Economy
Osun Governor Presents 2019 Budget to Parliament
By Dipo Olowookere
Governor of Osun State, Mr Gboyega Oyetola, has presented a budget estimate of N152.7 billion to the state House of Assembly, lower than the N179.2 billion budgeted for the 2018 financial year.
Presenting the 2019 budget proposal to the parliament on Thursday, his first, Mr Oyetola said priority would be given to agriculture, healthcare and provision of water in the rural communities in the state.
According to him, the Budget of Hope is aimed at building on the giant strides of the immediate past administration Mr Rauf Aregbesola.
He said capital projects will take 65 percent of the total expenditure, amounting to N91.5 billion, while education has 11.36 percent, representing N10.4 billion.
Speaking on how his administration plans to generate the revenue for the year, Mr Oyetola said the state is expecting an Internally Generated Revenue (IGR) of N36 billion at a minimum N3 billion per month of the projected total revenue of N150 billion, with the remaining coming from other sources including the Federation Account, grants, aids, investment and others.
The Governor said the era of payment of modulated salaries and allowances and other benefits was over, adding that workers and pensioners were now collecting their full salaries.
On education, he said, “We shall review the school curriculum to achieve value reorientation and to create a sense of worth belonging in our youths. Consequently, History shall be re-introduced in our secondary schools while Civic Education shall be expanded to incorporate the Omoluabi ethos.
“Focused-attention shall also be given to technical and vocational education to inculcate relevant skills for the youth to make them job creators rather than job seekers.
“Our Administration remains irrevocably committed to the joint ownership and co-funding of the Ladoke Akintola University of Technology, Ogbomoso and the College of Health Sciences, Osogbo with the Oyo State Government.”
On healthcare, emphasis will be on Health insurance “to provide effective, quality and affordable services to all and sundry.”
The Health Insurance is a contributory scheme in which the government will pay three percent while the worker will contribute 1.5 percent.
There is also a plan to revitalise and equip 332 Primary Health Care (PHC) centres – one in each ward – and 57 secondary health care centres across the three senatorial districts.
The Ede Headworks water scheme is to be rehabilitated to enhance supply of portable water to at least 12 local government areas.
The Ilesa water project whose work restarted with the commitment of President Muhammadu Buhari, is to get full attention.
“Given the committed leadership this administration is bringing to the table, and the unwavering following, we have been getting from the citizenry, the state of Osun is poised to set the pace in economic independence.
“We shall put strategic in place to further promote food security, employment and create wealth by investing heavily in agriculture, mining, infrastructure, commerce and industry, education and technology.
“We shall also introduce creative and prudent management of our resources, block leakages, and eliminate wastages. We will assemble the brightest of the best minds to drive our policies as we are committed to provide equitable opportunities and people-oriented governance.
“We are committed to consolidating on the various ongoing projects and programmes by delivering on the continuous investment in education, healthcare and social welfare, unwavering attention to security of lives and property, people-oriented and good governance system that founded on zero tolerance for corruption,” the Governor told the lawmakers.
By Dipo Olowookere
To minimise their risks, investors trimmed their exposure to Nigerian stocks by about 52.07 per cent last week, data from Customs Street has revealed.
At the Nigerian Exchange (NGX) Limited in the period under review, the market participants transacted 2.252 billion shares worth N58.831 billion in 63,657 deals compared with the 4.698 billion shares valued at N85.043 billion traded in 72,562 deals a week earlier.
Business Post reports that Universal Insurance, GTCO, and AIICO Insurance dominated the activity chart in the week with 468.315 million equities sold for N9.007 billion in 3,568 deals, contributing 20.79 per cent and 15.31 per cent to the total trading volume and value, respectively
At the close of business, the financial services sector recorded a turnover of 1.371 billion stocks worth N22.274 billion in 26,114 deals, contributing 60.86 per cent and 37.86 per cent to the total trading volume and value, respectively.
The consumer goods space transacted 253.536 million shares worth N15.244 billion in 8,869 deals, and the services industry exchanged 193.424 million equities valued at N931.795 million in 4,716 deals.
In the five-day trading week, the bourse posted 33 price gainers versus 51 in the previous week, 57 price losers versus 39 a week earlier, and 62 equities remained unchanged, in contrast to 62 recorded in the preceding week.
