Economy
Buhari Begs Senate to Urgently Approve Virement of N276.8bn
By Aduragbemi Omiyale
President Muhammadu Buhari on Tuesday asked the Senate to urgently approve the virement of N276.8 billion so as to improve the well-being of Nigerians.
Mr President made this request in a letter to the upper chamber of the National Assembly titled 2021 Appropriation Act: Request for Virement to Fund Critical Expenditure.
He said explained to the lawmakers that the money would be taken from the N365 billion service-wide vote for upscaling of the National Social Investment Programme (NSIP).
President Buhari said in the letter dated December 16, 2021, that, “The Senate may wish to recall that I signed the 2021 Appropriation on December 31, 2020, for a total expenditure of N13.588 trillion and a Supplementary Appropriation to cater for critical needs for the security and health sector in the sum of N983 billion on July 26, 2021.
“You may also recall that during the signing of the 2021 Appropriation Act, I mentioned that, where necessary, I will revert to the National Assembly with a request for amendment, virement or other appropriate adjustments to ensure that the core objectives of the Budget are accomplished.
“Accordingly, the 2021 Budget implementation is faced with challenges that will require additional funding for some critical and urgent line items in the budget.
“The purpose of this letter, therefore, is to forward the comprehensive virement proposal for the consideration and approval of the National Assembly.
“The details of the expenditures proposed for the virement are attached herewith as schedule 1 while Schedule 2 shows the sources of the funds to be vired for the items in Schedule 1.
“In the light of the above, I implore the Senate to urgently consider the virement proposals to support our efforts to improve the well-being of our citizens.
“Please accept, Distinguished Senate President, the assurances of my highest regards.”
A breakdown of the virement request detailed by the Federal Ministry of Finance, Budget and National Planning showed that N199,129,053,400 is for payment of local contractors debts, public service wage adjustment for MDAs, OSSAP SDGs Projects 3 and Group Life Assurance for all MDAs.
In addition, N4,500,821,569 is for the Federal Ministry of Education, N2,335,167,265 for the Nigeria Airforce, N4,617,811,857 for the Ministry of Defence, N25 billion naira for the National Assembly in settling minimum wage areas of National Assembly Staff and Intervention to settle outstanding liabilities owed local contractors.
Others are N20,038,920,773 for the Federal Roads Maintenance Agency (FERMA), N762,678,972 for the Nigeria Correctional Services, N592 million naira for the Federal Roads Safety Commission (FRSC) as financial assistance for the execution of the 2021 End of Year Special Patrol Operation.
Also, the sum of N19,780,778,558 is funding for the Federal Medical Centre, Katsina, University of Maiduguri Teaching Hospital, Ahmadu Bello Teaching Hospital, Zaria, Usman Danfodio University Teaching Hospital, Sokoto, Lagos University Teaching Hospital, University of Nigeria Teaching Hospital, Enugu, University of Benin Teaching Hospital, and Jos University Teaching Hospital.
Business Post reports that a virement is a process of transferring underspent funds of an agency or account to another, which needs more funds.
Meanwhile, the Senate on Tuesday passed a bill to amend the 2021 Appropriations Act.
The bill sponsored by the Senate Leader, Mr Yahaya Abdullahi, scaled through the second and third reading after it was considered.
The 2021 Appropriations Act (Amendment) Bill seeks to extend the implementation of the capital aspect of the Appropriation Act 2021 from December 31, 2021, to March 31, 2022.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
