Economy
Akwa Ibom Assembly Holds Public Hearing on 2017 Budget
By Modupe Gbadeyanka
Speaker of the Akwa Ibom State House of Assembly, Mr Onofiok Luke, has disclosed that the House would be guided by current economic realities in its consideration of the 2017 budget sent to the assembly by the executive.
Declaring open a one day public hearing on the 2017 Appropriation Bill titled: A bill for a law to Appropriate monies out of the Consolidated Revenue Fund and Capital Development fund to the service of Akwa Ibom State Government, the Speaker who was represented by the Deputy Speaker, Mrs Felicia Bassey, said the 6th assembly which is christened the people’s assembly, will always involve the citizenry in all its legislative engagements.
“As you may already know, the 6th assembly has over the last 19 months established and sustained the culture of putting in place public hearings like this for the bills that we pass.
“I wish to emphasize that nothing passes through this house that we don’t get public input. We will look at the economic situation in the country and allow these realities guide our decisions on the components of the budget,” the Speaker said.
While commending members of the public for honouring the invitation of the House, Mr Luke explained that the essence of the public hearing was to give Akwa Ibom people an opportunity to contribute their inputs to the budget, saying the aim was to ensure that the people of the state were carried along in the budgeting process.
Addressing the gathering, Chairman, House Committee on Appropriation and Finance, Mr Usoro Akpanusoh, stated that the public hearing exercise has become a normal parliamentary practice introduced by the House in order to bring together members of the public for the purpose of collating inputs that would guide the lawmakers in the consideration of the budget.
“It has become a norm in Akwa Ibom State House of Assembly that budget hearing is held whenever we receive the state budget from the executive.”
He said the House is committed to ensuring accelerated passage of the budget to enable the state government implement its lofty programmes and projects as encapsulated in appropriation bill, 2017.
Commissioner for Finance, Mr Linus Nkan, and his counterpart in the ministry of Economic Development were on hand to brief the gathering on underlining assumptions of the 2017 budget proposal of the state government, as well as the development objectives of the Mr Udom Emmanuel led administration.
In their separate presentations, the Commissioners explained that the policy thrust of the 2017 appropriation bill is intended to improve the living standard of the people of the state.
In a good will message, State Chairman of the PDP, Mr Obong Paul Ekpo who scored the budget a hundred percent, said “PDP government means well for Akwa Ibom people”.
“I listened carefully to the details of the budget the details of the budget and I discovered that the budget encapsulates every facet of our lives”.
Memoranda were submitted by various stakeholders including the Chairman, Akwa Ibom State Council of Chiefs, Mr Owong Achianga, State NLC Chairman, Comrade Etim Ukpong, Chairman, Nigeria Union of Journalists (NUJ), Akwa Ibom State Council, Elder Patrick Albert, among other members of the society.
A representative of the civil society, Mr Tijah Bolton Akpan of ‘Policy Alert’ organisation, canvassed for a stronger oversight on TSA implementation in the state, and close supervision and monitoring of the implementation of the budget by MDA’s.
He stressed the need for the state to speed up the process of enacting and domesticating the fiscal responsibility and public procurement law.
Mr Joshua Eyo Asuquo of the Chartered Institute of Taxation in Nigeria (CITN), who also represented Association of Professional Bodies of Nigeria, advocated for an increase in monthly revenue projection from N2.3 billion as captured in the budget to N3 billion.
By Dipo Olowookere
The 36 state governments in the country have been assured of tailored financial instruments that align with their development priorities.
This assurance was given by the chief executive officer of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, when the Governor of Katsina State, Mr Dikko Raddo, paid a courtesy visit to the bourse on Thursday.
The NGX chief said Customs Street was ready to collaborate with any sub-national willing to explore the domestic capital market with market-driven financial solutions.
“The exchange remains committed to working closely with sub-national governments to structure tailored financial instruments that align with their development priorities.
“We have the expertise and resources to facilitate seamless access to capital, ensuring that Katsina State can effectively fund transformative projects,” Mr Chiemeka noted.
Governor Radda, who was honoured with the closing gong ceremony, emphasised his administration’s dedication to leveraging capital market instruments to drive economic growth and development.
