Economy
Oyo-Ita Urges Workers To Embrace N13b Mortgage Scheme
By Modupe Gbadeyanka
Nigeria’s Head of the Civil Service, Mrs Winifred Oyo-Ita, has called on the Federal Civil Servants in the country to take advantage of the N13 billion Federal Civil Servants Mortgage Loan Refinancing Scheme recently launched by the Federal Government to provide housing for workers.
Mrs Oyo-Ita gave the advice recently when she led the body of Federal Permanent Secretaries to the housing fare held in her office shortly after the service wide meeting.
She said that the launching of the N13bn housing scheme for Federal Civil Servants was one of the initiatives of the President Muhammadu Buhari’s desire to put smiles in the lives of the Federal Civil Servants in order to boost their morale for effective service delivery.
The Head of Service said that the scheme was a collaboration of her office, the Federal Government Staff Housing Loans Board, the Federal Integrated Staff Housing (FISH) Programme and the Nigeria Mortgage Refinance Company Plc (NMIC).
She noted that in the first phase, a total of 5,635 civil servants would benefit from the scheme which she said would address the housing challenges facing the country, improve the living conditions and welfare of workers and people as well as generate gainful employment for the youth.
Mrs Oyo-Ita said that “the government had in recognition of the importance of housing earmarked N40 billion in the 2016 budget for the implementation of a comprehensive housing scheme in line with the government’s overall objective of providing the necessary stimulus to kick-start growth in the current challenging economic environment.”
She stressed that the N13 billion mortgage refinance investment commitment by the NMRC, would signal to investors at home and abroad that there are significant opportunities in the Nigerian housing sector.
She said that, “The Federal Civil Service workforce play an important role in nurturing and developing our nation so it is only fair that those who serve the country can be afforded the opportunity of owning their own homes by retirement.”
Earlier, the Permanent Secretary, Federal Ministry of Information and Culture, Mrs Ayotunde Adesugba said the initiative of government in providing housing for workers is an assurance of the present administration that change has come to stay, adding that workers should reciprocate the good intention of the present administration in the provision of welfare by ensuring that they render efficient services to the citizenry.
The President Joint Union Negotiation Council, Office of the Head of the Civil Service of the Federation, Comrade Bolaji Olaiya expressed satisfaction with the initiative of government in the provision of affordable housing for workers, saying that the initiative will help curtail corruption in the service and improve service delivery.
He however appealed to the FCT Minister to provide land for the building of houses for workers so as to reduce cost of obtaining such houses.
By Adedapo Adesanya
The price of Brent crude futures rose by 1.3 per cent or 99 cents to $79.27 per barrel on Thursday as banking crisis fears further eased and no resolution in sight yet for the cut-off of the flow of Iraqi Kurdistan oil to Turkey.
Also, the US West Texas Intermediate crude rose by 1.9 per cent or $1.40 to $74.37 per barrel as producers shut in or reduced output at several oilfields in the semi-autonomous Kurdistan region of northern Iraq following a halt to the northern export pipeline.
About 400,000 barrels per day have been cut off with the pipeline shutdown over an international arbitration ruling in favour of Iraq against Turkey, and this continues to put upward pressure on oil prices.
Likewise, fears that may linger about the potential broader economic impact in the aftermath of the failure of Silicon Valley Bank (SVB) and Signature Bank, as well as the share crash and rescue bid for giant Credit Suisse, and pressure on other regional banks in the US appear to be easing.
Also supporting prices was a Wednesday report from the US Energy Information Administration (EIA) that crude oil stockpiles in the world’s largest producer fell unexpectedly in the week of March 24 to a two-year low.
Crude inventories dropped by 7.5 million barrels, compared with expectations for a rise of 100,000 barrels.
These factors offset bearish sentiment after a lower-than-expected cut to Russian crude oil production in the first three weeks of March, as numbers showed that there was a 300,000 barrels per day production decline compared with targeted cuts of 500,000 barrels per day, or about 5 per cent of Russian output.
