Economy
Lagos Targets N775 IGR in N852b 2019 Budget
By Modupe Gbadeyanka
After surviving an Impeachment threat from the Lagos State House of Assembly, Governor Akinwunmi Ambode on Tuesday presented the year 2019 budget proposal of N852.316 billion to the parliament.
During the laying of the fiscal proposal before the lawmakers today, Mr Ambode said the appropriation bill had been carefully prepared to be all-encompassing and dedicated to complete major ongoing projects in the state.
The Governor said N462.757 billion representing 54 percent of the total budget size had been earmarked for capital expenditure, while N389.560 billion representing 46 percent had been dedicated to recurrent expenditure, saying that key projects such as the Oshodi-Murtala Mohammed International Airport Road and Oshodi Interchange Terminal, among others would be completed.
He said from inception of his administration, nine key areas were given priority after careful assessment of the needs of the citizens, adding that such had informed the massive investment in the said sectors which he listed to include security, transport / traffic management, economy -including tourism and agriculture, housing, education, health, infrastructure – social and physical, water, wealth creation – skill acquisition/microfinance, e-Governance and enhanced capacity building, sustainable environment and smart city projects.
Giving details of what informed the budget size, Governor Ambode said the performance of Y2018 budget of N1.046 trillion as at November 2018 stood at 60 percent owing to reduction in revenue projections, while the total revenue stood at N530.192 billion.
According to him, “In the outgoing year, however, we experienced a reduction in our revenue projections, which affected our projected performance and our desired implementation of the Y2018 budget.
“The overall budget performance as at November 2018 stood at 60 percent/N574,206 billion with actual cumulative total revenue of N530,192 billion/64 percent, Capital Expenditure closed at N311,930 billion/49 percent and Recurrent Expenditure performed at N262,276 billion/82 percent.
“In preparing the Year 2019 budget, therefore, we were very mindful of the out-going year performance, the yearnings of our people and the fact that we are going into an election year.
“Consequently, we are today presenting a budget that will be all-encompassing, reflect the level of resources that will be available and with special consideration to the completion of major on-going projects in the state.”
While outlining the key components of the Y2019 budget and the sectoral allocations, the Governor said with priority given to completion of major infrastructure projects and smooth transition to the next administration, the government was proposing a total budget size of ‘N852,316,936,483,’ including a deficit financing of N77.086 billion which is expected to be sourced from internal loans and other sources.
He added: “The projected total revenue for Year 2019 is N775.231 billion, of which N606.291 billion is expected to be generated internally, N168.940 billion is expected from Federal Transfers while a total of N77.086 billion will be sourced through deficit financing within our medium term expenditure framework.
“In 2019, as was with our previous budgets, Economic Affairs still dominates the sectoral allocation of the proposed budget. This is due to our continued focus on the completion of major on-going projects such as: Oshodi-Murtala Mohammed International Airport Road; Agege Pen Cinema Flyover; Phase II of Aradagun-Iworo -Epeme Road, Oshodi Interchange Terminal; completion of JK Randle Complex, Onikan Stadium; Imota Rice Mill; Renovation/Furnishing of Lagos Revenue House, amongst others in order to meet their specified deliverable outcomes without any bias or prejudice to others.”
Expressing optimism that the revenues of the state would improve in 2019, Mr Ambode said the government had begun consolidating on the already established public financial management and technology-driven revenue reforms through data integration and use of multi-payment channels, just as he said that every strata of the society would benefit from the budget.
“The year 2019 budget has been carefully planned to accommodate all and sundry; women, youth and physically challenged, young and old. We will continue to spread development to all part of our state even as we embark on effective transition knowing fully well that the implementation, failure or success of the budget depend on all of us,” he said.
Besides, Governor Ambode commended the Speaker and members of the Assembly for the support accorded his administration in the last three and half years, while also acknowledging the role of royal fathers, religious leaders, members of the business community, professional bodies, development partners, non-governmental organisations, public servants and all residents as well as members of the fourth estate of the realm for their various support and contribution during the lifespan of his administration.
In his remarks, Speaker of the House, Mr Mudashiru Obasa, expressed optimism that the budget would be of great benefit to the people of the state, just as he assured that the House would work with the executive to pass the budget.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange dropped for the third consecutive session on Wednesday, March 18, by 0.39 per cent due to continued sell-offs.
