Home Blog Page 557

NCCC Backs Governor Bala Mohammed Over Tax Reform Bills

0
PDP

By Blessing Otobong-Gabriel

The Leadership of the North Central Citizens Council, NCCC, has thrown support behind the Bauchi State Governor, Governor Bala Mohammed on the continuous debate about the Tax Reform Bills.

The group made this known in a statement on Tuesday showing solidarity to the statement made by the Governor on the need for the president to withdraw the bill as the North may be forced to “show its true color.

In a statement signed by the Coordinator of the organization Comrade Mohammed Eneji, said that the Leadership of the North Central Citizens Council, NCCC, wished to throw total support to the statement credited to the Governor of Bauchi State, His Excellency, Governor Bala Mohammed on the controversial Tax Reform Bills.

The statement was neither confrontational nor controversial as it speaks clearly the minds of an average northerner. It is important to the State categorically that northern Nigeria, especially the North Central also share the same sentiment on the bills. The economy is already in a mess, and northerners are the most hit in all the anti masses policies of president Tinubu.

“We hereby show our solidarity and support to Governor Bala from the North Central Zone.These tax reforms are anti-people. The government cannot continue to borrow with nothing to show. This is the position of our council.

“Governor Bala has the right to speak for his people as a Governor who forms a subnational under the Tinubu led government, as such deserves to be heard. Instead of Sunday Dare calling Governor Bala ‘s comments as a threat, the government should rather listen to the voice of reasoning which is the voice of the general North”.

“We from the North Central Zone advise the Presidency to heed to the warning of the Governor as frustration continues to mount of average citizens due to the current harsh economic situation, the North may be forced to withdraw their support from President Bola Ahmed Tinubu if policies such as the Tax Reform Bills which is directly targeted on further plunging the region into abject poverty and under development sees the light of the day. We are going to canvas the entire region starting from our zone against Tinubu in the next election if these kinds of shenanigans continue”.

According to the group, this government has no empathy for the common man. These draconic policies will help the country as it will continue to enrich Lagos and other very few states, no state in the North Central stands a chance of benefiting from the proceeds of these bills, as such we are totally against the Tax Reform Bills.

The region are asking president to Provide adequate security for farmers to assess their farmlands which will boost agriculture and provide food for the citizens and for export, revive the Ajaokuta Steel company to full capacity, develop other Solid mineral resources in the entire northern region, open all land borders so that the region can be open for business again and develop all sea and dry ports among others.

Comrade Mohammed added, “If all of the above is put into consideration, then the region may be ready to accept any form of reform about tax system and the government will be seen as being just to all regions in Nigeria”.

Gov Eno Signs N995bn 2025 Appropriation Into Law

0

From INIOBONG SUNDAY, Uyo 

Akwa Ibom State governor, Umo Eno has signed the N955 billion 2025 ‘Budget of Consolidation and Expansion’ into law.

The governor assented to the bill at the State Executive Council, SEC, Chambers  of the Government House, Uyo, with the Speaker of the House of Assembly, Udeme Otong, members of the SEC and some legislators present. 

Speaking shortly after the ceremony, Governor Eno commended the Assembly for the expeditious passage of the appropriation bill, as well as the synergy and unity of purpose between the executive and  legislative arms in the implementation of government policies and programmes.

He sued for sustainable partnership and collaboration in order to deliver on the dividends of democracy to the people in line with his administration’s ARISE Agenda, covering agriculture, rural development, infrastructure and social empowerment

 It would be recalled that the House of Assembly had on December 24, passed the 2025 budget into law, following the adoption of the report by the Chairman, House Committee on Appropriation and Finance, Dr Itoro Etim.

Following the adoption, the House had dissolved into the Committee of the Whole to consider the report, after which it was read the third time and passed into law by the lawmakers.

The budget has a component of recurrent expenditure of N300 billion and N655 billion for capital expenditure. 

The 2025 budget outlay represents a three percent increase from the N923.412 billion revised provision for 2024.

MTN Crossed N4trn Ahead Of Q4 Earnings

0

MTN Plc has again crossed the N4 trillion market value in the equities segment of the Nigerian Exchange, following a positive price movement.

Over a short trading period last week, the telecom stock gained 10.54% on the back of a Santa Claus visit that lasted till Friday’s close.

Data from the local bourse showed that MTN’s share price rose to N194 from N175.5 due to increased demand boosted by earnings expectations. 

The positive price movement lifted its market value to N4.073 trillion on the Nigerian Exchange trading platform. This is about half of Airtel Africa Plc’s market value, its major arch rival in the Nigerian market.

With the fourth quarter earnings around the corner, investors expect MTN’s decision to localise deals and debts to improve its performance.

The company has been borrowing from the local debt capital market to fund its working capital and meet other needs.

