Economy
2017 Budget: CBN to Spend N10b on Lunch, Others
By Taiwo Adisa
The Central Bank of Nigeria (CBN) is to spend the sum of N3 billion to buy lunch and another N7.029 billion on other allowances for its officials at the end of the 2016 Fiscal year, the bank’s 2017 budget already approved by the Committees on Banking in the National Assembly has revealed.
The budget, submitted to the National Assembly in July, had experienced some delays in passage, but a joint committee of the Senate and House of Representatives on banking and other financial institutions had recommended the approval of a N408.8 billion budget for 2017 in 2016.
Though the Fiscal Responsibility Act 2007 mandated the CBN and other revenue making agencies to submit their budgets for appropriation by the National Assembly, the apex bank had resisted the process until President Muhammadu Buhari forwarded the budgets of the agencies to the National Assembly in July.
Under the leadership of Mr Sanusi Lamido Sanusi as CBN governor, the bank resisted the attempt to submit its budget to the National Assembly, claiming that the CBN Act indicated that its budget should be approved by the CBN Board.
But the National Assembly had insisted that while Section 6(3) of the CBN Act vested the approval of the budget on the CBN Board, Section 21(3) of the Fiscal Responsibility Act 2007 provided that the budget must be transmitted to the National Assembly for appropriation.
Details contained in the budget document also showed that the CBN expected an operating surplus of N12 billion in 2016. While it expects to spend the sum of N408.8 billion, it expects to make a total income of N420.7 billion.
The CBN, according to the approved budget, projected to make N34 billion from interests on foreign investment; the sum of N298.2 billion from interests on domestic investment; another N37 billion on interest on domestic loans and advances and the sum of N50 billion income from operational activities.
A breakdown of the expenses indicated that the apex bank would spend the sum of N80 billion on staff cost and N44 billion on administrative expenses, while operational expenses in general would cost N283.5 billion.
Besides the sum of N3 billion earmarked for lunch, the bank has also earmarked the sum of N9.4 billion for payment of 13th month bonus; another N6 billion for furniture allowance and another N7.9 billion as transportation allowances.
The document also indicated that the apex bank would spend the sum of N2.3 billion on medical allowances and the sum of N641 million as security guards expenses.
Further breakdown of the expenditure profile showed that the CBN would spend N27 billion on currency management and monetary operations ; another N150 billion on liquidity management; N50 billion as contribution to banking sector resolution; N3 billion on development expenses; N8.7 billion on strategic initiative; N40.4 billion on intervention projects and N4 billion as contingencies.
The budget document provided a list of over 60 intervention projects being undertaken by the CBN at the various universities and colleges at the cost of over N40 billion.
Intervention projects include the construction of Centre of Excellence at the University of Nigeria, Enugu Campus at the cost of N231 million; Centre of Excellence at Ahmadu Bello University, Zaria(N530.3 million);Centre of Excellence at University of Ibadan(198.5 million); Hostel Block at NIPSS, Kuru (N676 million); Auditorium building at NIPSS, Kuru (N10.7 million); Construction of Science Laboratory at Enugu State University of Science and Technology (166 million); Centre of Excellence at the University of Lagos(N950 million); Centre of Excellence at Nigerian Defence Academy, Kaduna (N872 million; Construction of Students’ Hostel at Nnamdi Azikiwe University, Nnewi Campus(N189 million);Development of Centre of Excellence at the University of Port Harcourt(N1.250 billion); provision of new facilities at Offa Grammar School, Kwara State(N2 billion); Construction of Office/lecture hall at Faculty of Arts, Environmental Sciences and Supply of equipment at the Kaduna State University, Kaduna (N404 million); projects at Administrative Staff College Badagry, Lagos(N1bn) and another project at Federal Medical Centre, Azare, Bauchi State at N800 million, among others.
The CBN also budgeted the sum of N760 million for rebuilding of Nyanya Motor Park, as well as the sum of N3.025 billion as intervention in public infrastructure in military barracks across the six geopolitical zones.
Other big-spending projects of the CBN included intervention projects in the six geopolitical zones put at N8.750 billion; intervention at the University of Abuja at N750 million; a N710 million project at Federal Treasury Academy, Orozo, FCT and another N5.7 billion project called International Convention Centre, Abuja.
http://tribuneonlineng.com/2017-budget-cbn-spend-n10bn-lunch-others/
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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