Markets are now waiting for the US spending and inflation data due on Friday and the resulting impact on the value of the US Dollar, which impacts oil prices.
Also driving oil prices Thursday have been statements ahead of a planned meeting of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Monday, where delegates have indicated that the 23-man cartel will likely stick to its current production cut plan.
Despite the low prices prompted in part by the banking crisis fears, analysts noted that OPEC+ would stay the course and not react by reducing output further.
By Aduragbemi Omiyale
The Nigerian Exchange (NGX) Limited witnessed the listing of N318.52 billion worth of securities in the first quarter of 2023, data from the X-Compliance report of the bourse has revealed.
This cut across equities, fixed income, mutual funds and derivatives categories.
The X-Compliance report is a transparency initiative of NGX designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.
Through the report, NGX ensures that it provides timely information to investors to aid their capital allocation decisions and enable a properly functioning capital market.
According to the report, NGX saw N11.23 billion in Federal Government of Nigeria bond listings which constituted FGN Savings Bonds with maturities ranging between 2024 and 2026.
Lagos State Government issued the only bond by a sub-sovereign entity with its N137.33 billion series 1V, 10-year 13%, Fixed Rate Bonds due 2031 under its N500 billion debt issuance program.
The corporate bond segment recorded N112.42 billion senior unsecured bond listing from Dangote Industries Funding Plc and N31.36 billion in Sukuk Issuances from Taj Bank and Family Homes under their respective Sukuk Issuance programmes.
FTN Cocoa Processors Plc and Neimeth International Pharmaceuticals Plc both did supplementary listings of N850 million and N3.68 billion of shares, respectively.
Africa Plus Partners Nigeria Limited also listed its mutual fund, Africa Infra Plus 1, the first Carbon Plus naira-denominated fund to be listed on the Exchange, at a market value of N21.65 billion.
NGX also continued to drive participation in its derivatives market with the listing of the NGX Pension index Futures Contract and NGX30 Index Futures Contract.
Recall that the Chief Executive Officer of NGX, Mr Temi Popoola, had noted that the Exchange had a renewed focus on listings for the year 2023.
“We will be using listings as a vehicle for meeting strategic aspirations as the new dispensation comes in through increased advocacy and engagements,” he had said.
By Adedapo Adesanya
Nigeria’s total public debt stock increased by 17 per cent to N46.25 trillion or $103.11 billion as of December 2022 from N39.56 trillion or $95.77 billion in 2021.
This information was revealed by the Debt Management Office (DMO) on Thursday.
This means that the country’s debt profile precisely increased by 16.9 per cent or N6.69 trillion or $7.34 billion within one year, as the government borrow funds from various quarters for its budget deficits.
The agency said the new figures comprise the domestic and external total debt stocks of the federal government and the sub-national governments (36 state governments and the Federal Capital Territory).
The DMO statement partly read, “As of December 31, 2022, the total public debt stock was N46.25 trillion or $103.11 billion.
“In terms of composition, total domestic debt stock was N27.55 trillion ($61.42 billion) while total external debt stock was N18.70 trillion ($41.69 billion).
“Amongst the reasons for the increase in the total public debt stock were new borrowings by the FGN and sub-national governments, primarily to fund budget deficits and execute projects. The issuance of promissory notes by the FGN to settle some liabilities also contributed to the growth in the debt stock.
“On-going efforts by the government to increase revenues from oil and non-oil sources through initiatives such as the Finance Acts and the Strategic Revenue Mobilization initiative are expected to support debt sustainability.”
“The total public debt to gross domestic product (GDP) ratio for December 31, 2022, was 23.20 per cent and indicates a slight increase from the figure for December 31, 2022, at 22.47 per cent.
“The ratio of 23.20 per cent is within the 40 per cent limit self-imposed by Nigeria, the 55 per cent limit recommended by the World Bank/International Monetary Fund, and the 70 per cent limit recommended by the Economic Community of West African States,” the debt office said.