In the telecom segment, it has remained a category king with strong earnings and better profitability that underscore its strong market share. But its earnings performance had come under intense pressure due to huge FX losses in the past quarters.

Still, MTN is trading at a significant discount of more than 39% to its 52-week high in the Nigerian equities market.

NGX Bucks 2015-2019 Trend, As Index Gains 37.65% In 2024

0

By Ngozi Nwatu, Abuja 

Nigerian Exchange, NGX, Limited has marked a remarkable turnaround, breaking away from the poor performance of the 2015–2019 period to thrive in the 2020s. Following the oil price crash in 2015 and the ensuing recession in 2016, the 2020s have ushered in a period of unprecedented growth for Nigeria’s stock market.

Since 2020, the All-Share Index, ASI, has delivered a stellar return of 283.45 per cent, climbing from 26,842.07 points at the end of 2019 to 102,926.40 points as of December 2024. Standout years include 2020, 2023, and 2024, as investors sought higher real returns from equities amid negative yields in the fixed-income markets. The index closed 2024 with an impressive annual growth of 37.65 per cent.

The depreciation of the naira, driven by macroeconomic reforms by the Central Bank of Nigeria, CBN, and the federal government, has significantly boosted the performance of the stock market. Foreign capital inflow has steadily increased, rising from a low of 4 per cent in mid-2023 to an average of 16 per cent by November 2024.

Additionally, high-profile listings have energized trading activities on the exchange, providing investors with a broader range of blue-chip stocks. Notable entries include Geregu Power Plc, Transcorp Power Plc, Aradel Holdings, and BUA Foods.

 These listings have propelled the market capitalization from N12.79 trillion at the end of 2019 to N62.76 trillion as of December 2024, representing a meteoric increase of N49.97 trillion.

At the Closing Gong Ceremony marking the end of 2024 trading activities, NGX’s Chief Executive, Mr Jude Chiemeka, represented by the Head of Trading and Products, Mr Abimbola Babalola, commended key stakeholders, including the stockbroking community represented by the Chartered Institute of Stockbrokers, CIS, and the Association of Securities Dealing Houses of Nigeria, ASHON.

“2024 witnessed significant activity in the secondary market, a testament to the efforts of our trading license holders. 

Complementary macroeconomic fundamentals were instrumental, and we appreciate the impactful policymaking by the CBN and the Federal Ministry of Finance. 

We also commend the Securities and Exchange Commission for its effective oversight, especially during the smooth banking recapitalization process,” he said.

CIS President and Chairman of Council, Mr Oluropo Dada, and ASHON Chairman, Mr Sam Onukwue, represented by the 2nd Vice Chairman, Mrs Ify Ejezie, emphasized the pivotal role of stockbrokers in driving the capital market growth. They reiterated their commitment to advocating for policies that enhance market development.

Despite the impressive growth, challenges remain. According to Proshare’s 2025 market outlook, Nigeria’s capital market continues to grapple with high transaction costs, information asymmetry, monetary tightening, low trading volumes, and wide bid-ask spreads, all of which stifle liquidity. 

However, the report underscores the potential of leveraging the equity market through the listing of national assets, such as NNPC, to unlock liquidity and stimulate domestic and foreign investment.

Temi Popoola, GMD/CEO of Nigerian Exchange Group, reflected on the market’s resilience and growth trajectory: “Nigeria’s capital market has proven itself as a hub of resilience and innovation, consistently offering valuable opportunities for investors. 

The strong performance of our blue-chip companies over the past decade has been a key driver of returns, even amid challenging economic cycles. 

Inflationary pressures have made equities an attractive hedge, and strategic new listings have significantly boosted market activity.”

He highlighted the transformative impact of policy reforms: “Macroeconomic shifts, particularly in the oil and gas sectors and currency devaluation, have been transformative. These changes, coupled with the liberalization of exchange rates, have enhanced operational efficiency and contributed to the robust performance of listed companies.

As we approach 2025, we remain optimistic that continued reforms and a stable macroeconomic environment will sustain growth, boost liquidity, enhance investor confidence and deliver long-term value for all market participants.”

No Major Data Depletion On Nigeria’s Mobile Networks — NCC  

0

BY ALIYU GALADIMA, Abuja

Nigerian Communications Commission, NCC, said its recent audit of all the mobile networks  shows that there is no major issue of data depletion contrary to claims and complaints by subscribers.

 Executive Vice Chairman of the Commission, Dr Aminu Maida, stated this while reviewing the activities of the telecom regulator in 2024.

He, however, noted that the audit, which was concluded in Q3 2024, showed that there were minor issues on the networks, which the regulator is currently working to address.

“We had a hypothesis that it is not true that there is data depletion issue in the industry. It could be perception. 

