Economy
Oyo Proposes to Spend N294.5bn in 2022, Targets N79.8bn IGR
By Aduragbemi Omiyale
On Wednesday, September 29, 2021, the Oyo State Governor, Mr Seyi Makinde, submitted the budget proposal for the 2022 fiscal year to the state’s House of Assembly in Ibadan, the state capital.
While presenting the document to the lawmakers, the Governor said his administration plans to spend a total of N294.5 billion in the financial year.
According to him, the N294.5 billion budget represents an 18.3 per cent reduction over the amended 2021 budget, noting that the capital expenditure stands at N156 billion, representing 52.97 per cent, while recurrent expenditure takes N138.5 billion, amounting to 47.03 per cent.
He said the budget, christened Budget of growth and opportunities, was put in place to move the state from poverty to prosperity, noting that funds for the 2022 budget would be sourced from internally generated revenue, statutory allocations, and capital receipts.
He said the state looks to generate N79.8 billion as IGR in the year, adding that though the projection was a tall order, his administration plans to achieve it without increasing tax.
However, he disclosed that the state intends to inject the sum of N156 billion into the economy through investments in infrastructure and by ensuring that “our people have higher purchasing power.”
“For the first time, our proposed capital expenditure at 52.97 per cent is more than our recurrent expenditure. A major project we will be carrying out in 2022 is 110km Ibadan Circular Road. This tolled road will be a major economic boost as it will create an alternate entry and exit point out of Ibadan and connect the new economic corridor and business district, we are building at Moniya,” he added.
Mr Makinde informed the state legislative arm of government that in the year, infrastructure will gulp N96.6 billion, amounting to 32.83 per cent of the fiscal spending, while the education sector will take N54.1 billion, amounting to 18.37 per cent.
He further disclosed that the health sector is to get the sum of N17.4 billion, amounting to 5.9 per cent, while agriculture will get N11.3 billion, representing 3.84 per cent.
He told the lawmakers that his administration last year promised to continue to invest in infrastructure, adding that such investments were not only evenly distributed, they also cut across the thematic aspects of his administration spanning the four-point service agenda.
“We have worked hard to ensure that infrastructural development is not restricted to just one zone of the state. In education, we have continued to make investments at all levels. At the primary level, we completed 26 model schools across all zones in Oyo State, built 57 classrooms, installed boreholes, and improved the sanitary condition of existing schools through the construction of toilets.
“We have also continued to improve the quality of education in Oyo State. We not only recruited teachers as reported, but we have also trained them on best practices. More recently we completed the recruitment of 692 education officers in the state,” he said.
“On Security, we have made provision to recruit more Amotekun Corps members and we will continue to make an investment in technology that supports our security architecture in Oyo State,” the Governor stated.
However, Governor Makinde admitted that, “There is still so much more that needs to be done. We are aware of the complaints of our people regarding roads in Oyo State.”
“We are determined to meet their yearnings for high-quality infrastructure in the state and that is why we continually embark on road rehabilitation and reconstruction. In the immediate, we are carrying out palliative works on these roads,” he assured.
While giving details of the performance of the 2021 budget, Mr Makinde said that budget performance had reached 60 per cent despite the fact that there are three more months to the end of the fiscal year, expressing hopes of raising the performance to 75 per cent.
In his remarks, the Speaker of the Oyo State House of Assembly, Mr Adebo Ogundoyin, said that the presentation of the 2022 budget will spur lawmakers to redouble their efforts in terms of oversight functions and project monitoring.
According to him, the timely presentation of the 2022 budget will also ensure that the legislature completes work on it well before the end of the 2021 fiscal year. He added that the development would help the state keep to the January to December Budget circle.
“Let me state categorically that the budget proposal is not new to us because we have been part of the process at all levels. We are equally convinced that the governor has articulated all the requests and demands of our people based on the outcome of the stakeholders’ consultative meetings on the 2022 budget, held across the State.
“Expectedly, the four cardinal pillars upon which this administration places its development agenda, viz: Education, Health, Economy (driven by Agribusiness), and Security are steadily being pursued and realised,” he said.
The Speaker commended the Governor for working to grow the IGR of the state, adding that the assembly would do everything possible to ensure the checks and balances crucial for achieving a transparent, accountable, and prudent government.
He also requested that the governor assents to the Legislative Fund Management Law which has been passed by the assembly, adding that states that have assented to the law include Adamawa, Sokoto, Zamfara, Plateau, Delta, Ekiti, and Ondo.
“Once it is assented to by you, we will be able to implement Consolidated Legislative Salary Structure (CONLESS) which is a uniform salary structure for all the State Houses of Assembly,” the Speaker said, adding that some states of the federation are already implementing the consolidated legislative salary structure.
“States like Rivers, Kaduna, Nasarawa, Plateau, Sokoto, Bayelsa, Delta, Adamawa, and Lagos are already paying their Legislative staff using CONLESS salary structure. In Oyo State, the Judiciary workers have also been enjoying their Consolidated Judiciary Salary Structure (CONJUSS). We do not want to be an exception,” he appealed.
By Adedapo Adesanya
Seven price gainers flipped recent declines at the NASD Over-the-Counter (OTC) Securities Exchange, raising the alternative stock market by 2.19 per cent on Friday.
According to data, the market capitalisation added N51.24 billion to end N2.389 trillion compared with the previous day’s N2.338 trillion, while the NASD Unlisted Security Index (NSI) climbed 85.65 points to close at 3,994.32 points, in contrast to the 3,908.67 points it ended a day earlier.
