Economy
Oyo to Spend N207.67b for Fiscal Year 2017
By Modupe Gbadeyanka
Oyo State Governor, Mr Abiola Ajimobi, on Thursday presented a budget of N207.67 billion for 2017 to the state House of Assembly.
During his presentation in Ibadan, the Governor said his major priority for 2017 would be agriculture, infrastructure, health and education.
According to him, the 2017 Appropriation bill christened ‘Budget of Self-Reliance’ has a capital expenditure of N80.80 billion and a recurrent expenditure of N126.87 billion.
Mr Ajimobi noted that the 2017 budget is 19 percent higher than the 2016 budget, which was N173.43 billion.
Shedding more light on how he intends to source for funds for the appropriation bill, the Governor said his administration plans to raise N59 billion (28.41 percent) from Federation Account and N7.49 billion (3.60 percent) from Transfers from Local Government JAAC, among others.
He also said that a total of N46.618 billion (57.7 per cent) was allocated to Economic Sector, N25.646 billion (31.74 percent) to Social Services Sector, N880 million (1.09 percent) was allocated to Law and Justice Sector, while N7.654 billion (9.47 percent) was allocated to General Administration Sector.
According to him, the aggregate percentage of 89.44 percent of the appropriation, which was allocated to the economic and social sub-sector, underscored the government’s commitment to people-centred and empowerment-focused agenda.
“In the cautious optimism of the state government, we are hopeful that the signals on ground are pointers to economic recovery in the 2017 fiscal year. At the national level, the oil price is appreciating globally.
“We have also embarked on the reorientation and refocusing the citizenry towards increased participation in agricultural activities and also initiated various programmes to ensure economic inclusiveness,” Mr Ajimobi said.
Concluding his presentation, the Governor thanked the “market men and women who have co-operated in the payment of taxes.”
“You have demonstrated to us your readiness to contribute directly or indirectly to the state’s economic growth,” he said.
However, he appealed to “tax defaulters to perform their civic responsibilities and join hands with others to contribute to government efforts at advancing the development of the State with its attendant socio-economic benefits.”
He noted that the state plans to use money from its Internally General Revenue (IGR) for the development of Oyo State.
In his response, the Speaker, Mr Michael Adeyemo, said the Governor has showed the genuine commitment of his administration to the development of the socio-economic life of its citizenry.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Dipo Olowookere
A marginal 0.05 per cent loss was recorded by Customs Street on Monday, as sell-offs by market participants remained.
This was driven by the desire of investors to book profits, having witnessed a significant price appreciation on the stocks in their portfolios.
Yesterday, bargain-hunting in the banking space, which resulted in the sector closing 0.17 per cent higher, could not prevent the Nigerian Exchange (NGX) Limited from going down.
Data showed that the consumer goods segment lost 0.26 per cent, the insurance counter depreciated by 0.20 per cent, the industrial goods index shed 0.09 per cent, and the energy industry retreated by 0.03 per cent.
As a result, the All-Share Index (ASI) eased by 126.09 points to 250,204.83 points from 250,330.92 points, and the market capitalisation contracted by N81 billion to N160.363 trillion from N160.444 trillion.
NCR Nigeria and Zichis declined by 9.99 per cent each to sell for N161.20 and N26.49, respectively, Industrial and Medical Gases shrank by 9.93 per cent to N38.10, Sovereign Trust Insurance depreciated by 9.86 per cent to N2.65, and DAAR Communications slipped by 9.78 per cent to N2.03.
On the flip side, Oando gained 10.00 per cent to finish at N51.70, University Press also rose by 10.00 per cent to N5.50, Deap Capital soared by 9.96 per cent to N5.96, May and Baker expanded by 9.94 per cent to N52.00, and Trans-Nationwide Express grew by 9.92 per cent to N7.76.
Yesterday, 800.5 million equities worth N37.1 billion exchanged hands in 87,096 deals compared with the 1.1 billion equities valued at N44.3 billion traded in 65,744 deals last Friday. This showed that the number of deals went up by 32.48 per cent, while the trading volume and value went down by 27.23 per cent and 16.25 per cent, respectively.
The most active stock on the first trading session of this week was UBA with a turnover of 65.0 million units worth N2.8 billion, Fidelity Bank traded 57.3 million units for N1.3 billion, Access Holdings sold 42.3 million units valued at N1.1 billion, DAAR Communications exchanged 36.7 million units for N81.8 million, and Secure Electronic Technology transacted 36.6 million units worth N33.0 million.
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