 15.75 per cent from 14.89 per cent recorded in November.

It said this in the “Consumer Price Index (CPI) Dec. 2020” report released on Friday in Abuja.

It added that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline Index.

According to the NBS, on month-on-month basis, headline index increased by 1.61 per cent in December  which was 0.01 per cent rate higher than the rate recorded in November at 1.60 per cent.

“The percentage change in the average composite CPI for the twelve months period ending December over the average of the CPI for the previous twelve months period was 13.25 per cent, representing a 0.33 per cent increase over 12.92 per cent recorded in November.

“The urban inflation rate increased by 16.33 per cent (year-on-year) in December from 15.47 per cent recorded in November, while the rural inflation rate increased by 15.20 per cent in December from 14.33 per cent in November.”

The report indicated that on a month-on-month basis, the urban index rose by 1.65 per cent in December, same as the rate recorded in November, while the rural index also rose by 1.58 per cent in December, up by 0.02 per cent above the rate that was recorded in November (1.56 per cent).

It added that the corresponding 12-month year-on-year average percentage change for the urban index was 13.86 per cent in December.

“This is higher than 13.55 per cent reported in November, while the corresponding rural inflation rate in December was 12.67 per cent compared to 12.35 per cent recorded in November.”

For composite food index, the NBS said that it rose by 19.56 per cent in December compared to 18.30 per cent in November.

The rise was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish,  oils and fats.

It added that on month-on-month basis, the food sub-index increased by 2.05 per cent, up by 0.01 per cent from 2.04 per cent recorded in November.

“The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.37 per cent in December, up by 0.32 per cent when compared with 11.05 per cent recorded in November.

“On month-on-month basis, the core sub-index increased by 1.10 per cent in December. This was up by 0.39 per cent when compared with 0.71 per cent recorded in November,” the report said.

It also said that the highest increases were recorded in prices of passenger transport by air, medical services, hospital services, shoes and other footwear, passenger transport by road, miscellaneous services relating to the dwelling, hairdressing salons and personal grooming establishments.

Others were repair of furniture, vehicle spare parts, pharmaceutical products, motor cars, maintenance and repair of personal transport equipment, paramedical services, motor cycle, dental services and bicycles.

For state profiles, the NBS said that for the month under review, all items inflation on year on year basis was highest in Bauchi at 19.85 per cent, Edo at 18.15 per cent and Kogi at 18.40 per cent.

Lagos has 14.05 per cent, Kwara at 13.91 per cent and Abia at 13.3 per cent recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, December all items inflation was highest in Nasarawa at 2.3 per cent, Gombe at 2.2 per cent and Akwa Ibom at 2.16 per cent.

Ekiti which stood at 0.87 per cent, Rivers at 0.67 per cent and Ebonyi at 0.61 per cent recorded the slowest rise in headline month-on-month inflation.

The report said that food inflation on a year-on-year basis was highest in Edo at 24.14 per cent, Kogi at 23.14 per cent and Sokoto at 22.24 per cent.

Meanwhile Bauchi at 16.53 per cent, Abia at 16.04 per cent and Nasarawa at 15.71 per cent recorded the slowest rise.

The News Agency of Nigeria (NAN), reports that CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living. (NAN)

Economy/Business , Food Security

Agribusiness Register partners Shea butter association on trading

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By Bukola Adewumi
The Nigeria Agribusiness Register (NAR) said it would partner National Shea Products Association of Nigeria (NASPAN) to trade shea butter as commodity exchange for the Nation’s economic benefit.

Its founder, Mr Roland Oroh, disclosed this in an interview with the News Agency of Nigeria(NAN) on Friday in Abuja while discussing the benefits of trading of agricultural products internationally.

Oroh said shea nut kernel was one of the commodities that the Securities and Exchange Commission (SEC) recommended to be included as tradable commodity in Nigeria commodity exchanges.

He said it was agreed by SEC that part of its implementation of a 10-year Capital Market Master Plan was to constitute a technical committee on Commodities Trading Ecosystem.

One of the recommendations of the committee was to identify commodities with good supply base in Nigeria for inclusion as a tradable commodity in the Nigeria Commodity Exchanges.

According to him, Nigeria has the largest number of shea trees in the world and contributes over 60 per cent of the total shea nut produced annually in West Africa.

Oroh said: “Nigeria can supply shea nut kernel to local buyers and those in West Africa while developing a local processing industry.”

He said that a panel session held at the second agribusiness networking (Agnet) titled, “Trading Shea Nuts and Shea Butter in Commodity Exchanges in Nigeria: How to Make It Happen” noted that shea was a tradable commodity.