“So the first thing we did was that we immediately conducted a billing audit on the system of  major MNOs, using reputable auditors. That exercise was completed in Q3 of this year and surprisingly, we didn’t find any major issues,” he said.

Maida said another major milestone for the telecom regulator in the year was the conclusion of the implementation of the federal government’s policy on the linkage of National Identification Number, NIN, with SIMs.

According to him, this exercise provided a lot of opportunities for the digital economy and national security.

He added that with the conclusion of the implementation, every single SIM card in the country is now linked to a verified NIN.

He said the linkage now gives the telecom regulator a very strong foundation from a security perspective to work with law enforcement agencies and reliably give them the information of who owns what.

Maida emphasized that more importantly, the linkage gives Nigeria a foundation for the digital economy to build on.

“You would agree with me that almost every transaction we perform today, in one way or the other, links back to your mobile number, whether it is your e-commerce or whether it is your registration for JAMB or just generally any service that wants to reach you for customer support. 

“So having the ability to be able to clearly identify who knows what would instill a lot of confidence and integrity in the system, which would lay the right foundation for the digital economy,” the EVC said.

The compulsory linkage of NIN with SIM began in December 2020 when government directed telecommunication companies to bar unregistered SIM cards and SIMs that were not linked to NIN.

However, several deadlines were fixed until August this year when NCC fixed a final deadline of September 14 for not just linking, but also verification of all NINs linked with SIMs.

Before that, many telecom subscribers/consumers were unable to make or receive phone calls between July 28 and 29, as telecom operators barred millions of lines ahead of the July 31 deadline earlier fixed by the regulator.

This, however, led to chaos as many subscribers that besieged the telcos stores went violent. The action also coincided with a planned nationwide protest scheduled for August 1 to 10.

This prompted NCC to make a U-turn, by ordering all telecommunication companies in the country to reactivate all lines they had barred.

The telecom regulator later announced a final deadline of September 14 for all lines to be linked with verified NIN, after which all unlinked or unverified lines were blocked.

Katsina Upgraded 146 PHCs With N13.4bn — Dep Gov

0

Katsina State government has expended N13.4 billion to upgrade 146 Primary Health Centres, PHCs, to boost  healthcare services.

The Deputy Governor, Malam Faruk Lawal-Jobe made the disclosure at a monthly press briefing yesterday in Katsina.

He said a minimum of four PHCs were upgraded in each of the 34 local government areas.

Government, he said, also approved the renovation and upgrading of Comprehensive Health Centres in Rimi, Faskari, Dandume and Zango Local Government Areas at the cost of about N3.7 billion.

According to him, government had renovated and upgraded the General Hospital, Kafur, as well as structures at the General Hospital, Kankia with N739.5 million.

Lawal-Jobe said N1.9 billion was expended by the State Primary Healthcare Agency to carry out its functions for effective healthcare delivery to the people of the state.

“These activities include, among others, the construction of a dry store,  distribution of laptops to local government monitoring and evaluation officers.

“This was to bolster data management to enhance evidence-based decision making in healthcare delivery,” the deputy governor said.

Lawal-Jobe added that government also procured and distributed drugs for the containment of diphtheria outbreak, as part of non-polio supplementary immunisation activities, where 2,216,573 eligible children were vaccinated.

He added that it distributed 360 motorcycles to ward focal persons for routine immunisation and other related exercises during the period under review.

“So far, 438 personnel were engaged for the success of the exercise,” he said.

He said government had upgraded and converted the COVID-19 isolation centre to a psychiatric hospital at the total cost of N65.8 million.

Similarly, the deputy governor revealed that the former Psychiatric Hospital building was upgraded and converted to the permanent site of the College of Nursing and Midwifery at the cost of N104. 4 million.

He said  government also sustained the free Medicare Policy for free delivery, antenatal, dialysis, cesarean session and  other services.

“In this regard, N397,000,000 was expended during the period under review.

“This exercise is meant to assist the people of Katsina State, especially the less-privileged to have access to basic healthcare services with relative ease,” he said.(NAN)

Lawan Empowers Traders, Small Businesses With N100m 

0

By Abdullateef Bamgbose 

Former Senate President, Ahmad Lawan has empowered 400 traders and small business owners in Yobe North Senatorial District with N100 million.

The empowerment programme was held in Gashua, headquarters of Bade Local Government Area.

Speaking at the event, Senator Lawan said the intervention was aimed at supporting small businesses and promoting economic growth in the senatorial district. 

He emphasised that empowering the beneficiaries who were carefully selected based on their potentials to contribute to the local economy, was a way to invest in their livelihoods and boost the economy of Yobe North. 

“As your representative in the Senate, I am deeply committed to supporting the economic prosperity of Yobe North. I firmly believe that by empowering our traders and small business owners, we are not only investing in their livelihoods, but also laying the foundation for a more vibrant and sustainable local economy.

