Business

Reps To NDDC: Clear Debts With Your 2019 Budget

Published

3 years ago

December 10, 2019

The House of Representatives has directed the Niger Delta Development Commission to clear its liabilities through the implementation of its 2019 budget .

The House of Representatives Committee on NDDC issued the directive in Abuja on Tuesday when the interim management of the commission , led by the acting Managing Director , Mrs Joy Nunieh , appeared before the lawmakers to defend the budget proposed for 2019 .

The committee , at the last sitting , had vowed not to consider the 2020 budget proposed by NDDC until the 2019 budget was presented and considered .

Chairman of the committee, Mr Olubunmi Tunji – Ojo , accused the commission of failing to implement its 2019 budget due to widespread infractions and sharp practices by the former management .

Tunji – Ojo stated that as part of the measures towards ensuring implementation of NDDC ’ s 2019 budget , the commission must present the list of all contractors it owed . He also stated that payment of claims would only be made after thorough verification and approval by the committee.

The lawmaker also stated that the NDDC must recover the over N1 trillion owed it by various entities to offset the commission ’ s liabilities .

Tunji – Ojo noted that when the recommendations by the committee are approved by the House, all ongoing projects in the NNDC ’ s 2019 budget would be rolled over to 2020 , which he said would be considered after the approval.

The committee’ s chairman lamented that the commission was 14 months behind schedule in implementing 2019 budget , describing it as a huge drawback .

In her presentation, Nunieh said a total sum of N 346 , 513 , 046, 220 was proposed by the NDDC as budget for 2019 based on the assumption of an improved revenue inflow .

She said as of December 2018 , the aggregate revenue inflow was N291 . 47 bn.

(Punch)

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Business

25 Nigerian Crude Shipments Struggle To Find Buyers In Europe

Published

10 hours ago

March 27, 2023

Editor

Nigeria is toiling to find buyers for its crude oil as strikes in the French refining sector and seasonal maintenance at European plants cut into the OPEC producer’s sales.

There are reports that about 25 shipments of the country’s crude for April loading were still searching for buyers, according to four traders specialising in the West African market. Each cargo was reported to contain about a million barrels of crude.

According to tanker-tracking data compiled by Bloomberg, France, one of Nigeria’s biggest buyers, took an average of 110,000 barrels daily of Nigeria’s oil over the past year.

However, demand has shrivelled this month, with France’s overall crude imports dropping by half in March as the nationwide dispute over pension reforms escalated.

Bloomberg also reports that European plants are also buying less crude because of seasonal maintenance adding to the impact of the strikes.

“The Nigerian backlog is a combination of higher freight costs, lower tanker availability — specifically into Europe — as well as lower overall demand for West Africa light sweet as crude from other regions is deluging markets,” said Viktor Katona, a lead crude analyst at Kpler.

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Business

Uncertainties Might Persist Amid High Risks To Financial Stability – IMF

Published

10 hours ago

March 27, 2023

Editor

Amid the continued tension necessitated by the Russia-Ukraine war and the post-COVID-19 pandemic effect, the International Monetary Fund warned on Sunday that risks to financial stability have increased following the recent sector in the financial industry.

Speaking at the China Development Forum in Beijing, IMF Managing Director Kristalina Georgieva said she expected 2023 to be another challenging year.

Her position is based on the rate of global growth slowing to below 3.0 per cent due to the war in Ukraine, monetary tightening and scarring from the pandemic.

She also stressed the need for vigilance despite the high risks.

She said, “Uncertainties are exceptionally high, with the outlook for the global economy likely to remain weak over the medium term. It is clear that risks to financial stability have increased.”

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Business

Stock Investors Record N13bn Loss In Seven Days Over Interest Rates Hike

Published

10 hours ago

March 27, 2023

Editor

At the end of last week’s trading activities in the Nigeria Stock Market, the market capitalisation declined by N13 billion following the Central Bank’s Monetary Policy Rate hike to 18 per cent.

According to data gathered by DAILY POST, the All-Share Index closed 0.04 per cent lower at 54,892.53 compared to the 54,915.39 it commenced last week.

A review of last week’s trade showed that similarly, all other indices finished lower except for NGX Consumer Goods and NXG Growth, which appreciated by 1.11 per cent and 2.90 per cent, respectively, while the NGX ASeM, NGX Oil and Gas indices and NGX Sovereign Bond index closed flat.

The NGX ASI went up slightly on Wednesday, a day after the new MPR rate was announced, but it continued to dip till the close of trading on Friday.

The Monetary Policy Committee of the Central Bank of Nigeria raised Monetary Policy Rates, MPR, to 18 per cent from 17.5 per cent last month.

Muda Yusuf, the director of the Centre for the Promotion of Private Enterprise, CPPE, earlier disclosed to DAILY POST that interest rate hike would affect investors in Nigeria.

However, stock analysts are optimistic that the market will bounce back since the elections are over.

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