He said that the Representatives of AFEX and the Lagos Commodity & Futures Exchange were of the view that the benefit of trading shea would increase quality and sustainability of the product from the production areas.

Oroh said NASPAN, the Agribusiness Register, the Commodity Brokers Association of Nigeria and the nation’s commodity exchanges and other stakeholders would work to make shea trading on the nation’s exchanges a reality.

The News Agency of Nigeria (NAN) reports that the NAR is supporting food and agribusiness investments in Nigeria and West Africa to scale and also turn impact-oriented investment intentions into actual investments.

They are the agribusiness investment facilitation arm of Commodities Development Initiative (CDI) a commercial NGO registered under the corporate laws of Nigeria.

NAR’s mission is to create impact and increase inclusion by supporting agribusiness start-ups and scale-ups with information, grants and access to impact capital and product markets.

This is through several products and services including the AgNet event, which brings fund providers and project promoters together to make commitments.

Economy/Business

Kano: 258 beneficiaries receive FG’s grant of N10,000 each

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By Abbas Bamalli
The Federal Government has disbursed N10,000 grant each to 258 beneficiaries in Wudil/Garko Federal Constituency of Kano State as part of efforts to fight poverty among the unemployed at the grassroots.

The News Agency of Nigeria (NAN) reports that the fund disbursement which took place on Thursday in Wudil Local Government was through the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN).

Auwal Aminu, Procurement Officer of SMEDAN, said the gesture was facilitated by the legislator representing Wudil/Garko Federal Constituency, Malam Muhammad Ali-Wudil.

Aminu said the gesture was to reduce the hardship most of the people with small businesses encountered as a result of the COVID-19 pandemic.

In his own speech, Ali-Wudil said the support was aimed at empowering the unemployed youths to establish or boost their businesses.

He said that one of the major agendas of President Muhammadu Buhari was to fight unemployment among the youth.

“Since his assumption of duties, he has focused more on empowering the youths so that they can be self reliant. It has, therefore, become necessary for us to support him.

“We have empowered many people in my constituency, especially the youths and party members.

“Recently, we empowered over 500 executive committee members, party leaders, 350 women and other constituency members,” Ali-Wudil said.

He said that arrangements were ongoing to also provide support for students of Wudil and Garko studying in various tertiary institutions across the country.

Ali-Wudil lauded the Federal Government for providing the SMEDAN grant, saying it would go a long way in reducing the economic challenges of the beneficiaries.

Hamisu Umar, one of the beneficiaries, said the gesture would help him to boost his small business.

Mairo Hamisu, another beneficiary, described the support as a welcome development as it would enable him establish his own businesses rather than depending on others.

Economy/Business

LASG’s debt stands at N158bn, commits N31bn to servicing

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By Tajudeen Atitebi

Lagos State currently has N158 billion debt stock for which it has committed N31 billion to servicing.

The state Commissioner for Finance, Dr. Rabiu Olowo, said this at a media parley in Lagos on Thursday where commissioners and special advisers in the state spoke to journalists.

The meeting was on the N1.64 trillion 2021 budget of the state tagged “Budget of Rekindled Hope.”

The budget was passed by the state House of Assembly on Tuesday, Dec. 29, 2020 and signed into law by the governor on De. 31, 2020.

The budget is made up of N702.935 billion capital budget and N460.587 billion recurrent estimate.

Olowo said the debt was sustainable at 22 per cent of debt-revenue ratio, which he said was even below the Federal Government’s benchmark of 30 per cent and World bank’s benchmark of 40 per cent.

He said the state government planned to finance the N192.494 billion budget deficit through external sources, internal sources and bonds.

The finance commissioner said N100 billion would be sourced internally, N52 billion externally and N40 billion through bonds.

Mr Sam Egbube, the state Commissioner for Budget and Planning, said the main focus of the budge was to accomplish the Governor’s THEMES Agenda.

He said the state government had set up a 10-point agenda to achieve the agenda, which included aggressive development and maintenance of infrastructure across the state.

Others are creation of employment and enhancement of food security, improvement of civic participation, inclusion of and cooperation in governance and investment in human capital development.

Prof. Akin Abayomi, the state Commissioner for Health, said the state focused more on COVID-19 last year because it was a global pandemic that deserved a lot of attention.

He said in spite of this, the state still devoted a lot of its resources to other ailments.

He said the attention to COVID-19 did not distract the state from other ailments as only one of the 27 general hospitals in the state was dedicated to COVID-19 treatment. (NAN)

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