“Today (Monday), we are distributing a total of N100 million to support your businesses. This free funding will provide beneficiaries with the much-needed capital to expand their businesses,” he said.

Lawan disclosed that the empowerment programme was tailored to meet the specific needs of a wide-range of traders and small business owners. 

He added that robust mechanisms were also put in place by his foundation – Senator Ahmad Ibrahim Lawan, SAIL, Foundation – to monitor the disbursement and utilisation of the free funds. 

He thanked the Yobe State government for lending its support to the initiative.

Each of the beneficiaries received N250,000 to boost their businesses. 

Fake News: Oborevwori Tasks Journalists On Factual Reportage

0

From Owen Akenzua, Asaba 

Delta State governor, Sheriff Oborevwori has charged journalists to combat fake news and misinformation by fact-checking for the truth before going to press. 

Oborevwori gave the charge on Monday at the Press Week organised by the state chapter of Nigeria Union of Journalists, NUJ, in Asaba, with the theme: ‘Imperative of Proper Leadership Recruitment Process for Good Governance.’

The governor disclosed that his administration is comprehensively addressing development challenges  through its ‘MORE Agenda’. 

Represented by his Deputy, Sir Monday Onyeme, Oborevwori said journalists should consistently sustain the effort to find out the truth before going to press, saying it has become essential as more people could be inclined to listen  or read negative reports without bothering about their correct versions.

He commended journalists in the state for the cordial relationship they had accorded his administration and for organising the Press Week which would  afford them the opportunity to arm themselves with the necessary knowledge in discharging their duties. 

“As an administration, we will like to commend journalists for the cordial relationship between us. We have related in a very peaceful way and it is my sincere hope that, going forward, the relationship will be marked by greater understanding and mutual respect. 

“It is in the interest of journalists to toe the line of preserving the country, as the stability of  the state and nation will always be at the centre of your practice. 

“As a government, we are operating an open door policy. There are several layers of officials ready and willing to throw light on grey areas in fulfilling the ‘MORE Agenda’ that we have set for ourselves,” he said. 

Earlier, the State Chairman of NUJ, Churchill Oyowe said the theme of the 2024 Press Week underscores the critical need for transparent and credible electoral processes, believing that such process would ensure that those who occupy political positions are truly representatives of the people. 

Shettima To Arrive Nasarawa On Working Visit Friday

0
KASHIM-Shettima

From David Christopher, Lafia

Vice President Kashim Shettima will embark on a one-day working visit to Nasarawa State on Friday, January 3, 2025.

Governor Abdullahi Sule made this known during the signing of the 2025 Appropriation Bill at the Government House on Monday. 

According to the governor, Shettima is billed to participate in four major official engagements that include the graduation of over 1,000 trained technicians at Ibrahim Abdullahi Vocational and Technical Institute.

He added that the vice president is expected to perform the groundbreaking ceremony of the construction of the head office of Nasarawa Investment Development Agency, NASIDA, as well as the multi outdoor court funded by the World Bank through a $4million facility. 

“The vice president is interested in showing that the rice we cultivated in Jangwa is continuous and not just for one season.

“We are going to distribute rice seedlings to every local government area so that  local chairmen will collect their tractors and also collect seedlings. 

“Also, we have received about N3billion from the federal government to support flood victims and Internally Displaced Persons, IDPs. Most of the items to be given to them have been bought by NASEMA and the Ministry of Humanitarian Affairs. Shettima will participate in the distribution of these items,” he stated.

He, therefore, appealed for support from the people  in order to make the vice president’s visit a success.

Gov Adeleke  To Support Market Devt In Osun

0
Ademola-Adeleke

From Richard Akintade, Osogbo 

Osun State governor, Ademola Adeleke has promised to support market development and design growth for the state.

Adeleke, who made the promise while unveiling the official logo for Adure Osun Festival in Osogbo, said his government would develop the capacity of industry players towards superior presence in the market in 2025.

He disclosed that the state would host Adire industry events to upgrade stakeholders.

The governor called on stakeholders to join government to make the state  the Adire hub of Nigeria.

According to him, “We will develop a sector based policy that will encourage entrepreneurs in this field.

“Osun is the home of Adire. From Osun, Adire spreads to other states and regions. As the originator of this unique fabric, the state government has resolved to actively support and promote this brand.

“We will also support market development and design growth for the fabric. From 2025, our government will develop the capacity of industry players towards superior presence in the market.

“I will be the chief promoter of the creative industry. I will market the sector, especially the Adire brand among the comity of states and nations.”

Speaking, Senior Special Assistant to Governor on Creative Economy and Entertainment, Tunde Laface disclosed that Adire had become a global cultural trend that must be harnessed.

Laface commended the Adeleke-led administration for its giant strides in promoting the culture of the Yoruba race.