2017 Budget Tops ECOWAS Parliament Plan

Image

budget-details

By Ebitonye Akpodigha

The ECOWAS Parliament has begun its Second Ordinary Session to consider and adopt the reports of the Committee with responsibility to prepare the preliminary draft of its 2017 budget.

The two-week session, also referred to as the statutory budget session, which began on Thursday, in Abuja, will hold till October 7.

The Committee on Administration, Finance, Budget Control and Audit is responsible for preparing the preliminary draft budget, the News Agency of Nigeria (NAN) reports.

The session will also receive the report on the Current State of the Community from the President of ECOWAS Commission, Mr Alain Marcel de Souza.

Presentations of Country Reports will also be made by each member state’s delegation to the parliament during the session.

The reports are expected to include details on various sectoral developmental interventions by governments of member states toward achieving the ECOWAS vision of raising the standard of living of citizens in the sub-region.

The session will also discuss the report of the constituted Inter-Institutional Committee on the Enhancement of Powers.

The opening ceremony of the session will be addressed by the Chairman of the Authority of Heads of State and Government, President Ellen Johnson Sirleaf of Liberia.

Representatives of national parliaments of member states, the Pan-African Parliament, East Africa Legislative Assembly, the diplomatic community as well as officials from ECOWAS institutions will also attend.

The fourth legislature of the parliament was inaugurated in February.

At its First Ordinary Session in May, the enhancement of legislative powers of the parliament was largely discussed with members calling on relevant authorities to facilitate the process.

Parliamentarians have, on several occasions, reiterated that the enhancement of legislative powers of the parliament would grant it greater authority to legislate on common issues that would facilitate sub-regional development.

The parliament is composed of 115 seats, with each member state having a guaranteed minimum of five seats.

The remaining 40 seats are shared on the basis of the populations of member states.

Nigeria has the highest number of seats with 35, followed by Ghana with eight seats.

Cote d’Ivoire has seven seats, while Burkina Faso, Guinea, Mali, Niger and Senegal have six seats each.

Benin Republic, Cape Verde, The Gambia, Guinea Bissau, Liberia, Sierra Leone and Togo maintain five seats each.

NAN

Share
Related Stories
Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

More Stories
Image
18-February-2018

FG Trains 200 IDPs on Home Gardening for Vegetable Crops

By Dipo Olowookere Federal Government has commenced training programmes for 200 Internally Displaced Persons (IDPs) in Damaturu, Yobe State. This scheme is being handled by the Federal Department of Agricultural Extension (FDAE) under its 2017 approved appropriation. The training programme, already completed, focuses on home gardening for the production of some selected vegetable crops like tomatoes, cucumber, green pepper, water lemon, carrot, okro and green vegetables. Objectives of the training include generally developing the knowledge and skills of the IDPs on sustainable production of some selected vegetable crops at their backyards to help reduce idleness, earn income; eradicate poverty and

Image
07-April-2021

MasterCard Enables SBI Card Pay Feature

By Modupe Gbadeyanka Customers of MasterCard will now be able to use a payment feature based on Host Card Emulation (HCE) technology called SBI Card Pay. This feature allows customers to create a virtual version of their physical SBI Credit Card on their mobile phones and then tap their phone at Near-Field-Communication (NFC) enabled Point of Sale (POS) terminals to make payments at merchants. However, to use this service, customers with an Android smartphone (housing Android OS KitKat version 4.4 and above) have to register their SBI Credit Card on the SBI Card mobile application. This creates a virtual card

Image
08-May-2018

Nigeria’s Parliament Fixes 2018 Budget Passage for May 15

By Dipo Olowookere All things being equal, the 2018 budget would be passed next week by the National Assembly in Nigeria, the Senate has assured. Spokesman of the upper parliament, Mr Aliyu Sabi Abdullahi, informed newsmen on Monday in Abuja that if the budget was laid today, it would be passed tomorrow, Wednesday, May 9, 2018, but if laid tomorrow, it means the appropriation bill would be passed next Tuesday, May 15. According to him, the Senate has suspended plenary for this Thursday to next week as a result of the ward congresses being conducted by the ruling All Progressives

Image
27-November-2020

The PTF Collaboration Model Mitigating COVID-19 in Nigeria

By Chido Nwakanma There is a long list of organisations and individuals that have been “supporting Nigeria’s emergency response to COVID-19”. Their assistance speaks to the various collaborations and partnerships behind the successful coordination and management of the country’s most significant health emergency in recent memory. On the exhaustive list include the United Nations, the European Union, Bill and Melinda Gates, Jack Ma Foundation, the China Civil Engineering Construction Corporation, Nigerian Breweries, Nestle Nigeria, BUA Group, Dangote Foundation, the Chinese Chamber of Commerce and Tolaram Group, Me Cure Industries Limited, Flood Relief Fund, Tata Agro Chemicals, MTN Nigeria, Friesland Campina

Image
20-May-2019

States Not Expecting Any New Tranche of Paris Club Refunds–FG

N691.6bn Already Disbursed via CBN By Modupe Gbadeyanka Minister of Finance, Mrs Zainab Shamsuna Ahmed, has emphasised that there is no new tranche of Paris Club Refunds to be disbursed to states, because the money has already been disbursed in March 2019. In a statement issued on Monday by her Special Adviser on Media and Communications, Mr Paul Ella Abechi, the Minister said a total of N691.560 billion Paris Club refunds has already been disbursed to states since March 2019 after it was verified. Mrs Ahmed said this clarification became necessary due to news making the rounds in the media

Image
10-March-2021

Stronger Dollar, Receding Supply Fears Weigh on Oil Prices

By Adedapo Adesanya Oil prices further edged downwards on Tuesday on the back of a stronger Dollar and receding fears of oil supply disruption from Saudi Arabia after an attack on its oil facilities. This moderated the price of the Brent crude by 1.48 per cent or $1.01 to $67.23 per barrel and softened the price of the United States’ benchmark, the West Texas Intermediate (WTI), by 1.92 per cent or $1.25 to $63.80 per barrel. The Dollar Spot Index rose as much as 0.5 per cent, reducing the appeal for commodities such as oil that is priced in the

Image
16-September-2016

Afrinvest Unveils 2016 Banking Sector Report Sept 21

By Modupe Gbadeyanka Leading wealth advisory firm, Afrinvest (West Africa) Limited, is set to unveil the 2016 edition of its annual Nigerian Banking Sector Report on Wednesday, September 21, 2016, at the Shell Hall, Muson Centre, Onikan, Lagos. Mr Ike Chioke, Managing Director of Afrinvest, revealed that this year’s report, which is the 11thedition since its inception in 2006, is titled ‘Searching for Investor Confidence.’  According to him, “The 2016 Banking Sector Report chronicles developments within the global and domestic economy in relation to monetary and fiscal policy responses to shocks while also contextualizing the impact of policy decisions on

Image
04-March-2021

Access Bank Moulds Next Drivers of Nigerian Economy

By Dipo Olowookere One of the top financial institutions in Nigeria, Access Bank Plc, has commenced the process of developing those that will improve the economy of the country. The lender, through an initiative called the Africa Fintech Foundry (AFF), is assembling some emerging start-ups it believes would become a unicorn worth over $100 million in the next 10 years. The accelerator programme will provide N10 million in cash to the top three finalists, while the others would be exposed to investors who might be interested in them. Business Post recalls that last month, entries were opened and 306 registrations

Ad
Ad
Recent Stories
Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in