In what would be the final trading session of the week due to public holidays on Thursday and Friday for Eid-el-Fitr, the NASD Unlisted Security Index (NSI) further dipped by 16.14 points to 4,114.75 points from 4,130.89 points, and the market capitalisation lost N9.66 billion to close at N2.461 trillion versus the previous day’s N2.471 trillion.
FrieslandCampina Wamco Nigeria Plc depreciated by N10.32 to sell at N112.00 per share versus N122.32 per share, NASD Plc dropped N4.50 to finish at N41.50 per unit compared with the previous session’s N46.00 per unit, and Geo-Fluids decreased by 9 Kobo to N3.02 per share from N3.11 per share.
On the flip side, Air Liquide Plc improved by N2.23 to N24.57 per unit from N22.34 per unit, Central Securities Clearing System (CSCS) Plc advanced by 90 Kobo to N76.33 per share from N75.43 per share, Food Concepts Plc rose by 24 Kobo to N3.30 per unit from N3.06 per unit, UBN Property Plc surged by 20 Kobo to N2.18 per share from N1.98 per share, Impresit Bakalori Plc jumped 16 Kobo to N1.83 per unit from N1.67 per unit, and First Trust Mortgage Bank Plc added 14 Kobo to trade at N1.89 per share versus N1.75 per share.
During the trading day, the volume of securities went up by 43,404.4 per cent to 400.8 million units from 921,265 units, the value of securities grew by 2,108.7 per cent to N1.2 billion from N54.7 million, and the number of deals soared by 23.7 per cent to 47 deals from 38 deals.
CSCS Plc ended the day as the most traded stock by value (year-to-date) with 38.7 million units valued at N2.4 billion, followed by Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion, and Okitipupa Plc with 6.4 million units traded for N1.2 billion.
Resourcery Plc finished the session as the most traded stock by volume (year-to-date) with 1.1 billion units worth N415.7 million, trailed by Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion, and Geo-Fluids Plc with 131.1 million units valued at N505.6 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) experienced a pullback of 0.69 per cent as a result of profit-taking by investors, with shares in the banking and energy sectors mostly affected.
Data harvested by Business Post showed that the energy index was down by 4.58 per cent during the session, and the banking space lost 2.14 per cent.
They brought down the All-Share Index (ASI) by 1,402.56 points to 201,156.85 points from 202,559.41 points and shrank the market capitalisation by N900 billion to N129.126 trillion from N130.026 trillion.
Customs Street ended in red at midweek despite three of the five key sectors finishing in green. The consumer goods counter expanded by 1.19 per cent, the industrial goods index improved by 0.46 per cent, and the insurance sector grew by 0.43 per cent.
Red Star Express declined by 9.98 per cent to N25.70, Aradel Holdings went down by 9.68 per cent to N1,210.30, Presco lost 9.30 per cent to trade at N1,701.10, Living Trust Mortgage Bank crashed by 8.40 per cent to N4.80, and DAAR Communications dropped 7.50 per cent to end at N1.85.
On the flip side, Secure Electronic Technology gained 10.00 per cent to settle at N1.32, Guinness Nigeria rose by 9.92 per cent to N423.20, John Holt increased by 9.72 per cent to N11.85, Sovereign Trust Insurance surged by 9.57 per cent to N2.06, and Linkage Assurance chalked up 9.33 per cent to trade at N1.64.
Investor sentiment was weak yesterday after the bourse registered 33 price gainers and 38 price losers, indicating a negative market breadth index.
Market participants bought and sold 6.1 billion stocks valued at N130.1 billion in 58,562 deals compared with the 1.8 billion stocks worth N88.1 billion traded in 62,654 deals on Tuesday, representing a shortfall in the number of deals by 6.53 per cent, and a spike in the trading volume and value by 238.89 per cent and 47.67 per cent apiece.
The most active equity on Wednesday was eTranzact with 5.2 billion units sold for N24.3 billion, Wema Bank exchanged 111.4 million units worth N3.1 billion, Coronation Insurance transacted 96.4 million units valued at N303.9 million, Dangote Cement traded 75.2 million units for N56.5 billion, and Access Holdings exchanged 61.5 million units valued at N1.6 billion.
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