Business Post reports that the advancers were led by MRS Oil Plc, which improved its value by N13.00 to N200.00 per share from N187.00 per share, FrieslandCampina Wamco Nigeria Plc gained N7.40 to settle at N91.55 per unit versus the previous day’s N84.15 per unit, Central Securities Clearing System (CSCS) Plc appreciated by N6.08 to N71.00 per share from N64.92 per share, Afriland Properties Plc added 66 Kobo to finish at N17.17 per unit versus N16.51 per unit, IPWA Plc rose 37 Kobo to N4.15 per share from N3.78 per share, First Trust Mortgage Bank Plc grew by 11 Kobo to N1.20 per unit from N1.09 per unit, and Food Concepts Plc went up by 10obo to N3.70 per share from N3.60 per share.
On the flip side, there were two price losers led by Geo-Fluids Plc, which depreciated by 28 Kobo to N3.32 per unit from N3.60 per unit, and Industrial and General Insurance (IGI) Plc dropped 5 Kobo to sell at 45 Kobo per share from 50 Kobo per share.
Yesterday, the volume of trades went down by 92.0 per cent to 3.7 million units from 45.8 million units, the value of transactions fell by 59.4 per cent to N84.5 million from N208.2 million, while the number of deals went up by 7.7 per cent to 42 deals from 39 deals.
CSCS Plc remained the most traded stock by value (year-to-date) with 32.6 million units exchanged for N1.9 billion, trailed by Geo-Fluids Plc with 119.6 million units valued at N470.3 million, and Resourcery Plc with 1.05 billion units traded at N408.6 million.
Resourcery Plc closed the day as the most traded stock by volume (year-to-date) with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 119.6 million units worth N470.3 million, and CSCS Plc with 32.6 million units worth N1.9 billion.
By Adedapo Adesanya
The Naira weakened further against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, February 20, by N4.97 or 0.37 per cent to N1,346.32/$1 from the N1,341.35/$1 it was transacted on Thursday.
Heightened FX demand tilted the market toward the downside yesterday, exerting upward pressure on rates despite efforts by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange market.
Also in the official market, the domestic currency depreciated against the Pound Sterling during the session by N9.39 to sell for N1,815.25/£1 versus the previous day’s N1,805.86/£1, and lost N7.33 against the Euro to close at N1,584.62/€1 compared with the preceding session’s N1,577.29/€1.
The story was not different for the Nigerian Naira at the GTBank FX desk, where it depleted against the Dollar by N7 on Friday to quote at N1,356/$1 versus the N1,349/$1 it was sold a day earlier, but remained unchanged in the black market at N1,370/$1.
It was observed that risky sentiment among Foreign Portfolio Investors (FPIs) contributed to the FX market, amid fears of hot money flight due to capital gains tax and other factors.
As for the cryptocurrency market, it was mostly green yesterday in reaction to a Supreme Court verdict dismissing a fresh 10 per cent global levy by President Donald Trump.
The apex court on Friday described Mr Trump’s global tariff rollout as illegal. The decision did not clarify what should happen to tariff revenue already collected, and it doesn’t necessarily spell the end of the trade agenda, with multiple legal and executive avenues still available.
Litecoin (LTC) grew 2.7 per cent to $55.00, Cardano (ADA) appreciated 2.6 per cent to trade at $0.2815, Binance Coin (BNB) expanded by 2.6 per cent to $627.19, Dogecoin (DOGE) recouped 1.3 per cent to quote at $0.1, Ripple (XRP) jumped 0.7 per cent to $1.43, Solana (SOL) improved by 0.5 per cent to $84.15, and Ethereum (ETH) soared 0.1 per cent to $1,962.78.
However, Bitcoin (BTC) lost 0.2 per cent to sell for $67,850.49, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Dipo Olowookere
A further 0.99 per cent was gained by the Nigerian Exchange (NGX) Limited on Friday after a positive market breadth index supported by 53 price gainers, which outweighed 23 price losers, representing bullish investor sentiment.
During the trading day, the trio of Jaiz Bank, Fidson, and NPF Microfinance Bank chalked up 10.00 per cent each to sell for N11.00, N86.90, and N6.27, respectively, while Deap Capital appreciated by 9.96 per cent to N7.62, and Mutual Benefits increased by 9.94 per cent to N5.42.
Conversely, Secure Electronic Technology shed 10.00 per cent to trade at N1.62, Sovereign Trust Insurance slipped by 9.73 per cent to N2.32, Ellah Lakes declined by 7.91 per cent to N12.80, International Energy Insurance retreated by 5.56 per cent to N3.40, and ABC Transport moderated by 5.26 per cent to N9.00.
Data from Customs Street revealed that the insurance counter was up by 2.52 per cent, the industrial goods sector grew by 2.28 per cent, the banking space expanded by 1.43 per cent, the consumer goods index gained 1.23 per cent, and the energy industry rose by 0.05 per cent.
As a result, the All-Share Index (ASI) went up by 1,916.20 points to 194,989.77 points from 193,073.57 points, and the market capitalisation moved up by N1.230 trillion to N125.164 trillion from Thursday’s N123.934 trillion.
Yesterday, investors traded 820.5 million stocks valued at N28.3 billion in 63,507 deals compared with the 898.5 million stocks worth N38.5 billion executed in 61,953 deals, showing a jump in the number of deals by 2.51 per cent, and a shortfall in the trading volume and value by 8.68 per cent and 26.49 per cent apiece.
Closing the session as the most active equity was Mutual Benefits with 79.0 million units worth N427.1 million, Zenith Bank traded 44.0 million units valued at N3.8 billion, Chams exchanged 43.9 million units for N182.0 million, AIICO Insurance transacted 42.4 million units valued at N179.8 million, and Veritas Kapital sold 36.0 million units worth N90.6 million.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn