Economy
Budget: NASS Must Not Fight Presidency—Udoma
By Modupe Gbadeyanka
Minister of Budget and National Planning, Mr Udoma Udo Udoma, has explained that success in producing a good 2017 Budget will require strong collaboration between the Executive and the National Assembly.
He made this known during a programme held in Abuja on Monday.
While stressing that an important tool for achieving economic recovery and sustainable growth will be the 2017 Budget, he said that it is important to always remember that both the Executive and the National Assembly will benefit politically from a budget that successfully turns the Nigerian economy around and brings prosperity to the people.
According to him, now that the country’s economy has entered a recession, stakeholders should all agree on prudent allocation of resources to key capital projects that will help to lift the economy out of recession and onto the path of sustainable growth.
“All the key stakeholders must understand and appreciate the overall budgetary constraints as well as implications of some fiscal trade-offs,” the Minister said.
Mr Udoma, at the ‘Gallery Colloquium’ organised by Orderpaper.com on ‘Budget as a critical tool for effective Executive-Legislative relations’, said the current economic situation in the country provides an opportunity like never before, for the two arms of government to set a template for succeeding governments on how national interest can be placed ahead of institutional contests.
“The National Assembly must not see itself as in competition with the Executive,” he advised.
Explaining the budgetary process, Mr Udoma said that the President, as the leader of the country, has the ultimate responsibility of delivering economic benefits to Nigerians in an all-inclusive manner based on his mandate or manifesto; therefore it is his responsibility to drive the process by setting out the framework of the Budget and all the heads of expenditure.
“It is also his role, as President, to articulate the national vision guiding the budget. And he must get each annual budget right because he has opportunity to produce only three more budgets before his tenure comes to an end,” he added.
The Minister said that in processing and considering the Budget estimates therefore, the National Assembly should see themselves as working as partners with the President to achieve the national aspirations set out by the President.
“In doing so, the question of which arm of government is superior in budget formulation should not arise, as everyone’s objective must be the success of the government in bringing the dividends of democracy to the people,” he indicated.
According to him, at this time in particular, the President needs the strong support of the Legislature to implement the tough decisions required to stimulate this economy and bring it to sustainable inclusive growth, not dependent on the vagaries of the oil price.
While maintaining that the two arms of government have a major role to play in bringing economic prosperity to the people, the Minister called attention to the fact that if the government fails, neither the Executive nor the National Assembly can completely escape the blame.
He however was confident that the members of the National Assembly appreciate the economic situation facing the country as a result of the failure over the last thirty years to successfully diversify the Nigerian economy from dependence on crude oil.
Government, he said, has a plan not just to get the economy out of recession but also back on the path of sustainable growth. Adding, the plan involves injecting a fiscal stimulus to provide funding for the 2016 Budget, which was carefully designed to reflate the economy but unfortunately has been affected by revenue shortfalls.
The Minister further stated, “It is important to stay the course in implementing the major structural changes which had been outlined by the Government in our Strategic Implementation Plan (SIP). The spending priorities in the 2017 Budget will be guided by the objectives we set out in the SIP”.
The Speaker of the House of Representatives, Hon. Yakubu Dogara agreed that there was need for an effective collaboration between the Executive and the Legislature in the budgetary process to reduce the usual friction between them during the process of appropriation.
Dogara who was making some remarks on ‘Legislative perspectives on the budget process’ said that a review of how annual budgets or Appropriation Bills have been prepared and executed in Nigeria since 1999 will reveal an unsatisfactory state of affairs, adding that there was an urgent need for Budget Reform in Nigeria.
He therefore suggested a review of the legal framework to ensure that the annual budget is submitted and passed on time before the commencement of the next financial years; a clear development plan with broad national consensus; extensive stakeholder consultation at the executive level during preparation of the budget; clear budgetary objectives and government targets to be achieved should be clearly spelt out; and there should be a robust pre-budget interface between the Executive and the Legislature to reduce areas of friction during the appropriation process, among others.
By Adedapo Adesanya
The federal government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Mr Gautier Mignot, where both sides reaffirmed their commitment to deepening cooperation on maritime security and sustainable ocean governance.