Neimeth was the biggest price advancer in the period under consideration with a 31.42 per cent appreciation to close at N3.43, SCOA Nigeria expanded by 20.39 per cent to N2.48, Northern Nigeria Flour Mills grew by 19.54 per cent to N54.45, Livestock Feeds soared by 17.62 per cent to N5.94, and Dangote Sugar surged by 16.67 per cent to N38.50.
On the flip side, Universal Insurance slumped by 1923 per cent to 63 Kobo, Royal Exchange declined by 18.35 per cent to 89 Kobo, Regency Assurance shrank by 17.78 per cent to 74 Kobo, Sovereign Trust Insurance lost 16.67 per cent to close at N1.10, and Dangote Cement crumbled by 16.46 per cent to N400.00.
The market came under selling pressure in the week, resulting in the All-Share Index (ASI) and the market capitalisation tumbling by 2.94 per cent and 2.26 per cent each to 102,353.68 points and N62.851 trillion, respectively.
In the same vein, all other indices finished lower except the MERI Value, consumer goods, growth and sovereign bond indices, which appreciated by 0.70 per cent, 1.33 per cent, 0.15 per cent, and 0.04 per cent, respectively while the ASeM index closed flat.
By Dipo Olowookere
The three major partners of the Dangote Refinery in the Lekki area of Lagos, MRS Oil Nigeria, Heyden and Ardova Plc, will retail premium motor spirit (PMS), otherwise known as petrol, at its stations across the country at N970 per litre.
This information was revealed by Dangote Refinery, owned by one of Africa’s richest businessmen, Mr Aliko Dangote.
The three independent oil marketers entered into a bulk-purchasing agreement with the oil facility, which has the capacity to refinery about 650,000 barrels of crude oil per day.
The deal, first sealed by MRS Oil, ensured that it retailed fuel at its petrol stations at N935 per cent litre.
However, last week, Dangote Refinery increased its ex-depot price from N899.50 per litre to N950 per litre due to a rise in the price of crude oil to $80 per litre in the global market from about $72 per barrel.
In a statement on Sunday made available to Business Post, Dangote Refinery said, “All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide.
“We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).”
By Dipo Olowookere
A 0.17 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Friday, extending the stay of the local bourse in the positive territory.
This uptrend was maintained despite profit-taking in the banking sector, which left its index down by 0.23 per cent at the close of trading activities.
Business Post reports that the insurance industry expanded by 4.04 per cent during the session, the energy counter improved by 1.05 per cent, and the consumer goods space gained 0.58 per cent, while the industrial goods sector closed flat.
Consequently, the All-Share Index (ASI) went up by 170.62 points to 102,353.68 points from 102,183.06 points and the market capitalisation grew by N541 billion to N62.851 trillion from N62.310 trillion.
There were 34 price gainers and 22 price losers yesterday, indicating a positive market breadth index and strong investor sentiment.
The trio of Caverton, Livestock Feeds and Sovereign Trust Insurance appreciated by 10.00 per cent each during the session to quote at N2.20, N5.94, and N1.10, respectively, as Neimeth jumped by 994 per cent to N3.43, and Royal Exchange increased by 9.88 per cent to 89 Kobo.
On its part, Academy Press lost 9.74 per cent to close at N3.15, PZ Cussons declined by 9.09 per cent to N25.00, DAAR Communications weakened by 8.64 per cent to 74 Kobo, Transcorp Power shed 5.91 per cent to settle at N46.95, and Dangote Sugar fell by 4.94 per cent to N38.50.
A total of 327.8 million shares valued at N11.8 billion were traded in 11,905 deals on Friday versus the 472.2 million shares worth N16.7 billion transacted in 12,336 deals on Thursday, representing a decline in the trading volume, value, and number of deals by 30.58 per cent, 29.34 per cent and 3.49 per cent apiece.
Access Holdings recorded the highest sales with 49.1 million stocks sold for N1.2 billion, Fidelity Bank exchanged 20.4 million shares valued at N359.0 million, UBA traded 20.1 million equities worth N681.0 million, Oando transacted 14.8 million shares for N998.1 million, and Universal Insurance traded 13.8 million stocks worth N8.7 million.
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