“Katsina State is poised for accelerated economic transformation, and partnerships with institutions like NGX Group are essential in realizing our vision.
“We are keen on exploring Sukuk, infrastructure bonds, and green bonds to finance key projects, attract investment, and create economic opportunities within the state.
“By deepening our engagement with the capital market, we can unlock funding for critical infrastructure, drive industrialization, and generate employment for our people,” he said.
The chief executive of NGX Group Plc, Mr Temi Popoola, said the bourse will always be ready to evolve through innovation and technology.
“We are building an exchange that extends beyond traditional securities trading. By leveraging technology, we are enhancing market accessibility, attracting capital, and creating new investment opportunities.
“Our goal is to develop a dynamic, inclusive, and globally competitive capital market that supports national and subnational economic growth,” Mr Popoola stated.
On his part, the chairman of NGX Group, Mr Umaru Kwairanga, commended Governor Radda’s administration for its forward-thinking policies, particularly the launch of the Katsina State Development Plan, stressing the crucial role of the capital market in mobilizing investment and securing long-term financing for critical projects.
“The strategic roadmap set by Katsina State reflects a strong commitment to structured and sustainable development.
“The capital market serves as a vital enabler, providing access to financing that will drive industrialization, infrastructure development, and overall economic prosperity,” Mr Kwairanga remarked.
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has issued additional regulatory requirements for life insurance companies carrying on annuity business in the country.
Annuity is a form of insurance or investment, entitling the investor to a series of annual sums.
The regulator in a circular on Friday said underwriting organisations would be required to have at least, one qualified actuary, responsible for their Assets-Liability Matching (ALM) analysis and implementation.
The commission said that insurance companies would be required to submit their ALM reports to it quarterly.
NAICOM said the reports would be submitted with requirements outlined in the circular such as required actions by insurers depending on the results from specific analysis applying guidance provided in the Standards of Actuarial Practice (NSAP).
The commission said that insurance companies that were unable to cover the additional expenses imposed by the circular would be required to transfer their annuity portfolio to another suitable insurance company within 180 days.
NAICOM said the circular would take effect from February 1.
According to NAICOM, insurance companies are expected to comply with the new requirements to ensure a stable and secure annuity business in the country.
“Insurance companies are required to comply with the new requirements, with the Board of Directors responsible for ensuring strict compliance.
“The circular aims to enshrine best practices in the management of annuity portfolios by insurance institutions in furtherance to ensuring a safe, sound, and stable insurance sector.”
By Adedapo Adesanya
The Governor of Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said interventions by the lender quelled Nigeria’s inflation from hitting a 42 per cent high.
Speaking at the 2025 Monetary Policy Forum with the theme Managing the Disinflation Process in Abuja, he said without the decisive policy interventions undertaken by the bank to reign in rising prices, inflation could have reached 42.81 per cent by December 2024.
Nigeria’s inflation rate rose for the fourth straight month to 34.8 per cent in December 2024, up from 34.6 per cent in the prior month.
Mr Cardoso also noted that the liquidity injections associated with unorthodox monetary policies, particularly since the COVID-19 pandemic, had created a significant overhang.
He added that while these measures were intended to cushion immediate shocks, they did not translate into commensurate productivity growth, fueling inflationary pressures, and heightened foreign exchange volatility.
The apex bank chief also said excess Naira liquidity in the system had amplified demand-driven inflation, further exacerbated by supply-side constraints stemming from structural deficits.
The CBN governor also said recent reforms in the nation’s Foreign Exchange (FX) segment have continued to attract foreign investors into the economy, vowing that the monetary authority will do everything possible to ensure that current inflows continue.
Mr Cardoso noted that cautious optimism was emerging globally around potential improvements in capital flows to emerging markets, as advanced economies transition toward monetary easing.
He noted that Nigeria’s ability to sustain these inflows will depend on investor confidence in domestic reforms, particularly those ensuring macroeconomic stability and delivering positive real returns on investment.
“However, we must remain committed to bold, coordinated policy measures to consolidate our progress” he said, adding that for inflation to be defeated, it required serious collaboration between the fiscal and monetary side.
The CBN governor said these dynamics underscored the importance of a disciplined and coordinated approach to monetary policy to restore stability.
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