Economy
Oyo IGR Terribly Low, But We’ll Survive—Ajimobi
By Dipo Olowookere
Governor Abiola Ajimobi of Oyo State has said that his administration is engaging in survival strategies to meet its obligations to the entire citizens and workers of the state, promising that the government would use its share of the Paris Club over deductions funds when it is paid for the workers’ welfare as recommended by the federal government.
Mr Ajimobi, at the 2017 Inter-Faith Service of the Oyo State government held at the Governor’s office, Ibadan, noted that every cost saving measure is a disservice to certain groups of people, adding that his administration is deploying the necessary machinery to survive, by blocking loopholes, restructuring of the public and civil service, improved Internal Generated Revenue (IGR) and cut unnecessary government wastage.
He explained that government as an enterprise requires funds to serve its citizens and the government is looking for ways to cut cost and meet its obligations to the people despite the dwindling revenue being realized by the government.
According to him, “We are looking for ways to reduce our cost and every attempt to reduce it, is disservice to a certain group of people.
“We have suspended car loans, subventions to higher institutions, allowances, assistance to organisations/individuals among others. All these, are without uproar from the people and we are all aware of the criticisms that trailed the withdrawal of subventions to higher institutions.
“Maintenance of our infrastructure and executing new ones have been extremely difficult. Oyo State is a big state. Ibadan alone is bigger than seven states and to govern Oyo state is a big responsibility with big problem and difficult to manage.
“Our IGR is still abysmally low and allocations from federal allocations continue to dwindle. Over 50 percent of our IGR is from PAYEE and our average monthly allocation from FG is N2.5 billion while salaries, subventions, pensions, overhead cost and allowances still stand at about N5.2 billion.
“We need survival strategies to block loopholes, renewed IGR drive and restructuring of the public and civil service for optimal performance so that the government will meet its obligations to the people.”
The Governor reiterated that the state has not collected its share of the Paris Club over excess deduction funds, stressing that the government is hopeful that the state would also get its share and whatever the state gets, would be used for the welfare of the workers.
Mr Ajimobi said that President Muhammad Buhari is passionate about the people, adding, “President Buhari wants to help the people, he wants us to stop the sufferings in the country and he has introduced so many poverty alleviation programmes to ameliorate the sufferings in the country.
“The president has suggested that we use 50 percent of the Paris Club fund for workers’ welfare and we are ready to do that whenever we get our share of the funds as we did with the bailout funds given to us by the federal government.”
He described the workers as the engine room of the government, saying that the government would not renege on its promise to use 100 percent of the allocation from federal government for workers’ salaries and consequently assured that his administration is ready to give the civil servants a percentage of the excesses of its IGR whenever the government reaches the threshold set for good governance in order to appreciate their dedication and commitment to service delivery in uplifting Oyo State.
“If I deliberately punish the workers, God will ask us. We will do everything humanly possible to ensure we give the people of the state the best. I am passionate about Oyo State, I want a state that will be the best in the country. I have nowhere to go, Oyo State is my state and I will continue to strive to make it great,” the Governor emphasized.
Governor Ajimobi tasked the workers to be committed and dedicated to their work and show appreciation to government’s goodness, explaining that the government has started a system that encourages, recognizes and appreciates productive performance by creating an efficiency unit to appraise and grade workers on their output.
The Governor charged the labour leaders in the state to always embrace dialogue and help the government to seek ways to meet its obligations to the workers instead of being confrontational with the government, noting that the era of table banging unionism should be a thing of the past.
Mr Ajimobi appealed to the entire citizens to work with the present administration in the state, promising that his administration would continue to prioritize citizens’ welfare.
Speaking at the service, the Oyo State Head of Service, Mr Soji Eniade commended the state governor for his wise and bold decisions that has kept the state afloat despite the present economic situation in the country.
He said, “Even in the face of the present harsh economic condition, Governor Ajimobi, under no influence and pressure, decided to commit 100% of the monthly allocation from the federation account to pay salaries and pensions.
The Governor even directed that the free bus service for workers among other existing welfare schemes should under no condition be stopped. All the past kind hearted decisions of His Excellency, that were in favour of workers, must be appreciated while we all work hard and pray that the present situation be positively turned around.”
The HOS charged workers in the state to be diligent, dedicated, devoted, committed and work assiduously towards ensuring financial sufficiency for the state, stating that the ongoing restructuring exercise in the civil/public service was embarked upon to clean and sanitize the system.
Highlights of the program included prayers and praise worship from Muslim and Christian leaders as the Chief Imam of the Government House, Sheik Bello Rufai prayed for a successful year for the workers and the Ajimobi-led administration.
Rev. John Adika of the Providence Baptist Church, Iyana Church, Ibadan in his own sermon, reminded the workers that all leaders were chosen by God for the special attributes they possess which according to him would make possible the delivery of succour to their people.
He also prayed for the State and its workforce to be prosperous in the new year while admonishing workers to do their best in delivering their best.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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