Welcoming the EU Ambassador, Mr Oyetola commended the group for its longstanding partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, a region critical to global shipping and regional economic development.
He noted that the West Africa Sustainable Ocean Programme (WASOP) presents a timely opportunity to strengthen coordinated action against illegal fishing, improve ocean governance, and promote sustainable exploitation of marine resources across West Africa.
He said Nigeria is keen to fully engage with the programme to attract technical and financial support that will enhance enforcement capacity and boost the country’s blue economy ambitions.
The Minister stressed that illegal fishing remains a major threat to the marine ecosystem and coastal livelihoods, warning that IUU fishing continues to deplete fish stocks, undermine food security, and erode the economic well-being of coastal communities.
He said: “Illegal, unreported, and unregulated (IUU) fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems be depleted and economic livelihoods eroded.
“We are calling for an era of stronger international collaboration, backed by aggressive monitoring and uncompromised enforcement systems, to permanently dismantle these illicit operations and safeguard our waters.”
Mr Oyetola also highlighted ongoing reforms in Nigeria’s maritime sector under the National Policy on Marine and Blue Economy, which prioritises innovation, private sector investment, and sustainable development of ocean resources.
He referenced key milestones in the sector, including improvements in port operations and logistics, as well as enhanced maritime security.
He further noted that Nigeria is strengthening initiatives aimed at expanding its maritime infrastructure and improving competitiveness in global trade.
The Minister also reiterated the need for broader cooperation beyond piracy control, urging development partners to support Nigeria in addressing environmental crimes, human trafficking, and illegal fishing in a more integrated and coordinated manner.
He sought increased technical assistance from the European Union, particularly in surveillance systems, fisheries monitoring, and enforcement capacity to strengthen Nigeria’s ability to curb IUU fishing across the Gulf of Guinea.
On his part, Mr Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts to ensure safer and more sustainable oceans.
He highlighted the West Africa Sustainable Ocean Programme (WASOP), a major EU-funded initiative designed to promote integrated ocean governance, sustainable fisheries management, and protection of coastal and marine ecosystems across West African countries.
According to him, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded a 3.11 per cent week-on-week loss last week as a result of the decline suffered by 65 equities. In the preceding week, the bourse ended with 51 price decliners.
In the five-day trading week, 23 equities appreciated compared with 34 equities a week earlier, while 58 equities remained unchanged versus 61 equities in the preceding week.
Business Post reports there was no room for the bulls in the week, as all other indices closed in red, except for the sovereign bond, which finished flat.
ABC Transport lost 24.73 per cent to trade at N6.21, University Press shrank by 17.07 per cent to N5.10, Eterna crashed by 12.92 per cent to N30.00, John Holt slipped by 12.09 per cent to N14.90, and First Holdco decreased by 11.43 per cent to N62.00.
On the flip side, International Energy Insurance gained 60.62 per cent to sell for N7.26, Abbey Mortgage Bank expanded by 47.24 per cent to N9.35, Tripple Gee grew by 9.80 per cent to N4.37, Ikeja Hotel increased by 9.45 per cent to N44.00, and RT Briscoe soared by 8.86 per cent to N14.86.
At the close of business, market participants traded 3.966 billion shares worth N175.659 billion in 343,587 deals, in contrast to the 2.398 billion shares valued at N111.480 billion transacted in 241,313 deals a week earlier, which had only three trading sessions due to the Sallah holiday.
The financial services industry led the activity chart with 2.690 billion stocks sold for N69.975 billion in 134,882 deals, contributing 67.83 per cent and 39.84 per cent to the total trading volume and value, respectively.
The services sector exchanged 323.601 million shares worth N6.443 billion in 25,906 deals, and the ICT segment traded 176.039 million equities valued at N27.892 billion in 40,837 deals.
Access Holdings, Abbey Mortgage Bank, and Sterling Holdco accounted for 1.290 billion units worth N17.560 billion in 17,768 deals, contributing 32.53 per cent and 10.00 per cent to the total equity turnover volume and value, respectively.
By Adedapo Adesanya
The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
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